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260122.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 22, 2026, Vol. 30, No. 22 Headlines 1932 CENTRAL: Voluntary Chapter 11 Case Summary 1960 DALLAS: Seeks to Hire Coan Payton & Payne as Counsel 23-74 29TH STREET: Employs Kirby Aisner & Curley as Attorneys 2315 LOMA VISTA: Hires Luxury Collective as Real Estate Broker 2408 W. KENNEDY: 11th Cir. Affirms Bank of Florida Case Dismissal 286 GRAND AVENUE: Seeks to Hire Senne Commercial as Broker 4 BY 4 BREWING: Seeks to Hire Desai Law Firm as Legal Counsel 5 STAR HOME: Gets Court OK to Use Cash Collateral 575 RIVER ROAD: Seeks to Hire Yimin Chen as Bankruptcy Counsel 74 OXFORD STREET: Employs Senne Commercial as Realtor 7452 N. WESTERN AVE: Case Summary & 14 Unsecured Creditors 805 MAIN STREET: Seeks to Hire Senne Commercial LLC as Realtor A&M AUTOBODY: Voluntary Chapter 11 Case Summary A.S.T. SCREENING: Taps Saafir Malik to Provide Accounting Services ABC CHILDREN'S: Taps Arrington Accounting as Business Consultant ADONAI CONGREGATE: Seeks Chapter 11 Bankruptcy in California ADWOA BEAUTY: Cash Collateral Hearing Set for Jan. 28 AETHON UNITED: S&P Places 'B' Issuer Credit Rating on Watch Pos. AI ERA CORP Posts $362,900 Q1 Net Income on Strong Revenue Growth AI ERA CORP: Issues $232,000 Convertible Note to Vanquish Funding AKTIVATE INC: Seeks Approval to Tap Telos Arete as Special Counsel ANCORA CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Virginia ANDERSON BIO: Seeks to Hire Elevate Law Group as Legal Counsel ARCADIA BIOSCIENCES: Closes Option Exercise for $2.1MM Proceeds ARCHDIOCESE OF SAN FRANCISCO: Chapter 11 Abuse Claims Excluded ARMAAN TRUCKING: Seeks Chapter 11 Bankruptcy in Texas ARTIFICIAL INTELLIGENCE: Hires Nat'l PR Agency for Media Expansion ARTIFICIAL INTELLIGENCE: Posts $4.7MM Q3 Loss; Going Concern Stays ARTWOOD ENGINEERING: Taps Law and Justice Legal Services as Counsel ATARA BIOTHERAPEUTICS: Panacea Entities Hold 19.99% Stake AUGUSTA QUALITY: Seeks to Tap Klosinski Overstreet as Legal Counsel AURA SYSTEMS: Delays 2025 Q3 10-Q Due to Limited Labor Resources AVISON YOUNG: Moody's Withdraws 'Caa1' Corporate Family Rating AZURIA WATER: S&P Upgrades ICR to 'B', Outlook Stable BAGBY INVESTMENT: Court Extends Cash Collateral Access to Feb. 5 BEELINE HOLDINGS: Commends $200B MBS Purchase to Ease Homebuying BELLA BARBIES: Section 341(a) Meeting of Creditors on February 12 BENHAM ORTHODONTICS: Five Point, et al., Lose Summary Judgment Bid BEYOND STONE: Hires Ensign Partners as Financial Advisor BIOMERICA INC: Posts $1.3MM Q2 Loss; Liquidity Concerns Persist BLACK CANOE: Seeks to Hire Geri Lyons Chase as Bankruptcy Counsel BLACK CANOE: Seeks to Hire Pioneer CRE as Real Estate Broker BLAIR DISTRIBUTING: Seeks Chapter 7 Bankruptcy in Washington BLIZE HEALTHCARE: Taps Law Offices of Michael Jay Berger as Counsel BWY TRANSPORT: Gets Extension to Access Cash Collateral CARING FOR YOU: Seeks to Hire Income Tax Center as Accountant CATTLE DOG: Seeks Chapter 7 Bankruptcy in Texas CBDMD INC: Acquires Bluebird Botanicals Assets in Stock Deal COAST TO COAST: Seeks to Hire Craig Kelley as General Counsel COLUMBUS MCