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260115.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 15, 2026, Vol. 30, No. 15 Headlines 12892 MIZNER WAY: Seeks to Tap Nicholas B. Bangos as Legal Counsel 13925 OLD CUTLER: Seeks to Hire Joel M. Aresty as Legal Counsel 202 61ST: Seeks Chapter 11 Bankruptcy in New York 4415-4421 NY: Section 341(a) Meeting of Creditors on February 9 625 GRANDVIEW: Seeks to Hire Charles Wertman as Bankruptcy Counsel 9 CROSBY: Files Amendment to Disclosure Statement ABC CHILDREN'S: Unsecureds Will Get 15% of Claims in Plan ABSOLUTE TRUCK: Seeks to Hire Mickler & Mickler as Legal Counsel ALLURE IMAGE: Seeks Approval to Tap RHM Law as Bankruptcy Counsel ALTICE USA: Secures JPMorgan Support to Refinance TPG, Goldman Debt AMERICAN SIGNATURE: Committee Hires Cole Schotz as Co-Counsel AMERICAN SIGNATURE: Committee Taps Kelley Drye & Warren as Counsel AMERICAN SIGNATURE: Committee Taps Province as Financial Advisor AMERICAN SIGNATURE: Court Approves GOB Sales for All 89 Stores AMERIFIRST FINANCIAL: Secures Final Court OK for Chapter 11 Plan ARTISAN FOODIE: Hires Accounting & Business Partners as Accountant ARTSTOCK: Seeks to Tap Bernstein Shur Sawyer & Nelson as Counsel ATXLUB LLC: Seeks Court Approval to Tap COVERE Global as Appraiser BALROG ACQUISITION: S&P Alters Outlook to Neg., Affirms 'B-' ICR BANCO MACRO: Launches Cash Tender Offer for 6.75% Notes BEAVER HOLLOW: Files for Ch. 11 Bankruptcy, Still Accepts Bookings BELLROCK BRANDS: Exits Receivership After Sale to KEY Investment BIG STORM: Court OKs Clearwater Property Sale at Auction BLOCK COMMUNICATIONS: To Close The Pittsburgh Post-Gazette on May 6 BOLLINGER MOTORS: Back in Receivership After 20 Trucks Seized BRISTOW GROUP: S&P Rates New $400MM Senior Secured Notes 'BB' CALPINE CORP: Fitch Hikes IDR From 'B+', Outlook Stable CANACOL ENERGY: Davis Polk Advises Noteholders in Restructuring CARESTREAM HEALTH: S&P Downgrades ICR to 'CCC', Outlook Negative CARLTONS BARBWIRE: Seeks Chapter 12 Bankruptcy in Arkansas CARTOPIA II: Seeks to Hire Bonuchi & Company as Accountant CHANNELVIEW HOTEL: Voluntary Chapter 11 Case Summary CITY ON A HILL: Seeks to Hire Weiss Law Office as Special Counsel COAST TO COAST: Case Summary & 20 Largest Unsecured Creditors COLABOR GROUP: Quebec Super. Court Approves SISP Under CCAA COLABOR GROUP: Seeks CCAA Protection from Creditors COMPANION CARE: Gets OK to Use Cash Collateral CONTAINER GROUP: Retains McManimon Scotland & Baumann as Counsel COSAMIA LLC: Seeks to Tap Latham Luna Eden & Beaudine as Counsel CREDIT SUITE: Ruediger Mueller of TCMI Named Subchapter V Trustee CRESTWOOD HOSPITALITY: Cash Collateral Access Extended to March 31 CS-ORED LLC: Unsecureds Will Get 100% of Claims in Plan DANA INCORPORATED: S&P Upgrades ICR to 'BB' on Off-Highway Sale DOCUMENT PUBLISHING: Jolene Wee Named Subchapter V Trustee E&M BINDERY: Gets Interim OK to Use Cash Collateral EDMUNDSON INC: Gets Interim OK to Use Cash Collateral FAIR OFFER: Trustee Seeks to Tap Mendes Law as Bankruptcy Counsel FAIRFIELD WILLIAMSBURG: Seeks to Hire K&L Gates as Co-Counsel FALKY HOLDINGS: Claims to be Paid from Property Sale Proceeds FIRST BRANDS: Bankruptcy Court to Hear Motion to Quash Subpoena FIRST BRANDS: Commences Sale Process Amid Chapter 11 Exit Plans FITNESS INTERNATIONAL: S&P Alters Outlook to Pos., Affirms 'B' ICR FLOW BEVERAGE: Receivership Sale Yields $83.75M to Cizzle Brands FOOD52 INC: Seeks to Tap Verita Global as Claims and Noticing Agent FORTREX SANITATION: S&P Assigns 'CCC+' LT ICR, Outlook Stable FROGGYAZICE LLC: Seeks Chapter 7 Bankruptcy in Arizona GATEWAY VENTURES: Court Favors Lender over Asset Sale Dispute GENESIS PROJECT: Unsecureds to Get Share of Income for 5 Years GFL ENVIRONMENTAL: S&P Rates New $1BB Senior Unsecured Notes 'BB' GKNY1 INC: Court Says HWA 1290 May Evict Debtor Following Default GLOBAL HEALTHCARE: Veritas Capital to Acquire Majority Stake GREAT AMERICAN BISTRO: Seeks Chapter 11 Bankruptcy in D.C. GULFSIDE SUPPLY: S&P Alters Outlook to Negative, Affirms 'B' ICR HALL OF FAME: Stuart Lichter and Affiliates Cease Stock Ownership HARDWOOD RESTAURANT: Unsecureds' Recovery "TBD" in Plan HIMATLAL INVESTMENT: Retains David L. Chapman as Legal Counsel HUDSON 1701/1706: Judge Says DLA Piper Can't Counsel Co. in Ch. 11 HUDSON RIVER: S&P Rates New $2.873BB Senior Secured Term Loan 'BB' HUXHOLD BODYWORKS: Taps Welch and Company as Bankruptcy Counsel INFINITE GLOW: Amends Unsecured Claims Pay Details INTERTRADERONE LLC: Claims to be Paid from property Sale Proceeds J PAR TRUCKING: Commences Chapter 7 Bankruptcy in Alabama JJTA11 REAL: Unsecured Creditors to Split $10K in Plan JOSEPH ALTIER: Seeks to Tap Steidl and Steinberg as Legal Counsel KITCHEN MAN: Gets Extension to Access Cash Collateral LELAND HOUSE: Seeks to Sell Detroit Property at Auction LLSSGG LLC: Hires Goldberg Weprin Finkel Goldstein as Legal Counsel LOCAL FIRST: To Sell Alaska Assets to Alaska First Media for $1.2MM LOVE CHAPEL: May 4 Claims Bar Date LUCY COOPER'S: Seeks Chapter 11 Bankruptcy in Texas LUMINAR TECHNOLOGIES: Quantum Computing Named Stalking Horse Bidder MAIN STREET: Seeks Approval to Hire Wallace Law as Special Counsel MARVIN GARDENS: Seeks Chapter 11 Bankruptcy in California MARYLAND HEALTH: Seeks Approval to Tap Larry Strauss as Accountant MCMILLAN LOGGING: Updates Unsecured Claims Details MEADOWPOOL PROPERTIES: Taps Crane Simon Clar & Goodman as Counsel MEGA BROADBAND: S&P Places 'B+' ICR on CreditWatch Positive MOTO MINDS: Case Summary & 10 Unsecured Creditors MR BUBBLES AURORA: Taps Matthews Real Estate Investment as Broker N'JOY ENTERTAINMENT: Unsecureds Will Get 5.2% Dividend in 60 Months NEW AGE LEASING: Amends Several Secured Claims Pay NEWBRIDGE ON THE CHARLES: Fitch Affirms BB+ on 2017 Revenue Bonds NEWBURY POWER: Voluntary Chapter 11 Case Summary NEWTEKONE INC: Extends Exchange Offer to January 23 NORCOLD LLC: Amends Unsecureds & Litigation Claims Details NORTH SHORE: Seeks Approval to Hire Dumas & Kim as Legal Counsel NTG 392 WHITE: Seeks to Hire Balsley Losco Realty as Realtor OUT THE GATE: Committee Hires Dundon Advisors as Financial Advisor OUT THE GATE: Committee Seeks to Hire Cole Schotz as Legal Counsel PARK 54 RESTAURANT: Unsecureds Will Get 31% of Claims over 5 Years R&R TRANSPORT: Claims to be Paid from Disposable Income RENEWAL REALTY: Hires Vela Wood Staley Young as Bankruptcy Counsel RLB FOOD: To Sell Remnant Assets to Oak Point Partners ROCKY MOUNTAIN: ARM-D, Gloria Friscione Hold 16.1% Equity Stake SAKS GLOBAL: Case Summary & 30 Largest Unsecured Creditors SAKS GLOBAL: Files for Chapter 11 to Advance Transformation SAKS GLOBAL: Willkie Advising Luxury Retailer in Restructuring SENSEONICS HOLDINGS: Acquires U.S. Eversense Assets From Ascensia SHAW SERVICES: C&F Drops Claims Against Debtors SKY-FRAME INC: Seeks Approval to Hire Buchalter as Legal Counsel SKYX PLATFORMS: Director Converts $835,900 Note to Common Stock SONOMA PHARMACEUTICALS: Grants Annual Equity Awards to Employees SOUTH FLORIDA PULMONARY: Carol Fox Named Subchapter V Trustee SPECTRUM LIGHTING: Case Summary & 20 Largest Unsecured Creditors SSENSE: Founders' Bid Selected in CCAA SISP Process Under CCAA STEEL CITY: Seeks to Tap Steidl and Steinberg as Legal Counsel STG LOGISTICS: Case Summary & 30 Largest Unsecured Creditors STG LOGISTICS: Enters RSA & Chapter 11 for Debt Reduction STG LOGISTICS: Gibson Dunn Represents Ad Hoc Group of Term Lenders STS GROUP: Christopher Meredith Named Subchapter V Trustee SUNSHINE PEDIATRICS: Seeks to Hire Dale Grabios as Accountant TEHUM CARE: YesCare Loses Summary Judgment Bid in Bannerman Case TOMPKINS SQUARE: Seeks to Hire Jack J. Rose as Legal Counsel TORRID LLC: S&P Downgrades ICR to 'CCC+', Outlook Negative UNION SCHOOL: S&P Affirms 'BB+' ICR, Outlook Stable UNIQUE THIRD: Cash Collateral Hearing Set for Feb. 4 UNITED SITE: Taps Kurtzman Carson as Claims and Noticing Agent VERINT SYSTEMS: S&P Withdraws 'BB' ICR on Debt Repayment VIEWBIX INC: Restates SPA for $1.4MM Equity Private Placement VISTRA CORP: Fitch Affirms 'BB+' IDR & Alters Outlook to Positive VROOM INC: Court to Vacate Prior Opinions in Sidekick Patent Suit WE WEST TEXAS: Court to Hold Cash Collateral Hearing Today WESTCOAST EVOLUTIONS: Case Summary & 11 Unsecured Creditors WHITE WILSON: Court Extends Cash Collateral Access to Feb. 25 WINDHAVEN SENIOR: Seeks to Hire Quilling Selander as Legal Counsel XPRESSGUARDS LLC: Case Summary & 20 Largest Unsecured Creditors YELLOW CORP: MFN, et al. Appeal Can't Proceed to Mediation [] Three Restructuring & Bankruptcy Attorneys Join Thompson Coburn [] U.S. Total Bankruptcy Filings Rise 11% in Calendar Year 2025 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 12892 MIZNER WAY: Seeks to Tap Nicholas B. Bangos as Legal Counsel ------------------------------------------------------------------ 12892 Mizner Way LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Nicholas B. Bangos, PA as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its affairs and property; attend meetings and negotiate with representatives of creditors and other parties-in-interest; (b) advise and consult on the conduct of the Chapter 11 case; (c) advise the Debtor in connection with any contemplated sales of assets formulate and implement bidding procedures, evaluate competing offers, draft, appropriate documents with respect to the proposed sales and counsel the Debtor in connection with the closing of such sales. (d) analyze the Debtor's leases and contracts and the assumptions, rejections, or assignments thereof and the validity of liens against its assets, and advise it on matters relating thereto; (e) take all necessary actions to protect and preserve the Debtor's estate; (f) prepare pleadings in connection with the Chapter 11 case on the Debtor's behalf; (g) negotiate and prepare on the Debtor's behalf a Chapter 11 plan of reorganization or liquidation, disclosure statement and all related agreements and/or documents, and take any necessary actions on behalf of the Debtor to obtain confirmation of such plan; (h) attend meetings with third parties and participate in negotiations with respect to the above matters; (i) appear before the Court, any appellate courts, and the U.S. Trustee to protect and represent the interests of the Debtor's estate before such courts and the U.S. Trustee; and (j) perform all other necessary legal services and provide all other necessary legal advise to the Debtor in connection with these Chapter 11 case. The firm's professionals will be paid at these hourly rates: Partners $750 Associates $100 - $400 Paraprofessionals $125 In addition, the firm will seek reimbursement for expenses incurred. On December 16, 2025, the firm received the sum of $21,738 for the filing fee and Chapter 11 retainer for this case from GSG Agri Holdings LLC, a Delaware limited liability company. Nicholas Bangos, Esq. disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas B. Bangos, Esq. Nicholas B. Bangos, PA 2560 RCA Blvd., Suite 114 Palm Beach Gardens, FL 33410 Telephone: (561) 781-0202 Email: nick@nbbpa.com About 12892 Mizner Way LLC 12892 Mizner Way LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B). 12892 Mizner Way sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24833) on December 16, 2025. In the petition signed by Menachem Muskal, manager, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Nicholas B. Bangos, PA serves as the Debtor's counsel. 13925 OLD CUTLER: Seeks to Hire Joel M. Aresty as Legal Counsel --------------------------------------------------------------- 13925 Old Cutler Road LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Joel M. Aresty, PA as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties 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 legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Joel Aresty, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500 plus reimbursement. The firm received $11,000 retainer prepetition and $2,000 cost deposit. Mr. Aresty disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel M. Aresty, Esq. Joel M. Aresty, PA 309 1st Ave. S. Tierra Verde, FL 33715 Telephone: (305) 904-1903 Facsimile: (800) 559-180 Email: Aresty@Mac.com About 13925 Old Cutler Road 13925 Old Cutler Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24228) on December 1, 2025. In the petition signed by Kevin Parrott, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. Joel M. Aresty, PA serves as the Debtor's counsel. 202 61ST: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- On January 7, 2026, 202 61st LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About 202 61st LLC 202 61st LLC is a privately held company that owns and manages real estate assets. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40081) on January 7, 2026. In its petition, the Debtor reported estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Charles Wertman, Esq., of Law Offices of Charles Wertman P.C. 4415-4421 NY: Section 341(a) Meeting of Creditors on February 9 --------------------------------------------------------------- On January 7, 2026, 4415-4421 NY Ave LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. A meeting of creditors filed by Office of the United States Trustee under Section 341(a) to be held on February 9, 2026 at 10:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About 4415-4421 NY Ave LLC 4415-4421 NY Ave LLC is a New York–based limited liability company formed to own and manage commercial real estate located at 4415-4421 New York Avenue. 4415-4421 NY Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40083) on January 7, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Charles Wertman, Esq. of the Law Offices of Charles Wertman P.C. 625 GRANDVIEW: Seeks to Hire Charles Wertman as Bankruptcy Counsel ------------------------------------------------------------------ 652 Grandview Ave LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Charles Wertman PC to handle its Chapter 11 case. Charles Wertman, Esq., will be paid at his hourly rate of $525. Prior to the petition date, the firm received a retainer of $11,738 from the Debtor. Mr. Wertman disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles Wertman, Esq. Law Offices of Charles Wertman PC 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 Email: charles@cwertmanlaw.com About 652 Grandview Ave 652 Grandview Ave LLC owns and leases a commercial office property in Brooklyn, New York, with an estimated value of $1.2 million. 652 Grandview Ave filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45943) on December 11, 2025. In the petition signed by Jacob Zicherman, member, the Debtor disclosed total assets of $1,200,006 and total liabilities of $2,921,596. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Law Offices of Charles Wertman PC oversees the case. 9 CROSBY: Files Amendment to Disclosure Statement ------------------------------------------------- 9 Crosby LLC submitted an Amended Disclosure Statement describing Chapter 11 Plan dated January 8, 2026. The Debtor is the owner and operator of the NoMo SoHo Hotel, located at 150 Lafayette Street a/k/a 9 Crosby Street, New York, NY (the "Hotel"). Previously, the Debtor obtained Bankruptcy Court authority on December 1, 2025 to conduct the sale process based upon an approved stalking horse contract (the "Stalking Horse Contract") with DH 9 Crosby LLC (an affiliate of Dan Hotels Ltd.) [originally, the "Stalking Horse Buyer" and subsequently approved as the "Successful Purchaser"] at a purchase price of $125 million. See Order, dated December 1, 2025 (the "Sale Procedures Order"). In the event the Debtor received more than one Qualified Bid, an auction sale of the Hotel was scheduled for December 22, 2025. However, no qualified bids were obtained by that date, and the Debtor designated the Stalking Horse Buyer as the high bidder. The Stalking Horse Buyer was approved as the Successful Purchaser pursuant to the Sale Approval Order entered contemporaneously herewith following a hearing on January 7, 2026. The accompanying amended liquidating plan of even date provides the vehicle to complete the sale transaction and distribute the net sale proceeds, together with the Debtor's existing cash deposits, to holders of Allowed Claims in accordance with the priorities established under the Bankruptcy Code. The Debtor intends to schedule a closing for the Sale with the Successful Purchaser after Confirmation of the Plan and after entry of the Confirmation Order so as to qualify for city and state transfer-tax exemptions under section 1146(a) under the requirements of the U.S. Supreme Court in Florida Dept. of Revenue v. Piccadilly Cafeterias, Inc., 554 U.S. 33 (2009). The Plan proposes to pay Class 2 Creditors 100% of their Allowed Claims. Moreover, a schedule of those executory contracts previously designated to be assumed and assigned to the Successful Purchaser and accompanying cure costs. Following entry of the Sale Procedures Order, the Debtor sought competing bids and notice of the sale was published in the Wall Street Journal and New York Times. However, the Debtor was unable to obtain a competing bid, and the Stalking Horse Buyer was deemed the Successful Purchaser. On January 7, 2026, the Court approved the sale of the Hotel to the Stalking Horse Purchaser, which is now designated as the Successful Purchaser pursuant to the Sale Approval Order entered contemporaneously herewith. Class 1 consists of the Allowed pre-petition Secured Claim of the Senior Lender arising under the Hotel Mortgage, as more fully delineated and acknowledged in the Cash Collateral Order in the sum of at least $105,844,626.00, including all principal and accrued prepetition interest and fees. On the Effective Date, the Senior Lender shall be paid from Available Cash the full amount of its Allowed Secured Claim, which shall include, to the extent applicable and enforceable under the Senior Lender's loan documents and governing non bankruptcy law, all post-petition interest at the contract default rate, together with all fees, costs, expenses, protective advances, late charges, and other charges recoverable. Nothing in the Plan or the Confirmation Order shall cap, recharacterize, or disallow any component of the Senior Lender's Section 506(b) entitlements. In consideration for full payment of its Allowed Secured Claim, the Senior Lender shall execute and deliver an assignment or satisfaction of the Hotel Mortgage at Closing as may be requested by the Successful Purchaser. The Senior Lender is unimpaired under the Plan and is deemed to have accepted the Plan. Like in the prior iteration of the Plan, the Allowed Class 2 Unsecured Claims shall be paid in full no later than 45 days after the Effective Date of the Plan from Available Cash (or a pro rata portion thereof), together with postpetition interest at the federal judgment rate to the extent there are sufficient net proceeds available to pay Allowed Class 2 Unsecured Claims in full. Holders of other general unsecured claims in Class 2 are impaired and their projected recovery is still "to be determined", according to the Disclosure Statement. The allowed unsecured claims total $11.7 million, plus a reserve for the disputed Mold Claim asserted by Eliott and Shirley Encarnacion. The Plan shall be implemented and funded through the Sale of the Hotel pursuant to the Stalking Horse Contract to the Successful Purchaser. The Closing on the Sale shall occur after Confirmation of the Plan and in furtherance of the Confirmation Order. The Bankruptcy Court has entered an Order (the "Scheduling Order") approving the Disclosure Statement as containing adequate information within the meaning of Section 1125 of the Bankruptcy Code necessary for creditors to (i) evaluate the Plan; and (ii) determine whether to object to confirmation of the Plan and scheduling a hearing to consider confirmation of the Plan on February 2, 2026 at 9:30 a.m., (the "Confirmation Hearing"). A full-text copy of the Amended Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=hVVLXb from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com About 9 Crosby LLC 9 Crosby LLC owns and operates the NoMo SoHo Hotel at 150 Lafayette Street, also known as 9 Crosby Street, in New York, NY, featuring 264 guest rooms and suites, meeting and event spaces, and a restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12559) on Nov. 17, 2025. In the petition signed by Daniel Sasson, manager, the Debtor disclosed $126,638,227 in assets and $102,847,791 in liabilities. Judge Lisa G. Beckerman oversees the case. Kevin J. Nash, at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, is the Debtor's legal counsel. ABC CHILDREN'S: Unsecureds Will Get 15% of Claims in Plan --------------------------------------------------------- ABC Children's Eye Specialists, PC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization dated January 8, 2026. The Debtor provides advanced pediatric eye care to families across Phoenix, Avondale, Mesa, Sun City, and Gilbert. The Debtor's ophthalmologists and optometrists deliver personalized treatment to children with a range of eye conditions. The Debtor also has a division called Children's Brain Academy which provides psychological, behavioral health, and nutritional consulting to children and families. Children's Brain Academy is a division of the Debtor and is not a separate corporate entity. The Debtor operates out of six leased locations around Maricopa County and has 89 employees. Shortly before the Petition Date, LendBug, LLC, one of Debtor's "MCA Lenders," declared a default against the Debtor and directed one of the clearinghouses, ECHO Health Inc. to pay all accounts receivable to LendBug and not the Debtor. LendBug's request to Echo related to an action that LendBug initiated against Debtor (and others) in New York State Court, Kings County Supreme Court, titled Lend Bug LLC v. ABC Children's Eye Specialists, P.C. d/b/a ABC Children's Eye Specialists PC, et al. Prior to the filing of this chapter 11 case, counsel for Debtor sent Echo a letter demanding that Echo remit the payments to ABC considering the immediacy of Debtor's forthcoming filing of a petition for relief under Chapter 11 of Title 11 of the United States Code. Following receipt of the letter, Echo remitted the payments to Debtor. However, the cascade of unfortunate circumstances had led Debtor to still need the relief offered by the Bankruptcy Code, therefore resulting in the filing of this chapter 11 case. The Plan has seven classes of creditors and equity interest holders and allows for the payment of creditors' claims through the income generated by the Debtor operating in the ordinary course and a new value contribution (the "New Value Contribution") from the owner of the Debtor, Dr. Brendan Cassidy. Based upon the projections of the Debtor, and due in large part to the benefits of the Bankruptcy Code afforded to the Debtor through this chapter 11 case, the Debtor will be able to make payments pursuant to the Plan to pay the remaining creditors through the income generated by the Debtor operating in the ordinary course and the New Value Contribution of $40,000 from Dr. Brendan Cassidy. Class 6 consists of General Unsecured Creditors. The Debtor estimates that the total amount of general unsecured creditors claims is $3,000,000. This total includes filed unsecured claims and scheduled unsecured claims. The Debtor estimates that the administrative expense claims will be around $350,000 which amount is comprised of allowed professional fees. The Debtor estimates that priority unsecured claims total $18,000. The New Value contribution is $40,000 and the Debtor's projected income through its operations in the ordinary course are set forth in the Financial Projections. After estimating the administrative expense claims at $350,000, the priority unsecured claims at $18,000, and the payments to Classes 1–5, which are secured, the Debtor estimates the total amount available to distribute to unsecured creditors is approximately $450,000. The Debtor therefore estimates that recovery to unsecured creditors will be approximately 15% of their claims. This amount may vary depending on the amount of the Allowed MCA Secured Claims, and whether unsecured claims are objected to. The Debtor anticipates that those payments will be made as follows: $133,333.33 in December 2028; $133,333.33 in December 2029; $133,333.33 in December 2030; and $50,000 in April 2031. Class 6 is impaired and entitled to vote. Class 7 consists of the Allowed Interests in the Debtor as of the Petition Date. 100% of the Allowed Interests are held by Dr. Brendan Cassidy. Within ninety days of the Effective Date, Dr. Cassidy will make a New Value contribution of $40,000 to retain his equity interest in the Debtor. He will receive nothing on account of his equity interests in the Debtor. All payments required by the Plan shall be funded with (i) the income generated by the Debtor through its operations in the ordinary course as set forth in the Financial Projections and (ii) the New Value contribution. A full-text copy of the Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=HpWdxM from PacerMonitor.com at no charge. Counsel to the Debtor: Grant L. Cartwright, Esq. Andrew A. Harnisch, Esq. Eric W. Moats, Esq. Emma M. Smith, Esq. May Potenza Baran & Gillespie P.C. 1850 N Central Ave # 1600 Phoenix, AZ 85004 Phone: (602) 252-1900 E-mail: gcartwright@maypotenza.com aharnisch@maypotenza.com emoats@maypotenza.com esmith@maypotenza.com About ABC Children's Eye Specialists PC ABC Children's Eye Specialists, PC, is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on Sept. 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Phone: (602) 222-4989 Email: Wmb@eblawyers.com ABSOLUTE TRUCK: Seeks to Hire Mickler & Mickler as Legal Counsel ---------------------------------------------------------------- Absolute Truck Repair, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the Law Offices of Mickler & Mickler, LLP to handle its Chapter 11 case. The firm's hourly rates range between $400 and $500. Bryan Mickler, Esq., an attorney at Mickler & Mickler, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 Email: bkmickler@planlaw.com About Absolute Truck Repair LLC Absolute Truck Repair, LLC is a Florida-based company specializing in commercial truck repair and maintenance services. Absolute Truck Repair filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04758) on December 23, 2025. In its petition, the Debtor listed $100,001 to $1 million in assets and liabilities. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq., at Mickler & Mickler. ALLURE IMAGE: Seeks Approval to Tap RHM Law as Bankruptcy Counsel ----------------------------------------------------------------- Allure Image Enhancement seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ RHM Law LLP as counsel. The firm will render these services: (a) advise and assist regarding compliance with the requirements of the United States Trustee; (b) advise regarding matters of bankruptcy law; (c) advise regarding cash collateral matters; (d) conduct examinations of witnesses, claimants or adverse parties and prepare and assist in the preparation of reports, accounts and pleadings; (e) advise concerning the requirements of the Bankruptcy Code and applicable rules; (f) assist with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and (g) make any appearances in the Bankruptcy Court on behalf of the Debtor; and take such other action and to perform such other services as the Debtor may require. The firm's professionals will be paid at these hourly rates: M. Jonathan Hayes, Senior Bankruptcy Associate $775 Matthew Resnik, Partner $725 Roksana Moradi-Brovia, Partner $650 W. Sloan Youkstetter, Associate $450 Russell Stong III, Associate $450 David Kritzer, Associate $450 Rosario Zubia, Paralegal $175 Priscilla Bueno, Paralegal $175 Rebeca Benitez, Paralegal $175 Susie Segura, Paralegal $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $31,738 from the Debtor. Ms. Moradi-Brovia disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Roksana D. Moradi-Brovia, Esq. RHM Law LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About Allure Image Enhancement Allure Image Enhancement operates as a medical spa in Upland, California, offering services in body sculpting, health and wellness, injectables, intimate procedures, laser treatments, regenerative medicine, skin resurfacing, skin tightening, and spa treatments. The Company provides aesthetic and therapeutic treatments at its facility on 188 N. Euclid Avenue, Suite 100, serving clients seeking cosmetic and wellness services in the region. Allure Image Enhancement sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18667) on December 1, 2025. In the petition signed by Mina Joy Grasso, chief executive officer, the Debtor disclosed $621,870 in total assets and $1,930,887 in total liabilities. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Roksana D. Moradi-Brovia, Esq., at RHM Law LLP. ALTICE USA: Secures JPMorgan Support to Refinance TPG, Goldman Debt ------------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Altice USA secures about $1.1 billion from JPMorgan Chase & Co. to refinance debt ahead of an upcoming early-repayment penalty, a step intended to reassure lenders unsettled by an antitrust lawsuit and a disputed restructuring move. The financing will allow Altice to replace a $1 billion asset-backed loan provided in July by Goldman Sachs and TPG Angelo Gordon at face value, sources said. With the loan's call protection period approaching, the refinancing would help the company avoid paying a premium to retire the debt, the report states. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN SIGNATURE: Committee Hires Cole Schotz as Co-Counsel ------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of American Signature, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz PC as co-counsel. The firm's services include: (a) serve as co-counsel to the committee; (b) provide legal advice with respect to the committee's powers, rights, duties and obligations in the Chapter 11 cases; (c) assist and advise the committee in its consultations with the Debtors regarding the administration of the Chapter 11 cases; (d) assist the committee reviewing and negotiating terms for unsecured creditors with respect to (i) debtor in possession financing and the use of cash collateral, (ii) sale of the Debtors' assets; (e) investigate the liens asserted by the Debtors' lenders and any potential causes of action; (f) advise the committee on the corporate aspects of the Chapter 11 cases and any plan(s) or other means to effect the Debtors' liquidation that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the liquidation, as necessary; (g) take all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors, with the assistance of Kelley Drye; (h) prepare on behalf of the committee, with the assistance of Kelley Drye, all necessary legal papers and other pleadings and filings in connection with its duties in the Chapter 11 cases; (i) advise and represent the committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protect the interests of those represented by the committee; and (j) perform all other legal services as may be required and authorized by the committee that are in the best interests of unsecured creditors. The firm will be paid at these hourly rates: Seth Van Aalten, Member $1,375 Justin Alberto, Member $1,150 Sarah Carnes, Member $1,000 Stacy Newman, Member $875 Carol Thompson, Associate $505 Julie Aberasturi, Associate $485 Michael Solimani, Associate $460 Larry Morton, Paralegal $420 In addition, the firm will seek reimbursement for expenses incurred. Mr. Alberto also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. 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 postpetition, explain the difference and the reasons for the difference. Answer: Cole Schotz did not represent the committee during the 12 months preceding the filing of the Chapter 11 cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Answer: Cole Schotz expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Cole Schotz reserves all rights. Mr. Alberto disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Justin Alberto, Esq. Cole Schotz PC 500 Delaware Avenue, Suite 600 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: jalberto@coleschotz.com About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verita Global is claims and noticing agent to the Debtors. On Dec. 4, 2025, the Office of the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Kelley Drye & Warren LLP and Cole Schotz PC as counsel and Province, LLC as financial advisor. AMERICAN SIGNATURE: Committee Taps Kelley Drye & Warren as Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of American Signature, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kelley Drye & Warren LLP as counsel. The firm will render these services: (a) advise the committee with respect to its rights, duties and powers in these Chapter 11 cases; (b) assist and advise the committee in its consultations with the Debtors and in connection with the administration of these Chapter 11 cases, the sale process, and the ultimate disposition of their estates; (c) assist the committee in the investigations into (i) historic conduct and transactions that may provide value for creditors, and (ii) the assets, liabilities, and financial condition of the Debtors; (d) advise and represent the committee in connection with matters generally arising in these Chapter 11 cases; (e) appear before this Court, and any other federal or state courts; (f) prepare, on behalf of the committee, any pleadings; and (g) perform such other legal services as may be required or are otherwise deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: Partners $900 - $1,735 Special Counsel $585 - $1,135 Associates $605 - $1,015 Paraprofessionals $165 - $485 In addition, the firm will seek reimbursement for expenses incurred. Jason Adams, Esq., a partner at Kelley Drye & Warren, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. 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 the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Kelley Drye did not represent the committee in the 12 months prepetition. Kelley Drye has represented other committees in the 12 months prepetition in other bankruptcy cases. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period. Answer: Yes, for the period of December 5, 2025 through March 31, 2026. Mr. Adams disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason R. Adams, Esq. Kelley Drye & Warren LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verita Global is claims and noticing agent to the Debtors. On Dec. 4, 2025, the Office of the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Kelley Drye & Warren LLP and Cole Schotz PC as counsel and Province, LLC as financial advisor. AMERICAN SIGNATURE: Committee Taps Province as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of American Signature, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Province, LLC as financial advisor. The firm will render these services: (a) become familiar with and analyzing the Debtor's Debtor-In-Possession (DIP)/Cash Collateral budget, assets and liabilities, and overall financial condition; (b) review financial and operational information furnished by the Debtor; (c) monitor the sale process, interfacing with the Debtor's professionals, and advise the committee regarding the process; (d) scrutinize the economic terms of various agreements; (e) analyze the Debtor's proposed business plans and developing alternative scenarios, if necessary; (f) assess the Debtor's various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) prepare or review as applicable, avoidance action and claim analyses; (h) assist the committee in reviewing the Debtor's financial reports; (i) advise the committee on the current state of this Chapter 11 case; (j) advise the committee in negotiations with the Debtor and third parties as necessary; (k) if necessary, participate as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (l) other activities as are approved by the committee, the committee's counsel, and as agreed to by Province. The firm will be paid at these hourly rates: Managing Directors and Partners $900 - $1,600 Vice Presidents, Directors, and Senior Directors $700 - $1,050 Analysts, Associates, and Senior Associates $370 - $750 Paraprofessional/Admin/Interns $270 - $380 In addition, the firm will seek reimbursement for expenses incurred. Sanjuro Kietlinski, a partner at Province, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sanjuro Kietlinski Province, LLP 2360 Corporate Circle, Suite 340 Henderson, NV 89074 About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verita Global is claims and noticing agent to the Debtors. On Dec. 4, 2025, the Office of the United States Trustee for Region 3 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Kelley Drye & Warren LLP and Cole Schotz PC as counsel and Province, LLC as financial advisor. AMERICAN SIGNATURE: Court Approves GOB Sales for All 89 Stores -------------------------------------------------------------- A joint venture of SB360 Capital Partners, Hilco Global, and Gordon Brothers has received bankruptcy court approval to operate Going Out of Business (GOB) sales in all 89 remaining American Signature Inc. stores. ASI is one of the nation's leading home furnishings retailers, and is the parent company of Value City Furniture and American Signature Furniture. ASI filed petitions for a voluntary Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware in November of 2025. Stores owned by Ohio-based ASI have been a furniture shopping destination for nearly eight decades. Since its founding and subsequent expansion into many states, communities across the eastern half of the country found furniture they could rely on for style, quality, and value. The Going Out of Business sales start today in Value City Furniture's 79 stores across 13 states, and American Signature's 10 stores located in Delaware and Florida. Shoppers will find discounts of up to 50% off original prices on a wide selection of home furnishings, including living room, dining room, and bedroom collections, as well as decor, lighting, mattresses, and rugs. The Company's five previously announced closing stores in Tennessee and North Carolina have been offering storewide discounts during a Store Closing sale. Those five locations, four ASFs in Nashville and one VCF in Charlotte, will continue with deeper discounts as they wrap up sales over the next few weeks. "A sale of this magnitude will bring never-before-seen values to a broad selection of top-quality furniture already offered at truly affordable prices," said SB360 President Aaron Miller, on behalf of the joint venture. "We encourage everyone to shop early during this limited-time event while selection is at its best. The compelling liquidation discounts on stylish furniture for every room of the home will make this a short sale in these stores." To find one of ASI's Going Out of Business Sale locations, please visit the ASF and VCF Store Locator. About SB360 Capital Partners -- SB360 Capital Partners (sb360.com) is one of North America's leading firms providing advisory, asset realization, and restructuring services across retail and consumer industries. SB360 invests equity capital to support growth opportunities, fund business turnarounds, and provide liquidity to businesses navigating change. The firm encompasses business groups involved in advisory services, asset disposition, luxury diamond and jewelry assets, new store sets, and commercial real estate advisory and investment. SB360's lending arm, Second Avenue Capital Partners, provides asset-based loans for middle-market companies. SB360's principals hold extensive financial interests in internationally recognized retail and wholesale companies, consumer brands, financial service operations, and commercial, residential and industrial real estate properties. About Hilco Global -- Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About Gordon Brothers -- Since 1903, Gordon Brothers (www.gordonbrothers.com) has maximized liquidity through realizable asset value by providing the people, expertise and capital to solve business challenges. Our solutions-oriented approach across asset services, lending, financing and trading gives clients the insights, strategies and time to optimize asset values throughout the business cycle. We work across the full spectrum of assets globally with deep expertise in retail, commercial, industrial, brands and real estate. Headquartered in Boston with over 30 offices across North America, Europe, the Middle East and Africa, and Asia Pacific. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. AMERIFIRST FINANCIAL: Secures Final Court OK for Chapter 11 Plan ---------------------------------------------------------------- Yun Park of Law360 reports that on Tuesday, January 13, 2026, a Delaware bankruptcy court granted final confirmation of AmeriFirst Financial Inc.'s Chapter 11 plan of reorganization and its accompanying disclosure statement, dismissing objections filed by the Office of the U.S. Trustee related to the treatment of administrative and priority claims. The mortgage servicing company can now proceed with its bankruptcy plan as approved by the judge. The U.S. Trustee had raised concerns about how certain claims would be handled under the plan, but the judge found that AmeriFirst's restructuring documents nonetheless complied with applicable bankruptcy law. With final approval, the company’s reorganization moves closer to implementation, the report relays. About AmeriFirst Financial AmeriFirst Financial, Inc., is a mid-sized independent mortgage company in Mesa, Ariz. AmeriFirst and its affiliate Phoenix 1040, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023. In the petitions signed by T. Scott Avila, chief restructuring officer, each Debtor disclosed between $50 million and $100 million in both assets and liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; and Paladin Management Group, LLC as restructuring advisor. Omni Agent Solutions, Inc., is the claims, noticing and administrative agent. On Sept. 15, 2023, the Office of the United States Trustee appointed an official committee of unsecured creditors. The Committee tapped Morris, Nichols, Arsht & Tunnell LLP as its counsel. ARTISAN FOODIE: Hires Accounting & Business Partners as Accountant ------------------------------------------------------------------ The Artisan Foodie Group, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Accounting & Business Partners, LLC as accountant. The firm will review and audit the Debtor's books and records, handle bookkeeping matters, and prepare monthly operating reports. Andrea Bone, a certified public accountant at Accounting & Business Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrea Bone, CPA Accounting & Business Partners, LLC 10730 102nd Ave. N. Seminole, FL 33777 Telephone: (727) 828-9945 About Artisan Foodie Group Artisan Foodie Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00506) on January 27, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Roberta Colton oversees the case. The Debtor tapped Katelyn M. Vinson, Esq., at Jennis Morse as counsel and Accounting & Business Partners, LLC as accountant. ARTSTOCK: Seeks to Tap Bernstein Shur Sawyer & Nelson as Counsel ---------------------------------------------------------------- Artstock, doing business as Artist & Craftsman Supply, seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Bernstein, Shur, Sawyer & Nelson, PA as counsel. The firm's services include: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bring such claims as the Debtor, in its business judgment, decides to pursue; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding (except to the extent that any such adversary proceeding is in an area outside of the firm's expertise); (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist with the preparation of reports, applications, pleadings, motions, and orders; (g) assist the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of its assets, as appropriate; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) perform any other services that may be appropriate in the firm's representation of the Debtor as general bankruptcy counsel in the case. The firm held a retainer from the Debtor in the amount of $15,598.50 as of the petition date. The 2025 hourly rates of the firm's counsel and staff are: D. Sam Anderson, Attorney (Shareholder) $650 Adam R. Prescott, Attorney (Shareholder) $495 Kenny Laughton, Attorney (Associate) $295 Laura Unfricth, Paralegal $225 Katherine Flynn, Paralegal (Trainee) $175 The 2026 hourly rates of the firm's counsel and staff are: D. Sam Anderson, Attorney (Shareholder) $665 Adam R. Prescott, Attorney (Shareholder) $545 Kenny Laughton, Attorney (Associate) $320 Laura Unfricth, Paralegal $235 Katherine Flynn, Paralegal (Trainee) $180 In addition, the firm will seek reimbursement for expenses incurred. Mr. Prescott disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, PA 100 Middle Street PO Box 9729 Portland, Maine 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 Email: aprescott@bernsteinshur.com About Artstock d/b/a Artist & Craftsman Supply Artstock d/b/a Artist & Craftsman Supply sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20305) on December 23, 2025, with $10,000,001 to $50 million in both assets and liabilities. Judge Hon. Peter G. Cary oversees the case. The Debtor is represented by Bernstein, Shur, Sawyer & Nelson, PA. ATXLUB LLC: Seeks Court Approval to Tap COVERE Global as Appraiser ------------------------------------------------------------------ ATXLUB, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ COVERE Global, LLC/Heath Property advisors as appraiser. The Debtor needs an appraiser to determine the market value of its property located at 202 36th Street, Lubbock, Texas. The firm will also render these services: (a) evaluate secured claims; (b) prepare and confirm a Subchapter V plan; (c) negotiate with creditors; (d) determine feasibility; and (e) assess potential sale or refinancing options. The firm will be paid at a fixed fee of $3,000, inclusive of travel and delivery expenses. Marty Cleckler, an appraiser at COVERE Global, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marty H. Clekler COVERE Global, LLC Lubbock, TX 79404 Email: admin@covereglobal.com About ATXLUB LLC ATXLUB LLC, d/b/a West Texas Auctions and Metroplex Auctions, operates as an online auction service under the name West Texas Auctions, based in Lubbock, Texas. The Company facilitates public online auctions offering a variety of consumer goods. ATXLUB LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-50105) on April 24, 2025. In its petition, the Debtor reports total assets of $1,306,529 and total liabilities of $2,622,256. The Debtor tapped Max R. Tarbox, Esq., at Tarbox Law, PC as bankruptcy counsel and Preston J. Dugas III, Esq., at Dugas & Circelli, PLLC as litigation counsel. BALROG ACQUISITION: S&P Alters Outlook to Neg., Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'B-' rating on Balrog Acquisition Inc. (dba BakeMark). The negative outlook reflects the possibility we may lower our ratings on BakeMark over the next 12 months if operating performance does not significantly improve and we view its capital structure as unsustainable. BakeMark reported weaker-than-expected profitability and a free operating cash flow (FOCF) deficit through Sept. 30, 2025. While S&P expects management initiatives will help improve profitability over the next year, credit measures will remain weak, including S&P Global Ratings-adjusted EBITDA to cash interest coverage of about 1.5x. The negative outlook reflects weak operating performance and credit metrics. BakeMark reported a 2.6% year-over-year decline in net sales for the first three quarters of fiscal 2025, driven by weaker-than-expected sales volume from certain national chain customers, while its street business remained more resilient. Furthermore, profitability deteriorated significantly because of higher commodity prices (particularly eggs) and, to a lesser extent, import tariff costs that it did not pass on to customers. This was a deviation from past practices to pass these costs to customers. S&P estimates S&P Global Ratings-adjusted EBITDA to cash interest coverage declined close to 1x for the trailing 12 months ended Sept. 30. The company has subsequently implemented various initiatives to offset higher commodity and tariff costs that should improve profitability in 2026. S&P said, "We expect profitability will improve because of already actioned initiatives, as well as the roll-off of one-time costs, including legal, consulting, facility, and project start-up costs from last year. Additionally, prices for key commodities such as eggs have come down. Therefore, we forecast S&P Global Ratings-adjusted EBITDA to cash interest coverage will improve to about 1.5x in 2026 from about 1x in 2025." S&P said, "We believe the soft consumer demand environment is a risk to our forecast. We believe volumes could weaken given ongoing affordability headwinds for U.S. consumers and slowing disposable income growth." Consumer spending on BakeMark's product categories could decrease if inflation picks up and the labor market continues to weaken, or health and wellness trends accelerate. At the same time, BakeMark may need to give greater than anticipated price concessions to its customers on product categories now benefiting from lower commodity costs. S&P said, "Despite an FOCF deficit, we believe BakeMark will maintain adequate liquidity. BakeMark reported an FOCF deficit of about $40 million in the nine months ended Sept. 30, primarily from lower profitability, higher working capital use due to product shifts, and one-time costs. This compares with a surplus of about $13 million for the same prior-year period. The company covered the deficit by borrowing under its asset-based lending (ABL) facility. We expect FOCF will improve this year due to higher pricing, moderating input costs, and cost reductions. "We believe BakeMark maintains an adequate liquidity cushion with ample ABL availability to cover its cash uses over the next 12-months. The company generally does not have high working capital or capital expenditure (capex) needs. In June 2025, it extended its ABL maturity to the earlier of September 2028 or 91 days prior to its first-lien term loan the maturity (September 2028). As a result, no material near-term debt maturities afford time to execute its initiatives. "The negative outlook reflects that we may lower our ratings on BakeMark over the next 12 months if operating performance does not significantly improve and we view its capital structure as unsustainable." S&P could lower its ratings on BakeMark if it forecasts it will sustain S&P Global Ratings-adjusted EBITDA to cash interest coverage of less than 1.5x or FOCF deficits. This could occur if the company: -- Cannot offset higher commodity or other input costs with price increases or other initiatives to restore profitability; -- Faces lower demand due to a prolonged weak macroeconomic environment, changes in its customers menu items, service issues, or intensifying competition; -- Fails to improve its working capital efficiency; or -- Adopts more aggressive financial policies, including large debt-financed acquisitions or dividends. S&P could revise its outlook to stable if BakeMark improves and sustains EBITDA to cash interest coverage of 1.5x or above, with positive FOCF. This could occur if it: -- Executes on its pricing and cost reduction initiatives; -- Increases organic revenue on new customer wins or increased category demand; and -- Improves working capital usage through more efficient inventory management and receivable collections. BANCO MACRO: Launches Cash Tender Offer for 6.75% Notes ------------------------------------------------------- Banco Macro S.A. commenced an offer to purchase for cash any and all of the outstanding 6.750% subordinated resettable notes due 2026 issued by Macro. The Offer is being made upon the terms and subject to the conditions set forth in the offer to purchase dated January 12, 2026. The table sets forth certain information relating to the Offer: Title of Security: * 6.750% Subordinated Resettable Notes due 2026 Principal Amount Outstanding: * US$400,000,000 Early Tender Consideration (1): * US$1,010 per US$1,000 principal amount (for Notes validly tendered at or prior to the Early Tender Date and accepted for purchase) * In addition, Accrued Interest will be paid in cash Late Tender Consideration (2): * US$960 per US$1,000 principal amount (for Notes validly tendered after the Early Tender Date but at or prior to the Expiration Date and accepted for purchase) * In addition, Accrued Interest will be paid in cash Security Identifiers: * CUSIP Numbers: 05963GAH1 / P1047VAF4 * ISINs: US05963GAH11 / USP1047VAF42 * Common Codes: 151636853 / 151537634 (1) The amount to be paid for each US$1,000 principal amount of Notes validly tendered at or prior to the Early Tender Date and accepted for purchase. In addition, Accrued Interest will be paid in cash. (2) The amount to be paid for each US$1,000 principal amount of Notes validly tendered after the Early Tender Date but at or prior to the Expiration Date and accepted for purchase. In addition, Accrued Interest will be paid in cash. Indicative Timetable for the Offer: Commencement Date: - January 12, 2026 Early Tender Date: - 5:00 p.m. New York City time (7:00 p.m. Buenos Aires time) on January 26, 2026, unless extended by the Offeror. Withdrawal Deadline: - 5:00 p.m. New York City time (7:00 p.m. Buenos Aires time) on January 26, 2026 unless extended by the Offeror. Early Acceptance Date: - At or around 9:00 a.m. New York City time (11:00 a.m. Buenos Aires time), on January 27, 2026, unless the Early Tender Date is extended by the Offeror. Early Settlement Date: - If the Offeror elects to exercise the Early Settlement Right, promptly after the acceptance by the Offeror for purchase of Notes validly tendered at or prior to the Early Tender Date and not validly withdrawn at or prior to the Withdrawal Deadline, upon satisfaction (or waiver by the Offeror) of each and all of the conditions set forth in the Offer to Purchase. - The Offeror expects that the Early Settlement Date will be within two Business Days following the Early Tender Date, which will be January 28, 2026, assuming that the Offeror exercises the Early Settlement Right (the "Early Settlement Date"). Expiration Date: - 5:00 p.m. New York City time (7:00 p.m. Buenos Aires time) on February 10, 2026, unless extended by the Offeror. Final Acceptance Date: - At or around 9:00 a.m., New York City time (11:00 a.m. Buenos Aires time), on February 11, 2026, unless the Expiration Date is extended by the Offeror. Final Settlement Date: - The Offeror expects that the Final Settlement Date will be within one Business Day following the Expiration Date, which will be February 11, 2026, unless the Expiration Date is extended by the Offeror. The Offer will expire at 5:00 p.m. New York City time (7:00 p.m. Buenos Aires time) on February 10, 2026, unless extended (such time and date, as the same may be extended in the sole discretion of the Offeror, the "Expiration Date"). Holders who validly tender and do not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on January 26, 2026, unless extended (such time and date, as the same may be extended in the sole discretion of the Offeror, the "Early Tender Date"), in the manner described in the Offer to Purchase, will be eligible to receive the Early Tender Consideration plus Accrued Interest. Holders who validly tender Notes after the Early Tender Date, but at or prior to the Expiration Date in the manner described in the Offer to Purchase, will only be eligible to receive the Late Tender Consideration plus Accrued Interest. The consideration for each US$1,000.00 principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase pursuant to the Offer will be US$1,010. Holders who validly tender Notes after the Early Tender Date, but at or prior to the Expiration Date and whose Notes are accepted for purchase will not be entitled to receive the Early Tender Consideration and will therefore be entitled to receive, for each US$1,000.00 principal amount of Notes accepted for purchase, only the consideration of US$960. Withdrawal rights with respect to tendered Notes will terminate on the Early Tender Date, unless extended by the Offeror. Accordingly, following the Early Tender Date, Notes validly tendered, including Notes tendered prior to the Early Tender Date and Notes tendered thereafter, may no longer be validly withdrawn except in certain limited circumstances where additional withdrawal rights are required by applicable law. Holders whose Notes are accepted for payment pursuant to the Offer will be paid accrued and unpaid interest on the Notes up to, but excluding, the Early Settlement Date or the Final Settlement Date, as applicable, payable on the Early Settlement Date, or the Final Settlement Date, as applicable. For the avoidance of doubt, the Offeror will not pay Accrued Interest for any periods following the Early Settlement Date or the Final Settlement Date, as applicable, in respect of any Notes accepted in the Offer. Accrued Interest on Notes will cease to accrue on the Early Settlement Date or the Final Settlement Date, as applicable. The Offer is conditioned upon the concurrent or earlier consummation of an offering of new notes by Macro. When considering any potential allocation of New Notes in the New Notes Offering, Macro intends, but is not in any way obligated, to give some degree of preference to those investors who, prior to such allocation, have validly tendered, or have indicated to Macro or the dealer managers their firm intention to tender, Notes in the Offer. Any investment decision to purchase New Notes in the New Notes Offering should be made solely on the basis of the information contained in the offering memorandum prepared in connection with such offering, and no reliance is to be placed on any representations other than those contained in such offering memorandum. The New Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, any U.S. State Securities Laws or the laws of any jurisdiction and will be offered and sold to qualified institutional buyers pursuant to Rule 144A and in compliance with Regulation S outside the United States to non-U.S. persons (exemptions from the registration requirements of the Securities Act). From time to time after the Expiration Date or termination of the Offer, and subject to applicable laws and regulations (including regulations issued by the Central Bank of Argentina), Banco Macro or any of its affiliates may acquire any Notes that are not purchased pursuant to the Offer through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as Banco Macro or they may determine, which may be more or less than the price to be paid pursuant to the Offer and could be for cash or other consideration. Banco Macro may also exercise, subject to applicable laws and regulations (including regulations issued by the Central Bank), its right to redeem any Notes not purchased in the Offer and that remain outstanding after the Expiration Date pursuant to Section 10.4 of the indenture dated as of November 4, 2016, as amended by the first supplemental indenture dated as of November 4, 2016 relating to the Notes, or as otherwise required by applicable regulatory requirements, in each case subject to the prior approval of the Central Bank. BEAVER HOLLOW: Files for Ch. 11 Bankruptcy, Still Accepts Bookings ------------------------------------------------------------------ Veronika Bondarenko of The Street reports that the resort behind Beaver Hollow Niagara LLC racked up more than $704,000 in liabilities as revenue declined, prompting a Chapter 11 bankruptcy filing on January 2, 2026 in the U.S. Bankruptcy Court for the Western Region, according to The Business Journal in Buffalo. Court filings show the company listed $460,000 in assets against $704,000 in debt, spread across 82 creditors. Those creditors include nonprofit and educational organizations such as the Wounded Warrior Project and SUNY Alfred State College, along with numerous food service, cleaning, and technology suppliers. Despite the financial strain, Beaver Hollow Niagara said it plans to restructure its obligations and keep the resort operating, with bookings still being accepted. About Beaver Hollow Niagara LLC Beaver Hollow Niagara LLC is a hospitality and recreation company that operates a resort property in Western New York, offering lodging, event space, and outdoor recreational activities. The company serves both leisure travelers and group bookings, including retreats, educational programs, and nonprofit organizations, and relies on a network of service and supply vendors to support its daily operations. Beaver Hollow Niagara LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10001) on January 2, 2026. In its petition, the Debtor reports $460,000 in assets against $704,000 in debt, spread across 82 creditors. Honorable Bankruptcy Judge Carl L. Bucki handles the case. The Debtor is represented by Arthur G Baumeister, Jr., Esq. of Baumeister Denz LLP. BELLROCK BRANDS: Exits Receivership After Sale to KEY Investment ---------------------------------------------------------------- KEY Investment Partners announced on Jan. 12, 2026, it has purchased BellRock Brands out of receivership through an investment that secures all brand assets and provides working capital to refocus and revitalize the brands as the United States moves toward rescheduling cannabis under federal law. Former Curaleaf CEO Joe Bayern will serve as the incoming Chief Executive Officer for the newly formed company, MM Brands. A Denver-based cannabis, multi-state operator focused on consumer packaged goods (CPG), BellRock Brands, Inc. built one of the industry's broadest portfolios of cannabis and hemp-infused products. The company developed and sold a diverse range of products spanning adult-use edibles, beverages, topicals, tinctures, transdermal patches, concentrates and pet-focused CBD offerings. The BellRock family of brands included well-established names such as Dixie Elixirs, Rebel Coast, Défoncé and the extremely popular Mary's Medicinals, Mary's Nutritionals and Mary's Tails. The company was placed into receivership in March 2024. "The growing consumer interest in wellness products combined with the potential for cannabis rescheduling on the horizon makes this the perfect deal at the perfect time," said Jordan Youkilis, Founding Partner of KEY Investment Partners. "Mary's Medicinals is a powerhouse brand known for its science-driven approach to transdermal patches, topicals and tinctures that deliver precise, consistent dosing. We believe the current environment and rescheduling will really unlock its potential, and this will be a huge focus of the newly formed MM Brands with Joe at the helm." MM Brands will lean into its strong brand heritage and the accelerating national conversation around cannabis, health and wellness, according to Youkilis. By elevating science-backed narratives, trusted formulations and real-world consumer outcomes, MM Brands will differentiate its brands as responsible, education-first leaders at a moment when policymakers, healthcare stakeholders and consumers are seeking clarity. Strategically, the company will operate under a brand focused, asset-lite model to build nationally recognized brands and leadership positions within their categories. Currently, MM Brands products are available in 11 markets, including California, Michigan, Missouri and Maryland. "Our mission at MM Brands is simple but hugely important: To improve people's lives through the use of cannabis. We will build on Mary's Medicinals legacy of being the most trusted brand in cannabis to advance the accessibility of cannabis as a quality-of-life issue through partnerships with veteran organizations, patient advocacy groups and wellness-focused advocates," said incoming MM Brands CEO Joe Bayern. "I am encouraged by the recent movement toward rescheduling as well as ongoing state legislation toward legalization and am proud to be in a position to help shape the next era of cannabis in America." A seasoned senior executive in the cannabis and consumer packaged goods sectors, Bayern is known for driving growth, operational excellence and strategic transformation across major brands and companies. He possesses more than 20 years of leadership experience, including pivotal roles in the creation of the Dr. Pepper Snapple Group and executive leadership at global brands like VOSS of Norway, before transitioning into cannabis where he served as President and later CEO of Curaleaf Holdings, one of the largest multistate cannabis operators in the United States. "We could not be more proud to have Joe join MM Brands as its CEO and to see the energy and excitement he will bring to these brands," Youkilis said. "His combination of experience and passion for the cannabis consumer is unrivaled in the industry. The current environment bodes well for cannabis brands that focus on science, wellness and healthy living -- and Joe is the best person to bring that message to the world." About KEY Investment Partners Founded in 2018, KEY Investment Partners LLC takes a systematic approach to investment analysis and due diligence, with the goal of connecting investors to the most attractive private cannabis opportunities. KEY is a Denver-based asset manager with over $50 million in assets under management (AUM). Leveraging over 50 years of institutional experience, KEY sources unique opportunities in high-growth, market-leading cannabis companies that are operated by experienced management teams. The firm uses time-tested methods to provide institutional quality investment management and client service to those looking to capitalize on the rapid growth of the U.S. cannabis market. About BellRock Brands BellRock Brands is a multi-state house of brands and intellectual property focused CPG company operating one of the industry's broadest branded product portfolios. BellRock is anchored by two iconic cannabis brands, Mary's Medicinals (a pioneer in the Health & Wellness segment since 2013) and Dixie (a market-leading cannabis-infused edibles brand since 2010). BellRock also includes two growing California-based brands, Rebel Coast and Défoncé. BellRock's CBD portfolio includes the brands Mary's Nutritionals and Mary's Tails. From adult-use confections and beverages to tinctures, transdermal patches and pet-focused balms, the BellRock family of brands is diverse and comprehensive. BIG STORM: Court OKs Clearwater Property Sale at Auction -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has granted Big Storm Brewery LLC and its affiliates, to sell Properties, free and clear of liens, claims, interests, and encumbrances. The Debtors were previously owned and managed by Leo J. Govoni. However, pursuant to an Agreed Order Transferring Defendants' Stock and Limited Liability Company Membership Interests to Chapter 11 Trustee effective May 21, 2025, ownership of the Debtors was transferred to the bankruptcy estate of The Center for Special Needs Trust Administration, Inc. The Debtors are currently managed by Joshua Rizack, the court-appointed Chief Restructuring Officer, who oversees all aspects of the Debtors' operations and financial affairs. Debtor Big Storm Real Estate, LLC is the 100% owner of the real property located at 12707 49th Street N., Clearwater, FL 33762. Debtor, Big Storm Brewery, LLC is the 100% owner of that certain personal property known as BSB Property. https://urlcurt.com/u?l=tGGPDv Debtor, Big Storm Pinellas, LLC is the 100% owner of that certain personal property known as liquor licenses (Liquor Licenses). The Debtors seek to sell the Real Property, BSB Property and the Liquor Licenses as further described above, and all improvements, fixtures, and appurtenances. The Court has authorized the Debtor to sell : real property located at 12707 49th Street N., Clearwater, Florida 33762 as legally described in Exhibit A; the personal property listed in Exhibit B; and liquor licenses listed in Exhibit C, together with all improvements, fixtures, and appurtenances. https://urlcurt.com/u?l=RiQfLt The Sale Property shall be sold free and clear of all liens, claims, interests, rights and encumbrances, with all such claims attaching to the proceeds of the sale to the same extent, validity, and priority as existed pre-petition, subject to real estate property taxes, municipal liens, covenants, conditions, restrictions, easements, reservations, declarations or other limitations of record. The Purchase and Sale Agreement dated January 5, 2026, between the Debtors and TIDE LLC for $5,500,000 is approved as the stalking horse baseline, subject to higher and better offers at auction. The Court's approval of the Purchase and Sale Agreement as the stalking horse baseline does not constitute approval of the sale to TIDE LLC, which approval, if any, shall only occur after the auction and at the final sale hearing scheduled for January 23, 2026, at 10:00 a.m. The Break-Up Fee $100,000 is approved and shall be payable to TIDE LLC from the sale proceeds upon consummation of a sale to an alternative purchaser, provided such alternative purchaser's bid exceeds the stalking horse bid and TIDE LLC has complied with all material terms of the Purchase and Sale Agreement through the date of the auction. Debtors are authorized to conduct the auction in accordance with those procedures. The auction shall be held on January 22, 2026, at 10:00 a.m. Debtors shall report the results of the auction to counsel for secured creditor Briar Capital Real Estate Fund, LLC via email (zbancroft@bakerdonelson.com) on or before 4:00 p.m. EST on January 22, 2026, and provide a copy of any addendum to the PSA (as to TIDE LLC) or copy of any executed PSA with a winning bidder other than TIDE LLC. The Court shall conduct the Final Sale Hearing on January 23, 2026, at 10:00 a.m. in Courtroom 8A of the United States Bankruptcy Court, located at 801 North Florida Avenue, Tampa, Florida 33602. The Objection Deadline (as defined in the Auction and Bidding Procedures) with respect to the proposed sale of the Sale Property shall be January 22, 2026, at 8:00 p.m. Eastern Time. About Big Storm Brewery Big Storm Brewery, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's bankruptcy counsel. Joshua Rizack serves as Chief Restructuring Officer. Briar Capital Real Estate Fund, LLC, as secured creditor, is represented by Zachary J. Bancroft, Esq., at Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, in Orlando, Florida. BLOCK COMMUNICATIONS: To Close The Pittsburgh Post-Gazette on May 6 ------------------------------------------------------------------- Mark Walker and Emmett Lindner of The New York Times report that The Pittsburgh Post-Gazette will stop publishing on Sunday, May 3, 2026, according to an announcement Wednesday, January 7, 2026, by its owner, Block Communications. The family-owned company said the decision ends a publication that began in 1786 and follows more than $350 million in losses over the last 20 years. Block Communications blamed both industrywide declines in advertising and readership and recent court decisions that required the newspaper to operate under a 2014–17 labor contract. The company said the contract created rigid and outdated operating rules, worsening financial pressures. The paper has also been involved in a long-running labor dispute with unionized workers who went on strike in 2022, according to The New York Times. Despite its struggles, the Post-Gazette has maintained a paid circulation of about 83,000 and has earned multiple Pulitzer Prizes, including one in 2019 for coverage of the Tree of Life synagogue shooting. Union leaders said they will continue to fight for the future of local journalism in Pittsburgh, while Block Communications expressed regret over the loss to the community, the report states. About Block Communications Block Communications is a family-owned media company based in Toledo, Ohio, that owns and operates newspapers, digital media, and other media properties across the United States. The company’s portfolio includes flagship titles such as The Blade in Toledo and formerly The Pittsburgh Post-Gazette, along with regional news websites and specialty publications. Known for its long history in local journalism, Block Communications focuses on community reporting and delivering news across print and digital platforms. BOLLINGER MOTORS: Back in Receivership After 20 Trucks Seized ------------------------------------------------------------- Luke Ramseth of The Detroit News reports that the assets of the defunct electric truck builder Bollinger Motors are once more being managed by a court-appointed receiver as a range of creditors—including dozens of former employees, parts vendors and a state labor agency—seek payment for outstanding debts tied to the company's collapse last fall. The resurgence of judicial oversight reflects ongoing disputes over unpaid wages and other liabilities. Earlier in 2025, the Oak Park, Michigan-based EV maker was briefly placed into receivership after cash reserves dwindled and founder Robert Bollinger filed a lawsuit seeking repayment of a $10 million secured loan. Following a settlement with parent company Mullen Automotive, which cleared the debt and injected funds, the receiver was lifted temporarily, according to report. However, continued financial strain and a buildup of creditor claims have led to renewed court intervention to manage the company's remaining assets. The reinstated oversight is intended to ensure an orderly process for addressing the growing list of claims as Bollinger’s future remains uncertain, the report cites. About Bollinger Motors Bollinger Motors, Inc. -- https://bollingermotors.com/ -- is an automotive company designing and engineering Class 3 electric trucks. Bollinger Motors, a Michigan-based electric truck manufacturer, entered court-ordered receivership in May 2025 after a federal judge in the Eastern District of Michigan intervened in a dispute involving founder Robert Bollinger and unpaid company debt. A court-appointed receiver temporarily took control of the company's assets and operations as creditors sought protection amid worsening financial problems. The case originated from a lawsuit in which Robert Bollinger alleged that the company had breached a personal loan agreement and owed more than $10 million. In response, the court froze the company's finances and placed it under receivership. By June 2025, Bollinger Motors exited receivership after its parent company, Mullen Automotiveâ€”later renamed Bollinger Innovationsâ€”increased its ownership stake to 95% and resolved the outstanding claims. The receiver was discharged, allowing operations to shift back under Mullen's expanded oversight. Financial strain, however, persisted. Despite the earlier recovery, Bollinger Motors ultimately shut down operations in November 2025 following mounting debt issues, missed payrolls, and ongoing instability, leaving the company's long-term future uncertain. BRISTOW GROUP: S&P Rates New $400MM Senior Secured Notes 'BB' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to Houston-based helicopter service provider Bristow Group Inc.'s proposed $400 million senior secured notes. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery to creditors in the event of a payment default. S&P said, "We expect Bristow will use proceeds primarily to repay its existing $397 million senior secured notes due 2028 via a satisfy and discharge mechanism on March 1, 2026. In our view, this opportunistic transaction will strengthen its debt maturity profile and potentially improve interest expense. We also assume the company's undrawn asset-based lending (ABL) credit facility will be downsized to $70 million from $85 million and extended to 2031. However, we do not believe this will materially affect its liquidity. "We anticipate favorable industry supply/demand conditions in 2026 to result in high utilization and supportive rates. We assume new aircraft deliveries will have associated customer contracts, and debt repayment will be the main use of free cash flow in 2026. Our 'B+' issuer credit rating and positive outlook are unchanged." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's hypothetical default scenario assumes extended weak oil and gas commodity prices worldwide that lead to a major cutback in exploration and production spending and correspondingly reduce demand for helicopter services. -- S&P said, "We value Bristow on a discrete asset valuation basis due to the asset-heavy nature of its business and its asset ownership (about 80% of its fleet). We assume 10% dilution per year on the value of all aircraft and a 50% value realization rate." -- S&P's recovery analysis assumes a 60% draw on the company's projected $70 million ABL facility. Simulated default assumptions -- Simulated year of default: 2030 -- Insolvency jurisdiction rank: A Simplified waterfall -- Net enterprise value (after 7% administrative costs): $736 million -- Collateral available to secured and priority claims: $518 million -- Total senior secured claims: $444 million --Recovery expectations: 90%-100% (rounded estimate: 95%) All debt amounts include six months of prepetition interest. CALPINE CORP: Fitch Hikes IDR From 'B+', Outlook Stable ------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) of Calpine Corp. and Calpine Construction Finance Company, L.P. (CCFC) to 'BBB' from 'B+'. Fitch has also upgraded Calpine's first lien debt and CCFC's term loan to 'BBB+' from 'BB+'with a Recovery Rating of 'RR1' and senior unsecured notes to 'BBB' from 'BB-'/'RR3'. These actions follow the completion of Calpine's acquisition by Constellation Energy Corporation (CEG) on Jan. 7, 2026. Calpine's ratings reflect the strong linkage to its parent CEG, which exhibits credit quality commensurate with the 'BBB' rating category. The ratings have been removed from Rating Watch Positive, and the Rating Outlook is Stable. Key Rating Drivers Strong Linkage to CEG: Calpine's ratings reflect the strong strategic and balanced operational ties between the company and its parent, CEG. Fitch views Calpine as a key contributor to CEG's long-term growth strategy, enhancing scale, fuel diversity, and geographic reach in Texas and California. Fitch also believes the merger will provide a sizable FCF contribution to the parent, as well as competitive advantages, reflecting operations across all the key power markets in the U.S. Operational ties between the two companies are moderate due to some material common management and integration of operations across common power markets. Acquisition by CEG Credit Positive: In Fitch's view, Calpine's ratings benefit from ownership by CEG. The transaction creates the largest U.S. power generation company, with combined generation capacity of 55 GW, serving about 2.5 million customers. CEG maintains solid financials, with EBITDA leverage around 2x. While Fitch anticipates pro forma consolidated leverage will increase temporarily in 2026, management targets a return to pre-acquisition levels by 2027 through repayment of Calpine's higher-coupon debt. Tailwinds from Demand Growth: The combined entity is well placed to capitalize on demand growth from AI, data centers, and electrification, with PJM projecting 31% peak load growth through 2035 and ERCOT forecasting 81% growth. Record capacity prices reflect tight supply -- the PJM 2026-2027 auction hit the FERC cap at $329.17/MW-day (up from $28.92/MW-day in 2024-2025) -- driven by fossil retirements, transmission constraints, and demand growth. Calpine's strategically located gas fleet captures higher PJM capacity revenues, its California assets benefit from renewable intermittency, and the combined portfolio adds significant ERCOT exposure in a fast-growing market. Balanced Financial Policy: Calpine's parent, CEG, maintains a conservative financial policy and a strong balance sheet versus other independent power producers. The Calpine acquisition will temporarily pressure CEG's credit metrics, with expected EBITDA leverage of about 2.7x, immediately post-close. However, CEG has committed to using FCF and new debt issuance to retire Calpine's higher-cost debt, with the company targeting a return to prior credit metrics post-2027. Fitch views this timeline as achievable given strong power market fundamentals and incremental cash flows from Calpine. Peer Analysis Calpine is less favorably positioned than Vistra Corp. (BB+/Stable) on size, asset composition and fuel diversity. Vistra is the largest independent power producer in the U.S., with approximately 44 gigawatts of generation capacity, compared with Calpine's 28 gigawatts. Vistra's generation capacity is well-diversified by fuel, compared with Calpine's natural gas-heavy portfolio. Vistra also benefits from its ownership of large and well-entrenched retail electricity businesses compared with Calpine, whose retail business is smaller. Fitch believes Calpine's biggest qualitative strength is its younger and predominantly natural gas-fired fleet, which bears less operational and environmental risk than coal-fired assets owned by Vistra and Talen Energy Supply, LLC (BB-/Negative). Calpine also has much larger asset scale than Talen. In addition, Calpine's fleet is more geographically diversified than Vistra's or Talen's, which are concentrated in Texas and PJM, respectively. However, Calpine's leverage is higher than Vistra's, which results in a lower rating. Calpine's forecast leverage, measured as consolidated gross debt/EBITDA, is projected to be approximately 3.5x-4.0x for 2025-2028. This is slightly above Vistra's projected leverage of 3.1x and Talen's post-acquisition leverage of 3.5x. Fitch’s Key Rating-Case Assumptions -- Calpine remains a core, strategic subsidiary with close operational ties to its parent CEG; -- There are no legal ties or guarantees available to Calpine's bonds. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Deterioration of the credit quality of parent CEG; -- Weakening strategic and/or operational ties between Calpine and CEG or a change in Fitch's assessment of the entities' Parent-Subsidiary Linkage. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Fitch does not expect an upgrade for Calpine's ratings in the near term. However, Calpine's ratings could be upgraded if CEG maintains its credit quality and Fitch ascribes strengthening legal and/or operational ties between Calpine and CEG based on its Parent Subsidiary Linkage Criteria. Liquidity and Debt Structure Fitch views Calpine's liquidity position as adequate. The company had approximately $1.15 billion of cash and cash equivalents, excluding restricted cash, at the corporate level as of Sept. 30, 2025, and $1.82 billion of availability under the corporate revolving facility. Calpine also can issue first lien debt for collateral support. As of Sept. 30, 2025, a three standard deviation shift in collateral exposure based on commodity price changes would have resulted in lower collateral posted of approximately $688 million, compared with $778 million as of Sept. 30, 2024. As of Sept. 30, 2025, Calpine had $682 million in letters of credit outstanding, with no borrowings outstanding and $1.8 billion in remaining available capacity under its corporate revolving facility. On July 17, 2025 Calpine has extended the maturity of commodity-linked revolving credit facility to July 2026 and decreased its aggregate borrowing base limit of $1.79 billion to $1.65 billion. The facility is solely to be utilized to meet collateral posting requirements for eligible commodity hedge agreement. At Sept. 30, 2025, there is no outstanding amount under the Commodity-linked revolving credit facility. As of Dec. 31, 2024, Calpine was in compliance with all the covenants in their debt agreements. Issuer Profile Calpine is an independent power producer in the U.S. with a total generation capacity of 27,977 MW. It owns and operates natural-gas-fired and geothermal power plants in North America and has a significant presence in major U.S. nonregulated power markets. Summary of Financial Adjustments Fitch removes the effects of MTM (mark-to-market) adjustments in its EBITDA calculation. Fitch removes major maintenance expense out of operating costs to capex. RATING ACTIONS Rating Prior ------ ----- Calpine Corporation LT IDR BBB Upgrade B+ senior unsecured LT BBB Upgrade BB- senior secured LT BBB+ Upgrade BB+ Calpine Construction Finance Company, L.P. LT IDR BBB Upgrade B+ senior secured LT BBB+ Upgrade BB+ CANACOL ENERGY: Davis Polk Advises Noteholders in Restructuring --------------------------------------------------------------- Davis Polk is advising an ad hoc group of noteholders in connection with the in-court restructuring of Canacol Energy Ltd. On November 18, 2025, Canacol Energy and certain of its subsidiaries sought protections in the Court of King's Bench of Alberta under the Companies' Creditors Arrangement Act of Canada (CCAA). Subsequently, Canacol filed for chapter 15 recognition of the CCAA proceeding in the Southern District of New York, which was granted on December 11, 2025. The CCAA proceeding was also recognized as the foreign main proceeding by the Superintendency of Companies of Colombia on December 18, 2025. Members of the ad hoc group have committed to provide debtor-in-possession (DIP) financing in the form of a $45 million delayed draw new money term loan, with capacity for the company to obtain additional commitments to issue up to $22 million in additional letters of credit. The DIP financing was approved by the CCAA Court on December 11, 2025, and the order was recognized by the U.S. Bankruptcy Court for the Southern District of New York on December 18, 2025. Canacol is also seeking enforcement of the DIP by the Colombian Superintendence of Corporations. Proceeds of the DIP financing will fund Canacol's ongoing operations and restructuring efforts. Canacol is a natural gas exploration and production company with operations focused in Colombia. Canacol's shares are traded on the Toronto Stock Exchange under the symbol "CNE," the OTCQX in the United States under the symbol "CNNEF" and the Bolsa de Valores de Colombia under the symbol "CNEC." The Davis Polk restructuring team includes partners Timothy Graulich and Angela M. Libby, counsel Aryeh Ethan Falk and Joanna McDonald and associates Joseph William Bretschneider, Lara Luo, Tony Sun and Mckenzie K. Whalen. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on Nov. 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. CARESTREAM HEALTH: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Carestream Health Inc. to 'CCC' from 'CCC+'. The negative outlook reflects the elevated risk that the company will undertake a distressed exchange in the next 12 months. Carestream announced it has completed the divestiture of its business entities that operate in various markets outside the U.S. to Midea Group Co. Ltd. S&P believes the transaction has weakened the company's business by reducing its scale, narrowing its geographic reach, and increasing its dependance on rapidly declining film-based sales in China. Furthermore, Carestream's debt is trading at distressed levels, which increases the likelihood it will undertake a distressed exchange using the proceeds from the divestiture. S&P would likely view such a transaction as tantamount to a default. The downgrade reflects the increased likelihood of a distressed exchange. On Dec. 31, 2025, Carestream completed the divestiture of certain assets of its wholly owned business entities that operate in various markets outside the U.S. (OUS) to Midea Group Co. Ltd. for an undisclosed amount. The company's remaining operations include its commercial and manufacturing operations in the U.S., its film manufacturing operations in Mexico, and its film operations and commercial sales in China (including non-destructive testing operations). While Carestream has not disclosed the impact of the divestiture on its revenue and EBITDA, we think it could be significant given its sizable OUS operations, which will further weaken its credit metrics (absent debt repayment). Carestream's S&P Global Ratings-adjusted leverage was 3.8x as of Sept. 30, 2025. S&P said, "We also understand that the company has not yet determined how it will use the proceeds from the divestiture. However, Carestream's debt is trading at distressed levels-- about 50 cents on the dollar--amid the secular declines in its digital print film segment. We believe this creates an incentive for the company to undertake a distressed exchange, which we would likely view as tantamount to a default. While the company periodically repurchased its debt on the open market in 2024-2025, we did not view these transactions as distressed given their relatively modest amounts and smaller discount to par value." While a broader debt exchange would likely significantly reduce Carestream's leverage and interest burden, its lenders would receive materially less than they were promised under the original securities. "That said, because the company does not face any immediate refinancing requirements (its revolver matures March 2027 and the term loan matures September 2027) and we believe its credit agreement may not require it to use the divestiture proceeds for debt repayment, management may opt to retain the proceeds and address its capital structure at a later date. Still, we believe Carestream's refinancing risk is high, given its rapidly declining revenue, thus we could consider another downgrade if it fails to address its approaching debt maturities at least six months before they come due. "Operating performance over the first nine months of 2025 continued to reflect challenging market conditions. While the divestiture simplifies the company's business, we believe it also reduces its scale and geographic reach by increasing its dependence on film-based products in China. In the first nine months of 2025, Carestream's revenue from its Value Tier segment, which largely reflects its film-based sales in China and other markets, declined by 34% to $200 million (from $302 million previously). The decline stemmed primarily from the accelerating transition to digital technologies in various Chinese provinces. While we believe that the company's digital radiography (DR) segment in the U.S. could benefit from modest growth in 2026, supported by its new product launches, the headwinds in its Value Tier will likely continue to reduce its top-line revenue." The negative outlook reflects the elevated risk that, following its recent divestiture, Carestream may undertake a distressed exchange in the next 12 months. S&P could lower its rating on Carestream if: -- S&P believes a default or distressed exchange is likely in the next six months; or -- The company announces a transaction that S&P would view as a distressed debt exchange or restructuring (i.e., a large debt repurchase at a significant discount relative to par value). S&P could consider taking a positive rating action on Carestream if it no longer believe a default or distressed exchange is likely in the next 12 months. This could occur if the company uses the proceeds from the transaction to pay down debt at par value and successfully addresses its upcoming maturities. CARLTONS BARBWIRE: Seeks Chapter 12 Bankruptcy in Arkansas ---------------------------------------------------------- On December 20, 2025, Carltons Barbwire 7 Farms, LLC, filed for Chapter 12 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filings, the debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Carltons Barbwire 7 Farms, LLC Carltons Barbwire 7 Farms, LLC is an Arkansas-based farming and livestock company. The company operates cattle ranching and other agricultural operations, supplying local and regional markets with farm products and livestock. Carltons Barbwire 7 Farms, LLC sought relief under Chapter 12 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14424) on December 20, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The debtor is represented by Kyle Havner, Esq. of Havner Law Firm PA. CARTOPIA II: Seeks to Hire Bonuchi & Company as Accountant ---------------------------------------------------------- Cartopia II, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to employ Bonuchi & Company LLC as accountant. The firm will provide tax preparation services for the Debtor. The firm will be paid at a flat fee of $4,500 for basic coporate tax return preparation. The firm will also be paid at these hourly rates needed for extra services: Accountant $175 Support Staff $75 Katherine Bonuchi, an accountant at Bonuchi & Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Katherine Bonuchi Bonuchi & Company LLC 303 N. Stadium Blvd., Suite 200 Columbia, MO 65203 About Cartopia II LLC Cartopia II LLC is an automotive equipment rental and leasing company based in Rogers, Arkansas. Cartopia II LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-70802) on May 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor tapped Stanley V. Bond, Esq., at Bond Law Office as counsel and Bonuchi & Company LLC as accountant. CHANNELVIEW HOTEL: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Channelview Hotel Group, LP 5119 Beacon Pt Sugarland, TX 77479 Business Description: Channelview Hotel Group, LP is a single- asset real estate entity that owns a hotel property in Channelview, Texas, and operates in the real estate services sector. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30098 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Jason D. Kraus, Esq. THE KRAUS LAW FIRM 19500 State Highway 249, Suite 350 Houston TX 77070 Tel: 281-781-867 E-mail: jdk@krausattorneys.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Altfa Khowja as authorized signer. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FBCP5QA/Channelview_Hotel_Group_LP__txsbke-26-30098__0001.0.pdf?mcid=tGE4TAMA CITY ON A HILL: Seeks to Hire Weiss Law Office as Special Counsel ----------------------------------------------------------------- City on a Hill, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Weiss Law Office, SC as special counsel. The firm will investigate and determine whether filing a claim under the Debtor's insurance policies is warranted and, if so, file such claim and negotiate or litigate any dispute related to that claim. The firm will be paid at these hourly rates: Monte Weiss, Partner $500 Thomas Piette, Attorney $400 Mia Whitcomb, Paralegal $190 Laurel Soderquist, Paralegal $190 In addition, the firm will seek reimbursement for expenses incurred. Mr. Weiss disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Monte E. Weiss, Esq. Weiss Law Office, SC 1025 West Glen Oaks Lane, Suite 212 Mequon, WI 53092 About City on a Hill Inc. City on a Hill Inc. operates as a community-focused nonprofit organization offering programs and services designed to support youth, families, and neighborhood development. City on a Hill sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-26829) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Katherine M. Perhach handles the case. The Debtor tapped Paul G. Swanson, Esq., at Swanson Sweet, LLP as bankruptcy counsel and Weiss Law Office, SC as special counsel. COAST TO COAST: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Coast to Coast Palm, LLC d/b/a Coast to Coast Linen 1321 53rd Street West Palm Beach, FL 33407 Business Description: Coast to Coast Palm, LLC, doing business as Coast to Coast Linen, provides commercial linen and textile rental and laundering services, supplying items such as uniforms and linens to business customers. The Company operates from West Palm Beach, Florida, serving clients in the surrounding South Florida region. It operates within the industrial laundry and linen supply services industry. Chapter 11 Petition Date: January 12, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10247 Judge: Hon. Mindy A Mora Debtor's Counsel: Craig I. Kelley, Esq. KELLEY KAPLAN DELANEY & ELLER, PLLC 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: 561-491-1200 E-mail: craig@kelleylawoffice.com Total Assets: $218,798 Total Liabilities: $4,531,912 The petition was signed by Michael Gentry Williams as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OH5PGQY/Coast_to_Coast_Palm_LLC__flsbke-26-10247__0001.0.pdf?mcid=tGE4TAMA COLABOR GROUP: Quebec Super. Court Approves SISP Under CCAA ----------------------------------------------------------- Colabor Group Inc., announced that the Superior Court of Quebec (Commercial Division) has issued an initial order granting the Company and certain of its subsidiaries, Transport Paul-Emile Dube Ltee, Le Groupe Resto-Achats Inc. and Norref Fisheries Quebec Inc., protection under the Companies' Creditors Arrangement Act. Raymond Chabot Inc. has been appointed pursuant to the initial CCAA order as monitor of the Company in order to assist the Company with its restructuring efforts and to report to the Court. In addition, the Initial Order provides for, among other things, a stay of proceedings against the Company and its concerned subsidiaries, including a stay of creditor claims and exercise of certain contractual rights, and the approval of debtor-in-possession financing provided by The Toronto-Dominion Bank, The Bank of Montreal and the Bank of Nova Scotia under a secured super priority interim credit facility. The DIP Financing will fund the sale and investment solicitation process in respect of the Company and its concerned subsidiaries' businesses or assets and the Company's operations during the restructuring process. The continued availability of the DIP Financing is dependent upon certain conditions being satisfied, including Court approval. The Court also issued an order approving a SISP in order to provide interested parties with the opportunity to submit proposals with a view to determine the best possible transaction for the Company, its concerned subsidiaries and its stakeholders. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the oversight of the Monitor. The Company also announced the appointment of Mr. Marc-Antoine Daoust as Chief Financial Officer, which position Mr. Yanick Blanchard filled on an interim basis since July 17, 2025. Mr. Daoust served as the Company's Vice President, Finance prior to this appointment. Mr. Daoust has over 25 years of experience in finance in Canada and internationally and has held leadership roles in large companies. Mr. Blanchard will now serve as the Company's Chief Restructuring Officer. A copy of the initial order granted by the Court will be available, along with additional information respecting the CCAA proceedings, on the Monitor's website. Readers are urged to consult the full text of all of these documents for further, more detailed, information. Further news releases will be provided during the CCAA proceedings as required by law or otherwise as may be determined necessary by the Company or the Court. Documents relating to the restructuring process such as the initial order, the Monitor's reports to the Court as well as other Court orders and documents shall also be published and made available on the Monitor's website at https://www.raymondchabot.com/en/business/public-records/colabor. About Colabor Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or "HRI" in Quebec and in the Atlantic provinces, as well as the retail market. Within its two operating activities, Colabor offers specialty food products such as meat, fish and seafood, as well as food and related products through its Broadline. COLABOR GROUP: Seeks CCAA Protection from Creditors --------------------------------------------------- Colabor Group Inc., announced on Jan. 8, 2026, that the Company and certain of its subsidiaries, Transport Paul-Emile Dube Ltee, Le Groupe Resto-Achats Inc. and Norref Fisheries Quebec Inc., applied to the Superior Court of Quebec (Commercial Division) for an initial order to seek protection from their creditors under the Companies' Creditors Arrangement Act. In its application for an initial order, the Company seeks the approval of a formal sale and investment solicitation process in order to provide interested parties with the opportunity to submit proposals with a view to determine the best possible transaction for the Company, its concerned subsidiaries and its stakeholders. The initial order application also seeks, among other things, a stay of proceedings against the Company and its concerned subsidiaries, including a stay of creditor claims and exercise of certain contractual rights, and the authorization of an interim debtor-in-possession (DIP) financing to be provided by The Toronto-Dominion Bank, Bank of Montreal and The Bank of Nova Scotia in order to fund the SISP in respect of the Company and its concerned subsidiaries' businesses or assets and the Company's operations during the restructuring process. Approval is also being sought for the appointment of Raymond Chabot Inc. as monitor to oversee the CCAA proceedings and report to the Court. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the oversight of the monitor. This announcement follows the press release issued by the Company on December 15, 2025, announcing that the Company had not met, and did not expect to meet, its obligation to provide, to the satisfaction of its lenders, by December 15, 2025, non-binding letters of intent for the refinancing of its credit facilities and raising of at least $15 million in equity under the Company's forbearance agreements with its senior lenders and Investissement Quebec. Trading in the common shares of the Company on the Toronto Stock Exchange has been halted as of January 12. The TSX has also put the Company under delisting review under its expedited review process. It is anticipated that trading in the Company's listed securities will continue to be halted until completion of the review undertaken by the TSX regarding the suitability of the Company for listing on the TSX. About Colabor Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or "HRI" in Quebec and in the Atlantic provinces, as well as the retail market. Within its two operating activities, Colabor offers specialty food products such as meat, fish and seafood, as well as food and related products through its Broadline activities. COMPANION CARE: Gets OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania entered an order authorizing Companion Care Partners, LLC to use cash collateral to fund its operations. Under the order, the Debtor is authorized to use cash collateral in accordance with an approved interim budget, with flexibility to exceed budgeted disbursements by up to 10% in the aggregate without further court approval. The Debtor projects total operational expenses of $14,625 per week. As adequate protection for any diminution in value of their collateral, secured creditors will be granted replacement liens on post-petition assets acquired with cash collateral, maintaining the same extent and priority as their pre-bankruptcy liens. The Debtor is also authorized to continue making regular monthly loan payments to secured creditors. The order is available at https://is.gd/LZunx2 from PacerMonitor.com. Companion Care Partners, a provider of in-home care services to elderly and disabled individuals, was severely impacted by a cyberattack on Change Healthcare in early 2024. The attack caused long-term disruptions in payment processing, stretching the Debtor's usual billing cycle and leading to cash flow issues. The Debtor had to rely on personal funds and high-interest financing to continue operations. As of the bankruptcy filing, the Debtor carries $1.15 million in total debt, with $71,410 as secured debt. The Debtor has identified the U.S. Small Business Administration as the creditor with security interest in the cash collateral. About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. CONTAINER GROUP: Retains McManimon Scotland & Baumann as Counsel ---------------------------------------------------------------- Container Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain McManimon, Scotland & Baumann, LLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advising the Debtor with respect to the power, duties, and responsibilities in the continued management of its financial affairs as a debtor-in-possession; (b) advising the Debtor with respect to preparing and obtaining approval of a disclosure statement and plan of reorganization; (c) preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answers, orders, reports, and other pleadings and documents; (d) appearing before the Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; (e) negotiating and preparing documents relating to the use, reorganization, and disposition of assets as requested by the Debtor; (f) negotiating and formulating a disclosure statement and plan of reorganization; (g) advising the Debtor concerning the administration of its estate as a debtor-in-possession; and (h) performing such other legal services for the Debtor as may be necessary and appropriate. The firm's hourly rates of designated professionals include $775 for Anthony Sodono, III (Member), $550 for Sari B. Placona (Member), and $300 for John D. Stern (Associate). Other personnel may bill at these hourly rates: partners at $350 to $695, associates at $220 to $350, law clerks at $150 to $175, and paralegals and support staff at $175 to $275. According to court filings, McManimon, Scotland & Baumann, LLC does not hold or represent any adverse interest 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: Anthony Sodono, III, Esq. Sari B. Placona, Esq. John D. Stern, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Telephone: (973) 622-1800 E-mail: asodono@msbnj.com splacona@msbnj.com About Container Group, LLC Container Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-10163) on January 7, 2026. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Vincent F. Papalia oversees the case. McManimon, Scotland & Baumann, LLC is the Debtor's legal counsel. COSAMIA LLC: Seeks to Tap Latham Luna Eden & Beaudine as Counsel ---------------------------------------------------------------- Cosamia LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm will render these services: (a) advise the Debtor's rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm's counsel will be paid at these hourly rate: Daniel Velasquez, Esq. $275 - $475 Other Attorneys $485 Paraprofessional $105 Prior to the commencement of this case, Derek Williams, the Debtor's manager, paid an advance fee of $26,738 to the firm for services and expenses to be incurred in connection with creditor negotiations, litigation, preparation of the bankruptcy filing prior to the Chapter 11 Bankruptcy filing. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Cosamia LLC Cosamia, LLC operates self-service laundromats, wash-dry-fold services, and laundry pickup and delivery across Miami-Dade and Broward Counties, with centralized management in Orange County, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08239) on December 18, 2025. In the petition signed by Derek Williams, president/manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Lori V. Vaughan oversees the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP represents the Debtor as counsel. CREDIT SUITE: Ruediger Mueller of TCMI Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Credit Suite Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Credit Suite Inc. Credit Suite Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00085) on January 7, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Kathleen DiSanto, Esq. at Bush Ross, P.A. represents the Debtor as legal counsel. CRESTWOOD HOSPITALITY: Cash Collateral Access Extended to March 31 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona issued its 20th stipulated order authorizing Crestwood Hospitality, LLC to use cash collateral. The order authorized the Debtor to use the cash collateral of First-Citizens Bank & Trust Company (as successor by merger to CIT Bank, N.A.) until March 31 to pay operating expenses set forth in its budget, subject to a 10% variance. First-Citizens holds liens and security interests in the Debtor's real property in Tucson, Ariz., and other assets including cash, revenues and proceeds, which constitute its cash collateral. As of the petition date, the lender is owed $6,248,371.66. As protection for the use of its cash collateral, First-Citizens was granted replacement liens on the Debtor's post-petition assets. In addition, the lender will receive a monthly payment of $35,754.17. The Debtor's authority to use cash collateral terminates on March 31, unless extended or upon occurrence of certain events including the filing of a motion granting another party a lien on the collateral; failure to provide adequate protection; the granting of stay relief to any other party that claims an interest in the collateral; and the cessation of the Debtor's business operations. The 20th stipulated order is available at X from PacerMonitor.com. About Crestwood Hospitality LLC Crestwood Hospitality, LLC operates the Holiday Inn Express & Suites Tucson Mall, an "all suite" hotel built in 2004 pursuant to a license agreement with Holiday Hospitality Franchising, LLC. Crestwood filed Chapter 11 petition (Bankr. D. Ariz. Case No. 21-03091) on April 23, 2021, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Sukhbinder Khangura, vice president and member of Crestwood, signed the petition. Judge Brenda Moody Whinery oversees the case. Sacks Tierney P.A. represents the Debtor as legal counsel. CS-ORED LLC: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------- CS-ORED, LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement describing Chapter 11 Plan dated January 8, 2026. Oakdale Real Estate Development, LLC (ORED) acquired land in Oakdale, CA to develop Whispering Oaks, a subdivision of newer homes built to the mid to upper end of the market. Entitlement and sitework commenced. To fund the construction, ORED sought financing from two lenders: Builders Capital and Center Street Lending, VIII SPE, LLC (Center Street). CS-ORED, LCL filed for bankruptcy relief on August 6, 2025. It promptly employed a broker to sell the properties. On August 1, 2025 its broker procured a contract to sell 932 Tiffani Court (Lot 14) for $670,000. The net proceeds of sale to Center Street would have been $594,000. Such amount, however, was insufficient to pay Trust Deed 1 off in full. Debtor brought a motion for authority to sell the property offering to transfer any deficiency to the other two loans. Center street objected. The buyer cancelled the transaction. The Debtor now proposes the herein plan which summarily provides for the payment in full of the Center Street Lending debt inclusive of default interest according to the following: * Reinstate the offer on Lot 14 with the same Buyer (who is still willing to buy) with the net proceeds of sale (after closing costs) to be paid to Center Street Lending and the deficiency transferred to one of the other trust deeds; * Mrs. Brownfield personally would infuse new capital to complete construction of one house after the next and if no timely buyer is procured, with permission of the Court, Mrs. Brownfield would purchase the property. The net proceeds of sale would first go to reimburse CS-ORED for the construction costs expended to complete construction then to closing costs inclusive of delayed permit fees, and then the balance to the principal of the Center Street loan. * CS ORED would then proceed with the construction of the next house using the reimbursed construction funds, supplemented as necessary by infused capital from Mrs. Brownfield, to complete the next house. Mrs. Brownfield would then purchase the completed house at its appraised value (unless a buyer is found) and the process would repeat. Class 3 consists of General Unsecured Claims. These claims are divided into two subclasses: Class 3A which are non-insider claims; and Class 3B which are insider claims. The Class 3A claimant appears to be only the under-secured claim, if any of Center Street Lending VIII SPE, LLC. The Class 3A claim, which will receive, over time, the following estimated percentage of their claims 100%. The Class 3B appears to consist solely of the pre-petition advances made by Oakdale Real Estate Development, LLC. The plan proposes to pay it 0 percent. If two properties sell before confirmation as anticipated under the plan, the gross proceeds of sale, are projected to be $1,265,000. US Trustee fees, on such amount are $6,500. A full-text copy of the Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=EsSFpo from PacerMonitor.com at no charge. Counsel to the Debtor: Lars T. Fuller, Esq. THE FULLER LAW FIRM, PC 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 Email: admin@fullerlawfirm.net About CS-ORED LLC CS-ORED LLC is a real estate holding company based in Oakdale, California, that owns a portfolio of eight residential properties located on Tiffani Court, Tiffani Way, Robin Court, and Old Stockton Road. The properties are in varying stages of construction, with some completed and others still under development. As of July 17, 2025, the portfolio had a completed appraised value of $5.41 million. CS-ORED LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51204) on August 6, 2025. In its petition, the Debtor reports total assets of $5,410,000 and total liabilities of $3,832,140. Honorable Bankruptcy Judge M Elaine Hammond handles the case. The Debtor is represented by Lars Fuller, Esq. at The Fuller Law Firm PC. DANA INCORPORATED: S&P Upgrades ICR to 'BB' on Off-Highway Sale --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based Dana Inc. to 'BB'. At the same time, S&P raised its issue-level rating on the senior unsecured debt to 'BB' with a '3' recovery rating (50%-70%; rounded estimate: 50%). The positive outlook indicates that S&P could upgrade the rating over the next 12 months if the company maintains stability in its operations after the Off-Highway sale and realizes remaining cost savings such that leverage approaches 2x and it sustains free operating cash flow (FOCF) to debt above 15%. Dana Inc. sold its Off-Highway division and used a significant amount of sale proceeds to repay debt. Simultaneously, the company is undergoing significant cost cutting, resulting in improvement in credit metrics. S&P said, "Our upgrade reflects Dana's material debt reduction achieved through the sale of its Off-Highway business and significant progress in cost-cutting initiatives. The sale generated approximately $2.4 billion in net proceeds, with roughly $2 billion used to repay debt. We expect this to more than offset the EBITDA loss from the Off-Highway divestiture, resulting in pro forma leverage declining to 2.4x in fiscal 2025 and 2.1x in fiscal 2026, compared with approximately 3.5x in fiscal 2024." Dana will also be returning $1 billion to shareholders through 2027 on top of the existing dividend. This will partially offset some of the benefits of the debt reduction. S&P also anticipates FOCF to debt to improve as Dana realizes substantial cost savings. S&P said, "The positive outlook reflects our view that an upgrade is possible within the next 12 months. This is contingent on Dana largely realizing its targeted savings and demonstrating sustained operational performance without the Off-Highway division, such that we have greater confidence that it will sustain FOCF to debt above 15% with leverage approaching 2x." Dana will maintain decent scale and moderate diversification, with the Off-Highway profit sale offset by interest, tax, and cost-reduction savings. While the sale will reduce Dana's overall revenue base and decrease end-market and geographic diversification, the company will retain a modest scale with about $7.4 billion in annual revenue and diversification through its light and commercial vehicle businesses. The company's former Power Technologies segment, which developed sealing and thermal products for both OEM and aftermarket customers, was integrated into the light and commercial vehicle business segments. Approximately 70% of its revenue will come from the light-vehicle segment and 30% from the commercial vehicle segment. The transaction will increase customer concentration, with sales to the top 10 customers rising to 76% from 58% in 2024. Ford alone will represent roughly 30% of sales. Geographic revenue concentration will increase in North America to approximately 61%, while Europe will fall to 18%; the remaining revenue will comprise 11% in Asia-Pacific and 10% in South America. The Off-Highway business was Dana's most profitable segment. To mitigate the resulting profit loss, the company has implemented a $310 million cost reduction initiative, which has already demonstrated significant success through reducing corporate overhead and EV related costs. While margins will be temporarily burdened by $30 million-$40 million in stranded costs in 2026, Dana plans to mitigate this through transaction service agreements and further cost reductions. S&P now forecasts 2026 S&P adjusted EBITDA margins of 8.3%, reflecting substantial cost savings somewhat offset by the divestiture, restructuring costs, and stranded costs. S&P said, "We expect margins to further improve to 8.5% in 2027, driven by business growth, restructuring cost roll-off, and the elimination of stranded costs. While we expect margins to remain lower than pre- pandemic levels, it represents a material improvement compared with the last several years, when the cost to support electric vehicle development and product launches materially reduced profitability. "We expect lower interest and taxes to improve Dana's cash flow profile despite limited top-line growth. We anticipate challenging operating conditions in both the light- and commercial-vehicle markets over the next year. We forecast U.S. light-vehicle sales to decline to 15.6 million in 2026 from 16.1 million in 2025, reflecting a slight increase in unemployment and the reversal of some pre-buying ahead of tariffs in 2025. We expect the freight recession to persist through 2026, with a potential recovery in the second half of the year. "Despite these headwinds, we believe Dana is well-positioned to outperform the market due to its scale and leadership in key product categories. We expect sales to decline slightly by 0.2% in 2026 and return to growth of 1.8% in 2027 as the light-vehicle production environment and commercial-vehicle market outlook improve. "Historically, Dana's FOCF has been burdened by elevated spending on electrification, lower production volumes, slower-than-anticipated electrification adoption, and inflationary pressures. We now expect improved FOCF generation driven by significant cost savings and reduced interest and tax expenses, which we estimate will decrease by approximately $200 million annually post-sale. This supports our forecast for FOCF generation of about $180 million in 2026. We anticipate higher capital expenditures and working capital in 2027 to fund growth, leading to FOCF of about $180 million for 2027 despite higher profits. "However, several potential risks remain. Dana still needs to realize a substantial amount of cost savings while managing restructuring costs effectively. Furthermore, while the Off-Highway business and its operations have largely distinct facilities, we have limited historical data on Dana's performance without the Off-Highway segment. There could be greater operational disruptions risks that are difficult to anticipate or higher-than-expected stranded costs. "We believe Dana's financial policy will support its conservative credit metrics. We expect leverage to remain around 2x or below and FOCF to debt to exceed 10% over the longer term. From a capital allocation perspective, we anticipate the company will prioritize reinvestments in operational efficiency and cost reduction alongside targeted bolt-on acquisitions. "While Dana has a shareholder return strategy in place, we do not currently anticipate significant debt-funded acquisitions or shareholder returns. However, a shift toward a more aggressive financial strategy, such as issuing debt to fund acquisitions or share returns that would result in leverage approaching 3x or FOCF to debt approaching 10%, could prompt us to reassess our positive outlook on the company. "The positive outlook reflects our expectation that we could upgrade the company over the next 12 months if we expect it will maintain leverage approaching 2x and FOCF to debt above 15%." S&P could revise our outlook back to stable if Dana's leverage starts approaching 3x and S&P expects it to remain there or FOCF to debt drops closer to 10%. This could happen if: -- Operating performance deteriorates, the company fails to recognize a significant portion of its remaining cost savings, and restructuring costs are higher than expected; or -- The company adopts a more-aggressive financial policy that entails debt-funded shareholder returns or acquisitions. S&P could raise its ratings on Dana if its leverage approaches 2x and it sustains FOCF to debt above 15%. This could happen if: -- The company successfully realizes the majority of its targeted cost savings, reduces stranded costs over time, keeps restructuring costs manageable, maintains disciplined spending on working capital and capital expenditure, and maintains strong operating performance; and -- S&P believes the company's financial policy will be supportive of maintaining these stronger metrics. DOCUMENT PUBLISHING: Jolene Wee Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Document Publishing LLC. Ms. Wee will be compensated at $660 per hour for work performed in 2026. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About Document Publishing LLC Document Publishing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-46195) on December 30, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Jil Mazer-Marino presides over the case. Lawrence Morrison, Esq. represents the Debtor as legal counsel. E&M BINDERY: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a fourth amended order extending E&M Bindery, Inc.'s authority to use the cash collateral of Milberg Factors, Inc. Under the fourth amended order, the Debtor is authorized to use cash collateral through January 27 in accordance with its budget and the terms of the court's prior interim orders. The order addresses proceeds from court-approved private equipment sales, directing that 90% of net sale proceeds (approximately $41,520.38) be paid to Milberg, with specified allocations and escrow treatment for professional fees. The order also authorizes scheduled payments to Milberg totaling $75,000 between January 6 and January 14, and weekly payments equal to 50% of all bank account balances exceeding $85,000. In addition, Milberg is entitled to the same rights, liens, priorities and protections provided for under the court's previous interim orders. The order grants the Internal Revenue Service a replacement lien to the extent of any diminution in its collateral, and requires additional payments, including a $5,000 retainer to the Subchapter V Trustee and weekly $20,000 rent payments to the landlord. A final hearing is scheduled for January 27, with objections due by January 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/2a3B1 from PacerMonitor.com. Milberg Factors, as secured creditor, is represented by: John Bougiamas, Esq. Jonathan N. Helfat, Esq. Michael Wenger, Esq. Matthew J. Stockl, Esq. 230 Park Avenue New York, NY 10169 Telephone: (212) 661-9100 jbougiamas@otterbourg.com jhelfat@otterbourg.com mwenger@otterbourg.com mstockl@otterbourg.com About E&M Bindery Inc. E&M Bindery, Inc., a company in Clifton, N.J., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22444) on November 21, 2025, listing between $1 million and $10 million in both assets and liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey L. Meisel oversees the case. David Edelberg, Esq., at Scarinci Hollenbeck, represents the Debtor as legal counsel. EDMUNDSON INC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Edmundson, Inc. and Edmundson Land, LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court issued an interim order authorizing the Debtors to use cash collateral in accordance with their budget through February 4; the entry of a final cash collateral order; or the occurrence of so-called events of default, whichever comes first. The Debtor's cash collateral consists of cash in deposit accounts, inventory and amounts generated by the collection of accounts receivable, which are subject to the pre-bankruptcy liens of American AgCredit, FLCA, American AgCredit, PCA, Spring Meadow Nursery, Inc., Coronado Ranch Partners, LLC, Northpointe Bank and the U.S. Small Business Administration. As adequate protection for any diminution in the value of their collateral, the secured creditors will be granted post-petition security interest and replacement liens to the same validity, extent and priority as they had in the collateral. Events of default under the interim order include dismissal or conversion of the Debtors' Chapter 11 cases; appointment of a Chapter 11 trustee or examiner with enlarged powers; general cessation of the Debtors' operations; and non-compliance with the order. The final hearing is set for February 5. The interim order is available at https://is.gd/i7553N from PacerMonitor.com. The Debtors filed for Chapter 11 protection following a series of events including disputes and alleged accounting irregularities involving Rio Verde Holdings, an Oregon nursery venture co-owned by entities affiliated with Edmundson principal, Matt Edmundson, and his former partner, Tory Schwope. Alleged fraud, unauthorized transfers, and loss of operational control led to litigation, appointment of a receiver, and eventual foreclosure proceedings against Rio Holdings. These developments triggered cross-defaults under a complex web of loans made by American AgCredit entities to the Debtors and related affiliates, totaling approximately $23 million. Additional financial strain arose from a downturn in the Colorado housing market, which reduced landscaping demand, and from underperforming locations that were closed or slated for closure. American AgCredit is represented by: Christopher J. Harayda, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Telephone: (612) 335-1500 Facsimile: (612) 335-1657 cj.harayda@stinson.com About Edmundson Inc. Edmundson, Inc., doing business as Arbor Valley Nursery, is a Colorado-based corporation engaged in nursery and garden center retail and wholesale operations, offering plants, landscaping supplies, and related products. The company operates nursery facilities in Brighton, which serves as its headquarters, as well as Fort Collins and Franktown, serving residential and commercial customers throughout Colorado. Edmundson and its affiliate, Edmundson Land, LLC filed Chapter 11 petitions (Bankr. D. Colo. Lead Case No. 26-10019) on January 2, 2025. Matthew Edmundson, chief executive officer and member of Edmundson, signed the petitions. At the time of the filing, Edmundson reported between $10 million and $50 million in both assets and liabilities. Judge Joseph G. Rosania Jr oversees the cases. J. Brian Fletcher, Esq., at Onsager Fletcher Johnson Palmer, LLC, represents the Debtors as legal counsel. FAIR OFFER: Trustee Seeks to Tap Mendes Law as Bankruptcy Counsel ----------------------------------------------------------------- Robert Mendes, the trustee appointed in the Chapter 11 case of Fair Offer Cash Now, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Mendes Law, PLLC as counsel. The firm's services include: (a) assist the trustee in administering property in the Debtor's estate; (b) prepare on behalf of the trustee necessary legal documents; (c) represent the trustee at hearings, proceedings, meetings, etc. in this Court and before other tribunals and administrative agencies; and (d) perform any and all other legal services for the trustee which may be necessary or appropriate in this case. The firm will be paid at these hourly rates: Principals $500 Associates $400 Paralegals $185 Mr. Mendes disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert J. Mendes, Esq. Mendes Law, PLLC 416 Fairfax Avenue Nashville, Tennessee 37212 Telephone: (615) 414-4706 Email: bob@mendeslaw.com About Fair Offer Cash Now Inc. Fair Offer Cash Now owns 27 properties all located in Alabama, Kentucky, Missouri, Tennessee, Georgia and Mississippi having a total current value of $4.94 million. Fair Offer Cash Now, Inc. in Murfreesboro, Tenn., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-03495) on Sept. 11, 2024, listing $4,942,400 in assets and $4,783,400 in liabilities. Bradley Smotherman, president, signed the petition. Judge Charles M. Walker oversees the case. Lefkovitz & Lefkovitz serves as the Debtor's legal counsel. Robert Mendes was appointed as trustee appointed in this Chapter 11 case. He tapped Mendes Law, PLLC as counsel. FAIRFIELD WILLIAMSBURG: Seeks to Hire K&L Gates as Co-Counsel ------------------------------------------------------------- The Fairfield Williamsburg Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ K&L Gates LLP as co-counsel. The firm will provide these services: (a) advise the Debtor with respect to its rights, powers, and duties in the continued management and operation of its business and assets, as well as management of its property; (b) advise the Debtor with respect to the conduct of the Chapter 11 case; (c) take all necessary actions to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (e) take all necessary actions in connection with any Chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (f) appear before the Court and any other courts to represent the interests of the Debtor's estate; (g) attend meetings and represent the Debtor in negotiations with representatives of creditors and other parties-in-interest; (h) negotiate and prepare documents and pleadings relating to the disposition of assets as requested by the Debtor; (i) advise the Debtor on transactions and matters relating to any sale of its assets; and (j) perform such other legal services for the Debtor as may be necessary and appropriate in the administration of these Chapter 11 case. The firm will be paid at these hourly rates: Margaret Westbrook, Partner $875 Daniel Eliades, Partner $765 Emily Steele, Partner $760 Jennifer Mazawey, Partner $715 Peter D'Auria, Counsel $760 Jonathan Edel, Associate $685 Carly Everhardt, Associate $635 Ryan DeSimone, Associate $480 Joy VanDerWeert, Paralegal $360 Kyra Swinney-Darby, Paralegal $360 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of the Chapter 11 case, the Debtor paid the firm $85,000. Mr. Eliades disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel M. Eliades, Esq. K&L Gates LLP One Newark Center, 1085 Raymond Blvd. Newark, NJ 07102 Telephone: (973) 848-4000 Email: daniel.eliades@klgates.com About Fairfield Williamsburg Property Owners Association Fairfield Williamsburg Property Owners Association is a nonprofit organization responsible for the administration and management of the Fairfield Williamsburg neighborhood. Fairfield Williamsburg Property Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51179) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor tapped Neil E. McCullagh, Esq., at Spotts Fain PC and Daniel M. Eliades, Esq., at K&L Gates LLP as counsel. FALKY HOLDINGS: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------- Falky Holdings, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Florida a Second Amended Chapter 11 Plan dated January 7, 2026. As of the Petition Date, the Debtor owned multiple properties, including two units in a commercial building in Tallahassee, one other commercial office building in Tallahassee, and approximately five acres of vacant land in Valdosta, Georgia. Since the Petition Date, the Debtor has sold the Valdosta property after obtaining Court approval. The Debtor filed this case in order to have sufficient time to market and sell its real property to pay its creditors in full. Prior to filing this case, the Debtor was unable to secure an additional extension or modification of its loan with Renasant Bank. While the Debtor has experienced financial issues, the Debtor strongly believes there is a path to a successful reorganization in this case. Since the filing of this case, the Debtor has reached a settlement agreement with Renasant Bank. The Plan will be funded in large part by sale of some or all of the Debtor’s real property or potential refinancing. This Plan of Reorganization proposes to pay creditors of the Debtor from sale of the Debtor's properties. The President of the Debtor, James Krivacs, will remain in that role post-confirmation. This Plan provides for the payment of three classes of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 6 consists of General Unsecured Claims. Class 4 Claimants will receive a pro rata distribution of net sale proceeds from the sale of Debtor's real properties after payment of administrative fees, secured claims, and closing costs. This Class is impaired. Class 6 general unsecured creditors include Appelt & Associates, CPA's, PA: $3,345.00; Falky Enterprises Inc.: $250,925.00; Falky Properties Inc.: $43,500.00; Hillside Four LLC: $280,450.00; Poole Engineering & Surveying Inc.: $12,000.00; SVN Southland: $108,205.83; Valle Holdings of Florida Inc.: $38,350.00; and Valle Pines Land Corporation: $82,550.00. Class 7 consists of Equity Security Holder Brian Falkenborg. The equity security holder will not receive a distribution from the Debtor unless all creditors are first paid in full. The equity security holder will retain his ownership interest in the Debtor postconfirmation. The Debtor shall fund its Plan from the sale of some or all of its real properties and any rents derived from the real properties, if any. If necessary, non-debtor third parties (including potentially the owner of the Debtor) may contribute funds to ensure the best interests of the creditors test is met. Unless otherwise ordered by the Court, the Debtor will act as the disbursing agent under this plan (not the Subchapter V Trustee). A full-text copy of the Second Amended Plan dated January 7, 2026 is available at https://urlcurt.com/u?l=tVkfDp from PacerMonitor.com at no charge. Counsel for the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Reminton Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 About Falky Holdings, Inc. Falky Holdings Inc. is a corporation based in Florida with operations in both Clearwater and Tallahassee. Falky Holdings sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40378) on Aug. 13, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron W. Wright III, Esq., at BrunerWright, P.A. FIRST BRANDS: Bankruptcy Court to Hear Motion to Quash Subpoena --------------------------------------------------------------- Judge J. Philip Calabrese of the United States District Court for the Northern District of Ohio transferred the motion of Patrick James to quash Leucadia Asset Management LLC's Rule 45 subpoena to the United States Bankruptcy Court for the Southern District of Texas. The subpoena at issue relates to the In re First Brands bankruptcy case pending in the Bankruptcy Court for the Southern District of Texas. Mr. James moves to quash the subpoena as prejudicial and claims that it will impose an undue burden. Leucadia opposes the motion. It asserts that the nature of Mr. James's arguments is based on the pendency of other discovery and case management in the underlying bankruptcy proceedings. Therefore, Leucadia sought Mr. James's consent to transfer the motion to the bankruptcy court. Judge Calabrese holds, "Here, exceptional circumstances exist for transfer of the motion to quash to the bankruptcy court for the Southern District of Texas. The bankruptcy court is overseeing the underlying Chapter 11 case, which gives rise to the subpoena at issue, and the adversary proceeding against Mr. James. Its experience in managing these complex and involved proceedings has given that court an understanding of the pertinent factual and legal issues and how discovery generally, and the motion to quash in particular, bear on the development of those issues and advance the overall litigation. This background makes the bankruptcy court better suited to assess the need for the deposition of Mr. James and to rule on the motion." The case is captioned as PATRICK JAMES, Petitioner, v. Leucadia Asset Management LLC, Respondent, Case No. 1:25-mc-55 (N.D. Ohio). A copy of the Court's Opinion and Order dated January 6, 2026, is available at https://urlcurt.com/u?l=Ciks1j from PacerMonitor.com. 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. FIRST BRANDS: Commences Sale Process Amid Chapter 11 Exit Plans --------------------------------------------------------------- Reuters reports that First Brands, a supplier of automotive filters, braking components, and lighting products, announced Wednesday, January 7, 2026, that it has launched a process to market and sell its business, either in full or in pieces, as part of its Chapter 11 restructuring. The company entered bankruptcy in September 2025. The company said interest has already emerged from potential buyers, including both industry players and financial investors. It expects the sale process to wrap up during the first quarter as it works toward a resolution of its bankruptcy case. First Brands is also seeking additional debtor-in-possession financing from a group of lenders. That lender group is expected to act as a stalking horse bidder for select assets, helping to anchor the sale process, according to report. 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. FITNESS INTERNATIONAL: S&P Alters Outlook to Pos., Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised itsr outlook on Fitness International LLC to positive from stable. S&P also affirmed the 'B' issuer credit rating. The positive outlook indicates S&P's expectation for revenue and EBITDA growth from good membership retention and Club Studio expansion, potentially lowering leverage to low-5x over the next 12 months. S&P said, "We expect Fitness International LLC will continue to benefit from the tailwinds from the fitness industry, as well as expansion of the company's fitness enthusiast and boutique offering, Club Studio. "We increasingly believe Fitness International can sustain S&P Global Ratings-adjusted, operating lease-adjusted leverage of below 5.5x as the company grows its revenue and EBITDA base, expands its Club Studio footprint, and consolidates lower performing clubs. "We expect good operating performance and S&P Global Ratings-adjusted debt to EBITDA reaching the low-5x over the next 12 months. Fitness International modestly outperformed our expectations through the first nine months of 2025 due to good membership retention (specifically for same-store locations) as the company consolidated low performing clubs, reported good demand for its personal training and ancillary services (such as pilates), and benefited from the ramp up of its Club Studio locations, which increased to 15 locations as of Sept. 30, 2025. Further, the company benefits from positive tailwinds in the fitness industry, as there is a growing focus on health and wellness among consumers. "As a result, we expect revenue to increase 3%-4% in 2026 from higher revenue per member through, increased ancillary services, and expanded Club Studio locations, up from about 3% in 2025. We assume S&P Global Ratings-adjusted EBITDA margin remains relatively flat in 2026 compared to our expectations for mid-40% in 2025. This stems from top-line growth and cost savings from club consolidation, offset by persistently high wage and utility costs. In addition to modest EBITDA growth in 2026, the company will likely maintain a high cash balance of about $175 million-$225 million by year-end 2026, which will reduce adjusted net leverage to low-5x. "We expect the expansion of Fitness International's Club Studio offerings resonates with consumers and support low-single-digit percent revenue growth through 2027. The company will increase its Club Studio locations over the next several years to contend with the rise of boutique studios and increased competition. We believe Club Studio's unique offering of multiple boutique studio classes and high-end health club amenities all under one roof will resonate with best value focused fitness consumers and fitness enthusiasts." The rise of boutique studios and no-frills, low-cost clubs present the greatest risk to member retention in mid-tier clubs in the long term. This is because members may choose budget-friendly alternatives with fewer services that still satisfy fitness needs, a targeted fitness option, or both. In response to this highly competitive industry, the company will likely invest further in its LA Fitness locations and offer increased ancillary services in 2026 to enhance the member experience of the mid-tier club members who are most likely to purchase these offerings. The company generates significant cash flow and can invest in innovation, including multiple club formats over time; we expect capital expenditure (capex) to increase to as high as $400 million-$500 million in 2026 and $300 million-$400 million in 2027 as the company adds services to its LA Fitness clubs, accelerates its expansion of Club Studio locations that are more costly to build, and repurchases of certain LA Fitness clubs from landlords to convert most to the Club Studio brand. Overall memberships have declined modestly as of Sept. 30, 2025, mostly due to the consolidation of low-performing clubs under its mid-tier brand LA Fitness, which led to a modest loss of members. However, the company has been able to retain a majority of its members from closed locations to an existing gym, leading to a slightly elevated attrition rate for the trailing 12 months ended Sept. 30, 2025. S&P said, "We expect higher-paying Club Studio memberships to more than offset the decrease in members at the company's core brands, leading to low-single-digit percent revenue growth over the next two years. We expect Club Studio will lead to higher revenue growth in future years as it becomes a larger share of the portfolio. As of Sept. 30, 2025, over 95% of its clubs consist of LA Fitness and City Sport Clubs and drive the majority of its revenue and EBITDA in 2026." The fitness industry continues to benefit from good demand amid a growing focus on health and wellness among consumers. S&P believes the premium segment will likely remain strong in 2026 as luxury offerings continue to resonate with consumers' values. In response to members' growing desire to holistically integrate health and wellness into the fitness experience, high-end operators are expanding their portfolio base and ancillary offerings to boost membership growth and non-membership spending. This supports further revenue and EBITDA upside for these issuers in 2026. Currently, there are no signs of a slowdown in high-end and boutique fitness despite our forecast for lower consumer spending over the next two years because of a weakening job market and effects from consistently high inflation. Relative resiliency within the luxury consumer space is generally consistent across industries, and we believe high-quality gyms and lifestyle brands still resonate with core members. S&P said, "While some high-end operators believe there is still room for price hikes, we expect any increases going forward will be moderate and based on local market dynamics, and membership growth trends could slow as even wealthy consumers begin to feel inflation-induced cost fatigue and a loss of consumer confidence. For low-end operators, we expect good demand to continue for budget operators as its value offering appeals to consumers looking to save. Amid the macroeconomic uncertainty and strain on consumers wallets, we expect the mid-tier to be most at risk if gymgoers begin to feel squeezed and trade down to budget options." Fitness International's good geographic diversity mitigates its exposure to regional economic risk. As of Sept. 30, 2025, the company operated 666 clubs in the U.S. and 30 in Canada. Club locations spanning more than half of the U.S. provide a strong geographic footprint and a solid market position, which modestly offsets risks associated with region-specific economic challenges. With approximately 18% of total clubs located in California, Fitness International is less affected by events such as state-specific minimum wage increases than less geographically diverse peers. S&P said, "The positive outlook indicates our expectation for continued growth in revenue and EBITDA and the expansion in its Club Studio and studio services, which could lower S&P Global Ratings lease-adjusted leverage to low-5x over the next 12 months. "We could revise our outlook to stable if we no longer believe Fitness International will reduce and sustain leverage below 5.5x or if the company experiences a prolonged period of negative reported free operating cash flow as it expands its Club Studio locations. "We would consider a one-notch upgrade if we believe that Fitness International's operating lease-adjusted debt to EBITDA will remain below 5.5x. An upgrade would also depend on successfully expanding Club Studio and ancillary services within LA Fitness and further consolidating lower-performing clubs, as well as our belief that management will size future potential acquisition, growth capital spending, and shareholder returns plans in a manner that sustains S&P Global Ratings-adjusted leverage under this threshold." FLOW BEVERAGE: Receivership Sale Yields $83.75M to Cizzle Brands ---------------------------------------------------------------- Cizzle Brands Corporation (Cboe Canada: CZZL) is pleased to provide a corporate update detailing the strategic rationale and financial outlook for its acquisition of Flow Water Inc. Cizzle Brands recently acquired Flow Water Inc.'s lucrative manufacturing business adding vertical integration to Cizzle Brands in a transaction valued at approximately $83.75 million. As previously announced on December 24, 2025, the Company has acquired the Manufacturing Business for aggregate proceeds of approximately $83.75 million. Through this transaction, Cizzle has secured a profitable manufacturing business that is fully divested of the Flow brand marketing overhead as well as previous corporate liabilities. Strategic Rationale: Vertical Integration & Market Scarcity: The Acquisition transforms Cizzle from a brand-builder into a vertically integrated beverage platform. The Acquisition was driven by three primary value creators: Capitalizing on Tetra Pak Demand: As consumer preference shifts demand away from PET (plastic) bottles toward more eco-friendly options, demand for aseptic Tetra Pak packaging is expected to surge. With North American production capacity for Tetra Pak currently constrained, the Acquisition positions Cizzle as a key infrastructure holder in this high-growth sector. Immediate Revenue Scale: The manufacturing facility, now known as The CWENCH Hydration Factory, enters the Cizzle portfolio with a robust order book. The Manufacturing Business has approximately $184 million of remaining contracted manufacturing volume under existing customer agreements. These customer contracts include "take-or-pay" provisions providing for minimum payments and a guaranteed revenue floor of approximately $158 million if customers do not utilize any of the contracted volumes. Current manufacturing clients include BeatBox (which recently announced it is being acquired by Anheuser-Busch InBev) and the spun-out Flow Water brand. Vertical Integration for CWENCH: Prior to the Acquisition, Flow Water Inc. served as the outsourced manufacturer for Cizzle's flagship ready-to-drink (RTD) product, CWENCH Hydration. By owning the manufacturing process, Cizzle immediately secures its supply chain, removes third-party margin, significantly reducing Cost of Goods Sold (COGS), and gains full control over production scaling. A Clean Asset: "Diamond in the Rough": The Acquisition leveraged a unique opportunity arising from the restructuring of Flow Beverage Corporation in late 2025. Through a court-supervised receivership process, the Manufacturing Business was structurally separated from the liabilities that historically burdened its former parent company. Key financial highlights of the Manufacturing Business on closing of the Acquisition include: Debt-Free Balance Sheet: The Manufacturing Business holds no equipment lease obligations or long-term debt, other than pursuant to the Tripartite Agreement for Line 5, and the property lease on The CWENCH Hydration Factory. The Building Lease is in good standing with six years remaining on the term and includes an option to renew for a further 10 years. The Building Lease will be capitalized as a Right of Use Asset in accordance with IFRS. Fully Paid Infrastructure: Five of the six manufacturing lines in The CWENCH Hydration Factory are owned free and clear. Line 5 is subject to a tripartite agreement with BeatBox and NFS Leasing Canada Ltd. whereby BeatBox entered into a lease with NFS for Line 5 but the Manufacturing Business compensates BeatBox for use. Paid-in-Full Upgrades: On closing, the Vendor settled approximately $14 million in remaining finance leases for Line 4 and paid all commissioning costs for a new high-speed Line 6 (330ml Tetra Pak), ensuring the facility is modernized and turnkey. Pure-Play Manufacturing: The Flow brand and related intellectual property and marketing operations were spun out prior to closing. Cizzle has acquired only the profitable, cash-generating manufacturing business. $130 Million Tax Loss Carryforward: As part of the Acquisition, Cizzle acquired an estimated $130 million in tax loss carryforwards related to the Manufacturing Business. This enables the Company to minimize future tax obligations from the Manufacturing Business, maximizing cash flow retention for years to come. Management Commentary "We identified a rare window to acquire a premier manufacturing asset without the burden of its predecessor's balance sheet," said John Celenza, CEO of Cizzle Brands. "We are no longer just a brand; we are an infrastructure owner. Not only does this secure the long-term future of CWENCH Hydration with improved margins, it also provides us with a highly lucrative co-manufacturing division serving some of the world's biggest beverage portfolios. We have built a moat around our business that few in the beverage space can replicate." Operational & Financial Outlook: Prior to the receivership of Flow Beverage Corporation, the manufacturing facility was operating at 42% efficiency. Currently, the plant is operating at 56% efficiency, and the Company expects to improve efficiency to 65% within the next 9 months based on management's experience with the acquisition of Flow's manufacturing facility in Virginia through a previous company. The CWENCH Hydration Factory currently has total capacity of up to 204 million units per year. Line 6 is expected to come online in May 2026 which will add additional capacity of up to 48 million units per year. There is also space to add two additional production lines (Lines 7 & 8) which would add additional capacity of up to 86 million units per year. At full capacity The CWENCH Hydration Factory should be able to produce up to 338 million units per year. This would represent a more than 2x revenue increase based on what it is producing today. Cizzle expects the following pro forma financials for the consolidated company based on the current order book and operational efficiencies: Manufacturing Revenue: The Manufacturing Business is expected to contribute approximately $24 million in year-to-go (YTG) FY 2026 and $53 million in FY 2027. Consolidated Revenue: Adjusting for intercompany transactions, the combined Company anticipates pro forma consolidated revenue of approximately $44 million in fiscal 2026 and $79 million in fiscal 2027, driven by recognized synergies and capacity expansion. Adjusted EBITDA: On a consolidated basis, the Company expects to report its first Adjusted EBITDA positive quarter in Q4 2026 and expects to generate $14 million in Adjusted EBITDA for FY 2027. Debt Service: As previously mentioned, the acquisition was financed through a combination of debt and equity financing. The US$40M credit agreement with Orion Infrastructure Capital ("OIC") carries interest at 12% p.a. and is structured whereby interest for the first 6 months is not paid in cash but rather added to the principal amount due at the end of the term. The 12-month secured promissory note from the Vendor of $22.25M CAD carries interest at 12% p.a. which will be paid out in a bullet payment at the end of the term. On a normalized basis, the Company expects to maintain a 3x Debt Service Coverage ratio within the Manufacturing Business on the facility-based debt. About Cizzle Brands Corporation Cizzle Brands Corporation is a vertically integrated sports nutrition company that is elevating the game in health and wellness. Through extensive collaboration and testing with leading athletes and trainers across several sports, Cizzle Brands has launched three game-changing brands: (i) CWENCH Hydration(TM), a better-for-you sports drink that is now carried in over 5,700 locations in Canada, the United States, and Europe; (ii) Spoken(TM) Nutrition, a premium brand of athlete-grade nutraceuticals that carry the prestigious NSF Certified for Sport(R) qualification; and (iii) HappiEats(TM), upgrading everyday eats with high-performance foods such as Sport Pasta(TM). It also owns and operates The CWENCH Hydration Factory, a manufacturing facility that produces CWENCH Hydration and other leading beverage brands in Tetra Pak packaging. All Cizzle Brands products are designed to help people of all ages achieve their best in competitive sports and in living a healthy, vibrant, active lifestyle. About Flow Water Inc. Founded in 2014 and headquartered in Toronto, Canada, Flow Water Inc. produces 100% naturally alkaline mineral water sourced from its own artesian springs. Known for its smooth, clean taste, Flow is packaged in eco-friendly, renewable packaging designed with sustainability in mind. Flow products are available across retail channels and online through the brand's direct-to-consumer store and select e-commerce partners. Because the water you drink matters. FOOD52 INC: Seeks to Tap Verita Global as Claims and Noticing Agent ------------------------------------------------------------------- Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. Verita Global will oversee the distribution of notices and will assist in the maintenance,processing, and docketing of proofs of claim filed in the Chapter 11 case of the Debtor. Before the petition date, the Debtor provided Verita a retainer in the amount of $15,000. Evan Gershbein, executive vice president at Verita Global, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan J. Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 Email: egershbein@kccllc.com 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. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FORTREX SANITATION: S&P Assigns 'CCC+' LT ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned a 'CCC+' long-term issuer credit rating to Fortrex, the new parent company and issuer of new debt following the restructuring. S&P said, "We also assigned 'B' and 'CCC+' issue-level ratings (recovery ratings of '1' and '3', respectively) to the $69.1 million revolving credit facility (RCF) due 2030 and the new $250 million term loan due 2031, respectively. "Concurrently, we withdrew all of our ratings on Packers Holdings LLC, the predecessor parent of the Fortrex group, on account of the completed transaction. "The stable outlook reflects our view that Fortrex's reduced debt burden and improved liquidity and debt maturity profiles post-restructuring will support its efforts to stabilize revenues, generate higher levels of profitability, and cash flow, which we expect to occur gradually over the next 12 months." Packers Holdings LLC completed a comprehensive out-of-court restructuring recapitalization that significantly reduced its funded debt and resulted in lenders taking equity ownership of the company, now under the new parent, Fortrex Sanitation LLC. The deal also provided the company with a new $69.1 million revolving credit facility, which currently has availability of about $30.7 million. S&P Global Ratings believes that Fortrex's ability to sustain its new capital structure hinges on stabilizing performance and demonstrating potential for revenue growth and higher profitability and cash flow. S&P said, "We believe the lower debt burden Fortrex now carries, which also reduces ongoing interest expense, and its improved debt maturity and liquidity profiles provide sufficient flexibility to support these efforts; however, given the company's challenging performance in recent years, prospects remain uncertain and are contingent upon successful execution. "Our 'CCC+' rating reflects lingering concerns about long-term debt sustainability. Fortrex's recent debt recapitalization, finalized on Dec. 8, 2025, enabled the company to significantly reduce its debt and cash interest expense while extending debt maturities. The transaction also bolstered its liquidity position, with roughly $50 million now available. This includes approximately $30 million in new availability under the revolving credit facility and $20 million of cash on hand. Furthermore, the recapitalization resulted in a change of control, with lenders obtaining ratable equity ownership in Fortrex, which S&P Global Ratings views as a potential incremental benefit that could aid Fortrex in moving beyond the Department of Labor (DOL) incident. "Despite these benefits, we still anticipate weak credit metrics for Fortrex. We forecast S&P Global Ratings-adjusted leverage reaching approximately 6.9x by year-end 2026. This is considered high and could be difficult to sustain unless the company stabilizes its operating performance, returns to revenue growth, improves profitability, and strengthens cash flow generation." The company does have a credible strategy and its improving sales pipeline supports good prospects for improvement. However, to sustain its new capital structure, Fortrex must stabilize its performance and demonstrate it can grow revenue, improve profitability, and strengthen cash flow. S&P said, "We also believe uncertainty remains of the magnitude and pace of that improvement, considering past performance challenges. Slow customer decision-making, competitive pressures, and the increasing prevalence of in-house sanitation solutions could hurt the pace of improvement more than we expect. Assuming there are no such major deviations, we project the company to have 5.9x leverage in 2027 and about $6 million of positive cash flow generation." The company will benefit from favorable industry trends as some challenges ease. While the full impact of the DOL matter on plant losses remains uncertain, the company's services are mission-critical for customers. Near-term customer disengagement is often difficult, which resulted in Fortrex continuing to incur revenue losses from contract cancellations into 2025. Even after losing revenue, Fortrex remains the largest provider of outsourced sanitation services in the United States, supporting more than 400 plants with approximately 9,700 employees. Near-term growth prospects are likely to remain constrained by long backlog conversion timelines and ongoing challenges in securing new contracts. S&P said, "However, as customer attrition subsides and modest industry tailwinds from rising food demand, higher sanitation standards, and gradual pricing increases supports the company, we anticipate revenue declines to moderate, with revenue projected to decline approximately 3.1% year over year in 2026. Profitability will likely remain pressured, with adjusted EBITDA margins of approximately 5.6% in 2026, reflecting pricing concessions, elevated startup costs for replacement contracts, and continued labor cost pressure. Wage inflation and immigration-related labor constraints could further limit margin recovery. Even with modestly improving operating performance in 2026, we expect Fortrex to generate a modest free operating cash flow (FOCF) deficit of approximately $2 million in 2026." Reduced debt, new ownership, improved liquidity, and leading compliance capabilities position Fortrex for new business wins and a potential recovery. Moving beyond the DOL-related impacts, Fortrex has implemented several key foundational changes and initiatives that position the company for major changes. The company has implemented a comprehensive compliance program that improves hiring practices and employee training. S&P said, "We believe the rigorous policies in place and its now enhanced level of expertise put Fortrex in a capable position for delivering a compliant workforce. We see an improving case for plants to utilize Fortrex's offerings to avoid handling plant sanitation in-house, especially in a continuously tightening regulatory environment. We also believe the rebranding, relocation of the company's headquarters to Atlanta, and the company's new ownership could drive additional initiatives that further support the sanitation segment." Fortrex's chemicals segment has demonstrated stable revenue growth despite the headwinds faced by its larger sanitation services segment. Fortrex's ability to develop and provide customized chemicals further enhances the value proposition of a scaled and specialized provider, while allowing potential for increased scope of work. Additionally, the chemical solutions generates internal efficiencies, which will continue to benefit Fortrex's cost structure. S&P said, "While a turnaround from its downward revenue trend may take some time, we think that absent any missteps, Fortrex's business is poised to eventually regain positive momentum. During that timeframe, if additional flexibility is needed, the transaction allows Fortrex the ability to pay a portion of its take back term loan interest as payment-in-kind (PIK), as Fortrex has the option to PIK 5.5% of the 6.5% SOFR spread. While we don't view in-kind payments as supportive of a long-term sustainable capital structure, the option will provide additional flexibility to cover liquidity needs, such as upfront working capital requirements for new plant operations to drive revenue growth. "The stable outlook reflects our view that Fortrex's reduced debt burden and improved liquidity and debt maturity profiles post-restructuring will support its efforts to stabilize revenues, generate higher levels of profitability, and cash flow, which we expect to occur gradually over the next 12 months. "We could lower the rating if we see a heightened risk of liquidity shortfall or default within the next 12 months. This could occur if Fortrex fails to execute its improvement plans, leading to sustained declines in revenue, EBITDA, and cash flow. "We could raise our rating on Fortrex if the company surpasses our expectations regarding new contract wins, revenue growth, profitability, and progress of deleveraging and improving the long-term sustainability of the capital structure. In such a scenario, we would expect to positive cash flow generation that comfortably covers its debt service requirements." FROGGYAZICE LLC: Seeks Chapter 7 Bankruptcy in Arizona ------------------------------------------------------ On January 7, 2026, Froggyazice, LLC filed for Chapter 7 protection in the District of Arizona. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Froggyazice, LLC Froggyazice, LLC is a limited liability company. The company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00159) on January 7, 2026. In its petition, the Debtor reported estimated assets and liabilities of $0-$100,000. Honorable Bankruptcy Judge Scott H. Gan handles the case. The Debtor is represented by William E. Markov, Esq., of Hartley Markov Law. GATEWAY VENTURES: Court Favors Lender over Asset Sale Dispute ------------------------------------------------------------- Judge Christopher G. Bradley of the United States Bankruptcy Court for the Western District of Texas said he is inclined to deny The Gateway Ventures, LLC's summary judgment motion and to grant summary judgment in favor of Legalist on Gateway's counterclaims in the adversary proceeding captioned as LEGALIST DIP GP, LLC; LEGALIST DIP FUND 1, LP; GATEWAY EL PASO, LLC; LEGALIST DIP SPV, II LP, Plaintiffs, v. THE GATEWAY VENTURES, LLC; TAXCORE LENDING, LLC, Defendants, Adv. No. 25-3004-cgb (Bankr. W.D. Tex.). On February 2, 2021, Gateway filed bankruptcy under Chapter 11 of the Bankruptcy Code. The Debtor's primary asset was 19 acres of property in El Paso, Texas, which it was attempting to develop. On May 14, 2024, the Court conducted the sale hearing and determined that the property should be sold to Legalist for $17,634,974.93, which included Legalist's credit bid. After further hearing on the form of the sale order, the Court entered the sale order on July 10, 2024, wherein it expressly authorized the Trustee to sell the property to Legalist. The sale of the property to Legalist closed on October 7, 2024. A few months later, Legalist filed this adversary proceeding against Gateway and TaxCORE Lending, LLC, challenging the debtor's ability to contract with TaxCORE under the terms of Gateway's plan of reorganization and seeking a determination that Legalist was therefore not liable to TaxCORE. Both Gateway and TaxCORE have argued that the property did not become property of the chapter 7 estate upon conversion. Gateway filed counterclaims against Legalist seeking a determination that the property was not property of the estate. Thereafter, Gateway filed this motion seeking summary judgment that the property vested in the debtor upon confirmation of its plan of reorganization and was thus not property of the estate when it was sold to Legalist. Legalist argues: (1) the DIP order gave Legalist first liens on the Property that remains enforceable; (2) Gateway lacks standing to challenge Legalists' liens or seek summary judgment under theories of judicial estoppel because the Debtor admitted that it would not have been able to confirm a plan without DIP financing; (3) the Court must enforce the non-appealable sale order; (4) the equitable mootness doctrine bars TGV's challenge to the sale order; (5) the sale order expressly provides that Legalist is a good faith purchaser under 11 U.S.C. Sec. 363(m), thus statutory mootness also bars Gateway's challenge to the sale order; and finally (6) because Gateway's interpretation would render conversion to chapter 7 meaningless, as the chapter 7 estate would have no assets to administer. In this case, Legalist did not address the fact that Gateway had notice of the Court's determination that the property was included in the chapter 7 estate and had waived its right to challenge such determination by failing to timely object. As this fact is dispositive, the Court is inclined to deny Gateway's summary judgment motion on this ground and to grant summary judgment in favor of Legalist on Gateway's counterclaims, thereby dismissing those claims. The Court finds that it should give notice and an opportunity to respond before entering an order granting summary judgment in favor of the defendant. The parties have until Jan. 27 to file a response to this memorandum opinion. A copy of the Court's Opinion dated January 7, 2026, is available https://urlcurt.com/u?l=Y3slSk from PacerMonitor.com. About The Gateway Ventures The Gateway Ventures, LLC, owns and is the developer of a 19+ tract of real property El Paso, El Paso County, Texas, commonly referred to as 6767 W. Gateway Blvd., El Paso, Texas 79925 and 1122 Airway Blvd., El Paso, TX 79925. The Gateway Ventures, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-30071) on Feb. 2, 2021, listing under $1 million in both assets and liabilities. Judge H. Christopher Mott oversaw the case. Weycer, Kaplan, Pulaski & Zuber, PC, served as the Debtor's counsel. The case was converted to Chapter 7 on May 30, 2023. Ronald Ingalls is the Chapter 7 trustee. GENESIS PROJECT: Unsecureds to Get Share of Income for 5 Years -------------------------------------------------------------- Genesis Project 1, Inc., filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization dated January 7, 2026. The Debtor is a North Carolina corporation that operates a behavioral health services business. The Debtor's services generally include non-medical substance abuse and mental health treatment and services. The Debtor began operations in December 2006. The Debtor's financial troubles began around September 2019, when it discovered that an accountant the Debtor employed had embezzled close to $1,000,000 from the Debtor over the prior 4-year period, causing catastrophic financial harm. Not long after the employee embezzlement, around March 2020, the COVID-19 pandemic began, and the various lockdowns, social distancing measures, and general fear devastated the economy, including the Debtor. Though the PPP loan was forgiven, the sheer size of the remaining debt, most of which is unconventional debt with high interest rates, combined with the Debtor's decreased revenues, renders the debt unaffordable. Moreover, the merchant cash advance lender debited the Debtor's bank account frequently, which significantly diminished the cash flow the Debtor needed to operate. Oftentimes, the merchant cash advance lender would cause the Debtor's bank account to be overdrawn. Furthermore, prepetition, one of the Debtor's vendors debited the Debtor's bank account for approximately $40,000.00. The Debtor could not make payroll for a couple weeks after this money was taken. The Debtor filed for relief under Chapter 11 of the Bankruptcy Code on October 9, 2025 (the "Petition Date"). Through this Plan, the Debtor intends to restructure its debt to pay creditors, improve cash flow, and commit its disposable income to its unsecured creditors for five years. Class 1 consists of the Allowed General Unsecured Claims. These Claims shall be treated as unsecured obligations of the Reorganized Debtor. Allowed General Unsecured Creditors shall be paid a Pro Rata share of the Reorganized Debtor's projected "disposable income" for the years ending in 2026, 2027, 2028, 2029, and 2030 with payments being made on or before March 1 of 2027, 2028, 2029, 2030, and 2031. Class 1 is impaired by the Plan. Class 2 consists of consists of the Equity Interests in the Debtor. All Equity Interests held prior to the Petition Date shall be retained. Class 2 is not impaired by the Plan and is not entitled to vote to accept or reject the Plan. The Plan contemplates that distributions will be funded by revenues generated during the Debtor’s post-petition operations and the Reorganized Debtor's future revenue. A full-text copy of the Plan of Reorganization dated January 7, 2026 is available at https://urlcurt.com/u?l=HjZvK4 from PacerMonitor.com at no charge. Counsel for the Debtor: Rashad Blossom, Esq. Blossom Law PLLC 126 N. McDowell St., 2nd Floor Charlotte NC 28204 About Genesis Project 1 Inc. Genesis Project 1 Inc. provides behavioral health and substance use addiction treatment services to individuals and families in North Carolina. Founded in 2007 and based in Charlotte, the organization offers individual and family counseling, intensive in-home care, peer support, crisis intervention, and tailored care management programs. It also operates a Substance Abuse Intensive Outpatient Program (SAIOP) and community support team services aimed at promoting recovery and stability. Genesis Project 1 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-31074) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by Rashad Blossom, Esq. of BLOSSOM LAW, PLLC. GFL ENVIRONMENTAL: S&P Rates New $1BB Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to Toronto-based waste management company GFL Environmental Inc.'s proposed US$1 billion senior unsecured notes due 2034. The notes will be issued by GFL Environmental (US) Inc., a subsidiary of GFL, and guaranteed by the same group that guarantees its existing notes. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance to repay the outstanding balance on its revolving credit facility and add cash to its balance sheet for general corporate purposes. S&P expects the transaction will be leverage neutral. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The '1' recovery rating on GFL's senior secured debt indicates S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default, which corresponds to a 'BBB-' issue-level rating (two notches above the issuer credit rating). -- The '4' recovery rating on the company's senior unsecured debt indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a default, which corresponds to a 'BB' issue-level rating (no notching from the issuer credit rating). -- S&P's simulated default scenario contemplates a default in 2031 stemming from the loss of customer contracts, heightened competition, and margin erosion caused by an unexpected increase in costs related to acquisition integration issues. -- In this scenario, GFL is unable to service its financial obligations, prompting the need for it to restructure as a going concern. -- S&P's recovery analysis assumes a gross reorganization value for the company of about C$5.6 billion, which reflects its emergence EBITDA estimate of about C$937.5 million and a 6x multiple. Simulated default assumptions -- Simulated year of default: 2031 -- Revolver is 85% drawn at default -- Emergence EBITDA: About C$937.5 million -- Multiple: 6x -- Gross recovery value: About C$5.6 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): C$5.3 billion -- Total value available to secured first-lien debt claims: C$5.3 billion -- Secured first-lien debt claims: C$3.4 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured claims: C$2.0 billion -- Senior unsecured debt and pari-passu claims: C$6.4 billion --Recovery expectations: 30%-50% (rounded estimate: 30%) Note: All debt amounts include six months of prepetition interest. GKNY1 INC: Court Says HWA 1290 May Evict Debtor Following Default ----------------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York granted in part and denied in part the motion of HWA 1290 III LLC, HWA 1290 IV LLC, and HWA 1290 V LLC to lift the automatic stay and for additional relief in GKNY1 Inc.'s bankruptcy case. The Court holds the automatic stay does not apply, and the landlord may complete the eviction of the Debtor from the leased premises. Pending before the Court is the request of creditor-landlord HWA 1290 III LLC, HWA 1290 IV LLC, and HWA 1290 V LLC, as Tenants-in-Common, to compel immediate payment of administrative rent and for relief from the automatic stay in connection with property previously leased by GKNY1 Inc. located at 1290 Avenue of the Americas, New York, NY. The Debtor failed to pay rent due to HWA 1290 pursuant to the lease from June 1, 2025, through July 23, 2025, in the amount of $408,703.24. HWA 1290 served the Debtor with a Notice to Cure dated July 25, 2025, requiring the Debtor to cure the default on or before August 5, 2025. Debtor made a partial payment of $82,227.85 to HWA 1290 on August 7, 2025. Upon the failure to make full payment of the rental arrears, HWA 1290 served the Debtor with a termination notice on August 19, 2025, terminating the lease and demanding the Debtor vacate the premises by August 31, 2025. The Debtor failed to vacate and deliver possession. According to Judge Glenn, "The lease terminated and expired by its terms no later than August 31, 2025, the date on which the Debtor was to vacate the premises. As this occurred before the filing of the voluntary petition, the lease is not a part of the bankruptcy estate. Since the lease terminated before the bankruptcy petition was filed, the automatic stay was never triggered. The Debtor lost the ability to assume the lease." Relief regarding the immediate payment of administrative rent per 11 U.S.C. Sec. 365 is denied without prejudice. A copy of the Court's Memorandum Opinion and Order dated January 8, 2026, is available https://urlcurt.com/u?l=ftgBe3 from PacerMonitor.com. Attorneys for HWA 1290 III LLC, HWA 1290 IV LLC, and HWA 1290 V LLC: Daniel J. Ansell, Esq. Kenneth A. Philbin, Esq. Jarret S. Meskin, Esq. GREENBERG TRAURIG, LLP One Vanderbilt Avenue New York, NY 10017 E-mail: Daniel.Ansell@gtlaw.com Kenneth.Philbin@gtlaw.com Attorney for the Debtor: Elio Forcina, Esq. ELIO FORCINA, ESQ. 66-85 73rd Place Middle Village, NY 11379 About GKNY1 Inc. GKNY1 Inc. is based in New York. The Debtor filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-11699) on Sept. 30, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Philip Bentley oversees the case. Elio Forcina, Esq., at The Law Office of Elio Forcina, is the Debtor's legal counsel. GLOBAL HEALTHCARE: Veritas Capital to Acquire Majority Stake ------------------------------------------------------------ Veritas Capital, a leading investor at the intersection of technology and government, announced on January 8, 2026, that one of its affiliates has entered into a definitive agreement to acquire a majority stake in Global Healthcare Exchange, a leading supply chain software platform powering mission-critical connectivity between healthcare providers and suppliers. Veritas will join existing GHX shareholders Temasek and Warburg Pincus to support the acceleration of the Company's growth strategy. GHX was built to connect healthcare providers and suppliers, helping to ensure that the right products are delivered to the right place at the right time. Healthcare supply chains have become more costly, operationally complex, and inefficient, limiting the ability of providers and suppliers alike to derive actionable insights from the data created at every touchpoint. GHX addresses these inefficiencies through one seamless platform that digitizes and automates highly complex, dynamic healthcare supply chain processes, and it continues to innovate alongside customers to deliver meaningful value. Today, GHX's solutions are more essential than ever, enhancing supply chain resiliency, reducing waste, and ultimately improving delivery of patient care. GHX serves Gartner's top 25 U.S. healthcare systems and the top 30 medical-surgical suppliers globally among its extensive network of customers. Through its cloud-based solutions, AI-driven automation, and intelligent decision support capabilities, GHX has delivered over $27 billion of savings in the last three years alone, in addition to supporting its customers' efforts to enable better clinical care. Veritas' investment will accelerate GHX's vision of creating a more efficient, resilient, and interconnected system. Through its innovative platform, the Company brings together the industry's largest unified data core, spanning product, vendor, transactional, clinical and operational domains. With accelerated AI investments, GHX will be positioned to help organizations leverage their data to simplify workflows, generate actionable insights, automate decision-making, and ultimately improve delivery of care. "This investment enables us to move faster and think bigger about building a more resilient, AI-enabled supply chain," said Tina Vatanka Murphy, President and CEO of GHX. "Veritas recognizes our unique role in facilitating better, more affordable patient care, and they bring deep experience scaling healthcare technology companies that matter. This partnership will help us further invest in product innovation, pursue both organic and inorganic growth, and amplify our AI-powered supply chain strategy. It is a strong affirmation of our strategy, our people and the opportunity ahead." "We have long admired the vital role GHX plays in lowering the cost of care and enabling resilient supply chains," said Ramzi Musallam, CEO and Managing Partner of Veritas Capital. "We see many parallels between GHX and prior scaled healthcare technology investments by Veritas at the intersection of mission-critical data and real-time decision making. We look forward to leveraging these experiences to support Tina and her team on their journey to reimagine the healthcare supply chain, with an overarching common goal of driving better patient outcomes." Ravi Lambah, Head, Strategic Initiatives at Temasek, added, "Since 2017, we have supported GHX through key phases of transformation, strengthening its position as a leading integrated, data‑driven platform. Veritas' acquisition of a majority stake extends the strong partnership we have had with Warburg Pincus and supports the next stage of GHX's growth. This is aligned with our conviction that digitization underpins stronger and more resilient healthcare supply chains." "Our conviction in GHX and the value of our partnership is as strong as ever, and Veritas' investment is a further confirmation of the enduring value that GHX provides across the healthcare industry," said Adam Krainson, Managing Director at Warburg Pincus. "We are pleased to continue our work with the Company to help expand its reach, serving customers around the world." The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approvals. Financial terms were not disclosed. Evercore served as financial advisor to GHX. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to GHX and Temasek. Gibson, Dunn & Crutcher LLP is acting as legal counsel to Veritas. Kirkland & Ellis LLP is acting as legal counsel to Warburg Pincus. About Veritas Capital Veritas -- www.veritascapital.com -- is a longstanding technology investor with over $54 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to the firm. Veritas is a proud steward of national assets, improving the quality of healthcare while reducing cost, advancing educational system, and protecting our nation and allies. About GHX Global Healthcare Exchange (GHX) -- www.ghx.com -- is reimagining how healthcare works by powering a more intelligent, resilient, and connected supply chain. Through AI-driven automation, cloud-based solutions, and intelligent decision support, GHX helps healthcare organizations increase operational agility, reduce unnecessary spend, and improve outcomes. For more than 25 years, GHX has been a trusted partner across the healthcare ecosystem--from providers and suppliers to distributors and government agencies--working to remove billions in waste and strengthen the economic foundation of care delivery. GREAT AMERICAN BISTRO: Seeks Chapter 11 Bankruptcy in D.C. ---------------------------------------------------------- On January 9, 2026, The Great American Bistro of Washington DC, LLC filed for Chapter 11 protection in the District of Columbia bankruptcy court. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. bout The Great American Bistro of Washington DC, LLC The Great American Bistro of Washington DC, LLC is a privately held restaurant company operating in Washington, D.C. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00011) on January 9, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by William C. Johnson, Jr., Esq., of The Johnson Law Group, LLC. GULFSIDE SUPPLY: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Florida-based roofing distributor Gulfside Supply Inc. (dba Gulfeagle) to negative from stable and affirmed its 'B' issuer credit rating on the company and 'B' issue-level rating on its first-lien facilities. The negative outlook reflects S&P's expectation that roofing demand will remain soft, which could cause Gulfeagle's leverage to rise above our 7x downgrade trigger. The outlook also reflects the company's increasingly thin covenant cushion as its maximum net first-lien leverage covenant steps down over time. Gulfeagle has underperformed our expectations amid the challenging macroeconomic backdrop in the building materials sector. In addition, the outlook for the sector in 2026 is dim, thus S&P expects the company's performance will remain challenged over at least the next 12 months. S&P said, "We believe Gulfeagle's S&P Global Ratings-adjusted leverage will rise toward our 7x downside threshold for the current rating over the next 12 months. We also believe the company has limited room for an underperformance given its increasingly thin cushion relative to its maximum net leverage covenant." Gulfeagle is susceptible to regional trends that increase its volatility. Although the company has integrated its 2024 acquisition of Elite Roofing, the acquired business' performance has lagged expectations due to its regional exposure to poor performing markets, such as Southern California, Arizona, and Colorado, where it generates 70% of its revenue. Demand has been weak in these areas because of lower levels of hail and other storm activity relative to prior years. The company also has a significant presence in the southeast U.S., which experienced historically low storm activity in 2025. This reduced demand caused Gulfeagle to generate materially lower revenue than it expected, including year-over-year revenue declines of 11%, 10%, and 20% in the third quarter of 2025, October 2025, and November 2025, respectively. Subdued roofing demand will likely to persist through at least 2026. While Gulfeagle has faced greater declines because of its regional exposure, roofing demand was weak nationwide in 2025, with shingles shipments declining 5.4% (according to the Asphalt Roofing Manufacturers Association) through September and 10.0% in the third quarter of 2025. The demand for roofing has been weak for many reasons, including lower storm activity, contractor labor shortages, and affordability challenges, which have reduced new construction and remodeling spending. Public commentary from Gulfeagle and its industry peers indicate dim growth prospects for the next 12 months. Covenant compliance will remain thin as limits step down throughout 2026. In the third quarter of 2025, Gulfeagle amended its credit agreement to loosen its maximum first-lien net leverage covenant requirement to avoid a breach. Therefore, the company is now required to report monthly and maintain minimum liquidity of $85 million. With the maximum net leverage covenant stepping down to 5.75x as of the end of 2026 and 4.50x by the end of 2027, continued secular headwinds or general underperformance could once again threaten Gulfeagle's ability to remain in compliance. S&P said, "We forecast the company's covenant cushion will be very thin and anticipate its ability to remain in compliance will be depend upon its cash flow generation and subsequent debt repayment. We expect Gulfeagle will likely be able to secure temporary relief, if needed, as long as its underlying trends show signs of improvement." S&P said, "We forecast leverage of 7x this year, though unpredictable storm volumes could affect performance. Our base-case forecast assumes a 1%-2% decline in the company's revenue and an about 70 basis points (bps) contraction in its EBITDA margins over the course of the year, which leads to leverage of 7x (including about $40 million of assumed debt prepayments). While lower storm activity has been a headwind over the past several quarters, a reversal toward historical norms could boost the demand for roofing by a greater level than we currently expect. For example, if Gulfeagle modestly increases its revenue and maintains its margins, it could improve its leverage to the low- to mid-6x range. Conversely, a greater-than-expected level of industry pressure could cause the company's leverage to rise closer to 8x, although management could implement cost cuts or stretch its working capital to provide short-term relief. "The affirmation reflects Gulfeagle's solid cash generation and commitment to debt repayment. We expect the company will generate free operating cash flow (FOCF) to debt of nearly 10% in 2026 on an improvement in its inventory turnover. Even with flat working capital, we believe Gulfeagle would generate FOCF to debt of about 6%. In addition, the company appears committed to using all of its excess cash flow to repay debt. We estimate management repaid more than $50 million of debt beyond its required amortization in 2025, and we forecast discretionary payments of $40 million in 2026. Despite these positive factors, we could still lower our ratings on Gulfeagle if its leverage remains high and it continues to face tight covenant headroom. "The negative outlook on Gulfeagle reflects our expectation that roofing demand will remain soft, which could increase its leverage above our 7x downgrade trigger. The outlook also reflects the company's increasingly thin covenant cushion as amid the ongoing step-downs of its maximum net first-lien leverage covenant." S&P may lower its ratings on Gulfeagle over the next 12 months if its debt to EBITDA rises above 7x. This could occur if the company's operating results continue to deteriorate. S&P could also lower our ratings if: -- S&P believes the company will breach its covenant thresholds; or -- It appears it is losing market share to its competitors, which would lead S&P to take a less-favorable view of the business. S&P said, "We could revise our outlook on Gulfeagle to stable over the next 12 months if we believe it will sustain debt to EBITDA of less than 7x through 2026 despite ongoing market headwinds. The company could demonstrate this by outperforming our base case or making regular debt prepayments that fully offset its EBITDA declines. In this scenario, we would also require Gulfeagle to maintain sufficient headroom under its maximum net leverage financial covenant before revising our outlook." HALL OF FAME: Stuart Lichter and Affiliates Cease Stock Ownership ----------------------------------------------------------------- IRG Canton Village Manager, LLC, IRG Canton Village Member, LLC, American Capital Center, LLC, CH Capital Lending, LLC, IRG, LLC, Midwest Lender Fund, LLC, and Stuart Lichter, disclosed in a Schedule 13D (Amendment No. 12) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they no longer beneficially own shares of common stock (following the consummation of the transactions contemplated by the Merger Agreement on December 31, 2025) of Hall of Fame Resort & Entertainment Co's common stock, $0.0001 par value. IRG Canton Village Manager, LLC may be reached through: Rick Miller or Amy Wilson Bryan Cave Leighton Paisner 14th Floor, 1201 Peachtree St. NW Atlanta, GA 30309 Tel: (404) 572-6600 A full-text copy of Stuart Lichter's SEC report is available at: https://tinyurl.com/me39u5ds About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $355.9 million in total assets, $325.7 million in total liabilities, and $30.2 million in total equity. HARDWOOD RESTAURANT: Unsecureds' Recovery "TBD" in Plan ------------------------------------------------------- Hardwood Restaurant Holdings, LLC d/b/a Maple Block Meat Co filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated January 8, 2026. The Debtor is a California limited liability company, formed on November 18, 2013. The Debtor operates two barbecue and restaurants in the Downtown and Culver City areas of Los Angeles. The final Plan payment is expected to be paid on May 2031 (estimated). Class 3(a) consists of non-priority unsecured creditors, except for Grand Central Market's claim, which is treated separately in Class 3(b). The total amount of the general unsecured claims in Class 3(a) is $297,129.50, which includes the disputed claim filed by Jose Albanez, that the Debtor intends to object to. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims will be receiving an estimated TBD% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment due on the effective date, followed by 59 consecutive payments, each in the same amount, to be paid pro-rata to each holder of allowed general unsecured claim. Class 4 consists of equity security holders of the Debtor. Two of the equity security holders, Michael Garrett and Daniel Weinstok, hold pre-petition claims. Unless the distribution to creditors in Class 3(a) is 100%, no distribution will be allowed to equity security holders. Each equity security holder will retain its share in the reorganized debtor following plan confirmation. The Debtor will fund its plan from the continued operation of its restaurants in Culver City and Los Angeles. A full-text copy of the Plan of Reorganization dated January 8, 2026 is available at https://urlcurt.com/u?l=tnuKL5 from PacerMonitor.com at no charge. About Hardwood Restaurant Hardwood Restaurant Holdings LLC operates two barbecue and restaurants in the Downtown and Culver City areas of Los Angeles. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19049) on Oct. 10, 2025. In its petition, the Debtor listed assets and liabilities between $100,001 and $1 million. Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq. HIMATLAL INVESTMENT: Retains David L. Chapman as Legal Counsel -------------------------------------------------------------- Himatlal Investment Group LLC, the Chapter 11 debtor-in-possession, sought approval from the U.S. Bankruptcy Court for the District of New Jersey to retain David L. Chapman of the Law Offices of David L. Chapman to serve as counsel. Mr. Chapman will represent the Debtor-in-Possession in its Chapter 11 bankruptcy proceeding. The firm's hourly rates disclosed are $500 for partners and $275 for paralegals. In addition, David L. Chapman is to be retained under a general retainer in the amount of $5,000, not inclusive of the Court's filing fee of $1,738. The $5,000 general retainer has not been paid; however, the filing fees have been paid by family members other than Suraj Desai. According to court filings, David L. Chapman does not hold or represent an adverse interest to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The professional can be reached at: David L. Chapman 266 Highway 34 Matawan, NJ 07747 Telephone: (732) 921-2161 E-mail: Chapmanlaw646@gmail.com About Himatlal Invest Group LLC Himatlal Invest Group LLC operates as a multi-sector investment firm with a focus on disciplined growth and portfolio diversification. The company seeks opportunities that align with its long-term objectives, prioritizing assets and ventures that demonstrate strong fundamentals and sustainable potential. Himatlal Invest Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-22771) on December 2, 2025. In its petition, the Debtor reports estimated assets of $100,001â€“$1,000,000 and estimated liabilities of the same amount. The Honorable Judge Vincent F. Papalia handles the case. The Debtor is represented by David Chapman, Esq. of the Law Offices of David L. Chapman. HUDSON 1701/1706: Judge Says DLA Piper Can't Counsel Co. in Ch. 11 ------------------------------------------------------------------ Alex Wittenberg of Law360 reports that the two bankrupt companies associated with the former Hudson Hotel were denied permission Tuesday, January 13, 2026, to bring on DLA Piper LLP as special counsel after a Delaware bankruptcy judge ruled that the firm's ties to their lender created a conflict. The judge said the overlap in representation could not be reconciled. Because of that conflict, the court refused to approve the firm's appointment, requiring the debtors to seek different counsel for their Chapter 11 proceedings, the report states. About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. HUDSON RIVER: S&P Rates New $2.873BB Senior Secured Term Loan 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue rating to Hudson River Trading LLC's new $2.873 billion senior secured term loan B due 2030. This loan refinances the existing $2.35 billion term loan, also due in 2030. S&P said, "The additional proceeds will provide incremental stable funding and will be used for general corporate purposes, like supporting the continued growth of the firm's trading (which we think is likely to modestly increase the firm's market risk). "Despite this, we expect that our risk-adjusted capital (RAC) ratio for Hudson River Trading (BB/Stable/--) will remain supportive of the ratings, at well above 10% (compared with just under 14% earlier in 2025). We expect that this increased market risk, as well as the considerable growth of the balance sheet and net revenue used to calculate operational risk in our RAC ratio, has been largely offset by growth in the firm's total adjusted capital (from retention of strong earnings). "The stable outlook on the long-term issuer credit rating reflects our expectation that the firm will maintain its solid operating performance, strong capitalization, and supportive liquidity as it continues to expand its trading operations and risk." HUXHOLD BODYWORKS: Taps Welch and Company as Bankruptcy Counsel --------------------------------------------------------------- Huxhold Bodyworks, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Welch and Company, LLC as counsel. The firm's services include: (a) prepare petition, schedules and statements and any amendments; (b) prepare client for duties while in a Chapter 11 bankruptcy; (c) attend at Initial Debtor Interview ("IDI") scheduled by the Office of the United States Trustee and facilite the Debtor's requirements for the IDI meeting, attend at any initial status conference as directed by the court, and the Sec. 341 meeting of creditors; (d) draft and prepare first day motions, employment applications, and other related pleadings; (e) manage the receipt, review, and filing of Monthly Operating Reports and any other documents, reports, or filings that the Debtor is required to submit; (f) prepare applications for compensation of the firm and any other professionals that may be employed by the estate; (g) prepare pleadings related to sale applications or valuation motions, if any; (h) attend at hearings and meetings not otherwise designated above; (i) negotiate with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (j) consult with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (k) consult with professionals who the estate may need to hire; (l) prepare the Combined Plan and Disclosure Statement and ballots and service upon creditors; and (m) file and represent during any adversary proceedings that may arise; (n) all other responsibilities and duties of counsel not specified here will also be undertaken by the firm. The firm's counsel and staff will be paid at these hourly rates: Eric Welch, Attorney $300 Feliz Rippy, Attorney $300 Tracy Vanskyock, Paralegal $125 Ethan Dewitt, Clerk $125 Lisa Hancock, Legal Assistant $70 In addition, the firm will seek reimbursement for expenses incurred. The firm received a payment of $5,762 from the Debtor. Mr. Welch disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric C. Welch, Esq. Welch & Company, LLC 117 E. Charles Street, Suite 201 Muncie, IN 47305 Telephone: (765) 282-9501 About Huxhold Bodyworks LLC Huxhold Bodyworks, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07786) on December 29, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge James M. Carr presides over the case. Eric C. Welch, Esq., at Welch & Company, LLC represents the Debtor as legal counsel. INFINITE GLOW: Amends Unsecured Claims Pay Details -------------------------------------------------- Infinite Glow, LLC submitted a Combined Fourth Amended Plan of Reorganization and Disclosure Statement dated January 8, 2026. The Debtor owns and operates an 18-unit apartment building located at 2912 14th Ave., Oakland, CA 94606. Class 2(a) and 2(b) includes all general unsecured creditors with claims estimated to be $1,217,019.00. Class 2(a) will be satisfied from insurance proceeds only. Class 2(b) will be satisfied by payments from the Debtor with the estimated percentage to members of this class 2(b), to be 100% over time. Class 2(b) creditors holding undisputed claims shall be paid over time in quarterly payments starting with the 3rd quarter (month 7 to 9 following the Plan's Effective Date) with the first payment in Month 9 and being paid quarterly through the quarter ending month 54 following the Plan's Effective Date. Class 2(a) consists of the general unsecured claims of tenants who hold litigation claims against the Debtor and whose claims, to the extent these litigation claims succeed in litigation or are settled, will be satisfied from insurance coverage and the Debtor shall contribute no monies or value. Class 2(b) Claims of General Unsecured Creditors Not Holding Litigation Claims. * East Bay Municipal Utility District in the amount of $350.00. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 100% with no interest, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * Hummingbird Cleaning Services in the amount of $600. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 100%, with no interest, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * Longway Pest Control in the amount of $175. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 100% paid in quarterly installments with no interest, beginning in month 9 following the Effective Date and through month 54. * PG&E in the amount of $171.34. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 100% with no interest, paid, in quarterly installments beginning in month 9 following the Effective Date and through month 54. * City of Oakland - unsecured nonpriority claim in the amount of $14,730.94. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 100%, with no interest, paid in quarterly installments beginning in month 9 following the Effective Date and until paid 100% without interest. On the Effective Date, all property of the estate and interests of the Debtor will vest in the reorganized Debtor pursuant to Section 1141(b) of the Bankruptcy Code free and clear of all claims and interests except as provided in this Plan, subject to revesting upon conversion to Chapter 7 as provided in Part 6(f). A full-text copy of the Combined Fourth Amended Plan and Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=RvwBwI from PacerMonitor.com at no charge. About Infinite Glow Infinite Glow, LLC has an equitable interest in the property situated at 2912 14th Ave., Oakland, Calif., which is valued at $4.7 million. Infinite Glow filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 25-50253) on February 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Stephen L. Johnson handles the case. The Debtor is represented by: Steven Robert Fox, Esq. Law Offices of Steven R. Fox Tel: (818) 774-3545 Email: emails@foxlaw.com INTERTRADERONE LLC: Claims to be Paid from property Sale Proceeds ----------------------------------------------------------------- Intertraderone, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Chapter 11 Plan dated January 8, 2026. The Debtor is a Florida corporation that operates as a seafood broker. The Debtor has been in business since 2019. The Debtor purchases seafood from Peru and China and sells the seafood to companies in Brazil. It is solely owned and operated by Manuel Chavez. The Debtor has no other employees. The Debtor also owns real property located at 2172 Falls Manor, Vero Beach, FL (the "Property"). This property is the home of Chavez. The decreased sales limited the Debtor's ability to pay its mortgage on the Property. This led to a foreclosure proceeding. The creditor, Michelle Tucker, as Trustee, obtained a judgment on September 20, 2025, in the amount of $405,847.24. A sale date was set for November 24, 2025, but was canceled when the bankruptcy was filed. The Debtor estimates that the value of the Property is $650,000.00. Since the filing of the case, the Debtor has put the Property on the market. A hearing to employ a realtor is scheduled for January 13, 2026. The Debtor has reduced the sale price to $600,000.00 with the hope of a quick sale. It is the Debtor's intention to use any sales proceeds to satisfy the claims of all creditors. The Debtor will make monthly adequate protection payments to the mortgage holder in the amount of $3,572.92 until the Property is sold. The Debtor's ability to fully fund the plan depends solely on the Debtor's sale of the Property. Class 3 consists of Unsecured creditors. The unsecured creditors listed on the Debtor’s schedule are disputed. As of the date of the filing of this disclosure statement, no claims have been filed. If a claim is filed, proceeds of the sale will be put aside until such time as the claims, if any are resolved. This class is impaired. Class 4 consists of Equity holder. The equity holder in the Debtor will continue to own and operate the Debtor. The Plan offers to pay all creditors 100% of their allowed claims. A full-text copy of the Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=NyrHnw from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: briankmcmahon@gmail.com About Intertraderone LLC Intertraderone, LLC is a Florida corporation that operates as a seafood broker. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23754) on November 20, 2025, listing up to $1 million in estimated assets and up to $500,000 in estimated liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, PA represents the Debtor as legal counsel. J PAR TRUCKING: Commences Chapter 7 Bankruptcy in Alabama --------------------------------------------------------- J Par Trucking, Inc. entered Chapter 7 on January 12, 2026, filing in the Middle District of Alabama bankruptcy court. According to court filings, the Debtor carries $100,001 to $1,000,000 in debt and has between 1 and 49 creditors. About J Par Trucking, Inc. J Par Trucking, Inc. is an Alabama-based freight and transportation company that provides commercial trucking and delivery services. The company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80031) on January 12, 2026. Its schedules disclose assets ranging from $0 to $100,000 and liabilities of $100,001 to $1,000,000. Honorable Bess M. Parrish Creswell presides over the case. The Debtor is represented by J. Kaz Espy, Esq. of Espy, Metcalf & Espy, P.C. JJTA11 REAL: Unsecured Creditors to Split $10K in Plan ------------------------------------------------------ JJTA11 Real Properties, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated January 8, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or about February 1, 2021. The Debtor's main asset is the real property located at 550 Comet Road, Jacksonville, Florida, 32205 (the "Property"), sometimes referred to as "Comet." The Property consists of 16-unit apartment building. The Debtor's principal place of business is located at 2501 Jammes Rd. Jacksonville, Florida, 32210, which is owned by an affiliate of the Debtor. The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor's Property is managed by Peoples Choice Apartments LLC ("Manager"), a Florida limited liability company, which also manages other properties owned by other affiliate companies in the same portfolio of common ownership as the Debtor. The Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. In full satisfaction of the Allowed Class 3 Claims, Holders of Allowed Class 3 Claims shall receive a pro rata distribution of $10,000.00. The Class 3 Allowed General Unsecured Claims will receive their pro rata distribution on the Effective Date. Class 4 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. On the Effective Date, all currently issued and outstanding membership interests in the Debtor shall be extinguished, and new membership interests shall be issued to the same persons and in the same percentages that were Holders of membership interests on the Petition Date, if the Property is foreclosed, the Debtor or Reorganized Debtor may be dissolved in accordance with state law. The Debtor is seeking post-petition financing as a means of implementing the Plan. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. If Debtor is unable to obtain post-petition financing, the Plan contemplates the sale of substantially all of the Debtor's assets, consisting primarily of the Property, by private sale. The Debtor believes the proceeds from the sale of the Property will be sufficient to fund the Plan. A full-text copy of the Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=aPVteN from PacerMonitor.com at no charge. Attorneys for the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord St. Orlando, FL 32803 Phone: 407-894-6834 Fax: 407-894-8559 Primary E-mail: jeff@bransonlaw.com Secondary: tammy@bransonlaw.com lisa@bransonlaw.com About JJTA11 Real Properties LLC JJTA11 Real Properties, LLC is a single asset real estate company based in Jacksonville, Fla. JJTA11 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03677) on October 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. JOSEPH ALTIER: Seeks to Tap Steidl and Steinberg as Legal Counsel ----------------------------------------------------------------- Joseph Altier DC, PC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennyslvania to employ Steidl and Steinberg, PC to handle its Chapter 11 case. Christopher Frye, Esq., the primary attorney in this representation, will be paid at his hourly rate of $400, plus reimbursement. The firm received a retainer totaling of $7,500, inclusive of filing fee, from the Debtor. Mr. Frye disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. Steidl & Steinberg, PC Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Joseph Altier DC PC Joseph Altier DC, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23408) on December 18, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Christopher M. Frye, Esq., at Steidl & Steinberg, PC as counsel. KITCHEN MAN: Gets Extension to Access Cash Collateral ----------------------------------------------------- The Kitchen Man Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The sixth interim order authorized the Debtor to use cash collateral for its post-petition operating expenses as set forth in its budget, which projects total operational expenses of $179,039.41 for the period from January 18 to February 17. As adequate protection, secured creditors including NFS Capital, LLC, Pearl Delta Funding, LLC and Corporation Service Company, which hold UCC-1 liens, will receive replacement post-petition liens on the Debtor's property, receivables, and other assets. The immediate use of cash collateral is necessary to avoid irreparable harm and ensure continued operations, which generate the largest source of funds for creditors, according to the Debtor. The next hearing is set for February 4. About The Kitchen Man Inc. The Kitchen Man Inc. specializes in custom countertop installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18, 2025. In the petition signed by Chris Dabideen, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. LELAND HOUSE: Seeks to Sell Detroit Property at Auction ------------------------------------------------------- Leland House Limited Partnership Company seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and operated the Leland House, a 20-story Beaux-Arts Detroit landmark built in 1927 and located at 400 Bagley St., Detroit, Michigan. Adjacent to the Leland House is a parking lot operated by Debtor but owned by Schlussel Reilly, Inc. The Debtor seeks authorization to sell the Leland House and the Parking Lot. Debtor has Debtor-in-Possession loan funding that Debtor projects will support Debtor through the end of April or slightly longer. However, in an effort to minimize expenses and delay, and in consultation with Debtor’s brokers and advisors, Debtor is seeking approval of an auction sale to be conducted from March 9 – 11, 2026, with a closing to occur no later than early April. The Debtor has retained Savills, Inc. as its real estate brokers. The Debtor seeks to sell the Property, free and clear of liens, claims, and encumbrances. The Debtor also intends to employ the Ten-X auction platform to provide further marketing reach and increase the likelihood that Debtor's Auction will generate the highest and best possible bid for the Property. The Debtor seeks to approve the letter of intent agreement between the Debtor and Arkist LLC, including the proposed Bid Protections. The Debtor proposes to schedule the Auction on March 9 – 11, 2026 through the Auction Platform. The Debtor has developed the Bidding Procedures for the purpose of obtaining the highest and best offer for the Property within a reasonable time and at minimal expense. The Debtor proposes to sell the Property on the Ten-X Auction Platform, with global reach with wide industry acceptance. Using an on-line platform such as the Ten-X Auction Platform is designed to obtain the highest and best possible sale price for the Property. The Auction Platform and the reasons Debtor seeks authorization to sue the Platform are set forth in the memorandum prepared by Savills. Ten-X charges a buyer’s premium of three percent for use of the Auction Platform and related services. Offsetting this charge, Debtor has negotiated a contingency fee from Savills of 4% of the Sale proceeds, a discount from Savills usual fee of 6%. Debtor believes that use of the Auction Platform is in the best interests Debtor's estate and creditors and is the most effective method to market and sell the Property. Debtor proposes that the Sale of both properties be approved, with the Sale proceeds to be held by Debtor and equitably distributed after the Sale, subject to notice to all creditors and Court approval. Shortly after the Leland House lost electricity and before Debtor closed on its post-petition loan, Debtor sought out a stalking horse purchaser to help stabilize Debtor's bankruptcy case. The Stalking Horse jumped in quickly and provided a $3 million dollar offer for the Property. Debtor negotiated that offer up to the $3.5 million reflected in the Stalking Horse Agreement. As part of the negotiation process, the Stalking Horse requested Bid Protections. Debtor agreed to Bid Protections in the form of a break-up fee equal to 5% of the Stalking Horse Bid, plus up to $25,000 in reasonable and documented out-of-pocket expense reimbursements. Debtor believes that the benefit of the floor set by the Stalking Horse Bid and the certainty that there is a valuable sale in hand is worth the Bid Protections in the Stalking Horse Agreement. Based on Debtor's discussions with Savills and other brokers, and based on unsolicited inquiries Debtor has received, Debtor anticipates that the proposed Auction will result in an Sale price substantially greater than the Stalking Horse Bid, but the Stalking Horse Bid also works to increase in the market and sets a floor to reduce wasted time by Debtor and Debtor’s professionals from bottom feeders looking for fire-sale pricing. The Debtor proposes that all interests, claims, liens and encumbrances be transferred to the proceeds of the Sale to be divided according to the creditors' relative priorities. The Debtor proposes that all interests, claims, liens and encumbrances be transferred to the proceeds of the Sale to be divided according to the creditors' relative priorities. Debtor respectfully requests that this Court schedule a hearing to consider approval of the Sale shortly after the Auction closes on March 11, 2026. Debtor suggests that a hearing in the week of March 23, 2026 strikes the correct balance between a speedy hearing and sufficient notice to creditors and other parties-in-interest. About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Ryan D. Heilman, Esq., at Heilman Law, PLLC. LLSSGG LLC: Hires Goldberg Weprin Finkel Goldstein as Legal Counsel ------------------------------------------------------------------- LLSSGG LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Goldberg Weprin Finkel Goldstein LLP to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Partner $685 - $785 Associate $275 - $560 Prior to the Chapter 11 filing, the firm received a pre-petition retainer of $15,000 from the Debtor. Kevin Nash, a member at Goldberg Weprin Finkel Goldstein, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein, LLP 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212) 221-5700 About LLSSGG LLC LLSSGG LLC owns seven single- and multi-family residential properties located in Stamford and Milford, Connecticut. The portfolio includes properties at 12 and 14 Blackall Road in Milford, as well as 308 and 312 Greenwich Avenue, 114 Ludlow Street, 142-162 Ludlow Street, and 151-153 Spruce Street in Stamford. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73860) on October 6, 2025, with $10 million to $50 million in assets and liabilities. Michael Frattaroli, property manager, signed the petition. Judge Alan S. Trust presides over the case. Kevin Nash, Esq. at Goldberg Weprin Finkel Goldstein LLP represents the Debtor as counsel. LOCAL FIRST: To Sell Alaska Assets to Alaska First Media for $1.2MM ------------------------------------------------------------------- FTI Consulting Canada Inc., in its capacities as the court-appointed receiver and as authorized foreign representative of Local First Media Group Inc. and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Texarkana Division, to sell Alaska Assets, free and clear of all liens, claims, encumbrances and other interests. On October 16, 2025, the Receiver filed the First Report of the Receiver and the Application re Sales Process with the Canadian Court, seeking approval of a comprehensive marketing and sale process to be conducted through the Canadian Proceeding of all or substantially all of the Debtors’ assets, which primarily includes the operation of 17 regional radio stations (10 in Alaska and 7 in Texas), certain related real estate used specifically in the operations of the radio stations (comprising radio towers and office space); and a commercial building in Juneau, Alaska. The Debtors subject to the Canadian Proceeding and the Chapter 15 Cases operate their radio broadcast business primarily through owned real estate and associated improvements, including buildings and cell towers. The Sales Process Application sought entry of, inter alia, an order approving the Procedures for the Solicitation and Sale Process to solicit interest in, and opportunities for, a sale of all, or substantially all, of the property and/or business of the Debtors and an Asset Purchase Agreement (APA) between Alaska First Media Inc. (Stalking Horse Bidder) and the Receiver, dated October 16, 2025 he Receiver has determined, in the exercise of its sound business judgment, that consummation of the Sale and transactions set forth in the Stalking Horse APA will maximize the value of the Debtors’ Alaska assets subject to the Stalking Horse Bid and is in the best interests of creditors. Accordingly, the Foreign Representative seeks recognition of the Approval and Vesting Order and approval of the Stalking Horse APA. The Sale Procedures were intended to solicit interest in, and opportunities for, a sale of all, or substantially all, of the property and/or business of the Debtors. No objections to the entry of an order granting the requested relief was lodged at or before the October 23, 2025 hearing, and the Canadian Court entered the Sale Process Order. The Stalking Horse Bidder is purchasing the Alaska Assets for $1,280,797.59. The Sale to the Stalking Horse Bidder will result in most of the Debtors’ assets in Alaska being sold, and will also result in: (a) all Alaska employees of the Debtors being offered continued employment with the Stalking Horse Bidder; (b) substantially all of the Debtors’ Alaska customer, supplier, equipment, and other contracts being assumed; and (c) cure costs being paid by the Stalking Horse Bidder with respect to all assumed contracts in accordance with the Approval and Vesting Order. The Foreign Representative respectfully requests that this Court recognize and give effect to the Approval and Vesting Order and approve the sale of the Alaska Assets to the Stalking Horse Bidder. The Stalking Horse APA was negotiated without fraud or collusion, in good faith, and from an arm’s-length bargaining position between the Foreign Representative and the Stalking Horse Bidder. About Local First Media Group Inc. The Debtors consist of primarily Canadian-based companies that operate radio stations in the United States. Collectively, the seven entities own the radio stations, related equipment and personal property for their operation, as well as the real estate and associated improvements, including buildings and cell towers. Local First Media Group Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tx.) on May 13, 2025. The debtor affiliates are Local First Properties Inc., BTC USA Holdings Management Inc., Local First Properties USA Inc., Alaska Broadcast Communications, Inc., Broadcast 2 Podcast, Inc., and Frontier Media LLC. Judge Brenda T. Rhoades presides over the case. The Foreign Representative is FTI Canada Consulting, Inc., in its capacity as Court-appointed Receiver. The Foreign Representative's Counsel is Kristian W. Gluck, Esq., and Michael C. Berthiaume, Esq., at NORTON ROSE FULBRIGHT US LLP, in Dallas, Texas, and Steve A. Peirce, Esq., at NORTON ROSE FULBRIGHT US LLP, in San Antonio, Texas. LOVE CHAPEL: May 4 Claims Bar Date ---------------------------------- Love Chapel of Church of God in Christ commenced a voluntary Chapter 11 case on January 7, 2026, in the Northern District of California bankruptcy court. Court records show the Debtor has $100,001 to $1,000,000 in liabilities and between 1 and 49 creditors. The last day for submitting claims is on May 4, 2026. About Love Chapel of Church of God in Christ Love Chapel of Church of God in Christ operates is a Single Asset Real Estate corporation that owns a church property at 2693 Sutter Street in San Francisco, California. The property is valued at $1.6 million per a certified appraisal. The church filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30018) on January 7, 2026. Its bankruptcy schedules list assets ranging from $1 million to $10 million and liabilities of $100,001 to $1,000,000. Honorable Dennis Montali is presiding over the case. The Debtor is represented by Michael R. Totaro, Esq. of Totaro & Shanahan, LLP. LUCY COOPER'S: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On January 9, 2026, Lucy Cooper's, LLC filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Western District of Texas. Court records show the Debtor owes between $1 million and $10 million to 1-49 creditors. About Lucy Cooper's, LLC Lucy Cooper's, LLC is a limited liability company. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50088) on January 9, 2026. The bankruptcy filing lists estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Craig A. Gargotta presides over the case. The Debtor is represented by William R. Davis, Jr., of Langley & Banack, Inc LUMINAR TECHNOLOGIES: Quantum Computing Named Stalking Horse Bidder ------------------------------------------------------------------- Quantum Computing Inc., an innovative quantum optics and integrated photonics technology company, announced on Jan. 12, 2026, that, following its previously announced agreement to acquire Luminar Semiconductor, Inc., it has submitted a bid and has been selected as the stalking horse bidder for selected remaining assets of Luminar Technologies, Inc. This proposed transaction will be completed in connection with Luminar's ongoing Chapter 11 process and is subject to approval by the U.S. Bankruptcy Court and the completion of a court-supervised auction and sale process. Under the stalking horse agreement, QCi has agreed to serve as the initial bidder for the remaining Luminar assets at a purchase price of approximately $22 million, subject to higher or better offers received through the auction process and other customary terms and conditions. If approved, QCi expects the transaction to close in the first quarter of 2026. Luminar's LiDAR hardware and software platforms leverage a high-performance optical architecture designed for light detection in demanding applications. Together with the recently announced proposed acquisition of LSI, this transaction would expand QCi's presence across the photonics value chain, from photonic chip design and packaging to full system delivery and customer deployment. The proposed acquisition of Luminar would quickly extend QCi's photonics and quantum optics capabilities into deployed sensing systems and beyond. QCi would support Luminar's ongoing R&D efforts, sustain targeted product offerings, and maintain continuity across relevant customer programs and deployed systems. If completed, LSI and Luminar are expected to accelerate QCi's roadmap and support commercial operations through active customer programs and a base of deployed systems. The Company expects the acquired assets to contribute immediate revenue and expand QCi's operating footprint across product delivery, manufacturing support, and field deployment. QCi also plans to retain key technical, engineering and manufacturing teams, and continue investing in R&D, aligned with the Company's broader photonics and quantum technology strategy. "Being selected as the stalking horse bidder reflects our conviction in the strategic fit of these assets and our commitment to building a scaled photonics platform with real-world impact," said Yuping Huang, CEO and Chairman of the Board of QCi. "LSI strengthens our core photonics design, packaging, and manufacturing capabilities, while Luminar brings proven expertise in system integration, software, and scaling complex optical technologies into production. Together, these assets would accelerate our ability to commercialize advanced photonic platforms today while building the operational foundation required for future quantum sensing and emerging applications. If completed, the transaction is expected to bring a group of outstanding engineering and technical personnel to QCi, whose experience and expertise we believe would support the execution of our strategy and long-term growth objectives." Together, these proposed transactions are consistent with QCi's strategy to expand into future quantum sensing verticals by building scalable commercial platforms in adjacent sensing markets today. LiDAR applications share many of the system-level requirements expected in next-generation quantum optical technology, and QCi believes acquiring a deployed optical platform would accelerate its path from research to fielded systems by adding real-world performance feedback loops, integration and operational experience. This strategic foundation is intended to support QCi's long-term growth not only in quantum sensing, but also in computing, communication, and photonic AI areas. About Quantum Computing Inc. Quantum Computing Inc. (Nasdaq: QUBT) is an innovative, quantum optics and integrated photonics technology company that provides accessible and affordable quantum machines and foundry services for the production of photonic chips based on thin-film lithium niobate. QCi's products are designed to operate at room temperature and low power at an affordable cost. The Company's portfolio of core technologies and products offer unique capabilities in the areas of high-performance computing, artificial intelligence, and cybersecurity, as well as remote sensing applications. About Luminar Technologies, Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Wilson Sonsini Goodrich & Rosati Professional Corporation. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. MAIN STREET: Seeks Approval to Hire Wallace Law as Special Counsel ------------------------------------------------------------------ Main Street at Tuttle Royale, LLC and TLH-26 Giles, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Wallace Law as special counsel. The firm needs a special counsel for real estate transactions. Steven Wallace, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500 plus reimbursement for expenses incurred. Mr. Wallace disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven Wallace, Esq. Wallace Law 2500 Quantum Lakes Drive, #203 Boynton Beach, FL 33426 Telephone: (561) 400-3896 Email: wallacelaw1@me.com About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on September 23, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor tapped Bradley S. Shraiberg, Esq., at Shraiberg Page PA as bankruptcy counsel and Steven Wallace, Esq., at Wallace Law as special counsel. MARVIN GARDENS: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On January 7, 2026, Marvin Gardens Property LLC filed for Chapter 11 protection in the Eastern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Marvin Gardens Property LLC Marvin Gardens Property LLC is a privately held real estate investment and management company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20068) on January 7, 2026. In its petition, the Debtor reported estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Cyrus Zal, Esq., of Cyrus Zal, A Professional MARYLAND HEALTH: Seeks Approval to Tap Larry Strauss as Accountant ------------------------------------------------------------------ Maryland Health Alliance, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Larry Strauss, ESQ, CPA & Associates, Inc. as accountant. The firm will provide these services: (a) general accounting services; (b) tax services; (c) litigate support services; (d) report services; (e) audit services; (f) forensic services; (g) projections; (h) plan analysis; (i) preference and avoidance action analysis; (j) performance analysis; and (k) other accounting and consult services as may be required. The firm's professionals will be paid at these hourly rates: Partners $550 Managers $430 Supervisors $385 Seniors $310 Staff $185 The firm requested a retainer of $20,000 from the Debtor. Larry Strauss, CPA, the principal at Larry Strauss, ESQ, CPA & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Larry Strauss, CPA Larry Strauss, ESQ, CPA & Associates, Inc. 2310 Smith Ave. Baltimore, MD 21209 Telephone: (410) 484-2142 Facsimile: (443) 352-3282 Email: Larry@LarryStraussESQCPA.com About Maryland Health Alliance Inc. Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well-being, and holistic approaches to mental health within the communities it serves. Maryland Health Alliance Inc. in Greenbelt, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 25-19411) on Oct. 8, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Corey A. Williams, president, signed the petition. The Debtor tapped Steiner Law Group, LLC as counsel and Larry Strauss, ESQ, CPA & Associates, Inc. as accountant. MCMILLAN LOGGING: Updates Unsecured Claims Details -------------------------------------------------- McMillan Logging, Inc., submitted an Amended Plan of Reorganization dated January 8, 2026. This Plan of Reorganization proposes to pay creditors of the Debtor from the Debtor's continued operations. The President of the Debtor, James McMillan, will remain in that role postconfirmation. This Plan provides for the payment of four classes of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 5 consists of General Unsecured Claims. General Unsecured claims (total claim amounts reflected not the total dividend) held by creditors: John Deere Financial: $526,479.06; Cecil Hinson's Flint River Timber Co. of GA., Inc.: $0.00; Transit Safety: $3,779.46; John Paul McCoy: $1,596,993.73 (This claim may be reduced pursuant to a settlement reached in principle that has not yet received Bankruptcy Court approval.); Bank of America: $57,562.62; Beard Equipment Co.: $23,562.95; Chipola Ford: $4,066.55; Cintas Corporation: $1,134.35; and PowerPlan: $40,036.97. Class 5 Claimants shall receive a total dividend of $90,000.00 paid pro-rata amongst the creditors in this class. Installment payments (to be disbursed pro rata) in the amount of $4,500.00 shall commence on the fifteenth day of the month, on the first month that begins more than sixty days after the Effective Date and shall continue every ninety days thereafter for a total of twenty payments. Class 6 consists of Equity Security Holder James McMillan. Post confirmation, the equity security holder will continue to receive his salary. He will retain his ownership interest. The Debtor shall fund its Plan from its continued operations. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Amended Plan dated January 8, 2026 is available at https://urlcurt.com/u?l=IBFgSm from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40405) on Aug. 25, 2025. In its petition, the Debtor listed assets between $500,000 and $1 million and liabilities between $1 million and $10 million. The Debtor is represented by Byron W. Wright III, Esq., and Robert C. Bruner, Esq., at Bruner Wright, PA. MEADOWPOOL PROPERTIES: Taps Crane Simon Clar & Goodman as Counsel ----------------------------------------------------------------- Meadowpool Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Firm of Crane, Simon, Clar & Goodman as counsel. The firm's services include: (a) prepare necessary legal papers; (b) provide the Debtor with legal advice with respect to its rights and duties involving its property, as well as its reorganization efforts herein; (c) appear in court and litigate whenever necessary; and (d) perform any and all other legal services that may be required from time to time in the ordinary course during the administration of this bankruptcy case; Prior to the filing of this Chapter 11 case, and after applying pre-petition services provided by the firm, the firm was paid $22,244 as an advance payment retainer by the Debtor. Scott Clar, Esq., an attorney at Crane, Simon, Clar & Goodman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 Email: sclar@cranesimon.com About Meadowpool Properties LLC Meadowpool Properties, LLC is a single-asset real estate company, classified under 11 U.S.C. Section 101(51B), focusing on owning and managing a single property. Meadowpool Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18702) on December 5, 2025. In the petition signed by Michael Smylie, manager, the Debtor disclosed $2,702,000 in total assets and $2,739,275 in total liabilities. Judge Jacqueline P. Cox oversees the case. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel. MEGA BROADBAND: S&P Places 'B+' ICR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings placed all its ratings on U.S.-based internet and cable TV provider Mega Broadband Investments Intermediate I LLC (known as Vyve Broadband), including the 'B+' issuer credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch placement in the fourth quarter of 2026 when the proposed transaction closes, subject to regulatory approvals and other customary closing conditions." On Jan. 5, 2026, Cable One Inc. -- a significant minority shareholder in Vyve Broadband -- disclosed that it entered into a purchase agreement of the remaining 55% in company equity interests for an estimated $475 million-$495 million. S&P said, "Vyve's CreditWatch positive placement reflects expected alignment of the rating with that of Cable One's when the transaction closes. Our current rating of 'B+' incorporates the view that Cable One (BB-/Negative) has a strong interest in Vyve's strategic direction given the former company's board representation and its significant 45% stake in the latter. Upon completion of the acquisition, we would expect to equalize the rating with Cable One Inc., reflecting implied financial support from the new parent company as its wholly owned subsidiary. The purchase follows financial sponsor and co-investor GTCR LLC's exercise of an option contract held with its shares, an unconditional put giving it the right, but not the obligation, to sell the remaining equity interest. "Vyve's CreditWatch positive placement reflects expected alignment of the rating with that of Cable One's when the transaction closes and it becomes a wholly owned subsidiary. We expect to resolve the CreditWatch placement in the fourth quarter of 2026 when the proposed transaction closes, subject to regulatory approvals and other customary closing conditions, at which point we would equalize the rating with that of the acquirer. If the transaction does not complete or Cable One's rating is negatively impacted ahead of close, we will likely remove the ratings from CreditWatch and reassess our ratings on Vyve on a stand-alone basis." MOTO MINDS: Case Summary & 10 Unsecured Creditors ------------------------------------------------- Debtor: Moto Minds, LLC d/b/a Elite Powersports d/b/a Rocky Mountain Kawasaki 645 Frontage Road Longmont, CO 80501-6353 Business Description: Moto Minds, LLC, doing business as Elite Powersports and Rocky Mountain Kawasaki, operates a powersports dealership in Longmont, Colorado, selling and servicing recreational vehicles, including ATVs, motorcycles, personal watercraft, and related parts and accessories. The Company offers both new and pre-owned inventory across brands such as Can-Am, Sea-Doo, Kawasaki, CFMOTO, and Stark, and provides installation and maintenance services. It is family-owned and focuses on retail powersports sales and after-sales service. Chapter 11 Petition Date: January 12, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-10157 Judge: Hon. Michael E Romero Debtor's Counsel: Matthew T. Faga, Esq. MARKUS WILLIAMS LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Tel: (303) 830-0800 Email: mfaga@markuswilliams.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Amy N. Tuchschmidt as manager. A copy of the Debtor's list of 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q5NF4RY/Moto_Minds_LLC__cobke-26-10157__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QXDK6HQ/Moto_Minds_LLC__cobke-26-10157__0001.0.pdf?mcid=tGE4TAMA MR BUBBLES AURORA: Taps Matthews Real Estate Investment as Broker ----------------------------------------------------------------- Mr. Bubbles Aurora - 1, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Matthews Real Estate Investment Services, Inc. as real estate broker. The Debtor needs a broker to market and sell its property located at 2903 Kirk Rd., Aurora, Illinois. The firm will receive a commission of 4.5 percent of the property's purchase price. Matthew Fitzgerald, a licensed broker at Matthews Real Estate Investment Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Fitzgerald Matthews Real Estate Investment Services, Inc. 1600 West End Ave. Suite 1500 Nashville, TN 37203 About Mr. Bubbles Aurora-1 LLC Mr. Bubbles Aurora-1 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18469) on December 1, 2025. In the petition signed by Kyle Evans, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, represents the Debtor as counsel. N'JOY ENTERTAINMENT: Unsecureds Will Get 5.2% Dividend in 60 Months ------------------------------------------------------------------- N'Joy Entertainment Center, Inc., d/b/a N'Joy Family Cafe, filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated January 8, 2026. The Debtor is a corporation with a principal place of business at 2872 Coney Island Ave Brooklyn, NY 11235. Upon confirmation of the plan, the Debtor will continue business operations. The Debtor plans to offer a feasible plan of reorganization, providing treatment to all secured claims and administrative claims, and a pro-rated distribution to all unsecured undisputed claims and unsecured disputed claims which filed a proof of claim prior to the bar date established by court order. The plan will be funded from the funds accumulated on the Debtor's DIP account, from the date of the petition, as well as from continuing operating income and reorganized business operations of the Debtor. Class II consists of the general unsecured claims in the total amount of $602,037.76. This Class is impaired. * JPMorgan Chase Bank, N.A. with a claim amount of $14,665.05 shall receive 5.2% ($762.58) dividend to be payable by equal monthly installments in the amount of $12.70 within 60 months commencing on the effective date. * JPMorgan Chase Bank, N.A. with a claim amount of $18,946.56 shall receive 5.2% (933.22) dividend to be payable by equal monthly installments in the amount of $15.55 within 60 months commencing on the effective date. * U.S. Underwriters Insurance Company with a claim amount of $27,728.00 shall receive 5.2% ($1,441.85) dividend to be payable by equal monthly installments in the amount of $24.03 within 60 months commencing on the effective date. * U.S. Small Business Administration with a claim amount of $480,211.50 shall receive 5.2% ($24,970.99) dividend to be payable by equal monthly installments in the amount of $416.18 within 60 months commencing on the effective date. * Bank of America with a claim amount of $42,414.86 shall receive 5.2% (2,205.57) dividend to be payable by equal monthly installments in the amount of $36.75 within 60 months commencing on the effective date. * Con Edison with a claim amount of $18,071.79 shall receive 5.2% (939.73) dividend to be payable by equal monthly installments in the amount of $15.66 within 60 months commencing on the effective date. Class IV consists of equity interest holders. Madina Agaeva, the president, holds 100% of this corporation and shall retain her interest in the Debtor following confirmation, in consideration of a new value contribution, to be made by her as the equity holders toward the payment of general unsecured creditor claims. The Debtor's shareholder will contribute funds in installments over the life of the plan, on as needed basis, representing the principal's new value contribution. Madina Agaeva, as the Debtor's president and shareholder, will continue to be employed by the reorganized debtor. A full-text copy of the Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=ufvwEL from PacerMonitor.com at no charge. Counsel to the Debtor: Allan Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About N'Joy Entertainment Center N'Joy Entertainment Center, Inc., doing business as N'Joy Family Cafe, is a corporation with a principal place of business at 2872 Coney Island Ave Brooklyn, NY 11235. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41246) on Mar. 14, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped the Law Offices of Alla Kachan, PC as counsel and Estelle Miller as accountant. NEW AGE LEASING: Amends Several Secured Claims Pay -------------------------------------------------- New Age Leasing LLC submitted a Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated January 7, 2026. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Class 1(b) consists of Allowed Secured Claim of Summitbridge National Investments, VIII, LLC. The Debtor and Summitbridge have agreed that the collateral securing the SummitBridge Claim has a value of $3,500,000.00 and that the principal amount of Summitbridge's Allowed Secured Claim shall be $3,500,000.00. The full amount of the adequate protection payments through and including the payment due November 15, 2025, which adequate protection payments total $749,250.31, shall be applied to the principal amount of the Allowed Secured Claim, such that the opening principal balance of the Allowed Secured Claim as of the Effective Date shall be $2,750,749.69. The Allowed Secured Claim shall be paid in full plus interest at ten and one-half percent (10.5%) fixed, over a period of 42 months, with monthly payments based on a forty-two month amortization, which monthly amounts based on such amortization schedule shall be not less than $78,546.97 per month. Except as modified herein, the terms and conditions of the Loan Documents (as that term is defined in the SummitBridge Claim) shall remain in full force and effect. The Debtor and Summitbridge also have agreed to a standstill of the state court lawsuit against the guarantors styled SummitBridge National Investments VIII, LLC v. VL Trucking Express, Inc. et al., Cook County Circuit Court, Case No. 2025L003844 for so long as the Debtor is performing and not in default of the Plan treatment of the Allowed Secured Claim and/or the Loan Documents as modified herein, the guarantors have agreed to provide confessions of judgment for the unpaid amount of the SummitBridge Claim, and SummitBridge has agreed to release the guarantees upon full and indefeasible performance of the Plan treatment of the Allowed Secured Claim, with such agreement to be memorialized in a settlement agreement that is mutually acceptable to SummitBridge and the guarantors. The remainder of the SummitBridge Claim shall be allowed and paid as an Allowed Class 2 Claim in the amount of $905,780.19. Class 1(d) consists of Allowed Secured Claim of BMO Bank N.A. The Debtor maintains the value of Class 1(d)'s collateral is $209,000. The Debtor shall pay this amount (the "Allowed BMO Secured Claim") in full over a period of 60 months plus interest at the rate of Prime plus 2%. Estimated monthly payments to Class 1(d) are $4,338.50 per month. Adequate protection payments made to creditor will reduce the total Allowed Secured Claim. The remainder of the amount due to Class 1(d) shall be treated and paid as a Class 2 general unsecured claim. Class 1(e) consists of Allowed Secured Claim of Bank Midwest, a Division of NBH Bank. The Debtor and Bank Midwest agree that the value of the remaining collateral is $1,575,000 (the "Allowed Bank Midwest Secured Claim") which shall be paid in full plus interest at the rate of 9.5% over a period of 42 months. Monthly payments to Bank Midwest shall be $44,412.33 per month. Adequate protection and Plan payments will be applied per the terms of the underlying loan documents. Bank Midwest agrees to a standstill on all collection efforts against the guarantors provided that Plan payments are being timely made. The remainder of the amount due to Class 1(e) shall be treated and paid as a Class 2 general unsecured claim. Class 1(h) consists of Allowed Secured Claim of Equify Financial LLC. The Equify Claim shall be paid in full over a period of 60 months plus interest at the rate of non-default contract rate (9.118%). Estimated monthly payments to Class 1(h) are $3,317.62 per month. Adequate protection payments made to creditor will reduce the total Allowed Claim. In exchange for payment of the Equify Claim in full, Equify shall standstill on litigation against all guarantors of the Equify Claim provided that the Debtor is making timely payments under the Plan. Class 1(n) consists Allowed Secured Claim of Transportation Alliance Bank. The Debtor maintains the value of Class 1(n)'s remaining collateral is $185,000. The Debtor shall pay this amount (the "Allowed TAB Secured Claim") in full over a period of 60 months plus interest at the rate of Prime+2%. Estimated monthly payments to Class 1(n) are $3,840.30 per month. The remainder of the amount due to Class 1(n) shall be treated and paid as a Class 2 general unsecured claim. Like in the prior iteration of the Plan, General NonPriority Unsecured Claims in Class 2 shall be paid pro rata distributions of deferred cash payments aggregating $310,000 from (i) the General Unsecured Creditor Fund in the amount of $300,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $62,000 with the first installment due 6 months following the Effective Date (or June 30, 2026, whichever sooner) and $62,000 payable annually on June 30, 2027, 2028, 2029 and 2030. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non- Priority Claims will be from the continued operations of the Debtor in addition to the new equity contribution by the Debtor's principals. A full-text copy of the Third Amended Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=HVYrmn from PacerMonitor.com at no charge. New Age Leasing, LLC is represented by: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About New Age Leasing New Age Leasing, LLC was established in 2020 as an asset holding company to provide equipment to the operating companies, VL Trucking, Inc., and Ace Transportation. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on Dec. 16, 2024, listing under $1 million in both assets and liabilities. Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NEWBRIDGE ON THE CHARLES: Fitch Affirms BB+ on 2017 Revenue Bonds ----------------------------------------------------------------- Fitch Ratings has affirmed NewBridge on the Charles' (NewBridge) Issuer Default Rating (IDR) at 'BB+' and affirmed the 'BB+' rating on series 2017 revenue refunding bonds issued by the Massachusetts Development Finance Agency on behalf of NewBridge. The Rating Outlook is Stable. The 'BB+' rating reflects Newbridge's strong business profile but limited financial cushion. NewBridge demonstrates high occupancy and demand, and good operating performance, but elevated leverage. An upgrade will require sustained improvement in cash to debt while maintaining adequate facilities reinvestment and stable operations. Rating support is provided by NewBridge's location in a vibrant market area and high demand with average 2025 occupancy exceeding 95% across the care continuum. NewBridge's relationship with Hebrew Senior Life (HSL) provides access to management expertise and financial resources. HSL is an affiliate of Harvard Medical School and is the largest provider of senior healthcare and communities in New England. SECURITY The bonds are secured by a mortgage, and security interest in NewBridge's collateral, including a gross revenue pledge and debt service reserve fund. HSL is not obligated on the series 2017 bonds. KEY RATING DRIVERS Revenue Defensibility - 'a' High Occupancy; Favorable Market Position NewBridge's strong revenue defensibility reflects demand for its services, as shown by strong occupancy at all care levels. Demand is supported by NewBridge's relationship with HSL, attractive facilities, and favorable location that caters to a wealthy demographic. NewBridge maintains occupancy levels above 95% across independent living units (ILU), assisted living units (ALU), memory care, and skilled nursing, with an IL waitlist now exceeding 500 members, and average annual turnover of only 25 ILUs. Approximately 60% of residents choose a 50% refundable contract, while 30% opt for a 90% refundable contract. A new pricing strategy implemented in 2020 encourages 50% refundable contracts with the aim to reduce NewBridge's refund liability and increase its retained cash over time. Within the next three or four years that transition is expected to be complete. Annual entrance and monthly fee increases are regular, with pricing structured to be comparable on a rate of return basis across all contract types. Typically, 40%-50% of residents come from within the market area. In 2025, about 18% of new residents originated from outside Massachusetts. Operating Risk - 'bbb' Adequate Operations, Elevated Debt Burden NewBridge's operating risk highlights its predominantly type-C contract mix and robust overall performance, tempered by a high debt burden. NewBridge's adjusted net operating margin (NOMA) has averaged around 29% over the last five years. The net operating ratio is adequate at about 90% and Fitch expects it to remain below 100% throughout Fitch's five-year base case scenario. However, due to healthcare reimbursement pressures, management expects future results to be less robust than NewBridge achieved in FY 2025. Operating cash flow benefits from lease payments from Hebrew Rehabilitation Center, Inc. (HRC), where HSL is the sole corporate member. In fiscal 2025, lease payments totaled about $7.9 million, providing NewBridge with monthly rental payments equaling 100% of net revenues of the leased space after covering direct expenses. Healthcare center operations are bolstered by a significant private pay business (approximately 32% of net patient service revenues) and a strong history of contracts with MassHealth for Medicaid residents. In 2025, NewBridge reopened 18 SNF beds that had been taken off-line due to staffing constraints. Five-year capital spending remains modest averaging about 38% of depreciation, but is expected to rise as the building, now 17 years old, requires refurbishment and replacements. As ILUs turnover, management is refreshing the units with bathroom renovations, new appliances, fixtures, and lighting to maintain marketability. Annual capex over the next four to five years is projected at $15 million to $17 million and will include a dining renovation and new landscaping Total capital spending of around $300 million is planned over the next 20 years and is expected to be fully funded by new entrance fees. Financial Profile - 'bb' High Leverage; Adequate Liquidity and Coverage NewBridge's balance sheet is characterized by its high leverage but also adequate liquidity for the rating level. For FY 2025, cash to debt was approximately 31%, and debt to net available was 7.4x. Unrestricted cash and investments of $68 million equaled 270 days cash-on-hand, based on management's disclosure calculation. Maximum available debt service (MADS) coverage remains adequate at 2.3x (with 1.2x required). NewBridge has no immediate plans for debt issuance and there is currently no additional debt capacity at the rating level. Asymmetric Additional Risk Considerations No asymmetric additional risk considerations are relevant to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Sustained decline in ILU occupancy below 90%; -- Deterioration of cash to adjusted debt below current levels; -- Any breach of the 1.2x MADS coverage or 125 days cash on hand debt covenants. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Significant balance sheet improvement such that cash-to- adjusted debt stabilizes above 41% throughout Fitch's stress case scenario. PROFILE NewBridge is a life plan community (LPC) with 256 ILUs, 51 ALUs and 36 memory support units. NewBridge also includes a healthcare center with 268 skilled nursing beds. The healthcare center is leased by HRC, an affiliated entity of HSL. All facilities are located on a 162-acre campus in Dedham, MA, about 10 miles southwest of downtown Boston and just north and east of Route 128/I-95. NewBridge had total operating revenues of $61.4 million and total assets of $268 million in FY 2025. The financial analysis and figures cited in this release are for NewBridge only and do not include the health care center's revenues and expenses. The revenues and expenses of HRC's operations in the leased space are not reflected in NewBridge's financial statements, only earnings related to the lease agreement. NEWBURY POWER: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Newbury Power Center A-1, LP 2214 Liberty Avenue Pittsburgh, PA 15222 Business Description: Newbury Power Center A-1, LP's primary holding is a residential property located at 1263 Newbury Highland in Bridgeville, Pennsylvania. Chapter 11 Petition Date: January 4, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-20022 Judge: Hon. Gregory L Taddonio Debtor's Counsel: Paul J. Cordaro, Esq. CAMPBELL & LEVINE, LLC 310 Grant Street, Suite 1700 Pittsburgh, PA 15219 Tel: 412-261-0310 E-mail: pcordaro@camlev.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brett A. Malky as managing member of GP. The Debtor declared in the petition that it has no unsecured creditors that are unaffiliated. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WTZHNAA/Newbury_Power_Center_A-1_LP__pawbke-26-20022__0001.0.pdf?mcid=tGE4TAMA NEWTEKONE INC: Extends Exchange Offer to January 23 --------------------------------------------------- NewtekOne, Inc. announced on Jan. 12, 2026, that the expiration date with respect to its previously announced offer to exchange its outstanding 5.50% Notes due 2026 for an equal principal amount of newly issued 8.50% Fixed Rate Senior Notes due 2031, has been extended to January 23, 2026 in order to provide holders of Old Notes additional time to participate in the Exchange Offer and exchange their Old Notes for New Notes prior to the scheduled maturity of the Old Notes on February 1, 2026. The Exchange Offer will now expire at 5:00 p.m., Eastern time on January 23, 2026, unless extended or earlier terminated by NewtekOne. In order to be exchanged in the Exchange Offer, an Old Note must be validly tendered and not validly withdrawn at or prior to the Expiration Date and accepted by NewtekOne. The settlement date for the Exchange Offer will occur promptly following the Expiration Date, and is expected to be January 28, 2026. Because the Settlement Date for the Exchange Offer will now fall after the January 15, 2026 record date for the final interest payment on the Old Notes prior to the scheduled maturity of the Old Notes on February 1, 2026, any holder of Old Notes (whether or not exchanged in the Exchange Offer) as of such record date will receive this final interest payment; note, the first interest payment on the New Notes will be net of the amount of interest paid on the Old Notes from the Settlement Date to but excluding the February 1, 2026 interest payment date of the New Notes. All other terms of the Exchange Offer, other than the Expiration Date, which has been extended to give holders additional time to participate, including the conditions to its consummation, remain unchanged. Exchange Agent, Information Agent and Dealer Manager: U.S. Bank Trust Company, National Association is serving as the Exchange Agent for the Exchange Offer. Alliance Advisors is serving as Information Agent for the Exchange Offer. Lucid Capital Markets, LLC is serving as the Dealer Manager for the Exchange Offer. Requests for assistance, additional copies of the prospectus or the letter of transmittal, or questions regarding the procedures for tendering Old Notes should be directed to the Information Agent or the Exchange Agent using the contact information provided in the prospectus. About NewtekOne, Inc. NewtekOne(R), Your Business Solutions Company(R), is a financial holding company, which along with its bank and non-bank consolidated subsidiaries, provides a wide range of business and financial solutions under the Newtek(R) brand to independent business owners. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to independent business owners across all 50 states to help them grow their sales, control their expenses, and reduce their risk. NewtekOne's and its subsidiaries' business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Accounts Receivable Financing & Inventory Financing, Insurance Solutions and Payroll and Benefits Solutions. In addition, NewtekOne offers its clients the Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting and Web Services) provided by Intelligent Protection Management Corp. (IPM.com) Newtek(R), NewtekOne(R) , Newtek Bank(R) , National Association, Your Business Solutions Company(R), One Solution for All Your Business Needs(R) and Newtek Advantage(R) are registered trademarks of NewtekOne, Inc. NORCOLD LLC: Amends Unsecureds & Litigation Claims Details ---------------------------------------------------------- Norcold LLC submitted an Amended Disclosure Statement for the Amended Chapter 11 Plan of Liquidation dated January 8, 2026. On December 12, 2025, the Bankruptcy Court entered an order (the "Bid Procedures Order") approving the Bid Procedures Motion. Among other things, the Bid Procedures Order set (i) a deadline of January 15, 2026 as the deadline by which interested parties were required to submit bids and (ii) a hearing to consider approval of the Sale for January 28, 2026 at 2:00 p.m. On January 7, 2026, the Debtor filed a proposed form of order (the "Sale Order") approving the Sale to the Stalking Horse Purchaser. If the Debtor receives other bids, conducts an auction, and determines that another bid or bids are higher or otherwise better, the Debtor will revise the proposed form of order accordingly. The Debtor commenced this chapter 11 case to implement a sale of all or substantially all of its Assets. Accordingly, the Debtor engaged in extensive negotiations with its primary stakeholders and reached an agreement for Dave Carter & Associates, Inc. ("DCA") to serve as the "Stalking Horse Bidder," subject to higher or otherwise better bids received during the auction process. The Debtor has entered into a stalking horse asset purchase agreement with DCA pursuant to which DCA will purchase substantially all of the Debtor's assets, subject to higher and better offers. The Debtor will distribute the proceeds from the Sale and liquidate any assets excluded from the Sale in accordance with the priority scheme set forth in the Bankruptcy Code. The Plan also provides for, among other things: (a) the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Class 1 Other Priority Claims, and Allowed Class 2 Other Secured Claims in full, or otherwise renders such Claims Unimpaired, (b) the appointment of the Liquidating Trustee pursuant to the mechanics set forth in the Plan, and (c) the establishment of a Liquidating Trust to (i) administer claims and liquidate and distribute the Liquidating Trust Assets to the Holders of Allowed Class 4 General Unsecured Claims and Class 5 Litigation Claims, and (ii) wind down the Debtor. As set forth in the Plan, the Liquidating Trust Assets will vest in and be transferred to the Liquidating Trust on the Effective Date and include all property of the Debtor's Estate not transferred pursuant to the Sale or distributed to holders of Allowed Claims on the Effective Date, including, without limitation, the Sale Proceeds and the Retained Causes of Action; provided, however, that the following shall not constitute Liquidating Trust Assets: (i) the Debtor's Cash reserved for payment of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Claims, and Allowed Other Priority Claims and (ii) the Professional Fee Reserve. The Holders of Allowed Class 4 General Unsecured Claims and Allowed Class 5 Litigation Claims will be the beneficiaries of the Liquidating Trust and will receive their pro rata share of the Class 4 Liquidating Trust Interests and Class 5 Liquidating Trust Interests, as applicable, which Class 4 Liquidating Trust Interests and Class 5 Liquidating Trust Interests will entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidating Trust Assets. In connection with the wind-down of manufacturing operations, the Debtor sold the manufacturing facility located in Sidney, Ohio to a third-party for approximately $6.5 million. Additionally, a separate, smaller building located in Sidney, Ohio was sold to a third-party for approximately $500,000. The Debtor transferred certain of its remaining equipment and tooling components to its affiliate, Thetford B.V., at book value of $330,500. The Debtor also sold approximately $1.6 million of inventory to Thetford B.V. in 2023, the price of which was based on the lower of cost or market. When the changes in market conditions decreased the anticipated demand for Norcold products, in 2024, Thetford B.V. wrote off approximately $1.5 million associated with inventory acquired from the Debtor. The proceeds from the real estate and inventory/equipment sales were swept by Yosemite and primarily used to pay down intercompany payables owed by Norcold to its non-Debtor affiliates. The Debtor has and continues to maintain records of intercompany transfers and transactions, the Debtor's records as of the Petition Date reflect an approximate $2.8 million receivable due from Yosemite. Class 4 consists of all General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor or the Liquidating Trustee, as applicable, agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed General Unsecured Claim, each Holder thereof will receive its pro rata share of the Class 4 Liquidating Trust Interests, which Class 4 Liquidating Trust Interests shall entitle the holders thereof to receive their pro rata share of the distributable proceeds from the Liquidating Trust Assets. Class 4 is Impaired. The allowed unsecured claims total $4,000,000. To the extent a General Unsecured Claim is not assumed in connection with the Sale, the Debtor estimates such General Unsecured Claim will receive less than 2%. Class 5 consists of Litigation Claims. The Debtor believes that under certain circumstances Litigation Claims may receive a full distribution from proceeds available under applicable Insurance Policies. If a Litigation Claim does not satisfy the applicable retention amounts under an Insurance Policy, the Debtor estimates that such Litigation Claim will receive less than 2%. Subject in all respects to the provisions of the Plan concerning the Professional Fee Reserve, and except as otherwise provided for herein, the Debtor or the Liquidating Trustee (as applicable) shall fund distributions under the Plan from the Sale Proceeds, Cash on hand as of the Effective Date, and all other Liquidating Trust Assets. For the avoidance of doubt, if the Purchaser under the Sale is the Stalking Horse Purchaser, prior to Closing of the Sale, the Debtor shall fully draw the debtor-in-possession financing facility, and such Cash proceeds shall be used to fund distributions in accordance with the terms of this Plan. A full-text copy of the Amended Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=pRpv7i from PacerMonitor.com at no charge. Counsel to the Debtor: YOUNG CONAWAY STARGATT & TAYLOR, LLP Sean M. Beach, Esq. Matthew B. Lunn, Esq. Jared W. Kochenash, Esq. Daniel Trager, Esq. Roger L. Sharp, Esq. Rodney Square 1000 N. King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 E-mail: sbeach@ycst.com mlunn@ycst.com jkochenash@ycst.com dtrager@ycst.com rsharp@ycst.com About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on Nov. 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH SHORE: Seeks Approval to Hire Dumas & Kim as Legal Counsel ---------------------------------------------------------------- North Shore Poke Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Dumas & Kim, APC as counsel. The firm will render these services: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee; (b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless it is represented in such proceeding or hearing by other special counsel; (d) conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of the firm's expertise or which is beyond the firm's staffing capabilities; (e) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders; (f) represent the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral; (g) if appropriate, assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and (h) perform any other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: James Dumas, Jr., Attorney $550 Christian Kim, Attorney $430 Associate $320 Law Clerks $200 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtor paid a total of $15,000 as retainer payments to the firm for legal services in contemplation of and in connection with its Chapter 11 case. Mr. Dumas disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Dumas, Jr., Esq. Dumas & Kim, APC 915 Wilshire Boulevard, Suite 1775 Los Angeles, CA 90017 Telephone: (213) 368-5000 Facsimile: (213) 368-5009 Email: jdumas@dumas-law.com About North Shore Poke Co. Inc. North Shore Poke Co. Inc. specializes in fast-casual Hawaiian cuisine, with a focus on poke bowls. North Shore Poke Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-13413) on December 4, 2025. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by James A. Dumas, Jr., Esq., at Dumas & Kim, APC. NTG 392 WHITE: Seeks to Hire Balsley Losco Realty as Realtor ------------------------------------------------------------ NTG 392 White Horse, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Balsley Losco Realty as realtor. The Debtor needs a realtor to procure three tenants for its properties located at: (a) 897 12th Street, Hammonton, New Jersey; and (b) 6727 Delilah Road Property, Hammonton, New Jersey. The firm will receive a commission of 6 percent of base rent for first 12 months, 5 percent for next 12 months, 4 percent for next 12 months, 3 percent for each month thereafter for initial lease term. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Balsley Losco Realty 1630 New Road Northfield, NJ 08225 Telephone: (609) 646-3207 About NTG 392 White Horse NTG 392 White Horse, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21270) on Oct. 23, 2025. In the petition signed by Nicole Raso, managing member, the Debtor reported $2,920,000 in total assets and $11,053,654 in total liabilities. The Debtor is represented by John O'Boyle, Esq., at Norgaard O'Boyle & Hannon. OUT THE GATE: Committee Hires Dundon Advisors as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of Out The Gate, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon Advisers LLC as financial advisor. The firm will render these services: (a) serve as financial advisor to the committee; (b) assist in the analysis, review, and monitoring of the restructuring process; (c) develop a complete understanding of the Debtor's businesses and their valuations; (d) determine whether there are viable alternative paths for the disposition of the Debtor's assets from those currently or in the future proposed; (e) advise the committee on the marketing process of the Debtor's assets to any company; (f) assist in valuing any bids or term sheets received for the Debtor's assets; (g) monitor and, to the extend appropriate, assist the Debtor in efforts to develop and solicit transactions that would support unsecured creditor recovery; (h) assist the committee in identifying, valuing, and pursuing estate causes of action; (i) assist the committee to analyze, classify and address claims against the Debtor and to estimate (in any formal or informal sense) the different claims pools; (j) assist the committee to identify, preserve, value, and monetize tax assets of the Debtor, if any; (k) advise the committee in negotiations with the Debtor, certain of its lenders, and third parties; (l) analyze and review the Debtor's financial reports; (m) assist the committee in reviewing the Debtor's cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (n) review and provide analysis of debtor-in-possession financing, actual-budget variances, and liquidity; (o) assist the committee in evaluating and analyzing avoidance actions; (p) review and provide analysis of any proposed disclosure statement and Chapter 11 plan and, if appropriate, assist the committee in developing an alternative Chapter 11 plan; (q) attend meetings and assist in discussions with the committee, the Debtor, the secured lender, the U.S. Trustee and other parties in interest and professionals; (r) present at meetings of the committee, as well as meetings with other key stakeholders and parties; (s) provide testimony on behalf of the committee as and when may be deemed appropriate; and (t) perform other advisory services for the committee as may be necessary or proper in these proceedings. The hourly rates of the firm's professionals are as follows: Peter Hurwitz, Principal $1,090 Joshua Nahas, Managing Director $960 Christopher Podesfinski, Associate Director $650 Christopher Kazantzis, Associate $350 In addition, the firm will seek reimbursement for expenses incurred. Peter Hurwitz, principal at Dundon Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Hurwitz Dundon Advisors, LLC 10 Bank St. Suite 1100 White Plains, NY 10606 About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. On November 24, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Cole Schotz PC as counsel and Dundon Advisers LLC as financial advisor. OUT THE GATE: Committee Seeks to Hire Cole Schotz as Legal Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors appointed in the Chapter 11 case of Out The Gate, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Cole Schotz P.C. as counsel. The firm's services include: (a) serve as co-counsel to the committee; (b) provide legal advice with respect to the committee's powers, rights, duties and obligations in the Chapter 11 Cases; (c) assist and advise the committee in its consultations with the Debtors regarding the administration of the Chapter 11 Cases; (d) assist the committee reviewing and negotiating terms for unsecured creditors with respect to (i) debtor in possession financing and the use of cash collateral, (ii) sale of the Debtors' assets; (e) investigate the liens asserted by the Debtors’ lenders and any potential causes of action; (f) advise the committee on the corporate aspects of the Chapter 11 cases and any plan(s) or other means to effect the Debtors' liquidation that may be proposed in connection therewith and participation in the formulation of any such plan(s) or means of implementing the liquidation, as necessary; (g) take all necessary actions to protect and preserve the estates of the Debtors for the benefit of unsecured creditors, with the assistance of Kelley Drye; (h) prepare on behalf of the committee, with the assistance of Kelley Drye, all necessary motions, applications, complaints, answers, orders, reports, papers and other pleadings and filings in connection with its duties in the Chapter 11 Cases; (i) advise and represent the committee in hearings and other judicial proceedings in connection with all necessary motions, applications, objections and other pleadings and otherwise protecting the interests of those represented by the committee; and (j) perform all other legal services as may be required and authorized by the Committee that are in the best interests of unsecured creditors. G. David Dean, Esq., an attorney at Cole Schotz, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: G. David Dean, Esq. Cole Schotz P.C. 500 Delaware Avenue, Suite 600 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. On November 24, 2025, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Cole Schotz PC as counsel and Dundon Advisers LLC as financial advisor. PARK 54 RESTAURANT: Unsecureds Will Get 31% of Claims over 5 Years ------------------------------------------------------------------ Park 54 Restaurant Group LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Subchapter V Plan of Reorganization dated January 8, 2026. The Debtor, founded in 2021 by Tasha Hull, owns and operates a restaurant in Hyde Park, Massachusetts. Park 54 is inspired by the life and service of the men who served during the Civil War in the 54th Regiment, a volunteer infantry comprised of free Black American male soldiers. The regiment was established in Readville, now known as Hyde Park. The Debtor has significant obligations to the Massachusetts DOR for unpaid meals and withholding taxes. The Debtor also has significant obligations related to merchant cash advances that were used to fund its business, including the repayment of loan obligations to a former owner of the business. Prior to the Petition Date, the DOR had placed a hold on Debtor's operating accounts, and the merchant cash advance ("MCA") lenders had frozen the payment of receipts from certain credit card processors. The hold on the Debtor's operating accounts and the freezing of the credit card receipts were the precipitating factor in the Chapter 11 filing. The Plan is intended to allow the Debtor to remain in business. Under the Plan: (i) The Allowed Secured Claim of 325 LLC will be paid according to its terms; (ii) the Allowed Secured Claim of Dorchester Bay Neighborhood Business Loan Fund will be paid over a period of five years; (iii) the secured portion of the WebBank Claim will be paid over a period of five years; (iv) the Allowed Secured and Priority Claims of the Mass DOR will be paid over a period of five years; (v) the Allowed Priority Claims of the IRS and the Mass DUA will be paid over a period of five years; (vi) Allowed Administrative Claims will be paid over twelve months; and (vii) a dividend of approximately $243,000.00 will be paid to holders of Allowed General Unsecured Claims based on the net disposable income of the Debtor over a five year period. Class 3 is comprised of all holders of Allowed general unsecured claims against the Debtor. Based upon the proofs of claim that have been filed and the Debtor's Schedules, the Debtor estimates that there will be approximately $780,600.006 in Allowed Class 3 claims, including the unsecured Claims of the IRS and DOR, as well as the undersecured Claim of WebBank and the unsecured Claims of the MCA creditors. In full and complete settlement, satisfaction and release of all Allowed Class 3 Claims, each holder of an Allowed Class 3 Claim shall receive its pro rata share of all of the Debtor's projected net disposable income over the five-year period following the Effective Date. Based on the attached Budget, the Debtor projects that the total distribution to Class 3 Claimants will be approximately $243,000.00, or approximately thirty-one percent of such Allowed Class 3 Claims, to be paid in deferred cash payments over a period of 60 months from the Effective Date, with such deferred payments to be made in quarterly installments beginning at the end of the second quarter of 2026 (June 2026). Class 3 is impaired. Class 4 consists of Equity Interests. Equity interest holders of the Debtor shall receive no distribution under the Plan on account of such interests, but will retain unaltered the legal, equitable and contractual rights to which such interests were entitled as of the Petition Date, except to the extent such interests are altered under this Plan or the Confirmation Order, or by a prior Bankruptcy Court Order. As of the Petition Date, Tasha Hull was the only equity interest holder of the Debtor. Ms. Hull is the President of the Debtor, will continue in such capacity with respect to the reorganized Debtor and will continue to receive compensation consistent with her current compensation and in accordance with the Plan Budget. Class 4 is unimpaired. The Plan will be funded from the Debtor's future earnings and income. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other assets for all purposes provided for in the Plan and in its business operations, and to borrow funds and to transfer funds for any legitimate purpose. A full-text copy of the Subchapter V Plan dated January 8, 2026 is available at https://urlcurt.com/u?l=8sRpSC from PacerMonitor.com at no charge. Counsel to the Debtor: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Tel: (508) 543-0040 E-mail: madoff@mandkllp.com About Park 54 Restaurant Group Park 54 Restaurant Group, LLC, doing business as Park 54 Restaurant & Lounge, operates a full-service restaurant at 81 Fairmount Avenue in Hyde Park, Massachusetts, serving American, Southern, Caribbean, and soul cuisine with signature dishes such as chicken and waffles, shrimp and lobster grits, and Rasta pasta. The Company offers private event space through its upstairs "Oasis Room," accommodating up to 50 guests for gatherings including birthdays and repass services. Founded by Hyde Park resident Tasha Hull, Park 54 emphasizes a community-oriented dining experience inspired by the 54th Massachusetts Volunteer Infantry, the first African American regiment to serve in the Civil War. Park 54 Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12185) on October 10, 2025, with $627,265 in assets and $1,837,756 in liabilities. Tasha Hull, manager, signed the petition. Judge Christopher J. Panos presides over the case. David B. Madoff, Esq., at Madoff & Khoury, LLP represents the Debtor as legal counsel. R&R TRANSPORT: Claims to be Paid from Disposable Income ------------------------------------------------------- R&R Transport & Logistics, LLP and R&R Transport, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Small Business Plan of Reorganization under Subchapter V dated January 8, 2026. R&R Transport, Inc. d/b/a Corporate Delivery Systems ("R&R Transport") began operations in approximately 1990 as a courier company founded by Randy Russell and Ray Cantrell. At inception, Mr. Russell and Mr. Cantrell were partners in R&R Transport with ownership interests of 60% (Russell) and 40% (Cantrell). The Company initially focused on local courier services, handling small package deliveries for commercial customers. Over time, the business grew steadily as demand for transportation services increased. In addition to R&R Transport, the principals later formed R&R Logistics & Transport, LLP ("R&R Logistics"), in which Mr. Russell and Mr. Cantrell are equal 50/50 partners. Both R&R Transport and R&R Logistics perform transportation and delivery services for many of the same customers, and together they serve a broad base of approximately 300 customers across the United States. Because of the delinquent account receivable and the resulting strain on liquidity, the Debtors were unable to obtain additional traditional bank financing or a line of credit. To meet ongoing operating expenses, the Debtors were forced to utilize merchant cash advance loans. The extremely high repayment costs associated with those financing arrangements further strained cash flow and contributed to the need for these Subchapter V filings. The projected disposable income during the Plan Period is $1,709,063 to be paid in three annual distributions to general unsecured creditors of $500,000, $550,000 and $759,063 for a total of $1,709,063.00 (the "Disposable Income"). Class 3 consists of Allowed General Unsecured Claims of less than $2,000. Currently, there are two claims that the Debtors believe will be in this class, with claims totaling approximately $2,000. Holders of Allowed Class 3 Claims shall be paid in full by the Debtors no later than 30 days after the Effective Date. Class 4 consists of General Unsecured Trade Claims and Merchant Cash Advances. Currently there are thirty-five claims that the Debtors believes would be included in this class, with creditors asserting a claims of at least $1,360,703. Holders of Allowed Class 4 Claims shall be paid their pro-rata share of: * Disposable Income as it becomes available to the Debtors any time after the Effective Date of the Plan, at the discretion of the Debtors; or in three installments to be paid by the Debtors no later than the 1st, 2nd, and 3rd anniversary of the Effective Date. * Insurance Proceeds: 30 days after receipt of any insurance proceeds marshalled by the Debtors under applicable policies but only after all Class 4 Claims have been allowed, disallowed, or estimated for purpose of distribution. Class 5 consists of General Unsecured Claims (Not Included in Class 3 or Class 4). Currently there are two claims that the Debtors believes would be included in this class, which is the claim of Mr. Russell and Mr. Cantrell relating to the pre-petition loans to the Debtors. As of the Petition Date, the total amount of the Russell and Cantrell unsecured claim approximately $800,000.00. Holders of Allowed Class 5 Claims shall be paid their pro-rata share of: * Disposable Income -- (i) As it becomes available to the Debtors any time after the Effective Date of the Plan, at the discretion of the Debtors; or (ii) in three installments to be paid by the Debtors no later than the 1st, 2nd, and 3rd anniversary of the Effective Date. -- During the Plan Period but only after all Class 4 and Class 5 Claims have been allowed, disallowed, or estimated for purposes of distribution. The Debtors intend to continue streamlined, profitable operations and use future earnings to fund the Plan and satisfy creditor claims to the greatest extent possible. The Debtors are confident about the companies' future prospects and their ability to successfully reorganize under Chapter 11, Subchapter V. The Plan requires the Companies to make distributions of $500,000, $550,000 and $759,063 for the succeeding three years on the annual anniversary of the Effective Date. These total payments of $1,709,063.00 account for the projected disposable income. A full-text copy of the Plan of Reorganization dated January 8, 2026 is available at https://urlcurt.com/u?l=nWBfOX from PacerMonitor.com at no charge. Counsel to the Debtors: Richard L. Fuqua, Esq. Fuqua & Associates, P.C. 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: (713) 960-0277 Facsimile: (713) 960-1064 About R&R Transport & Logistics R&R Transport & Logistics, LLP provides courier, delivery, and logistics services specializing in the transportation of parcels and freight. It operates from Houston, Texas, serving clients across regional and interstate routes through its fleet of trucks and delivery vehicles. R&R Transport & Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36034) on October 9, 2025. In its petition, the Debtor reported total assets of $1,124,622 and total debts of $1,489,420. The Debtor is represented by Richard L. Fuqua, II, Esq., at Fuqua & Associates, P.C. RENEWAL REALTY: Hires Vela Wood Staley Young as Bankruptcy Counsel ------------------------------------------------------------------ Renewal Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Vela Wood Staley Young PC as counsel. The firm's services include: (a) advise the Debtor with respect to its rights, duties and powers in the Bankruptcy Case; (b) advise the Debtor regarding compliance with United States Trustee guidelines; (c) assist and advise the Debtor in its consultations with creditors and parties in interest relating to the administration of the Bankruptcy Case; (d) attend meetings and negotiate with representatives of creditors and other parties in interest; (e) assist and advise the Debtor as to its communications, if any, to the general creditor body regarding significant matters in the Bankruptcy Case; (f) represent the Debtor at all necessary hearings and other proceedings; (g) review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; (h) assist the Debtor in formulating a Plan and Disclosure Statement, engaging in negotiations regarding any Plan and Disclosure Statement, and prosecuting a Plan and Disclosure Statement to confirmation, if possible; (i) assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (j) perform such other legal services as may be required and are deemed to be in the interests of the Debtor in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at their 2026 hourly rates: Cleveland Burke, Partner $760 Kaitlyn Fletcher Ward, Attorney $580 Jordan Doyle, Attorney $580 Ngoc Do, Senior Paralegal $285 Greg and Jolina Walden, the Debtor's equity holders, through their company Pacifica Realty Group, immediately funded $30,000 of the retainer with non-Debtor funds. Mr. Burke disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cleveland R. Burke, Esq. Vela Wood Staley Young P.C. 1211 E. 4th Street, Suite 210 Austin, TX 78702 Telephone: (512) 813-7300 Email: cburke@velawood.com About Renewal Realty, LLC Renewal Realty, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-70171) on Oct. 7, 2025, listing up to $10 million in both assets and liabilities. Judge Shad M. Robinson oversees the case. Vela Wood Staley Young PC serves as the Debtor's legal counsel. RLB FOOD: To Sell Remnant Assets to Oak Point Partners ------------------------------------------------------ RLB Food Distributors LP seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell the remaining property of the Debtor's estate, consisting of known or unknown assets or claims, which have not been previously sold, assigned, or transferred, and the potential unknown assets might include unscheduled funds, overpayments, deposits, judgments, claims, or other payment rights that would accrue in the future (Remnant Assets). The Debtor wants to sell the Remnant Assets to Oak Point Partners, LLC in the purchase price of $5,000. Overbids must be submitted to counsel for the Debtor in accordance with the Bidding Procedures set forth in the Memorandum. The Debtor proposes to sell the Assets free and clear of liens, claims, interests, and encumbrances. About RLB Food Distributors RLB Food Distributors LP is a supplier of organic produce, fresh-cuts, deli items, cheese, chilled foods and other products related to the perishable food arena. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 24-12110) on Feb. 28, 2024. In the petition signed by Pat Mele III, executive VP, CFO, the Debtor disclosed $4,738,212 in assets and $5,432,706 in liabilities. Judge John K. Sherwood oversees the case. Donald W. Clarke, Esq., at Genova Burns, LLC, is the Debtor's legal counsel. ROCKY MOUNTAIN: ARM-D, Gloria Friscione Hold 16.1% Equity Stake --------------------------------------------------------------- ARM-D Rocky Mountain Chocolate Holdings LLC and Gloria Eugenia Perez-Jacome Friscione, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of December 18, 2025, they beneficially own 1,500,000 shares of common stock (directly held by ARM-D Rocky Mountain Chocolate Holdings LLC, of which Mrs. Perez-Jacome is the managing member; acquired pursuant to a securities purchase agreement at $1.80 per share for an aggregate $2,700,000 using working capital) of Rocky Mountain Chocolate Factory, Inc.'s common stock, par value $0.001 per share, representing 16.1% of the 9,300,508 shares outstanding (as provided by the Company upon closing of the Purchase Agreement). ARM-D Rocky Mountain Chocolate Holdings LLC may be reached through: Gloria Eugenia Perez-Jacome Friscione, Managing Member 2347 Biscayne Boulevard, Suite 108 Miami, FL 33137 Tel: 1-305-799-7443 A full-text copy of ARM-D Rocky Mountain Chocolate Holdings LLC's SEC report is available at: https://tinyurl.com/v52zsuc3 About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended February 29, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $22.25 million in total assets, $16.13 million in total liabilities, and a total stockholders' equity of $6.13 million. SAKS GLOBAL: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Saks Global Enterprises LLC 225 Liberty Street, 31st Floor New York, NY 10281 Business Description: Saks Global Enterprises LLC is a U.S.-based luxury retail conglomerate operating Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, Neiman Marcus Last Call, Bergdorf Goodman, and Horchow. The Company manages approximately 70 full-line luxury stores, additional off-price locations, and five distinct e-commerce platforms, combining multiple major luxury brands under a single corporate structure. Its portfolio includes ownership or ground leases of roughly 8.4 million square feet of U.S. retail real estate. Court: United States Bankruptcy Court Southern District of Texas Affiliates that filed Chapter 11 petitions on January 14, 2026: Debtor Case No. ------ -------- Saks Global Enterprises LLC (Lead Case) 26-90103 Saks Global Enterprises LLC 26-90103 GHBC Groupe Holdings, Inc. 26-90098 HBC US Propco Holdings LLC 26-90099 SFA Holdings Inc. 26-90100 Mercury Aggregator LP 26-90101 HBC I L.P. 26-90102 HBC IV L.P. 26-90104 Saks Fifth Avenue Holdings Inc. 26-90105 HBC GP LLC 26-90106 Mercury Aggregator Holdco LLC 26-90107 Saks Global Holdings LLC 26-90108 HBSFA Holdings Ltd. 26-90109 HBC GP IV LLC 26-90110 Saks OFF 5TH Holdings LLC 26-90111 Saks OFF 5TH Midco Partner Inc. 26-90112 Saks OFF 5TH LLC 26-90113 Luxury Outlets, USA LLC 26-90114 Affiliates that filed Chapter 11 petitions on January 13, 2026: Debtor Case No. ------ -------- NEMA Beverage Corporation 26-90002 Saks Fifth Avenue HoldCo II LLC 26-90003 12 East 49th Street LLC 26-90004 NEMA Beverage Holding Corporation 26-90005 NEMA Beverage Parent Corporation 26-90006 Neiman Marcus Global Technology Services Private Ltd 26-90007 NMG Texas Salon LLC 26-90008 Saks Global Investor L.P. 26-90009 NMG Global Mobility, Inc. 26-90010 Cafe Beverly Hills SFA LLC 26-90011 SWD Westfield I Urban Renewal LLC 26-90012 YF Greenwich LLC 26-90013 Cafe Beverly SFA Trust 26-90014 NM Financial Services, Inc. 26-90015 Neiman Marcus Bermuda L.P. 26-90016 SaksWorks Bellevue LLC 26-90017 SWD Westfield II Urban Renewal LLC 26-90018 York Factory LLC 26-90019 NM Bermuda, LLC 26-90020 HBC Steele LLC 26-90021 NMG Interco LLC 26-90022 SWD Westfield III Urban Renewal LLC 26-90023 The Wellery MSO LLC 26-90024 Saks.com International Holdings LLC 26-90025 Saks Fifth Avenue Real Property LLC 26-90026 Bergdorf Graphics, Inc. 26-90027 The Wellery LLC 26-90028 SWD Westfield IV Urban Renewal LLC 26-90029 Cafe SFA-Minneapolis, LLC 26-90030 Saks Cloud Services LLC 26-90031 The Wellery Holdings LLC 26-90032 SWD Westfield V Urban Renewal LLC 26-90033 The Restaurant at Saks Fifth Avenue Corporation 26-90034 Bergdorf Goodman LLC 26-90035 SW International Holdings LLC 26-90036 Saks.com LLC 26-90037 SWD Westfield VI Urban Renewal LLC 26-90038 NMG Florida Salon LLC 26-90039 Sixth Floor Restaurant at SFA LLC 26-90040 Saks Direct, LLC 26-90041 SWD Westfield VII Urban Renewal LLC 26-90042 Saks.com Midco Partner Inc. 26-90043 NMG Salons LLC 26-90044 Fifth Floor Restaurant at SFA LLC 26-90045 NMG California Salon LLC 26-90046 SWD Westfield VIII Urban Renewal LLC 26-90047 Saks.com Holdings LLC 26-90048 Club Libby Lu, Inc. 26-90049 NMG Term Loan PropCo LLC 26-90050 SW Westfield LLC 26-90051 GHBC Groupe, Inc. 26-90052 Saks Partner Inc. 26-90053 Saks Richmond Real Property LLC 26-90054 NMG Notes PropCo LLC 26-90055 SW Beverly Hills LLC 26-90056 Saks Columbus Real Property LLC 26-90057 GHBC Shared Services, Inc. 26-90058 HBC Digital Holdings Inc. 26-90059 NMGP, LLC 26-90060 Street-Works Development LLC 26-90061 GHBC City, Inc. 26-90062 GGI Realty Services, Inc. 26-90063 Saks Manhattan (Blocker) Holdings L.P. 26-90064 HBC Sterling Heights LLC 26-90065 HBC Wilkes-Barre LLC 26-90066 NMG Salon Holdings LLC 26-90067 HBC Digital LLC 26-90068 HBC Victor LLC 26-90069 Saks Fifth Avenue LLC 26-90070 LT 424 LLC 26-90071 HBC Sterling LLC 26-90072 Merchandise Credit, LLC 26-90073 HBC Woodbridge LLC 26-90074 SCCA Store Holdings Real Property LLC 26-90075 The Neiman Marcus Group LLC 26-90076 Saks & Company Real Property LLC 26-90077 HBC Gaithersburg LLC 26-90078 SCCA Leasehold LLC 26-90079 Saks (Cayman) Manhattan Blocker Inc. 26-90080 NMG Holding Company, Inc. 26-90081 LT Propco LLC 26-90082 Saks & Company LLC 26-90083 Black Caviar LLC 26-90084 NMG Intermediate LLC 26-90085 Saks (EU) Manhattan Blocker Inc. 26-90086 LT Parent Propco LLC 26-90087 Nonsuch LLC 26-90088 NMG Parent LLC 26-90089 Saks Fifth Avenue Puerto Rico, Inc. 26-90090 HBS Leasehold LLC 26-90091 Saks Global Investments Inc. 26-90092 Creative Design Studios, LLC 26-90093 HG Property Holdings LLC 26-90094 HBC Garden City Leasehold LLC 26-90095 SGUS LLC 26-90096 Saks Fifth Avenue HoldCo LLC 26-90097 Judge: Hon. Alfredo R. Perez Debtors' Texas Bankruptcy Counsel: Kelli Stephenson Norfleet, Esq. Kenric D. Kattner, Esq. Arsalan Muhammad, Esq. Kourtney P. Lyda, Esq. David Trausch, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston, TX 77010 Tel: (713) 547 2000 Fax: (713) 547 2600 Email: kelli.norfleet@haynesboone.com kenric.kattner@haynesboone.com arsalan.muhammad@haynesboone.com kourtney.lyda@haynesboone.com david.trausch@haynesboone.com Debtors' General Bankruptcy Counsel: Debra M. Sinclair, Esq. Robin Spigel, Esq. Allyson B. Smith, Esq. Betsy L. Feldman, Esq. Jessica D. Graber, Esq. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, NY 10019 Tel: (212) 728-8000 Fax: (212) 728-8111 Email: dsinclair@willkie.com rspigel@willkie.com absmith@willkie.com bfeldman@willkie.com jgraber@willkie.com AND Jennifer J. Hardy, Esq. 600 Travis Street Houston, TX 77002 Tel: (713) 510-1766 Fax: (713) 510-1799 Email: jhardy2@willkie.com AND Ryan Blaine Bennett, Esq. 300 North LaSalle Drive Chicago, IL 60654 Tel: (312) 728-9123 Fax: (312) 728-9199 Email: rbennett@willkie.com Debtors' Financial Advisor: BERKELEY RESEARCH GROUP, LLC Debtors' Investment Banker: PJT PARTNERS, INC. Debtors' Notices, Claims, Solicitation & Balloting Agent & Administrative Advisor: STRETTO, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Mark Weinsten as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D4XMGNA/Saks_Global_Enterprises_LLC__txsbke-26-90103__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Chanel Limited Trade $136,035,123 9 W 57th St 44th Floor New York, NY 10019 USA Yuti Dave Tel: (212) 688-5055 Email: yuti.dave@chanel.com 2. Kering S.A. Trade $59,930,064 150 Totowa Rd Wayne, NJ 07470 USA Eliana Ochoa Tel: (201) 553-6947 Email: eliana.ochoa@kering.com 3. Rosen-X Trade $41,444,526 450 West 14th Street 5th Floor New York, NY 10014 USA Husein Jafferjee Tel: 1 (800) 401-8211 Email: husein@aliceandolivia.com 4. Capri Holdings Limited Trade $33,335,392 11 W 42nd St New York, NY 10036 USA Michael Bavosi Tel: (312) 600-4366 Email: Michael.Bavosi@CapriHoldings.com 5. Mayhoola LLC Trade $33,212,828 11 West 42nd Street 26th Floor New York, NY 10036 USA Mayte Saez-Sanchez Tel: (212) 997-8100 Email: Mayte.saezsanchez@valentino.com 6. PwC Professional $30,879,228 300 Madison Avenue Services New York, NY 10017 USA jeffrey Coseo Tel: (646) 471-3000 Email: jeffrey.coseo@pwc.com 7. Compagnie Financiere Richemont SA Trade $30,080,952 645 5th Ave 5th Floor New York, NY 10022 USA Bella Brown Tel: (212) 753-0111 Email: bella.brown@richemont.com 8. Ermenegildo Zegna N.V. Trade $26,316,643 100 W Forest Ave Englewood, NJ 07631 USA John Marshall Tel: (201) 816-0921 Email: John.Marshall@zegna.com 9. LVMH Moet Hennessy Louis Vuitton SE Trade $25,986,874 19 East 57th Street New York, NY 10022 USA Jill Pemberton Tel: (212) 931-2700 Email: jill.pemberton@lvmh.com 10. Akris Inc. Trade $23,113,721 835 Madison Avenue Suite 1500 New York, NY 10021 USA Robert Schober Tel: (212) 717-1170 Email: robert.schober@akris.com 11. Beiersdorf AG Trade $22,207,231 301 Tresser Blvd Stamford, CT 06901 USA Emilie Bosson Tel: (203) 563-5800 Email: Emilie.Bosson@laprairie.com 12. Fine Fragrances Trade $21,615,292 Distribution LLC 1090 King Georges Post Rd. Suite 505 Edison, NJ 08837 Thomas Wholey Tel: (917) 562-8377 Email: Thomas.Wholey@artessencegroup.com 13. Christian Louboutin Trade $21,584,132 1165 Broadway New York, NY 10001 USA Aoussam Burgevin Tel: (212) 940-2501 Email: a.burgevin@us.christianlouboutin.com 14. Brunello Cucinelli S.P.A. Trade $21,287,321 466 Saw Mill River Rd 6th Floor Ardsley, NY 10502 USA Philippe Lesage Tel: +1 (845) 363-6273 Email: plesage@brunellocucinelli.com 15. Europerfumes Trade $17,337,434 60 Honeck Street Englewood, NJ 07631 USA Marisa Auciello Tel: (201) 568-6883 Email: Marisa@europarfum.com 16. G-III Apparel Group, Ltd. Trade $16,723,668 512 7th Avenue New York, NY 10018 USA Joanne Mayer Tel: (212) 403-0500 Email: joanne.mayer@g-iii.com 17. The Estee Lauder Companies Inc. Trade $15,960,514 767 5th Avenue New York, NY 10153 USA Carl Caputo Tel: (212) 572-4200 Email: ccaputo@estee.com 18. Puig Brands S.A. Trade $12,061,246 45 Rockefeller Plaza 33rd Floor New York, NY 10111 USA Sergio Sainz Tel: +34 934007000 Email: sergio.sainz@puig.com 19. Meta Platforms, Inc. Trade $11,986,081 1 Meta Way Menlo Park, CA 94025 USA Flavia Cuervo Tel: (650) 853-1300 Email: fcuervo@meta.com 20. David Yurman, Inc. Trade $11,494,393 200 Hudson Street New York, NY 10013 USA Chris Clipper Tel: (973) 902-5575 Email: chris.clipper@davidyurman.com 21. B.H. Multi Com Corp. Trade $11,227,389 15 W 46th Street 10th Floor New York, NY 10036 USA Kamyar Livim Tel: (212) 944-0020 Email: Kamyar@effygroup.com 22. S Rothschild and Company Trade $10,837,928 1407 Broadway 10th Floor New York, NY 10018 USA Cathy Meyer Tel: (212) 403-3500 Email: Catherinem@SRothschild.com 23. Giorgio Armani S.P.A. Trade $10,790,038 335 Madison Avenue Suite 436 New York, NY 10017 USA Tom Chan Tel: (212) 988-9191 Email: TChan@giorgioarmani.com 24. Roberto Coin S.P.A. Trade $9,762,646 579 Fifth Avenue 20th Floor New York, NY 10017 USA Peter Webster Tel: (212) 486-4545 Email: pwebster@coinusa.com 25. Google LLC Trade $9,644,781 1600 Amphitheatre Parkway 32nd Floor Mountain View, CA 94043 USA Katie Ilaria Tel: +1 650-253-0000 Email: katieilaria@google.com 26. Sisley Trade $9,569,927 7 Renaissance Square White Plains 3rd Floor New York, NY 10601 USA James Maki Tel: +1 (914) 428-2000 Email: james.maki@sisley.fr 27. Burberry Group plc Trade $9,531,339 444 Madison Avenue New York, NY 10022 USA Sarah Lubas Tel: (212) 707-6700 Email: sarah.lubas@burberry.com 28. Centric Brands LLC Trade $9,468,135 350 5th Avenue New York, NY 10118 USA Mike Rinaldo Tel: (646) 582-6000 Email: MRinaldo@centricbrands.com 29. Dolce & Gabbana S.r.l Trade $9,192,073 546 5th Avenue New York, NY 10036 USA Ruggero Caterini Tel: (212) 897-9653 Email: Ruggero.Caterini@dolcegabbana.it 30. Vince Holding Corp. Trade $9,084,332 500 Fifth Avenue New York, NY 10110 USA Jill Norton Tel: (323) 421-5980 Email: JNorton@vince.com SAKS GLOBAL: Files for Chapter 11 to Advance Transformation ----------------------------------------------------------- Saks Global Enterprises LLC and 112 affiliated debtors sought Chapter 11 bankruptcy protection after gaining support from key financial stakeholders. In a statement announcing its "transformative financial transaction", Saks said it has secured a financing commitment of approximately $1.75 billion, comprising $1.5 billion from an ad hoc group of the Company's senior secured bondholders (the "Ad Hoc Group") and approximately $240 million of incremental liquidity from the Company's asset-based lenders. This financing package will strengthen the Company's balance sheet and position it for a strong and stable future while it continues to provide customers with unparalleled multi-brand luxury shopping experiences. In addition, Saks Global announced the appointment of Geoffroy van Raemdonck as Chief Executive Officer, effective immediately. With support from its key financial stakeholders, Saks Global has commenced voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate its ongoing transformation. Stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow are open to provide customers with exceptional products, elevated luxury experiences and highly personalized service. Leadership Transition Van Raemdonck, who previously served as CEO of Neiman Marcus Group prior to its acquisition by Saks Global in 2024, succeeds Richard Baker, who stepped down from his role as Executive Chairman and CEO of Saks Global, effective January 13. Van Raemdonck joins Saks Global's Chief Financial Officer Brandy Richardson, who served as CFO alongside him at Neiman Marcus Group. Van Raemdonck is expanding Saks Global's senior leadership team, appointing industry veterans and former Neiman Marcus Group leaders to join the Company on this journey. Darcy Penick has been named President, Chief Commercial Officer, Saks Global, overseeing Stores, Marketing, Buying, Digital, Analytics and Customer Care. Lana Todorovich has been named Chief of Global Brand Partnerships, Saks Global, leading the luxury retailer's efforts with brand partners at an enterprise level. "This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future," said van Raemdonck. "In close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands. I look forward to serving as CEO and continuing to transform the Company so that Saks Global continues to play a central role in shaping the future of luxury retail." Van Raemdonck is an accomplished luxury retail veteran who brings deep relationships and decades of experience leading global consumer brands and retail organizations through complex transformations. Throughout his career, he has served in key leadership roles at iconic brands including Louis Vuitton and Ralph Lauren. "Geoffroy has a proven track record driving transformative growth at Neiman Marcus Group and other brands, building trusted relationships within these organizations and throughout the industry. His leadership will help advance the Company's focus on stability and long-term value creation," said Paul Aronzon, Member of Saks Global's Board of Directors. "We also want to thank Richard, who was a visionary leader during his tenure at Saks Global. We are grateful for his contributions and wish him continued success in the future." Path Forward As part of the chapter 11 process, the Company is evaluating its operational footprint to invest resources where it has the greatest long-term potential. This approach reflects an effort to focus the business in areas where the Company's luxury retail brands are best positioned for sustainable growth. Saks Global is seeking relief through a number of customary "first day" motions with the Court to facilitate a smooth transition into chapter 11 and operate in the ordinary course. These motions, which Saks Global expects to be approved in short order, include requests to honor all customer programs, make go-forward payments to vendors, and continue employee payroll and benefits. Upon court approval, the $1 billion of debtor-in-possession financing from the Ad Hoc Group will provide ample liquidity to fund Saks Global's operations and turnaround initiatives. The Ad Hoc Group has also committed $500 million of financing to be available to the Company upon emergence, which is expected later this year. Throughout this process, Saks Global will remain focused on what has always defined the company: exceptional brands, trusted relationships and an unwavering commitment to its loyal customers. Additional information regarding the chapter 11 process is available at https://cases.stretto.com/Saks. Vendors with questions can contact the Company's claims agent, Stretto, by calling (833) 232-5246 (U.S. / Canada) or +1 (949) 373-7589 (International) or emailing SaksInquiries@Stretto.com. About Saks Global Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026 and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Pérez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the Ad Hoc Group.  SAKS GLOBAL: Willkie Advising Luxury Retailer in Restructuring -------------------------------------------------------------- Willkie Farr & Gallagher LLP is representing Saks Global Holdings LLC, a leading luxury retail company, in its chapter 11 restructuring and a related $1.75 billion financing package. The Willkie team is led by partners Gregory Astrachan, Matthew Feldman, Debra Sinclair, Robin Spigel and Charlotta Chung. Haynes and Boone, LLP is also serving as legal counsel to Saks. PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the Ad Hoc Group.  About Saks Global Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026 and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Frères & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as strategic communications advisor to the Ad Hoc Group.  SENSEONICS HOLDINGS: Acquires U.S. Eversense Assets From Ascensia ----------------------------------------------------------------- Senseonics Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and Senseonics, Incorporated, a wholly-owned subsidiary of the Company, entered into a Master Asset Purchase Agreement with seller Ascensia Diabetes Care Holdings AG, pursuant to which, among other things, they agreed to acquire Seller's and as applicable, Seller's affiliates', right, title and interest in and to certain assets related Seller's marketing, selling and distribution of the Eversense(R) product in the United States. Pursuant to the terms of the Master Asset Purchase Agreement, the Purchasers agreed to assume certain liabilities and obligations associated with the U.S. Purchased Assets, including, but not limited to, certain liabilities under the contracts transferred to the Purchasers under the Master Asset Purchase Agreement, liabilities arising out of the use or ownership of the transferred assets after the closing, and liabilities and obligations arising from certain employees whose employment is transferred to Senseonics Inc. pursuant to new employment letter agreements with Senseonics Inc. The U.S. Asset Purchase closed on January 1, 2026. Subject to the terms and conditions of the Master Asset Purchase Agreement, as well as the negotiation and execution of local asset purchase agreements by the Seller and the Purchasers, the Purchasers and/or their affiliates intend to acquire certain additional assets related to Seller's commercial Eversense CGM activities in Italy, Germany, Spain and Sweden and in connection therewith will agree to assume certain liabilities and obligations associated with the European Purchased Assets. The European Asset Purchases remain subject to further negotiation and the execution of Local Purchase Agreements to be entered into by Seller and/or its affiliates and the Purchasers and/or their respective affiliates, which the parties will use commercially reasonable efforts to conclude in January 2026. The closing of each of the European Asset Purchases will be subject to the terms and conditions set forth in the Master Asset Purchase Agreement and the Local Purchase Agreements to be entered into between the parties, and would be expected to close on or before June 30, 2026. Pursuant to the Master Asset Purchase Agreement, in conjunction with the U.S. Closing, the Purchasers will pay the Seller an aggregate cash payment of approximately $1.1 million, which primarily represents the Reference Balance Sheet Value (as defined in the Master Asset Purchase Agreement) of the acquired U.S. Purchased Assets (consisting of items such as inventory, pre-paid software licenses, and the asset value of certain car leases), subject to certain post-closing purchase price adjustments as set forth in the Master Asset Purchase Agreement. With respect to the European Closings, it is expected that the Purchasers will make a cash payment under each Local Purchase Agreement of the respective Reference Balance Sheet Value based on the acquired European Purchased Assets, which are primarily expected to consist of inventory. The Master Asset Purchase Agreement contains customary representations, warranties, conditions and covenants, including covenants: (i) concerning the conduct of business by the Seller prior to the Closings and (ii) prohibiting the Seller and its representatives from soliciting or encouraging any other acquisition inquiry, proposal or offer and indemnification by each of the parties. In addition, the Seller and the Purchaser Parties have agreed to reasonably cooperate with each other and use (and shall cause their respective affiliates to use) their respective reasonable best efforts to take or cause to be taken all actions, and to do or cause to be done all things, reasonably necessary to consummate the transactions contemplated by the Master Asset Purchase Agreement, including, after Local Purchase Agreements are executed, the European Asset Purchases. Each party's obligation to consummate the transactions contemplated by the Master Asset Purchase Agreement is conditioned upon certain closing conditions, including the accuracy of the other party's representations and warranties as of the Closings, subject, in certain instances, to certain materiality and other thresholds, the performance by the other party of its obligations and covenants under the Master Asset Purchase Agreement in all material respects, the absence of material adverse events and the absence of any injunction or other legal prohibitions preventing consummation of the transactions contemplated by the Master Asset Purchase Agreement and such conditions shall apply to the European Closings. In addition, the European Closings are expected to be subject to closing conditions required by the Local Purchase Agreements, which are anticipated to include without limitation certain regulatory clearances, consents or non-objection with respect to the transfer of tender contracts, and the conclusion required labor and employment processes. Amended and Restated Collaboration and Commercialization Agreement: In connection with entering into the Master Asset Purchase Agreement, Senseonics Inc. and the Seller entered into an Amended and Restated Collaboration and Commercialization Agreement on the Execution Date, which amended and restated that certain Collaboration and Commercialization Agreement, dated August 9, 2020, between Senseonics Inc. and the Seller, as amended to date. Pursuant to the A&R Collaboration Agreement, the Seller's right to market Eversense products in the U.S. have been terminated and the rights in the European Territories have been made non-exclusive. In order to support the orderly transition of the business pending the European Closings and the transfer of tender contracts in certain European Territories the Seller has agreed to continue to sell and market the Eversense product in the European Territories in a manner consistent with the A&R Collaboration Agreement and agreed upon performance standards. These rights and obligations apply from January 1, 2026 until the later of January 1, 2027, the transfer of all tender contracts, or the wind down of certain other commercial activities. Following the U.S. Closing, the Seller has no further rights to revenues from the sale of Eversense products in the U.S. Pursuant to the A&R Collaboration Agreement, effective January 1, 2026, Senseonics, Inc. will be entitled to 100% of the revenues derived from the sale of Eversense products in the European Territories. Senseonics will pay for certain transition services, and certain other costs, to maintain and achieve the orderly transition of the commercial operations in the European Territories. In conjunction with the execution of the Master Asset Purchase Agreement, and the A&R Collaboration Agreement, each party has agreed to certain indemnification obligations and limitations, as well a mutual release of the other party's direct obligations relating to the transactions contemplated by the Agreements, subject to certain exceptions. In connection with the execution of the Master Asset Purchase Agreement and Koichiro Sato's resignation from the board of directors of the Company, as described in Item 5.02 of this report, PHC Holdings Corporation, the parent company of the Seller, has advised the Company that it will not effect any transactions in the securities of the Company during the twelve month period ending December 31, 2026. The foregoing descriptions of the Agreements are not complete and are qualified in its entirety by reference to the Master Asset Purchase Agreement and the A&R Collaboration Agreement, each of which will be filed as exhibits to the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Transition Services Agreement In connection with entering into the Local Purchase Agreements and the European Asset Purchases, Senseonics Inc. and the Seller intend to enter into a transition services agreement with the Seller, pursuant to which the Seller would provide Senseonics Inc. with certain transition services in the European Territories to maintain the value of the business, support the preparation and execution of the transfer of operations to new Senseonics legal entities in the European Territories, and provide for the continuity of commercial operations relating to the Eversense product in the European Territories. Senseonics expects that it will pay certain costs and service fees under this arrangement. Services expected to be provided include support in the areas of logistics and ordering, payment and collections, claims processing, with respect to performance under tender contracts in the European Territories, IT and systems migration, business employee support, finance and operations support, regulatory compliance, and other agreed services, in each case, expected to be provided until dates up to June 30, 2026, subject to extension in certain cases. Departure of Directors: On the Execution Date, in connection with the transactions, Koichiro Sato, Senior Executive Vice President, Representative Director and Chief Operating Officer of PHC Holdings Corporation, the parent company of the Seller, notified the board of directors of the Company of his resignation from the Board effective immediately. Mr. Sato's resignation is not due to any disagreements with the Company, management or Board on any matter relating to the Company's operations, policies, or practices. Mr. Sato served as a director of the Company pursuant to the designation by PHC Holdings Corporation pursuant to its rights under the Investor Rights Agreement dated as of August 9, 2020 (the "Rights Agreement"). As of the date hereof, PHC Holdings retains the right to designate one individual to serve as a director of the Company. Concurrently with the execution of the Master Purchase Agreement, PHC Holdings Corporation advised the Company that it does not presently intend to exercise its right under the Rights Agreement to designate any individual to serve on the Board. About Senseonics Holdings, Inc. Senseonics Holdings, Inc. is a commercial-stage medical technology company focused on the development and manufacturing of glucose monitoring products designed to transform lives in the global diabetes community with differentiated, long-term implantable glucose management technology. As of September 30, 2025, the Company had $139.9 million in total assets, $61.8 million in total liabilities, and $78.2 million in total stockholders' equity. McLean, Virginia-based KPMG LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 3, 2025, citing that the Company's current operating plan, existing unrestricted cash and cash equivalents, and minimum cash and satisfaction of performance milestones to comply with debt covenants under its Loan and Security Agreement raise substantial doubt about its ability to continue as a going concern. SHAW SERVICES: C&F Drops Claims Against Debtors ----------------------------------------------- Judge Michael P. Mills of the United States District Court for the Northern District of Mississippi granted United States Fire Insurance Company's motion to dismiss the claims against Shaw Services, LLC and West Properties, LLC in the case captioned as UNITED STATES FIRE INSURANCE COMPANY, PLAINTIFF v. BOBBY CLANTON, et al., DEFENDANTS, Case No. 3:24-cv-00388-MPM-RP (N.D. Miss.) without prejudice. Plaintiff United States Fire Insurance Company ("C&F") filed suit against the Defendants for breach of a General Indemnity Agreement. On December 3, 2025, after failing to respond to C&F's complaint, the Court entered Default Judgment against Bobby Clanton, Kathy Clanton, and Perma Jack Frost SE, LLC for $1,300,034.75. On December 22, C&F filed suggestions of bankruptcy as to defendants, Shaw Services, LLC and West Properties, LLC, who were not encompassed by the default judgment order. The case was then stayed pursuant to the automatic stay provision of 11 U.S.C. Sec. 362. C&F then filed a motion to dismiss without prejudice their claims against Shaw Services, LLC and West Properties, LLC, while retaining their right to seek relief against Bobby Clanton, Kathy Clanton, and Perma Jack Frost SE, LLC pursuant to the Default Judgment. Due to the bankruptcy stay put in place by the bankruptcy proceedings of the Debtor Defendants, C&F seeks to dismiss them without prejudice to lift the bankruptcy stay and to obtain a final judgment against the remaining defendants. The Court will grant dismissal. C&F no longer wishes to pursue its claims against Shaw Services, LLC and West Properties, LLC while they proceed through bankruptcy. Dismissing the Debtor Defendants would allow this Court to bring this case to a resolution and to prevent the Debtor Defendants' Chapter 11 proceeding from unnecessarily keeping the action on the docket. The Court lifts the bankruptcy stay entered on December 22, 2025. A copy of the Court's Order dated January 8, 2026, is available at https://urlcurt.com/u?l=Y9t0hu from PacerMonitor.com. About Shaw Services Shaw Services LLC is a family-owned commercial construction company specializing in concrete and site work across Mississippi, Alabama, and Tennessee. Founded in 1997, the firm is licensed and bonded, and also offers pressure washing and roof coating services. Shaw Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11621) on May 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by J. Walter Newman, IV, Esq., at Newman & Newman. SKY-FRAME INC: Seeks Approval to Hire Buchalter as Legal Counsel ---------------------------------------------------------------- Sky-Frame, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Buchalter, A Professional Corporation as counsel. The firm's services include: (a) advise the Debtor with respect to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; (b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless it is represented in such proceeding or hearing by other special counsel; (d) conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Buchalter's expertise or which is beyond Buchalter's staffing capabilities; (e) prepare and assist the Debtor in the preparation of reports, applications, pleadings and orders; (f) assist the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization; and (g) review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; (h) assist the Debtor in formulating a Plan and Disclosure Statement, engaging in negotiations regarding any Plan and Disclosure Statement, and prosecuting a Plan and Disclosure Statement to confirmation, if possible; (i) assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (j) perform any other services which may be appropriate in Buchalter's representation of the Debtor during its bankruptcy case. The firm will be paid at their 2026 hourly rates: Caroline Djang, Shareholder $775 Dakota Pearce, Associate $395 Laurie Verstegen, Paralegal $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $50,000 from the Debtor. Ms. Djang disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Caroline Djang, Esq. Buchalter, A Professional Corporation 18400 Von Karman Avenue, Suite 800 Irvine, CA 92612 Telephone: (949) 760-1121 Facsimile: (949) 720-0182 Email: cdjang@buchalter.com About Sky-Frame Inc. Sky-Frame, Inc. develops and produces frameless sliding windows and doors that emphasize flush indoor-outdoor transitions and are engineered in Switzerland for use in architectural and residential projects worldwide. It supplies a range of systems including straight, curved, inclined and pivot configurations, along with options such as insect screens, electric drives, enhanced security features, concealed pockets, shading solutions, bullet-resistant versions and switchable glazing. Its products are installed in several thousand properties across multiple continents and serve the high-end building components and architectural design markets. Sky-Frame filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20955) on December 6, 2025, with $6,099,486 in assets and $9,156,326 in liabilities. Reto Honegger, chief financial officer, signed the petition. Judge Barry Russell oversees the case. Caroline R. Djang, Esq., at Buchalter, A Professional Corp represents the Debtor as counsel. SKYX PLATFORMS: Director Converts $835,900 Note to Common Stock --------------------------------------------------------------- SKYX Platforms Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that a member of the Board of Directors converted $835,900, representing the full principal balance plus accrued and unpaid interest from 2020, under his Subordinated Convertible Balloon Promissory Note issued by the Company on November 3, 2020 into shares of the Company's common stock. On December 30, 2025, the Company and the holder entered into an amendment to the Note, extending the maturity date to May 1, 2027, increasing the interest rate to 10% per year, and adjusting the conversion price to $2.20 per share. The Note Amendment is effective as of the original maturity date of the Note. No other terms of the Note were changed. A full text copy of the Note Amendment is available at https://tinyurl.com/43kxzfdk 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. SONOMA PHARMACEUTICALS: Grants Annual Equity Awards to Employees ---------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. completed its annual equity grant to employees, including executive officers, of the Company on January 2, 2026. The annual grant is intended to recognize employees who meet certain employment criteria and to retain key employees. The Company's non-employee directors each received 10,000 options. The exercise price of the options is based on the closing price of the Company's common stock of $3.68 per share on January 2, 2026, and the options vest in three equal tranches on the first, second and third anniversary of the grant date. Each executive officer received Restricted Stock Units (RSUs) as follows: * Amy Trombly, Chief Executive Officer: 10,000 RSUs; and * Jerry Dvonch, Chief Financial Officer: 5,000 RSUs. The RSUs vest on the third anniversary of the grant date or upon change of control or as otherwise provided in an executive officer's employment agreement. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCL, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in 55 countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $13.86 million in total assets, $10,07 million in total liabilities, and $3.79 million in total stockholders' equity. SOUTH FLORIDA PULMONARY: Carol Fox Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for South Florida Pulmonary & Critical Care, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About South Florida Pulmonary & Critical Care South Florida Pulmonary & Critical Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10131) on January 07, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Corali Lopez-Castro presides over the case. Megan W Murray, Esq. at Underwood Murray, P.A. represents the Debtor as legal counsel. SPECTRUM LIGHTING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Spectrum Lighting Maintenance, Inc. 2255 Spectra Drive Colorado Springs, CO 80904 Business Description: Spectrum Lighting Maintenance provides commercial lighting, electrical contracting, and sign services, including installation, maintenance, upgrades, and retrofit work for interior, exterior, and parking lot systems. The Company performs electrical services, from repairs to new construction, and offers sign design, fabrication, and maintenance, operating primarily throughout Colorado with its base in Colorado Springs. Chapter 11 Petition Date: January 13, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-10196 Judge: Hon. Thomas B Mcnamara Debtor's Counsel: Keri L. Riley, Esq. 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Wase as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OTH7RNI/Spectrum_Lighting_Maintenance__cobke-26-10196__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G73GODY/Spectrum_Lighting_Maintenance__cobke-26-10196__0001.0.pdf?mcid=tGE4TAMA SSENSE: Founders' Bid Selected in CCAA SISP Process Under CCAA -------------------------------------------------------------- SSENSE announced on Jan. 11, 2026, that it has been notified by the Court-appointed Monitor that the bid submitted by its co-founders, Rami Atallah, Bassel Atallah, and Firas Atallah, together with their strategic partner, a leading Canadian multi-family office, has been selected as the successful bid in the Court-supervised Sale and Investment Solicitation Process (SISP) conducted under the Companies' Creditors Arrangement Act (CCAA). The parties have entered into a definitive purchase agreement. Closing of the transaction remains subject to the satisfaction of customary closing conditions, including Court and other applicable regulatory approvals. Assuming timely receipt of all necessary approvals and the satisfaction of all other conditions, the closing of the transaction is expected to occur no later than February 13, 2026. Upon closing, the company will be positioned to complete the remaining steps of the CCAA process. Further information regarding the CCAA proceedings is available on the Monitor's website at www.ey.com/ca/ssense. ABOUT SSENSE: SSENSE (pronounced [es-uhns]) is a global technology platform operating at the intersection of culture, community, and commerce. Headquartered in Montreal, it features a mix of established and emerging luxury brands across womenswear, menswear, kidswear, and Everything Else(TM) . STEEL CITY: Seeks to Tap Steidl and Steinberg as Legal Counsel -------------------------------------------------------------- Steel City Grub LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, PC to handle its Chapter 11 case. Christopher Frye, Esq., the primary attorney in this representation, will be paid at his hourly rate of $400, plus reimbursement. The firm received a retainer totaling of $7,500, inclusive of filing fee, from the Debtor. Mr. Frye disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. Steidl & Steinberg, PC Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Steel City Grub LLC Steel City Grub LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23408) on December 18, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Christopher M. Frye, Esq., at Steidl & Steinberg, PC as counsel. STG LOGISTICS: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: STG Logistics, Inc. 5165 Emerald Parkway Dublin, Ohio 43017 Business Description: STG Logistics, Inc. provides port-to-door transportation and supply chain services across North America, including intermodal transportation, drayage, transloading, warehousing, and over-the-road and less-than-truckload solutions, serving cargo owners and logistics providers. Founded in 1985 as St. George Warehouse and originally headquartered in South Kearny, New Jersey, the Company is now based in Dublin, Ohio, and operates about 60 locations with access to major U.S. ports and rail ramps, employing roughly 1,170 full-time staff. STG organizes its operations into Transportation and Logistics divisions and has a large network of neutral container freight stations and an asset-based intermodal platform. Chapter 11 Petition Date: January 12, 2026 Court: United States Bankruptcy Court District of New Jersey Sixty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- STG Logistics, Inc. (Lead Debtor) 26-10258 Apple Zebra CFS, LLC 26-10260 Best Dedicated Solutions, LLC 26-10262 Cargo Manager Systems, Inc. 26-10255 CDC Transport, L.L.C. 26-10264 Channel Distribution Corporation 26-10267 Charleston Harbor Xpress (CHX), Inc. 26-10268 Clear Lane Freight Systems, LLC 26-10271 Con-Way Multimodal Inc. 26-10277 CTI Services, LLC 26-10283 Explore Airtrans Services (EAS), LLC 26-10287 Extra Express (Atlanta) Inc. 26-10290 Extra Express (Cerritos) Inc. 26-10259 Extra Express (Denver) Inc. 26-10263 Extra Express (Industry) Inc. 26-10265 Extra Express (Las Vegas) Inc. 26-10269 Extra Express (Logistics) Inc. 26-10275 Extra Express Holdings, LLC 26-10280 F&F Fumigation, Inc. 26-10284 Freight Force, LLC 26-10289 International Warehouse Services, Inc. 26-10292 J&J International of California, LLC 26-10296 J&J International, LLC 26-10298 Manufacturers Consolidation Services of Canada, Inc. 26-10303 Mardel Coast Trucking (MCT), Inc. 26-10307 Neutral Air, LLC 26-10305 Neutral Ground, LLC 26-10309 Neutral Sea, LLC 26-10310 Neutralogistics Customs Brokerage, LLC 26-10313 Neutralogistics Distribution, LLC 26-10316 Neutralogistics, LLC 26-10273 P2D Parent, LLC 26-10278 P2D Transport, LLC 26-10281 PDS Trucking, Inc. 26-10288 Reception Holdings, L.P. 26-10293 Reception Intermediate Holdings, LLC 26-10297 Reception Mezzanine Holdings, LLC 26-10299 Reception Newco Holdings, LLC 26-10302 Reception Purchaser, LLC 26-10261 SNW Transport LLC 26-10266 St. George Distribution, LLC 26-10270 St. George Employee Leasing, Inc. 26-10276 St. George Trucking & Warehousing Inc. 26-10257 St. George USA, LLC 26-10282 St. George Warehouse & Trucking Co. of Texas, Inc. 26 10295 St. George Warehouse of IL, Inc. 26-10301 St. George Warehouse of Oakland, Inc. 26-10306 St. George Warehouse of Savannah, LLC 26-10311 St. George Warehouse of So. Carolina, Inc. 26-10315 STG Acquisition Corp. 26-10318 STG Cartage, LLC 26-10320 STG Distribution Holdings, LLC 26-10322 STG Distribution Services, Inc. 26-10274 STG Distribution, LLC 26-10279 STG Drayage, LLC 26-10285 STG Intermodal Services, LLC 26-10291 STG Intermodal Solutions, Inc. 26-10294 STG Intermodal, Inc. 26-10300 STG LTL, Inc. 26-10304 STG Port Services, LLC 26-10308 STG Stacktrain, LLC 26-10312 STG Transport Services, LLC 26-10314 STG Transportation Solutions, LLC 26-10317 Summit NW Corporation 26-10319 Veeco Holdings, LLC 26-10321 Judge: Hon. Mark Edward Hall Debtors' General Bankruptcy Counsel: Patrick J. Nash, Jr., P.C. Yusuf Salloum, Esq. Ashley L. Surinak, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: patrick.nash@kirkland.com yusuf.salloum@kirkland.com ashley.surinak@kirkland.com Debtors' Local Bankruptcy Counsel: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Daniel J. Harris, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com dharris@coleschotz.com Debtors' Financial Advisor: ALIXPARTNERS, LLP Debtors' Investment Banker: PJT PARTNERS LP Debtors' Claims, Noticing & Solicitation Agent and Administrative Advisor: EPIQ CORPORATE RESTRUCTURING, LLC Independent Counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees: WHITE & CASE LLP Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Tyler Holtgreven as chief financial officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AX7XCMY/STG_Logistics_Inc__njbke-26-10258__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Union Pacific Railroad Trade Debt $13,443,057 1400 Douglas Street Omaha, NE 68179 Contact: Joshua Rodriguez Phone: (402) 544-5000 Email: joshua.rodriguez@up.com 2. CSX Intermodal Trade Debt $1,411,583 PO Box 532601 Atlanta, GA 30353 Contact: Boris Mihaljevic-Kukolj Phone: (877) 744-7279 Email: boris_mihaljevic-kukolji@sx.om 3. Kansas City Southern DE Trade Debt $1,365,346 Mexico Sa De CV Avenida Manuel L. Barragan No. 4850 Norte Colonia Hidalgo Monterrey, Nuevo Leon (Mx-Nle) 64290 Mexico Contact: Larry Lawrence Phone: 52-818-305-7900 Email: cgonzalez@msms.com.mx 4. Personal HR Services LLC Trade Debt $1,231,363 C/O Rev Capital Po Box 741791 Los Angeles, CA 90074 Contact: Jerri Escalante Phone: (855) 879-1511 Email: jerri@personalhrsev.com 5. APF-FBO Vitality Staffing Trade Debt $1,026,475 Solutions LLC Po Box 823461 Philadelphia, PA 19182-3461 Contact: Andrea Zapata Phone: (908) 469-1770 Email: azapata@vitalitystaffing.com 6. Selective Personnel Inc Trade Debt $957,069 11518 Telegraph Rd 255 Santa Fe Springs, CA 90670 Contact: Karen Chavez Email: karen@spstaff.com 7. RTS Financial Service Inc Trade Debt $894,802 Po Box 840267 Dallas, TX 75284 Contact: Joe Mccarthy Phone: (480) 741-0012 Email: jmccarthy@rtsfinancial.com 8. Prodrivers Trade Debt $818,363 Po Box 102409 Atlanta, GA 30368 Contact: Becky Bright Phone: (972) 791-8096 Email: rebecca.bright@employbridge.com 9. Evans Delivery Company, Inc. Trade Debt $723,519 78 John Miller Way 1029 Kearny, NJ 07032 Contact: Jordan Carlson Phone: (678) 379-2389 Email: jordan.carlson@evansdelivery.com 10. Penske Truck Leasing Co.,L.P. Trade Debt $620,722 675 Morgantown Rd Attn: Jay Wu Reading, PA 19607 Contact: Daivd Pearsall Phone: (866) 999-9514 Email: david.pearsall@penske.com 11. Triumph Financial Services, LLC Trade Debt $534,905 Po Box 610028 Dallas, TX 75261 Contact: Tarra Scheil Phone: (214) 513-9600 Email: ar@tfom/cp 12. Fleet Yards Inc Trade Debt $516,519 893 W 16th St Newport Beach, CA 92663 Contact: Dan Otting Phone: (949) 246-6000 Email: dan@fleetyardsinc.com 13. Lean Staffing Solutions Inc Trade Debt $441,221 11555 Heron Bay Blvd Suite 301 Coral Springs, FL 33076 Contact: Kasia Asklar Phone: (954) 527-3923 Email: kasklar@leangroup.com 14. Xtium, Inc Trade Debt $437,123 4025 Tampa Road Oldsmar, FL 34677 Contact: David Graffia Phone: (847) 212-6618 Email: dgraffia@atsg.net 15. Whitecrow Inc Trade Debt $385,434 2366 E Pacifica Place Compton, CA 90220 Contact: Barbara Potucket Phone: (310) 208-7117 Email: barbara.potucket@whitecrow.ltd 16. E & A Transpros Inc Trade Debt $330,702 2317 Landmeier Rd Elk Grove Village, IL 60007 Contact: Sefik Sakinovic Phone: (847) 981-5373 Email: sefik.sakinovic@eatranspros.com 17. Silver Lion Trade Services LLC Trade Debt $327,152 45180 Global Plaza Sterling, VA 20166 Contact: Guy Wilburn Phone: (703) 787-2001 Email: guy.wilburn@silverlion164.com 18. Infosys Limited Trade Debt $323,210 Electronics City Hosur Road Bangalore India Contact: Madan Mohan Reddy Chirra Email: madan_chirra@infosys.com 19. Local 295 Local 851 Pension $280,004 Pension Fund Liability 655 Third Avenue 12th Floor New York, NY 10017 Contact: Valerie Orsaris Phone: (516) 568-1970 Email: vorsaris@local295.com 20. Distributors Transport, Inc. Trade Debt $270,639 21443 N. 23rd Ave Suite 3 Phoenix, AZ 85027 Contact: Sandra Vennel Phone: (407) 856-4760 Email: sandiv@dtiffmco.com 21. Norfolk Southern Railroad Trade Debt $264,350 Po Box 532797 Atlanta, GA 30353 Contact: Grant Harclerode Phone: (855) 667-3655 Email: grant.harclerode@nscorp.com 22. LSI Great Staffing Partner LLC Trade Debt $260,085 250 N. Kansas Wichita, KS 67214 Contact: Edna Escobar Phone: (281) 459-0082 Email: eescobar@listaffing.com 23. Cub Terminal LLC Trade Debt $259,370 557 W Polk Street Suite 201 Chicago, IL 60607 Contact: Sarah Raila Email: sraila@cubterminal.com 24. One USA Express Inc Trade Debt $240,691 8064 Ross St Eastvale, CA 92880 Contact: Monica Zhang Phone: (657) 225-2222 Email: monica@oneusa.express.com 25. Apex Capital Corp Trade Debt $240,239 301 Commerce St Suite 1200 Fort Worth, TX 76102 Contact: Devin Walker Phone: (800) 511-6022 Email: devin.walker@apexcapitalcorp.com 26. Star Accurate Intermodal Inc Trade Debt $202,659 816 W. 74th St. Los Angeles, CA 90044 Contact: Melanie Star Lopez Phone: (323) 400-7660 Email: melani@saintermodal.com 27. Wex Fleet One Trade Debt $200,098 3102 West End Ave Suite 900 Nashville, TN 37203 Contact: Lakisha Carlock Phone: (877) 275-8801 Email: lakisha.carlock@wexinc.com 28. OTR Solutions Trade Debt $197,358 1000 Holcomb Woods Parkway Building 300, Suite 315A Roswell, GA 30076 Contact: Dionna Green Phone: (770) 400-0845 Email: dionna.green@otrsolutions.com 29. Dept Of Labor - CA Litigation Undetermined EDD 10330 Pioneer Blvd Suite 150 Santa Fe Springs, CA 90670 Contact: Employment Development Department, Luke Khoklan Phone: (916) 654-8410 Email: luke.khoklan@edd.ca.gov 30. Dept Of Labor - NJ Litigation Undetermined New Jersey Division Of Law 124 Halsey St. 5th Floor Newark, NJ 07102 Contact: Attorney General Of New Jersey, Marc Peralta Phone: (609) 696-5362 Email: marc.peralta@law.njoag.com STG LOGISTICS: Enters RSA & Chapter 11 for Debt Reduction --------------------------------------------------------- STG Logistics Inc., one of the nation's largest providers of integrated port-to-door services and supply chain solutions for cargo owners and logistics providers, announced that it has entered into a Restructuring Support Agreement with its equity sponsors and lenders holding a requisite majority of STG's funded debt to significantly reduce the Company's outstanding debt obligations and secure up to $150 million of new capital from the Company's existing lenders, strengthening STG's balance sheet to support future growth and positioning STG for long-term success by significantly reducing interest expenses and providing the Company with ample liquidity. To implement the RSA efficiently, STG and certain of its affiliates and subsidiaries voluntarily initiated a prearranged court-supervised reorganization process under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey. Importantly, STG's key financial partners remain committed to the Company throughout this process and are confident it will position STG to strengthen its market position while maintaining the highest standards of end-to-end service for customers nationwide. "Today's announcement marks an important milestone in our efforts to strengthen STG amidst one of the most severe freight recessions in history," said Geoff Anderman, CEO of STG Logistics, "We are confident that leveraging the chapter 11 process will best position the business for long-term growth and success. I am deeply grateful to our valued team, customers, vendors, and other partners whose support enables us to continue delivering solutions for our customers at the highest levels while staying true to our core values of safety, service, integrity, and efficiency at the forefront of our operations." STG will continue operating in the ordinary course of business throughout the restructuring process and remains committed to delivering at the highest levels for its employees, partners, customers, and vendors. The Company has filed a number of typical "first day" motions which, upon approval by the Court, will enable STG to continue to pay employee wages and benefits, maintain all customer programs, fulfill go-forward payments to key vendors, and execute other ordinary business functions. In addition to cash on hand, STG intends to use up to $150 million of new money debtor-in-possession financing from certain of the Company's existing lenders to support core business operations during the chapter 11 process. Additional information is available through the Company's claims agent website at https://dm.epiq11.com/STGLogistics. Stakeholders with questions can contact our claims agent, Epiq, at (877) 702-9718 (U.S./Canada), (971) 385-5935 (International), or STGLogistics@epiqglobal.com. About STG Logistics STG Logistics Inc. is a 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. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STG LOGISTICS: Gibson Dunn Represents Ad Hoc Group of Term Lenders ------------------------------------------------------------------ An ad hoc group of term lenders to STG Logistics and its debtor-affiliates, represented by Gibson, Dunn & Crutcher LLP, as counsel, and Porzio, Bromberg & Newman, P.C., as New Jersey co-counsel, filed with the United States Bankruptcy Court for the District of New Jersey a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group’s current members and the claims they held in the Debtors' cases. According to the group's Verified Statement: 1. On August 1, 2025, the Ad Hoc Term Lender Group (as composed from time to time) was re-formed. The group retained Gibson, Dunn & Crutcher LLP to represent it as counsel in connection with a potential restructuring of the outstanding debt obligations of STG and certain of its subsidiaries and affiliates. Subsequently, in January 2026, Gibson Dunn contacted Porzio, Bromberg & Newman, P.C. to serve as New Jersey co-counsel to the Ad Hoc Term Lender Group. 2. Gibson Dunn and Porzio represent the Ad Hoc Term Lender Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders that are identified in their capacities as lenders under a Credit Agreement dated October 3, 2024 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and among STG Distribution, LLC, as borrower, STG Distribution Holdings, LLC, as Newco Holdings, Reception Purchaser, LLC, as the Company, Reception Mezzanine Holdings, LLC, as Holdings, the other Credit Parties from time to time party thereto, Wilmington Savings Fund Society, as collateral agent and administrative agent, and the other financial institutions from time to time parties as lenders. 3. Gibson Dunn and Porzio do not represent or purport to represent any other entities in connection with the Debtors’ chapter 11 cases. Gibson Dunn and Porzio do not represent the Ad Hoc Term Lender Group as a "committee" (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the Ad Hoc Term Lender Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Each member of the Ad Hoc Term Lender Group does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with the Debtors' chapter 11 cases. 4. The information provided to Gibson Dunn and Porzio by the members of the Ad Hoc Term Lender Group is intended only to comply with Bankruptcy Rule 2019 and not for any other purpose. 5. Gibson Dunn and Porzio do not hold any disclosable economic interests (as such term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. 6. Nothing contained in this Verified Statement is intended or shall be construed to constitute: (i) a waiver or release of the rights of any of the members f the Ad Hoc Term Lender Group to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; (ii) a waiver or release of the rights of any of the members of the Ad Hoc Term Lender Group to have any final orders in any non-core matters entered only after de novo review by a United States District Judge; (iii) consent to the jurisdiction of the Bankruptcy Court over any matter; (iv) an election of remedies; (v) a waiver or release of any rights of any of the members of the Ad Hoc Term Lender Group may have to a jury trial; (vi) a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the Ad Hoc Term Lender Group; or (vii) a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the Ad Hoc Term Lender Group are or may be entitled under the STG Distribution Credit Agreement in law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. 6. The Ad Hoc Term Lender Group, through its undersigned counsel, reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019 at any time in the future. The names and addresses of each of the members of the Ad Hoc Term Lender Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. Antares Holdings LP, Antares Assetco LP and funds or accounts managed, advised or sub-advised by Antares Capital Advisers LLC 100 King Street West, Suite 7070 Toronto, ON M5X 1E3 320 S. Canal Street, Suite 4200 Chicago, IL 60606 First-Out Term Loans $30,382,645.38 Second-Out Term Loans $92,131,406.90 Third-Out Term Loans $0 Revolving Loans $13,971,428.57 Equity Interests in Reception Purchaser, LLC $1,058,814.54 Other Disclosable Economic Interests $0 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by Fidelity Management & Research Company LLC or a subsidiary or an affiliate thereof 245 Summer Street, Boston, MA 02210-1129 First-Out Term Loans $31,531,927.47 Second-Out Term Loans $72,366,591.62 Third-Out Term Loans $0 Equity Interests in Reception Purchaser, LLC $0 Other Disclosable Economic Interests $0 3. Fortress Credit Advisors LLC 1345 Avenue of Revolving Loathe Americas, 46th Floor New York, NY 10105 First-Out Term Loans $36,861,014.40 Second-Out Term Loans $87,416,070.50 Third-Out Term Loans $0 Revolving Loans $0 Equity Interests in Reception Purchaser, LLC $0 Other Disclosable Economic Interests $0 4. Invesco Senior Secured Management, Inc. 225 Liberty Street New York, NY 10281 First-Out Term Loans $35,159,744.66 Second-Out Term Loans $27,495,548.41 Third-Out Term Loans $0 Revolving Loans $0 Equity Interests in Reception Purchaser, LLC $0 Other Disclosable Economic Interests $0 5. ISQ Infrastructure Credit Fund U.S. Pooling II, L.P. 600 Brickell Avenue, 40th Floor PH Miami, FL 33131 First-Out Term Loans $23,676,932.07 Second-Out Term Loans $54,713,768.89 Third-Out Term Loans $0 Revolving Loans $0 Equity Interests in Reception Purchaser, LLC $0 Other Disclosable Economic Interests $0 6. PennantPark Investment Advisers, LLC 1691 Michigan Avenue, Suite 500 Miami Beach, FL 33139 First-Out Term Loans $12,090,923.97 Second-Out Term Loans $27,940,276.36 Third-Out Term Loans $0 Revolving Loans $0 Equity Interests in Reception Purchaser, LLC $0 Other Disclosable Economic Interests $0 7. Prospect Capital Corporation 10 East 40th Street, 42nd Floor New York, NY 10016 First-Out Term Loans $15,529,376.00 Second-Out Term Loans $39,722,235.00 Third-Out Term Loans $19,759,856.80 Revolving Loans $0 Equity Interests in Reception Purchaser, LLC $0 Other Disclosable Economic Interests $0 Co-Counsel to the Ad Hoc Term Lender Group: Scott J. Greenberg, Esq. Jason Z. Goldstein, Esq. Rob E. Fitzgerald, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166-0193 Tel: (212) 351-6317 E-mail: SGreenberg@gibsondunn.com JGoldstein@gibsondunn.com RFitzgerald@gibsondunn.com - and - Christopher P. Mazza, Esq. Robert M. Schechter, Esq. Rachel A. Parisi, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 100 Southgate Parkway P.O. Box 1997 Morristown, NJ 07962 Tel: (973) 538-4006 E-mail: rmschechter@pbnlaw.com raparisi@pbnlaw.com mailto:cpmazza@pbnlaw.com About STG Logistics STG Logistics Inc. is a 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. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. STS GROUP: Christopher Meredith Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Christopher Meredith of Copeland, Cook, Taylor & Bush, P.A. as Subchapter V trustee for STS Group Inc. Mr. Meredith 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. Meredith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher H. Meredith Copeland, Cook, Taylor & Bush, P.A 600 Concourse, Suite 200 1076 Highland Colony Parkway (Zip—39157) P.O. Box 6020 Ridgeland, MS 39158-6020 Telephone: (601) 856-7200 Facsimile: (601) 856-7626 Email: cmeredith@cctb.com About STS Group Inc. STS Group Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-10027) on January 06, 2026, with $500,001 to $1 million in assets and liabilities. Craig M. Geno, Esq. at the Law Offices of Craig M. Geno, PLLC represents the Debtor as legal counsel. SUNSHINE PEDIATRICS: Seeks to Hire Dale Grabios as Accountant ------------------------------------------------------------- Sunshine Pediatrics, PC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Dale Grabios, CPA, an accountant practicing in Hollywood, Florida. Mr. Grabios will prepare financial statements, monthly operating reports and tax returns that are to be performed to preserve the Debtor's assets and to comply with its statutory obligations. Mr. Grabios disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Dale Grabios, CPA 5700 Stirling Rd. Hollywood, FL 33021 About Sunshine Pediatrics PC Sunshine Pediatrics PC provides pediatric healthcare services in Phoenix, Arizona. The clinic offers routine checkups, immunizations, and specialized care for infants, children, and adolescents. Sunshine Pediatrics PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05458) on June 16, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor tapped Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC as counsel and Dale Grabios, CPA, as accountant. TEHUM CARE: YesCare Loses Summary Judgment Bid in Bannerman Case ---------------------------------------------------------------- In the case captioned as ALEXANDER BANNERMAN, Plaintiff, v. YESCARE, et al., Defendants, Case No. 24-cv-02216-SAG (D. Md.), Judge Stephanie A. Gallagher of the United States District Court for the District of Maryland denied the motion for summary judgment filed by YesCare Corp., Dr. Andrew Moultrie, RN Daman Fayall and Shirl Stevens, without prejudice, to allow Alexander Bannerman to pursue discovery. The Court denied the Department of Public Safety and Correctional Services Defendants' motion as to Eleventh Amendment immunity for injunctive relief and failure to exhaust administrative remedies. DPSCS Defendants' motion will otherwise be denied without prejudice to allow Bannerman to pursue discovery. Plaintiff Alexander Bannerman filed this civil rights action alleging that Defendants YesCare Corp.; Dr. Andrew Moultrie; RN Daman Fayall; Shirl Stevens; Associate Director Michael Kwitkowski; Director Erin Shaffer; and Secretary Carolyn Scruggs failed to provide adequate medical care while he was housed at Patuxent Institution. The Amended Complaint is the operative pleading. Defendants Kwitkowski, Shaffer, and Scruggs -- the Department of Public Safety and Correctional Services Defendants or "DPSCS Defendants" -- have moved to dismiss the action or, alternatively, for summary judgment to be granted in their favor. Defendants YesCare, Moultrie, Fayall, and Stevens -- "Medical Defendants" -- have moved for summary judgment in their favor. In his Amended Complaint, Bannerman states he is diagnosed with Crohn's Disease which when not treated causes severe pain, inflammation, bleeding, vomiting, and other symptoms. Bannerman alleges that throughout the relevant time period, he used the sick call procedure multiple times to request necessary medical care. Bannerman also spoke numerous times with Defendants Dr. Moultrie and Stevenson, the appointment scheduler, about the Remicade delays and they failed to provide treatment and schedule transportation. Bannerman states YesCare intentionally has a policy and practice to deny, restrict, or limit care to inmates to "save money" and this is "common knowledge." Bannerman alleges that Defendant Scruggs, Secretary of DPSCS, was well aware of YesCare's "subcare" yet she approved a contract for Corizon (YesCare). Bannerman references reports issued by the State of Maryland finding deficiencies in how the YesCare contract was monitored by DPSCS. According to Bannerman, the conduct violated his Eighth and Fourteenth Amendment constitutional rights. He seeks declaratory judgment, damages, and to "enjoin permanently" Defendants from preventing him from receiving timely medical care or medicine related to his serious medical condition. The DPSCS Defendants contend that they had no direct involvement in decisions regarding the provision of medical care to Bannerman and cannot be held liable The Medical Defendants assert that there is no evidence that YesCare had a custom or policy to deny medical treatment to save money. They contend that the delay in providing infusions was entirely out of their control and instead caused by the outside provider, and that they acted within the scope of their duties to secure the infusions for Bannerman. Bannerman argues it is premature to resolve their dispositive motions as he has not had the opportunity to engage in discovery, and he has provided the requisite declarations in support of his requests pursuant to Fed. R. Civ. P. 56(d). Bannerman brings claims against each DPSCS Defendant in both their individual and official capacity and seeks damages and injunctive relief relating to his timely receipt of medical care. Defendants, however, assert that Bannerman's claims against them are solely for monetary damages and the Eleventh Amendment therefore bars his claims against them in their official capacity. The Court holds Bannerman's claims for monetary damages against the Defendants may proceed against them in their individual capacity but not in their official capacity. Bannerman's claims against Defendants in their official capacities for injunctive relief may also go forward. The Court disagrees with the Medical Defendants' assertion that discovery is not necessary to resolve the claims. He seeks to determine the cause of the delay and the respective responsibilities of the YesCare Defendants. The Court finds Bannerman has articulated both the basis for his need for discovery and how the requested discovery will assist him in creating genuine issues of material fact. Bannerman will be provided with an opportunity to pursue discovery for this purpose. A copy of the Court's Memorandum Opinion dated January 7, 2026, is available at https://urlcurt.com/u?l=NfLTqZ About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. In March 2025, the Bankruptcy Court entered an Order Confirming the Debtors' First Modified Joint Chapter 11 Plan of Reorganization. TOMPKINS SQUARE: Seeks to Hire Jack J. Rose as Legal Counsel ------------------------------------------------------------ Tompkins Square Distributors, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ The Law Offices of Jack J. Rose PLLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management of its property and affairs; (b) prepare the necessary legal papers required for it who seeks protection from its creditors under Chapter 11 of the Bankruptcy Code; (c) appear before the Court on behalf of the Debtor to protect its interests and represent it in all matters pending before the Court; (d) prepare and pursue confirmation of a plan and approval of a disclosure statement; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; and (f) perform all other legal services for the Debtor that may be necessary to preserve its estate and promote its best interests, its creditors and the estate. The firm's counsel will be paid at these hourly rates: Partners $875 - $1,510 Counsel $600 - $815 Paralegals $310 - $500 Jack Rose, Esq., an attorney the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jack J. Rose, Esq. Law Offices of Jack J. Rose PLLC 2001 Palmer Ave., Suite 104 Larchmont, NY 10538 Telephone: (212) 655-3066 Email: jrose@jrlpllc.com About Tompkins Square Distributors Inc. Tompkins Square Distributors, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12356) on October 26, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Michael E. Wiles presides over the case. Jack Rose, Esq., at the Law Offices of Jack J. Rose represents the Debtor as counsel. TORRID LLC: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based plus-size women's direct-to-consumer apparel brand Torrid LLC to 'CCC+' from 'B-'. S&P also lowered its issue-level rating on the senior secured term loan to 'CCC+' from 'B-'. The '3' recovery rating is unchanged. The negative outlook reflects the potential that S&P will lower its rating on the company if its liquidity becomes more constrained than we anticipate amid sustained FOCF deficits, increasing the risk of a debt restructuring or liquidity event. Torrid LLC continued to report a free operating cash flow (FOCF) deficit through the third quarter of fiscal 2025 (ended Nov. 1, 2025) due to merchandising missteps, weaker consumer discretionary spending, and tariff-related headwinds. S&P now views the company's capital structure as unsustainable given weak credit metrics, including insufficient coverage over its interest and amortization requirements over the next 12 months. The downgrade reflects Torrid's continued operating underperformance and cash flow deficits. S&P said, "The company's operating performance in the third quarter was materially weaker than we assumed due to merchandising missteps and elevated discounting. Its quarterly S&P Global Ratings-adjusted EBITDA margin declined 260 basis points (bps) to 8.9% versus the prior-year period. Torrid also revised its full-year EBITDA guidance down again by nearly 30% to incorporate weaker performance trends year to date and the time it will take to recognize benefits from the rebalancing of its assortment, reintroduction of its footwear program, and acceleration of chase orders in key categories. As a result, we now forecast a 10% decline in sales and a 500-bps decline in S&P Global Ratings-adjusted margins in fiscal 2025. This compares with our previous expectation for an 8% decline in sales and a 260-bps decline in S&P Global Ratings-adjusted margins." S&P said, "We revised our management and governance score to negative to reflect our view that Torrid's history of merchandising missteps reflects its inability to sufficiently track, adjust, and control the execution of its strategy in the face of increasing competitive pressures. "We view Torrid's capital structure as unsustainable given its insufficient coverage over its relatively high debt service requirements. We forecast a nearly $10 million FOCF deficit in fiscal 2025, compared with a $63 million inflow in the prior year. Year to date, Torrid has burned nearly $13 million of cash amid operating headwinds. The company has relatively high debt service requirements consisting of about $35 million in interest expense and $17.5 million of mandatory principal amortization payments. We believe these costs restrict Torrid's operating flexibility, including its ability to limit further FOCF declines if operating, macroeconomic, or tariff-related headwinds mount." As of the third quarter, Torrid had total liquidity of $103 million consisting of $17 million of cash on the balance sheet and $86 million of availability under its asset-based loan (ABL), tighter than its liquidity position of $122 million in the second quarter. S&P notes the ABL is subject to a springing fixed-charge coverage covenant that could further restrict availability during a period of stress. Torrid faces significant risks associated with tariffs and its retail store optimization strategy. In addition to recent merchandising headwinds, the company expects its full-year unmitigated tariff impact to be $10 million, a nearly 15% headwind to its annual EBITDA this year. In addition, Torrid closed 74 stores in the first three quarters of the year and intends to accelerate its closures, with up to 106 additional store closures (30% of its store base) in the fourth quarter. Although S&P views the store closures as strategically important to realigning Torrid's operating model with customer preferences, it adds complexity and risk to its operations over the next 12 months given the importance of customer retention. The negative outlook reflects the risk that Torrid will be unable to sufficiently improve its operating performance and restore its cushion over debt service requirements over the next 12 months. S&P could lower its ratings on Torrid if S&P believes a payment default or distressed restructuring is likely within the next 12 months amid worsening operating performance, sustained FOCF deficits, and tightening liquidity. This could occur because of: -- Increased competitive pressures or merchandising missteps; -- An inability to retain customers amid its retail store optimization strategy; or -- Mounting tariff-related cost pressures. S&P said could raise the rating if the company stabilizes its operating performance by improving its merchandising trends and successfully navigating a challenging macroeconomic environment, including incrementally mitigating tariff costs and demonstrating good customer retention trends amid store closures. This would lead to: -- Improving and stable FOCF; -- Sufficient coverage of interest and amortization requirements; and -- Favorable prospects for a successful refinancing of its term loan at par. UNION SCHOOL: S&P Affirms 'BB+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB+' underlying rating on Union School Corp., Ind.'s ad valorem property tax first-mortgage debt and limited-tax general obligation (GO) bonds. The outlook is stable. S&P said, "Our rating reflects what we believe are governance risks above those of higher-rated peers given Union School Corp.'s weak management, transparency, and reporting. We do not currently identify any outsized environmental and social risks and view them all as neutral within our analysis. "The stable outlook reflects our expectation that Union School Corp.'s liquidity position will remain healthy through the outlook period. In our opinion, limited costs pressures from debt and pension provide further rating stability. "We could take a negative rating action if new issues arise that substantially reduce the district's credit quality. "We could consider an upgrade if governance improves in a manner sufficient to remove the rating cap. This could be demonstrated by enhanced transparency, effective oversight, and strengthened governance across all operations, encompassing both brick-and-mortar and online schools, alongside sustained balanced financial performance and maintenance of healthy reserves." UNIQUE THIRD: Cash Collateral Hearing Set for Feb. 4 ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a hearing on February 4 to consider extending Unique Third Avenue, LLC's authority to use cash collateral. The Debtor was previously authorized to use the cash collateral of Bank of America, N.A., a secured creditor, under the court's third interim order. The third interim order entered on January 6 granted Bank of America replacement liens on all post-petition assets of the Debtor, including accounts receivable and their proceeds; and a superpriority administrative expense claim as adequate protection. Unique Third Avenue and its affiliates previously entered into financing arrangements with multiple lenders holding various liens on their assets. Bank of America appears to hold a first-priority blanket lien based on a mortgage on Unique Third Avenue's real property and business loans funding the radiology practices. The radiology entities also operate under equipment leases that are, in substance, purchase-money secured transactions granting sellers senior security interests in certain equipment. In addition, Unique Third Avenue and its affiliates obtained secured SBA loans, and other parties may assert liens as well. Bank of America, as lender, is represented by: Michael A. Samuels, Esq. Chapman and Cutler, LLP 1270 Avenue of the Americas, 30th Floor New York, NY 10020 Phone: (212) 655-6540 Facsimile: (212) 697-7210 msamuels@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 SITE: Taps Kurtzman Carson as Claims and Noticing Agent -------------------------------------------------------------- United Site Services, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance,processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior the Petition Date, the Debtor provided Verita a retainer in the amount of $75,000. Evan Gershbein, executive vice president at Verita Global, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan J. Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 Email: egershbein@kccllc.com About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging between $1 billion and $10 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped Milbank LLP and Cole Schotz PC as counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. VERINT SYSTEMS: S&P Withdraws 'BB' ICR on Debt Repayment -------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Verint Systems Inc., including the 'BB' issuer credit rating, following the repayment of the company's outstanding debt. At the time of the withdrawal, our ratings on Verint were on CreditWatch, where S&P placed them with negative implications on Aug. 27, 2025, following the company's announcement that it had entered into a definitive agreement to be acquired by Thoma Bravo L.P. The acquisition closed in December 2025, at which time Verint was merged with a Thoma Bravo portfolio company, Calabrio Inc., and all its outstanding debt was repaid. VIEWBIX INC: Restates SPA for $1.4MM Equity Private Placement ------------------------------------------------------------- Viewbix, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 5, 2025, the Company entered into a securities purchase agreement with certain accredited investors in connection with a private placement. The Original SPA as a closing condition had that the Company shall have entered into a definitive and binding agreement to acquire 100% of the share capital on a fully diluted basis of Quantum X Labs Ltd. To date, the Company has entered into a definitive and binding agreement to acquire only 85.01% of the share capital on a fully diluted basis of Quantum. Accordingly, the Company and the Investors have agreed to amend certain terms of the Private Placement Offering. On January 1, 2026, the Company entered into an amended and restated securities purchase agreement with the Investors pursuant to which the Company agreed to sell and issue in the Private Placement Offering an aggregate of 800,000 shares of Common Stock or pre-funded warrants to purchase shares of Common Stock in lieu of the Private Placement Shares. Each Private Placement Share and Pre-Funded Warrant will be sold together with a number of warrants equal to 80% of the aggregate number of Private Placement Shares and Pre-Funded Warrants sold in the Private Placement Offering, or in total warrants to purchase up to an aggregate of 640,000 shares of Common Stock, at a combined purchase price of $1.75 per Private Placement Share and accompanying Common Warrant and $1.74999 per Pre-Funded Warrant and accompanying Common Warrant. The Private Placement Offering and the issuance of the Securities is expected to close during the first quarter of 2026, subject to the satisfaction of customary closing conditions, receipt of the approval of the Company's stockholders in accordance with applicable rules or regulations of the Nasdaq Stock Market LLC, including receipt of the Stockholder Approval related to the Acquisition. The Private Placement Offering was made without an underwriter, placement agent, broker, or dealer. The Pre-Funded Warrants will be immediately exercisable upon issuance at an exercise price of $0.00001 per share and will not expire until exercised in full. The Common Warrants will be immediately exercisable upon issuance at an exercise price of $2.625 per share, subject to adjustment as set forth therein, and will expire five years from the issuance date. The Common Warrants may be exercised on a cashless basis if there is no effective registration statement registering the shares of Common Stock underlying the Common Warrants. A holder of the Warrants will not have the right to exercise any portion of its Warrants if the holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of such holder's affiliates or any other persons whose beneficial ownership of shares of Common Stock would be aggregated with the holder's or any of the holder's affiliates), would beneficially own shares of Common Stock in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. In connection with the Purchase Agreement, the Company entered into a registration rights agreement on November 5, 2025 with each investor. Pursuant to the Registration Rights Agreement, the Company is required to file a resale registration statement with the Securities and Exchange Commission to register for resale the Private Placement Shares and the shares of Common Stock issuable upon exercise of the Warrants within 30 calendar days after the Closing Date, and to have such Registration Statement declared effective within 60 calendar days after the Filing Date in the event the Registration Statement is not reviewed by the SEC, or 90 calendar days of the Filing Date in the event the Registration Statement is reviewed by the SEC. If, due to a shutdown or suspension of operations of the U.S. federal government or the SEC, the Registration Statement cannot be declared effective, the Company shall not be deemed to be in breach of the Registration Rights Agreement for failure to cause such Registration Statement to be declared effective during such period. The Purchase Agreement and the Registration Rights Agreement contain representations, warranties, indemnification and other provisions customary for transactions of this nature. The Company also entered into an advisory agreement with L.I.A. Pure Capital Ltd. pursuant to which the Advisor agreed to provide advisory services in connection with the Private Placement Offering. The Company agreed to pay a commission to the Advisor of: (i) a cash fee of $70,000 and (ii) a warrant to purchase 32,000 shares of Common Stock. Payment of the commission is conditioned upon the closing of the Private Placement Offering. The Advisor Warrant will have the same terms as the Common Warrants issued in the Private Placement Offering. In addition, in connection with the closing of the Private Placement Offering, the Company shall repay $200,000 of the outstanding loan amount owed to the Advisor pursuant to that certain Amended and Restated Facility Agreement, dated July 22, 2024, by and between the Company and by and between such lenders set forth in Schedule 1 thereto, including the Advisor. Aggregate gross proceeds to the Company in respect of the Private Placement Offering are expected to be approximately $1.4 million, before deducting fees payable to the Advisor and other offering expenses payable by the Company. If the Warrants are exercised in cash in full this would result in an additional $1.68 million of gross proceeds. The Private Placement Shares, the Warrants to be issued in the Private Placement Offering and the shares of Common Stock underlying the Warrants are being offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended. The investors have represented that they are accredited investors, as that term is defined in Regulation D, or qualified institutional buyers as defined in Rule 144(A)(a), and have acquired such securities for their own account and have no arrangements or understandings for any distribution thereof. The offer and sale of the foregoing securities is being made without any form of general solicitation or advertising. None of the Private Placement Shares, the Warrants to be issued in the Private Placement Offering, nor the shares of Common Stock underlying the Warrants have been registered under the Securities Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Full text copies of the Purchase Agreement, the Pre-Funded Warrants, the Common Warrants and the Registration Rights Agreement are available at https://tinyurl.com/mrb2t7zf, https://tinyurl.com/pzfwfvas, https://tinyurl.com/3ntt33dd and https://tinyurl.com/mrx3thz8, respectively. About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. VISTRA CORP: Fitch Affirms 'BB+' IDR & Alters Outlook to Positive ----------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of Vistra Corp. and Vistra Operations Company, LLC (Vistra Ops) at 'BB+' and revised the Rating Outlook to Positive from Stable. Fitch affirmed Vistra Ops' senior secured debt at 'BBB-' with a Recovery Rating of 'RR1', senior unsecured debt at 'BB+'/'RR4', Vistra's preferred stock at 'BB-'/'RR6' and Pre-Capitalized Trust Securities (P-Caps) issued by Palomino Funding Trust I at 'BBB-'/'RR1'. Fitch also affirmed the senior secured term loan B issued by Vistra Zero Operating Company, LLC at 'BB'/'RR2'. The Positive Outlook reflects Vistra's improved business profile, driven by long-term contracts with strong creditworthy counterparties and the planned acquisition of Cogentrix assets. Given the increased resilience and predictability of cash flows, Fitch believes the rating can accommodate greater financial leverage at the current rating level. Fitch expects to revise the Positive Outlook after reviewing management's year-end financial update and capital allocation plans. Key Rating Drivers Improved Business Profile: Vistra has significantly improved its business profile through successfully contracting a portion of its existing capacity with strong creditworthy counterparties. Vistra recently announced that it has entered into 20-year PPAs with Meta for more than 2 GW of existing generation. The recently completed acquisition of 2.6GW of power assets from Lotus Infrastructure Partners and announced acquisition of Cogentrix assets further expands Vistra's scale and geographic diversity. Stronger Leverage Metrics: Pro forma for the announced and completed acquisitions in 2025, Fitch expects Vistra's gross leverage to improve and remain within the 3.0x-3.5x range from 2026 to 2027, driven by higher wholesale generation EBITDA and strong retail performance. A highly hedged generation portfolio in 2026, improving power prices in Texas, and strong PJM capacity auction results should support wholesale EBITDA growth. Fitch gross debt calculation includes non-recourse debt at Vistra Zero, forward repurchase obligation for acquisition of Vistra Vision's minority interest and reflects 50% equity credit to preferred stock. Capital Allocation is Key: Fitch expects Vistra to generate more than $3 billion of FCF annually on a run rate basis. Fitch's FCF calculation includes dividends paid to shareholders and capex, including growth capex for already announced new renewable generation, gas fleet uprates in Texas and two natural gas projects in Texas. The substantial FCF affords management flexibility for capital allocation, even after Fitch's assumption of $1 billion annual share repurchases. Fitch expects management to pursue a balanced capital allocation policy that continues to target net leverage below 3.0x. Tightening Power Markets: Vistra is well positioned to benefit from strong market fundamentals in its largest markets, ERCOT and PJM, as both are experiencing high power demand. ERCOT's peak power demand outlook and forward power curves have strengthened. In PJM, the recently concluded capacity auction cleared at the ceiling price of $333.44/MW-day. Strong Retail Platform: Vistra's retail business provides revenue stability with relatively high renewal rates and stable margins. Retail margins in the commercial and industrial segments generally remain range-bound during commodity cycles, and residential retail margins are usually countercyclical, given the length and stickiness of the customer contracts. TXU Energy Company LLC, Vistra's largest retail electricity operation in Texas, has demonstrated strong brand recognition, tailored customer offerings and effective customer service, which are driving high customer retention and growth. Mitigation of Extreme Weather Risks: Vistra has addressed gas deliverability and fuel handling issues, which contributed to sizable financial losses during winter storm Uri in February 2021. Measures include weatherizing its generation fleet, enhancing coal fuel handling, installing dual fuel capabilities at gas steam units, increasing fuel oil inventory at dual fuel sites, contracting additional natural gas storage, and maintaining greater generation length during peak periods. Its fleet demonstrated resilience during recent events such as winter storms Elliot and Heather in December 2022 and January 2024, respectively. Credit Metrics Pressured at Vistra Zero: Vistra Zero's leverage and coverage metrics are projected to be under pressure near term due to the absence of cash flows from Moss 300 and higher operational costs related to the fire incident, including temporary loss of cash flow from Moss 350 that is currently off-line. Fitch's base case assumes the leverage to improve and remain below its negative sensitivity threshold following receipt of insurance proceeds. Vistra is committed to support Vistra Zero's liquidity needs, including debt servicing. Peer Analysis Vistra is well positioned relative to NRG Energy Inc. (BB+/Stable) and Calpine Corporation (BBB/Stable)) in terms of size, scale and geographic and fuel diversity. Vistra's 44GW of generation fleet is well diversified by fuel, compared with Calpine's 28 GW, natural gas-heavy portfolio and NRG's 25GW generation fleet (including the recent acquisition). However, Vistra's portfolio is less diversified geographically, with 57% of its consolidated EBITDA coming from operations in Texas, while Calpine's fleet is more geographically diversified across PJM, Texas and California. NRG's business profile benefits from its ownership of Vivint, a home security business, which diversifies its revenue stream compared to Vistra. Like Vistra, NRG benefits from its ownership of large and well-entrenched retail electricity businesses in Texas. However, unlike Vistra, NRG has fewer generation assets and serves its retail load from sources other than its own generation. The generation fleet for both NRG and Calpine bears less operational and environmental risk compared to Vistra's portfolio which also has nuclear and coal generation assets. Fitch projects Vistra's leverage to remain within the 3.0x-3.5x range in 2026-2027, which compares favorably to Calpine's pre-acquisition leverage of around 5.0x and is comparable to NRG's forecasted leverage of 3.0x-3.5x. Fitch's Key Rating-Case Assumptions -- Wholesale and retail gross margins remain in line with current expectations; -- PJM capacity revenue per announced auction results; -- Approximately 100% and 96% of expected generation hedged for 2025 and 2026, respectively; -- Execution of long-term PPAs with strong investment grade counterparties; -- Common stock dividends of $300 million annually, as per management's stated forecast; -- Stock buybacks of $2 billion from 2025-2026, as per management's stated forecast; -- Cogentrix acquisition funded as per management's disclosures; -- At Vistra Zero, EBITDA projections reflect PPAs, Tolling and Resource Adequacy long-term contracts in place at the projects; insurance proceeds received for Moss 300 fire; any potential third-party liabilities in excess of the deductible covered by the existing third-party liability insurance; and other liquidity needs paid from cash on hand and/or Vistra's financial support. Recovery Analysis Vistra Zero's term-loan rating is notched from Vistra Zero's implied IDR to reflect relative recovery prospects in a hypothetical default. The 'RR2' on the term loan B is based on a scenario in which Vistra stops providing liquidity support to Vistra Zero following a large payment related to Moss 300, leaving Vistra Zero unable to service the loan and leading to a bankruptcy filing. Fitch values the remaining solar and battery-storage generation assets that guarantee the debt using a net present value (NPV) analysis. For the NPV of generation assets in Fitch's recovery analysis, Fitch uses the plant valuation provided by its third-party power market consultant, Wood Mackenzie, alongside Fitch's own assumptions. The NPV analysis for generation portfolio yields approximately an average of $600/kW for the remaining battery assets and $200/kW for solar assets, with materially lower insurance proceeds. Using this going concern NPV and a 10% administrative claim in the recovery calculation as specified in Fitch's Corporates Notching and Recovery Ratings Criteria, the agency determines the term loan's recovery rating to be 'RR2'. This indicates superior recovery prospects (in 71%-90% range). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Vistra and Vistra Ops -- Gross debt/EBITDA above 4.0x on a sustained basis; -- Weaker power demand and/or higher than expected supply depressing wholesale power prices and capacity auction outcomes in its core regions; -- Unfavorable changes in regulatory constructs and markets; -- An aggressive growth strategy that diverts a significant proportion of FCF toward merchant generation assets and/or overpriced retail acquisitions. Vistra Zero -- Underperformance in the underlying assets that lends material variability or shortfall to expected cash flow; -- Lack of liquidity support from Vistra for any payment/cleanup costs; -- Insurance proceeds materially lower than projected level; -- EBITDA leverage above 6.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Vistra and Vistra Ops -- Demonstrated EBITDA leverage lower than 3.5x on a sustainable basis coupled with a track record of stable EBITDA generation and continued emphasis on an integrated wholesale-retail platform. Vistra Zero -- A material increase in fuel and geographic diversification at Vistra Zero; -- Established track record of stable EBITDA generation; -- EBITDA leverage lower than 5.0x on a sustained basis. Liquidity and Debt Structure In Fitch's view, Vistra's liquidity is adequate. As of Sept. 30, 2025, the company had approximately $3.7 billion of liquidity, consisting of $602 million cash on hand and $3.1 billion available under revolving facilities. There were no cash borrowings under the commodity-linked facility as of Sept. 30, 2025. Vistra's revolving credit facility agreement has a $3.44 billion commitment expiring in October 2029. Vistra Ops' first lien secured debt benefits from upstream guarantees from asset subsidiaries under Vistra Ops, which comprise a substantial portion of property, assets and rights owned by Vistra Ops. The secured notes include a security fall-away provision under which collateral securing the notes will be released if Vistra Ops' senior unsecured notes obtain investment-grade ratings from at least two of the three major rating agencies. The fall-away provision will be reinstated if those investment-grade ratings are withdrawn or downgraded below investment grade. Any regular liquidity requirements at Vistra Zero, such as letter of credit postings, will be provided by Vistra under its Energy Management Services Agreement. Vistra Zero's only debt is a $697 million term loan B due in 2031 with no amortization requirement. The debt is non-recourse to Vistra and is secured by Vistra Zero's assets. Issuer Profile Vistra is the largest independent power generator in the U.S. with 44 GW of capacity. Vistra Retail provides retail electric service to five million customers. Vistra Zero holds a 1.4 GW portfolio of six solar generation and energy storage assets. RATING ACTIONS Rating Prior ------ ----- Vistra Corp. LT IDR BB+ Affirmed BB+ preferred LT BB- Affirmed RR6 BB- Vistra Zero Operating Company, LLC senior secured LT BB Affirmed RR2 BB Palomino Funding Trust I senior secured LT BBB- Affirmed RR1 BBB- Vistra Operations Company, LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ VROOM INC: Court to Vacate Prior Opinions in Sidekick Patent Suit ----------------------------------------------------------------- In the case captioned as VROOM, INC.; VROOM AUTOMOTIVE, LLC d/b/a/ VROOM, d/b/a TEXAS DIRECT AUTO; CARSTORY, LLC; and VAST,.COM, INC., d/b/a/ CARSTORY, Plaintiffs, v. SIDEKICK TECHNOLOGY, LLC, Defendant, Case No. 21-cv-06737 (D.N.J.), the United States District Court for the District of New Jersey indicates that, under Rule 62.1(a)(3), if the Federal Circuit Court were to remand this matter, it would enter an order vacating its prior decisions declaring Sidekick's patents ineligible. Before the Court is a joint motion by Plaintiffs Vroom, Inc.; Vroom Automotive, LLC; Carstory, LLC; and Vast.com, Inc. and Defendant Sidekick Technology, Inc. for an Indicative Ruling Pursuant to Federal Rule of Civil Procedure 62.1 on a Joint Motion to Vacate under Federal Rule of Civil Procedure 60(b), which the Court decided without oral argument. When this action commenced in March 2021, Vroom and Sidekick were entangled in an intellectual property dispute about patents related to each party's used vehicle e-commerce business. Vroom filed a complaint seeking declaratory judgment against Sidekick's allegations of patent infringement. Sidekick answered, asserting 12 counterclaims for patent infringement covering each of the Patents-in-Suit. In response, Vroom asserted several affirmative defenses to Sidekick's counterclaims, including that the Patents-in-Suit were each directed to ineligible subject matter under 25 U.S.C. Sec. 101. The District Court granted Vroom's motion for judgment on the pleadings, finding that Sidekick's Patents-in-Suit are ineligible for patenting. The Court denied reconsideration of the June 28, 2022 Opinion and Order. Sidekick filed an appeal with the Federal Circuit in January 2023, which remains pending as of the date of this Opinion. The Motion states that Vroom shed its used vehicle business in a Chapter 11 case filed in bankruptcy court. No longer competitors, Vroom and Sidekick agreed to settle their dispute. The 2022 Opinions appear to be barriers to the Settlement Agreement, however. The parties have represented that absent vacatur of the District Court's judgment and related opinions and orders, Sidekick must continue to pursue its appeal in order to defend its intellectual property rights, and absent vacatur, the parties are unable to settle and the appeal (and potential remand) must go forward. The District Court finds that vacatur is warranted under Rule 60(b)(6). While a settlement agreement alone is insufficient to justify vacatur, this case presents extraordinary circumstances that favor Rule 60(b) relief. According to the District Court, given that Vroom has exited the used vehicle e-commerce market and therefore no longer competes with Sidekick, it makes little business sense for Sidekick to continue to pursue its claims against Vroom. At the same time, the Court appreciates that, absent vacatur, Sidekick must continue the Appeal to defend its intellectual property rights. This change in the parties' business relationship, coupled with Sidekick's obligation to defend its intellectual property portfolio, are unique circumstances warranting vacatur, the Court concludes. A copy of the Court's Opinion dated January 6, 2026, is available at https://urlcurt.com/u?l=2miGOA from PacerMonitor.com. About Vroom Inc. Vroom, Inc. (NASDAQ: VRM) is a parent company of United Auto Credit Corporation and CarStory. Previously, it was a used car retailer and e-commerce company that let consumers buy, sell, and finance cars online. Vroom ceased e-commerce automotive sales operations in January 2024. Vroom Inc. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90571) on Nov. 13, 2024. In the petition filed by CEO Thomas Shortt, the Debtor reported total assets of $43,807,067 and total debt of $304,615,138 as of Sept. 30, 2024. Bankruptcy Judge Christopher M. Lopez oversees the case. Porter Hedges LLP, led by John F. Higgins, serves as the Debtor's bankruptcy counsel. Latham Watkins LLP serves as the Debtor's corporate, finance, tax, and securities counsel. Stout Risius Ross, LLC, serves as the Debtor's financial advisor. Deloitte Touche Tohmatsu Limited serves as the Debtor's tax consultant. The Overture Group, LLC, serves as the Debtor's compensation consultant. Verita Global is the Debtor's noticing and solicitation agent. WE WEST TEXAS: Court to Hold Cash Collateral Hearing Today ---------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, Midland Division, is set to hold a hearing today to consider extending WE West Texas Towco, LLC and Sheffield Towing Service, LLC's authority to use cash collateral. The Debtors' authority to utilize cash collateral under the court's January 12 interim order expires today. The interim order approved the payment of expenses from the cash collateral in accordance with the Debtor's budget and granted any creditor with a security interest in the cash collateral a replacement lien on post-petition cash as adequate protection. The interim order is available at https://is.gd/72TlBA from PacerMonitor.com. The Debtors reported limited cash on hand -- approximately $15,000 for Towco and $12,000 for Sheffield -- and intends to use this cash to maintain operations, pay payroll, and cover essential operating expenses. Sheffield is a wholly owned subsidiary of Towco, and together they provide towing, recovery, and roadside services in West Texas. The bankruptcy filing follows litigation arising from a May 2025 vehicle accident involving an employee, prompting the need to preserve assets, manage insurance exposure, and conduct a sale of business assets under Section 363 to maximize value for creditors. About WE West Texas Towco LLC WE West Texas Towco, LLC provides towing, roadside assistance, and vehicle recovery services across West Texas, including light, medium, and heavy-duty towing for motorcycles, cars, semi-trucks, and construction equipment. Towco and its subsidiary, Sheffield Towing Service, LLC, filed Chapter 11 petitions (Bankr. W.D. Texas Lead Case No. 26-70003) on January 2, 2026. At the time of the filing, Towco reported $6,550,489 in total assets and $2,255,739 in total liabilities while Sheffield reported between $1 million and $10 million in assets and liabilities. Charlie Shelton, Esq., at Hayward, PLLC represents the Debtors as legal counsel. WESTCOAST EVOLUTIONS: Case Summary & 11 Unsecured Creditors ----------------------------------------------------------- Debtor: WestCoast Evolutions, LLC d/b/a West Coast Car Audio & Tint f/d/b/a Pacific Heat Vibrations, LLC d/b/a Sunrise Car Audio and Window Tint d/b/a West Coast Car Audio 2419 Arden Way Sacramento, CA 95825 Business Description: Westcoast Evolutions, LLC, a veteran-owned business, provides automotive customization and protection services in Sacramento, Elk Grove, West Sacramento, and Gold River, California, specializing in window tinting, vehicle wraps, paint protection films and coatings, audio and electronics installations, and safety and security enhancements. The Company offers paint protection products including Icon Rockclear, STEK Automotive Films, and 3M Paint Protection Film, and serves both individual and enthusiast vehicle owners. Chapter 11 Petition Date: January 11, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-20120 Judge: Hon. Christopher M Klein Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 E-mail: Farsadlaw1@gmail.com Total Assets: $131,174 Total Liabilities: $1,476,218 The petition was signed by Paolo A. Melendez as CEO. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X2EGLBI/WestCoast_Evolutions_LLC__caebke-26-20120__0001.0.pdf?mcid=tGE4TAMA WHITE WILSON: Court Extends Cash Collateral Access to Feb. 25 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, entered a third interim order extending White Wilson Medical Center, PA's authority to use cash collateral. Under the third interim order, the Debtor is authorized to use cash collateral until the final hearing on February 25 in accordance with its budget. This cash collateral includes cash, deposit accounts, accounts receivable, and proceeds from business operations. Lenders including InsBank and Itria Ventures, LLC will be provided with adequate protection through replacement liens on the Debtor's assets similar to their pre-bankruptcy collateral. These replacement liens will have the same validity, priority and extent as the lenders' pre-bankruptcy liens. As additional adequate protection, the Debtor must pay InsBank interest only payments at 8.5% per annum with the first payment to be made this month. A copy of the third interim order and the Debtor's budget is available at https://shorturl.at/Mtnia from PacerMonitor.com. About White Wilson Medical Center PA White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as legal counsel. WINDHAVEN SENIOR: Seeks to Hire Quilling Selander as Legal Counsel ------------------------------------------------------------------ Windhaven Senior Living, Ltd. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Quilling, Selander, Lownds, Winslett & Moser, PC as counsel. The firm will provide: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities and the continued management of its affairs and assets under Chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary legal papers; (c) prepare a subchapter V plan of reorganization and disclosures and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Shareholders $275 - $500 Associates $215 - $385 Paralegals $75 - $150 The firm received a retainer of $20,000 from the Debtor. John Paul Stanford, Esq., an attorney at Quilling, Selander, Lownds, Winslett & Moser, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Paul Stanford, Esq. Quilling, Selander, Lownds, Winslett & Moser, PC 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Telephone: (214) 880-1805 Facsimile: (214) 871-2111 Email: jstanford@qslwm.com About Windhaven Senior Living Ltd. Windhaven Senior Living, Ltd. is a senior care provider offering assisted living, memory care, and independent living services. The company focuses on creating a safe, comfortable, and engaging environment for residents while providing personalized care tailored to individual needs. Windhaven Senior Living, Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43721) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Honorable Chief Judge Brenda T. Rhoades handles the case. The Debtor is represented by John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, PC. XPRESSGUARDS LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Xpressguards LLC 2208 SW 59 Ave Hollywood, FL 33023 Business Description: Headquartered in Hollywood, Florida, XPressGuards, LLC provides professional security services across multiple U.S. states, including armed and unarmed guards, surveillance, executive protection, fire watch, security assessments, and investigations, serving commercial, healthcare, hospitality, and construction sectors. Founded and managed by former law enforcement officers, XPressGuards specializes in delivering comprehensive, tailored security programs for diverse industries. Chapter 11 Petition Date: January 13, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10383 Judge: Hon. Scott M Grossman Debtor's Counsel: Jesus Santiago, Esq. JESUS SANTIAGO 14100 Palmetto Frontage Road Suite 370 Miami Lakes, FL 33016 Tel: (305) 898-7148 Email: jesus@dasa.law Total Assets: $501,283 Total Liabilities: $2,452,440 The petition was signed by Moise Louissaint as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YWRHHAI/XPRESSGUARDS_LLC__flsbke-26-10383__0001.0.pdf?mcid=tGE4TAMA YELLOW CORP: MFN, et al. Appeal Can't Proceed to Mediation ---------------------------------------------------------- The Honorable Jennifer L. Hall of the United States District Court for the District of Delaware accepted the recommendation of the Magistrate Judge Christopher J. Burke that the appeal styled MFN PARTNERS, LP and MOBILE STREET HOLDINGS, LLC, Appellants, v. YELLOW CORPORATION, et al., Appellees, Case No. 25-cv-01410-JLH (D. Del.) be withdrawn from the mandatory referral for mediation and proceed through the appellate process of this court in accordance with the following schedule (agreed to by the parties): 1. Appellants' brief in support of the appeal is due on or before January 30, 2026. 2. Appellees’ brief in opposition to the appeal is due on or before March 2, 2026. 3. Appellants' reply brief is due on or before March 17, 2026. MFN Partners, LP, Yellow Corp.'s largest shareholder, challenges the calculation of Yellow's massive pension fund withdrawal liability during its Chapter 11 bankruptcy proceedings. MFN Partners' goal is to minimize this liability to potentially secure a return for shareholders. MFN Partners objected to Yellow's proposed Chapter 11 liquidation plan on the grounds that the plan failed the "best interests of creditors" test, arguing that creditors would recover more in a Chapter 7 liquidation. It argued that the post-confirmation liquidating trust's governance structure was "conflicted" and allowed the pension plans/unsecured creditors to wield too much influence, prioritizing their own recovery over a fair distribution to other stakeholders, including shareholders. MFN Partners repeatedly sought to convert the case from a Chapter 11 reorganization (which became a liquidation) to a Chapter 7 liquidation, arguing that it would be more efficient, less costly in administrative fees, and would ensure fairness through an independent, non-conflicted trustee. MFN has appealed the bankruptcy court's order approving Yellow's Chapter 11 plan. A copy of the Court's Order dated January 12, 2026, is available at https://urlcurt.com/u?l=dh5gcV from PacerMonitor.com. About Yellow Corporation Nashville, Tenn.-based Yellow Corporation -- http://www.myyellow.com/-- operated logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow was the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [] Three Restructuring & Bankruptcy Attorneys Join Thompson Coburn ------------------------------------------------------------------ Thompson Coburn LLP announced the addition of a group of four attorneys across its Dallas and New York offices. Joining the firm from Gutnicki LLP are Financial Restructuring & Bankruptcy partner Liz Boydston, Corporate & Securities partner Ernest Simons, and associate Alexandria Rahn in Dallas, and Financial Restructuring & Bankruptcy partner Max Schlan in New York. These additions mark the continued growth of the firm's corporate and financial restructuring offerings in Dallas while advancing its comprehensive national platform. "It's a pleasure to kick off the year by welcoming such a dynamic group of attorneys to two of our most strategic markets," said firm Chair Chris Hohn. "In Dallas, Liz and Alex will expand our restructuring and bankruptcy services in this burgeoning market. Meanwhile, the addition of Max to our bench in New York builds upon the strength of our bankruptcy practice there." He added, "On the corporate side, Ernest's significant experience in the FinTech industry is an immediate value-add to our national platform." Ms. Boydston's Dallas-based bankruptcy practice focuses on all sides of complex Chapter 11 cases, as well as commercial litigation and workouts. She represents public and private entities; hospitals and health care providers; municipalities; public oil and gas development companies; funds and financial institutions; property developers; retailers; plan, litigation, and court-appointed trustees; and multinational corporations in complex restructuring, insolvency, and litigation matters. She earned her J.D. degree cum laude from Southern Methodist University Dedman School of Law and clerked for Chief Bankruptcy Judge Bill Parker in the United States Bankruptcy Court for the Eastern District of Texas. In New York, Mr. Schlan brings experience in complex Chapter 11 cases, commercial litigation, and adversary proceedings. He has represented debtors, official committees of creditors, individual creditors, secured lenders, and potential purchasers in Chapter 11 cases and out-of-court workouts. Mr. Schlan has been involved in some of the largest mass tort bankruptcies in the country. He earned his J.D. degree cum laude from Hofstra University School of Law and served as law clerk to Hon. Kevin Carey, Hon. Christopher Sontchi, and Hon. Mary Walrath in the United States Bankruptcy Court for the District of Delaware. Mr. Simons adds to the corporate practice in Dallas extensive experience in mergers and acquisitions, joint ventures, and strategic transactions, with an emphasis on FinTech. In addition to transactions, he counsels corporate clients on all aspects of operations, including governance, general corporate law and franchising, and complex commercial contracting. Within the payments and FinTech industries, Mr. Simons advises on issues related to investments into payment systems companies, digital wallet creation and other payment technologies, and transactional matters involving payment processors. He earned his J.D. degree from the University of North Carolina at Chapel Hill. Ms. Rahn works closely with Boydston on complex Chapter 11 cases, commercial litigation, and workouts. She has advised lenders in the workout, bankruptcy, and foreclosure of secured commercial real estate loans in multiple jurisdictions. She earned her J.D. degree cum laude from Southern Methodist University Dedman School of Law and served as law clerk to Chief Bankruptcy Judge Elizabeth Magner in the United States Bankruptcy Court for the Eastern District of Louisiana. The addition of this group follows other recent firm expansions including Corporate & Securities partner Aaron DeLong and Real Estate partner Steven Smith. Collectively, their experience builds upon Thompson Coburn's cross-functional service offering to its local commercial clients in Dallas and across the firm's national platform. [] U.S. Total Bankruptcy Filings Rise 11% in Calendar Year 2025 --------------------------------------------------------------- Total bankruptcy filings in Calendar Year 2025 were 565,759, an eleven percent increase from the 508,953 registered during CY 2024, according to data provided by Epiq AACER, the leading provider of US bankruptcy filing data. While representing a substantial year-over-year increase, total bankruptcy filings remain lower than the pre-pandemic total of 757,816 recorded in CY 2019. Overall consumer filing totals for CY 2025 were 533,949, representing a 12% increase from the 478,752 consumer filings in 2024. Consumer Chapter 7 filings increased by 15% to 332,706 in CY 2025 from 2024's total of 288,908. The 200,055 consumer Chapter 13 bankruptcy filings in CY 2025 represented a 6% increase over 2024. "Year over year, we observed double--digit growth in bankruptcy filings, and December's results highlight a sharp acceleration as volumes continue to normalize toward pre--pandemic levels and a return to more typical economic pressures," said Michael Hunter, Vice President of Epiq AACER. "December's 21% rise in consumer filings, driven by a 24% increase in Chapter 7 and seventeen percent in Chapter 13, signals the momentum we expect to continue into 2026 as consumers and businesses in distress seek bankruptcy for protection." Commercial bankruptcy filings increased 5% to 31,810 in CY 2025 from the 30,201 registered in 2024. Commercial Chapter 11 filings increased 1% in 2025 to 7940 from 7893 filings in 2024. Small business subchapter V elections within Chapter 11 rose 11% in 2025 to 2446 from the 2202 recorded in 2024. "The increase in bankruptcies reflects the convergence of economic stressors that continue to weigh on consumers and businesses," said Amy Quackenboss, ABI Executive Director. "Elevated borrowing costs, persistent inflation, and geopolitical uncertainty have more families and businesses seeking a financial fresh start through bankruptcy." Total bankruptcy filings were 45,935 in December 2025, a 20% increase from the December 2024 total of 38,163. The consumer bankruptcy filing total of 43,387 climbed 21% over the 35,789 consumer filings in December 2024. Consumer Chapter 7 filings were 27,150 in December 2025, up 24% from the 21,911 Chapter 7 filings in December 2024, while consumer Chapter 13s increased 17% to 16,147 in December from 13,809 in 2024. Overall commercial filings also increased 7% in December 2025, as the 2548 filings were up from the 2374 commercial filings registered in December 2024. The 592 commercial Chapter 11 filings in December represent a 6% increase from the 556 Chapter 11 filings in December 2024. Subchapter V elections within Chapter 11 increased by 36% in December 2025 to 238 from the 176 filings recorded in December 2024. ABI has partnered with Epiq AACER to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Epiq, a technology and services leader, takes on large-scale and complex tasks for corporations, law firms, and the courts by integrating people, process, technology, and data intelligence. Clients rely on Epiq to streamline legal, compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 17 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and its 3,800 people worldwide create meaningful change at www.epiqglobal.com. About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Beaver Hollow Niagara, LLC Bankr. W.D.N.Y. Case No. 26-10001 Chapter 11 Petition filed January 2, 2025 See https://www.pacermonitor.com/view/LSWDQJY/Beaver_Hollow_Niagara_LLC__nywbke-26-10001__0001.0.pdf?mcid=tGE4TAMA represented by: Arthur G. Baumeister, Jr., Esq. BAUMEISTER DENZ LLP E-mail: abaumeister@bdlegal.net In re Antonio Torres Bankr. D. N.J. Case No. 26-10035 Chapter 11 Petition filed January 4, 2025 represented by: Christopher Martone, Esq. In re Classic Christian Trust Bankr. D. Mass. Case No. 26-10004 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/NSO2TIA/Classic_Christian_Trust__mabke-26-10004__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 68 Maple LLC Bankr. S.D.N.Y. Case No. 26-22005 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/A3N73JY/68_Maple_LLC__nysbke-26-22005__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Global Properties of Albany, Inc. Bankr. E.D.N.Y. Case No. 26-40023 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/3E5KVCI/Global_Properties_of_Albany_Inc__nyebke-26-40023__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Shai Creates LLC Bankr. E.D. Wash. Case No. 26-00003 Chapter 11 Petition filed January 3, 2026 See https://www.pacermonitor.com/view/6Z6VY2I/Shai_Creates_LLC__waebke-26-00003__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Sibuna Group, LLC Bankr. N.D. Ga. Case No. 26-50029 Chapter 11 Petition filed January 2, 2026 Filed Pro Se In re Corbin L Young, LLC Bankr. N.D. Ga. Case No. 26-50042 Chapter 11 Petition filed January 2, 2026 Filed Pro Se In re J2XA Management LLC Bankr. N.D. Ga. Case No. 25-65191 Chapter 11 Petition filed December 31, 2025 Filed Pro Se In re HAK Enterprises LLC Bankr. N.D. Ind. Case No. 26-30003 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/UWJWJNA/HAK_Enterprises_LLC__innbke-26-30003__0001.0.pdf?mcid=tGE4TAMA represented by: H. Faith Welch, Esq. HALLERCOLVIN, PC E-mail: fwelch@hallercolvin.com In re 52 Salem Street LLC Bankr. D. Mass. Case No. 26-10012 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/MYBEO4I/52_Salem_Street_LLC__mabke-26-10012__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Incredible Escape Rooms, LLC Bankr. D. Ariz. Case No. 26-00038 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/NSC3R7Y/INCREDIBLE_ESCAPE_ROOMS_LLC__azbke-26-00038__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick Keery, Esq. KEERY MCCUE, PLLC E-mail: pfk@keerymccue.com In re Oak Grove Stor-All, LLC Bankr. N.D. Ga. Case No. 26-20015 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/Q7Y5TUQ/Oak_Grove_Stor-All_LLC__ganbke-26-20015__0001.0.pdf?mcid=tGE4TAMA represented by: Bethany Strain, Esq. JONES & WALDEN LLC E-mail: bstrain@joneswalden.com In re Franklin Flight Service Inc. Bankr. D. Del. Case No. 26-10011 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/MXJWGYI/Franklin_Flight_Service_Inc__debke-26-10011__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 40 Fuller Ave LLC Bankr. D. N.J. Case No. 26-10112 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/77TY7EA/40_Fuller_Ave_LLC__njbke-26-10112__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. LAW OFFICE OF ROBERT C. NISENSON, LLC E-mail: r.nisenson@rcn-law.com In re LatinosFinance LLC Bankr. S.D. Tex. Case No. 26-30145 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/TGWAKAY/LatinosFinance_LLC__txsbke-26-30145__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re North Texas Fiber, Inc. Bankr. N.D. Tex. Case No. 26-30084 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/CGTS52I/North_Texas_Fiber_Inc__txnbke-26-30084__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Next Gen Child Care, LLC Bankr. N.D. Ga. Case No. 26-50273 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/6234VUA/Next_Gen_Child_Care_LLC__ganbke-26-50273__0001.0.pdf?mcid=tGE4TAMA represented by: Brad Fallon, Esq. FALLON LAW PC E-mail: brad@fallonbusinesslaw.com In re 7eaven Global Construction LLC Bankr. N.D. Ga. Case No. 26-50223 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/VN373YI/7eaven_Global_Construction_LLC__ganbke-26-50223__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Toyin Street Properties LLC Bankr. S.D. Tex. Case No. 26-30127 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/CGSRCQY/Toyin_Street_Properties_LLC__txsbke-26-30127__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re STS Group, Inc. Bankr. N.D. Miss. Case No. 26-10027 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/VNIZPUI/STS_Group_Inc__msnbke-26-10027__0001.0.pdf?mcid=tGE4TAMA represented by: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC In re Pleasant Heights, Inc Bankr. D. N.J. Case No. 26-10109 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/QB2NF6Y/Pleasant_Heights_Inc__njbke-26-10109__0001.0.pdf?mcid=tGE4TAMA represented by: Scott J Goldstein, Esq. LAW OFFICES OF WENARSKY & GOLSTEIN LLC E-mail: scott@wg-attorneys.com In re E & E Finance Inc Bankr. N.D. Calif. Case No. 26-40015 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/JNM6G2Y/E__E_Finance_Inc__canbke-26-40015__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Andrea Irene Steele Bankr. E.D. Tex. Case No. 26-60011 Chapter 11 Petition filed January 6, 2026 represented by: Sarah Cox, Esq. In re Edgardo Daniel Iorio Bankr. C.D. Calif. Case No. 26-10075 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/WCQEKXI/Edgardo_Daniel_Iorio__cacbke-26-10075__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew D. Resnik, Esq. RHM LAW LLP E-mail: matt@rhmfirm.com In re Angelena Donaree Pressley-Caffee Bankr. S.D. Tex. Case No. 26-30124 Chapter 11 Petition filed January 6, 2026 Filed Pro Se In re Thanh Giang Duong Bankr. D. Mont. Case No. 26-10001 Chapter 11 Petition filed January 5, 2026 represented by: James Patten, Esq. PATTEN, PETERMAN, BEKKEDAHL & GREEN PLLC In re Sam Hamouie Bankr. S.D. Tex. Case No. 26-30114 Chapter 11 Petition filed January 5, 2026 represented by: Larry Vick, Esq. In re Jennifer Nicole Kawcak and Ivan John Kawcak Bankr. N.D. Tex. Case No. 26-40075 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/X3IIP5Q/Jennifer_Nicole_Kawcak_and_Ivan__txnbke-26-40075__0001.0.pdf?mcid=tGE4TAMA represented by: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC E-mail: joyce@joycelindauer.com In re Vicente Ramos Bankr. W.D. Tex. Case No. 26-10022 Chapter 11 Petition filed January 5, 2026 represented by: Darwin McKee, Esq. In re Cemal Gollu Bankr. E.D.N.Y. Case No. 26-40032 Chapter 11 Petition filed January 5, 2026 represented by: Robert Stumpf, Esq. In re Douglas J. English and Wanda F. English Bankr. N.D. Ga. Case No. 26-50202 Chapter 11 Petition filed January 5, 2026 represented by: William Gooding, Esq. JONES & WALDEN, LLC In re Daniel John Warren English Bankr. N.D. Ga. Case No. 26-50199 Chapter 11 Petition filed January 5, 2026 represented by: William Gooding, Esq. JONES & WALDEN, LLC In re Mark Allen Nichols and Vicki Colleen Nichols Bankr. M.D. Ga. Case No. 26-30006 Chapter 11 Petition filed January 5, 2026 In re Michael Ray Whitehead and Meredith M Whitehead Bankr. M.D. Ga. Case No. 26-10007 Chapter 11 Petition filed January 5, 2026 In re Erasmo Soto Arroyo and Petra Benitez Arroyo Bankr. N.D. Tex. Case No. 26-40062 Chapter 11 Petition filed January 5, 2026 represented by: Juan Marquez, Esq. In re Shannon Skinner Anglin Bankr. N.D. Ga. Case No. 26-50192 Chapter 11 Petition filed January 5, 2026 represented by: Adam E. Ekbom, Esq. JONES & WALDEN LLC In re Terry Lewis Shealy Bankr. D.S.C. Case No. 26-00034 Chapter 11 Petition filed January 5, 2026 In re 10-23 Pine Crescent LLC Bankr. E.D.N.Y. Case No. 26-40063 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/L6Z67OQ/423_Pine_Cr_LLC__nyebke-26-40063__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. E-mail: charles@cwertmanlaw.com In re 10-12 Maple Crescent LLC Bankr. E.D.N.Y. Case No. 26-40064 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/IAMQ2MQ/10-12_Maple_Crescent_LLC__nyebke-26-40064__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. E-mail: charles@cwertmanlaw.com In re 1021 Maple Crescent Bankr. E.D.N.Y. Case No. 26-40062 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/LUWICWY/1021_MAPLE_CRESCENT__nyebke-26-40062__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. E-mail: charles@cwertmanlaw.com In re PPS Realty 800 George St., LLC Bankr. D. N.J. Case No. 26-10135 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/IOKWCCI/PPS_Realty_800_George_St_LLC__njbke-26-10135__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. LAW OFFICE OF ROBERT C. NISENSON, LLC E-mail: r.nisenson@rcn-law.com In re Marvin Gardens Property LLC Bankr. E.D. Calif. Case No. 26-20068 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/WNV3FPY/Marvin_Gardens_Property_LLC__caebke-26-20068__0001.0.pdf?mcid=tGE4TAMA represented by: Cyrus Zal, Esq. CYRUS ZAL, A PROFESSIONAL CORPORATION E-mail: czal47@comcast.net In re PPW Realty 1408-10 W 3rd St LLC Bankr. D. N.J. Case No. 26-10131 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/VIWU5LQ/PPW_Realty_1408-10_W_3rd_St_LLC__njbke-26-10131__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. LAW OFFICE OF ROBERT C. NISENSON, LLC E-mail: r.nisenson@rcn-law.com In re 105 Bat Corp. Bankr. S.D.N.Y. Case No. 26-22011 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/7LSOBZQ/105_Bat_Corp__nysbke-26-22011__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Siesta Hospitality Ventures II, LLC Bankr. M.D. Fla. Case No. 26-00095 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/VZ6AUXY/Siesta_Hospitality_Ventures_II__flmbke-26-00095__0001.0.pdf?mcid=tGE4TAMA represented by: Kenneth S. Abrams, Esq. KENNETH S. ABRAMS, P.A. E-mail: info@bkclaw.com In re Ditmars Equities LLC Bankr. E.D.N.Y. Case No. 26-40066 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/IIJWVXY/Ditmars_Equities_LLC__nyebke-26-40066__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re O.Rhyan Capital Management LLC Bankr. C.D. Calif. Case No. 26-10037 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/IQ3SEWQ/ORhyan_Capital_Management_LLC__cacbke-26-10037__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Wilson & Associates Insurance & Financial Services, Inc. Bankr. D. Md. Case No. 26-10199 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/G2IGZGI/Wilson__Associates_Insurance__mdbke-26-10199__0001.0.pdf?mcid=tGE4TAMA represented by: Geri Lyons Chase, Esq. LAW OFFICE OF GERI LYONS CHASE E-mail: gchase@glchaselaw.com In re 748916 Trust Account Bankr. S.D. Tex. Case No. 26-30146 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/3CD4KBI/748916_Trust_Account__txsbke-26-30146__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re PAC Housing Group, LLC Bankr. W.D. Tenn. Case No. 26-20073 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/4XWN5VI/PAC_Housing_Group_LLC__tnwbke-26-20073__0001.0.pdf?mcid=tGE4TAMA represented by: Toni Campbell Parker, Esq. LAW FIRM OF TONI CAMPBELL PARKER E-mail: tparker002@att.net In re Beach-LaSalle Properties, LLC Bankr. W.D.N.Y. Case No. 26-10017 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/57UFD6Q/Beach-LaSalle_Properties_LLC__nywbke-26-10017__0001.0.pdf?mcid=tGE4TAMA represented by: James M. Joyce, Esq. E-mail: jmjoyce@lawyer.com In re Protech Plumbing LLC Bankr. S.D. Ohio Case No. 26-50051 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/6WSYN3Q/Protech_Plumbing_LLC__ohsbke-26-50051__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Supreme Fast Delivery W&D LLC Bankr. E.D.N.Y. Case No. 26-40046 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/Y6EJFZY/Supreme_Fast_Delivery_WD_LLC__nyebke-26-40046__0001.0.pdf?mcid=tGE4TAMA represented by: James J. DeCristofaro, Esq. THE LAWYER JAMES J. DECRISTOFARO, ESQ., P.C. E-mail: james@dclfirm.com In re 510 Washington Street, LLC Bankr. D. Md. Case No. 26-10109 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/OI24WOI/510_Washington_Street_LLC__mdbke-26-10109__0001.0.pdf?mcid=tGE4TAMA represented by: Donald L. Bell, Esq. LAW OFFICE OF DONALD L. BELL E-mail: donbellaw@gmail.com In re TVT Holdings LLC Bankr. S.D. Tex. Case No. 26-30116 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/ORO3D4I/TVT_Holdings_LLC__txsbke-26-30116__0001.0.pdf?mcid=tGE4TAMA represented by: Jeremy Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC E-mail: jeremy@jeremywoodlaw.com In re Ken Ward Bankr. S.D. Ala. Case No. 26-10043 Chapter 11 Petition filed January 7, 2026 represented by: Alexandra Garrett, Esq. In re Gayana Khachikian Bankr. C.D. Calif. Case No. 26-10019 Chapter 11 Petition filed January 7, 2026 represented by: Vahe Khojayan, Esq. In re Marlene M. Zemanski Bankr. N.D. Ill. Case No. 26-00208 Chapter 11 Petition filed January 7, 2026 represented by: Kevin J. Benjamin, Esq. In re Melvin Vaughn Bankr. N.D. Calif. Case No. 26-50019 Chapter 11 Petition filed January 7, 2026 represented by: Marc Voisenat, Esq. In re David Woods Bankr. N.D. Ga. Case No. 26-40044 Chapter 11 Petition filed January 7, 2026 represented by: Jamie Christy, Esq. In re Megan Louise Murphy Bankr. D. Utah Case No. 26-20072 Chapter 11 Petition filed January 7, 2026 In re Pulse Stage Lighting, LLC Bankr. D. N.J. Case No. 26-10188 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/7MYYZYI/Pulse_Stage_Lighting_LLC__njbke-26-10188__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph M. Casello, Esq. COLLINS, VELLA & CASELLO, LLC E-mail: jcasello@cvclaw.net In re Ocean Parkway BH 26 LLC Bankr. E.D.N.Y. Case No. 26-40102 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/ANMUETQ/Ocean_Parkway_BH_26_LLC__nyebke-26-40102__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Madijac LLC Bankr. M.D. Fla. Case No. 26-00137 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/ASUCN3Y/Madijac_LLC__flmbke-26-00137__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Jenkins Storage LLC Bankr. E.D. Pa. Case No. 26-10083 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/CXRNJRA/Jenkins_Storage_LLC__paebke-26-10083__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 544 Beach 67 St 18 LLC Bankr. E.D.N.Y. Case No. 26-40112 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/VQZMSBY/544_Beach_67_St_18_LLC__nyebke-26-40112__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RDL Modifications, LLC Bankr. W.D. Va. Case No. 26-70025 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/OZUMMEQ/RDL_Modifications_LLC__vawbke-26-70025__0001.0.pdf?mcid=tGE4TAMA represented by: Richard D Scott, Esq. LAW OFFICE OF RICHARD D SCOTT PC E-mail: richard@rscottlawoffice.com In re 717 South Michigan LLC Bankr. W.D. Wash. Case No. 26-10045 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/HU2ZQNA/717_South_Michigan_LLC__wawbke-26-10045__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Champion Party Supply, LLC Bankr. W.D. Wash. Case No. 26-10039 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/KC5XY6Y/Champion_Party_Supply_LLC__wawbke-26-10039__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Lundens of Houston Transportation and Mgmt LLC Bankr. S.D. Tex. Case No. 26-30033 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/7YKWHAI/Lundens_of_Houston_Transportation__txsbke-26-30033__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re S&J Data Technologies, Inc. Bankr. E.D.N.Y. Case No. 26-70046 Chapter 11 Petition filed January 5, 2026 See https://www.pacermonitor.com/view/NWQQQWI/SJ_Data_Technologies_Inc__nyebke-26-70046__0001.0.pdf?mcid=tGE4TAMA represented by: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC E-mail: fkantrow@thekantrowlawgroup.com In re 40 Fuller Ave LLC Bankr. D. N.J. Case No. 26-10112 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/G2D2BGQ/40_Fuller_Ave_LLC__njbke-26-10112__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. LAW OFFICE OF ROBERT C. NISENSON, LLC E-mail: r.nisenson@rcn-law.com In re Register Meat Company, Inc. Bankr. N.D. Fla. Case No. 26-50003 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/7XNN5WI/Register_Meat_Company_Inc__flnbke-26-50003__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Moody, Esq. MICHAEL H. MOODY LAW, P.A. E-mail: Michael.Moody@MichaelHMoodyLaw.com In re Valley Property Services - VPS LLC Bankr. N.D. Tex. Case No. 26-40097 Chapter 11 Petition filed January 6, 2026 See https://www.pacermonitor.com/view/MJZMNRI/Valley_Property_Services_-_VPS__txnbke-26-40097__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re TMT Group, Inc. Bankr. E.D. Pa. Case No. 26-10074 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/RUMUF3A/TMT_GROUP_INC__paebke-26-10074__0001.0.pdf?mcid=tGE4TAMA represented by: Maggie Soboleski, Esq. CENTER CITY LAW OFFICES, LLC E-mail: msoboles@yahoo.com In re Kisa Homes, LLC Bankr. M.D. La. Case No. 26-10011 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/SFXH4EY/Kisa_Homes_LLC__lambke-26-10011__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Coppers Pub, LLC Bankr. S.D. Ohio Case No. 26-50093 Chapter 11 Petition filed January 9, 2026 See https://www.pacermonitor.com/view/PVWBPTA/Coppers_Pub_LLC__ohsbke-26-50093__0001.0.pdf?mcid=tGE4TAMA represented by: Sean Stone, Esq. TAX WORKOUT GROUP, P.A. E-mail: sstone@twg.law In re The Great American Bistro of Washington DC, LLC Bankr. D.C. Case No. 26-00011 Chapter 11 Petition filed January 9, 2026 See https://www.pacermonitor.com/view/MPC764Q/The_Great_American_Bistro_of_Washington__dcbke-26-00011__0001.0.pdf?mcid=tGE4TAMA represented by: William C. Johnson, Jr., Esq. THE JOHNSON LAW GROUP, LLC E-mail: William@JohnsonLG.Law In re Color Code Painting Inc. Bankr. N.D.N.Y. Case No. 26-10014 Chapter 11 Petition filed January 9, 2026 See https://www.pacermonitor.com/view/MBW36IY/Color_Code_Painting_Inc__nynbke-26-10014__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Boyle, Esq. BOYLE LEGAL LLC E-mail: mike@boylebankruptcy.com In re Islandman Investments LLC Bankr. N.D. Ga. Case No. 26-50224 Chapter 11 Petition filed January 6, 2026 Filed Pro Se In re Kish Renovations, LLC Bankr. N.D. Ga. Case No. 26-50161 Chapter 11 Petition filed January 5, 2026 Filed Pro Se In re MJ Collision LLC Bankr. E.D. Wisc. Case No. 26-20085 Chapter 11 Petition filed January 8, 2026 See https://www.pacermonitor.com/view/67Y5ZIA/MJ_Collision_LLC__wiebke-26-20085__0001.0.pdf?mcid=tGE4TAMA represented by: John W. Menn, Esq. SWANSON SWEET LLP E-mail: jmenn@swansonsweet.com In re Lenaick Loilcea Bankr. D. Conn. Case No. 26-50021 Chapter 11 Petition filed January 9, 2026 In re Jason Lamiente Lassiter Bankr. W.D. Mo. Case No. 26-40028 Chapter 11 Petition filed January 9, 2026 represented by: Conrad Miller, Esq. In re Jun Wu Bankr. N.D. Calif. Case No. 26-40035 Chapter 11 Petition filed January 8, 2026 represented by: James Cai, Esq. In re Sean Tyler Hyde and Nicole Lynne Hyde Bankr. M.D. Fla. Case No. 26-00148 Chapter 11 Petition filed January 8, 2026 represented by: Perry Gruman, Esq. In re Robert Conway Bennett and Musu Cecelia Bennett Bankr. E.D. Calif. Case No. 26-20098 Chapter 11 Petition filed January 8, 2026 In re Michael James Workman and Stacy Anne Workman Bankr. D. Ariz. Case No. 26-00193 Chapter 11 Petition filed January 8, 2026 represented by: Thomas H. Allen, Esq. ALLEN, JONES & GILES, PLC In re Jennah Abdulrahman Al-Failakawi TTEE Bankr. S.D. Calif. Case No. 26-00042 Chapter 11 Petition filed January 8, 2026 represented by: L. Lewis, Esq. In re Spencer Dean Dusebout Bankr. D. Colo. Case No. 26-10108 Chapter 11 Petition filed January 8, 2026 represented by: Jonathan Dickey, Jonathan KUTNER BRINEN DICKEY RILEY, P.C. In re George Kenneth McNabb Bankr. N.D. Tex. Case No. 26-50015 Chapter 11 Petition filed January 8, 2026 represented by: David Langston, Esq. In re Harry L. Bennett Bankr. N.D. Tex. Case No. 26-50014 Chapter 11 Petition filed January 8, 2026 represented by: David Langston, Esq. In re William K. Eddins and Jennifer F. Eddins Bankr. N.D. Miss. Case No. 26-10055 Chapter 11 Petition filed January 8, 2026 represented by: Robert Gambrell, Esq. In re Alonso Roofing Corp Bankr. S.D. Fla. Case No. 26-10217 Chapter 11 Petition filed January 9, 2026 See https://www.pacermonitor.com/view/7LXOBMI/Alonso_Roofing_Corp__flsbke-26-10217__0001.0.pdf?mcid=tGE4TAMA represented by: Jacqueline Calderin, Esq. AGENTIS PLLC E-mail: jc@agentislaw.com In re Kis Build LLC Bankr. N.D. Ga. Case No. 26-50183 Chapter 11 Petition filed January 5, 2026 Filed Pro Se In re Psycare LLC Bankr. N.D. Ga. Case No. 26-10022 Chapter 11 Petition filed January 5, 2026 Filed Pro Se In re 12820 NE 4th Avenue Inc. Bankr. S.D. Fla. Case No. 26-10181 Chapter 11 Petition filed January 9, 2026 See https://www.pacermonitor.com/view/BL4XXKQ/12820_NE_4th_Avenue_Inc__flsbke-26-10181__0001.0.pdf?mcid=tGE4TAMA represented by: Richard Siegmeister, Esq. RICHARD SIEGMEISTER, PA E-mail: rspa111@att.net In re Edward Mendes III Estate Bankr. D. Mass. Case No. 26-10050 Chapter 11 Petition filed January 9, 2026 See https://www.pacermonitor.com/view/RUSA6YI/Edward_Mendes_III_Estate__mabke-26-10050__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bro Biz LLC Bankr. N.D. Calif. Case No. 26-10010 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/XS5TGMQ/Bro_Biz_LLC__canbke-26-10010__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Cardinal Medical Sarasota Real Estate LLC Bankr. M.D. Fla. Case No. 26-00087 Chapter 11 Petition filed January 7, 2026 See https://www.pacermonitor.com/view/MJZMOQQ/Cardinal_Medical_Sarasota_Real__flmbke-26-00087__0001.0.pdf?mcid=tGE4TAMA represented by: Eric HoonHout, Esq. HOONHOUT LAW E-mail: eric@hoonhoutlaw.com In re Pal Royalty Homestead Irrevocable Trust Bankr. N.D. Ga. Case No. 26-50160 Chapter 11 Petition filed January 5, 2026 Filed Pro Se ********* 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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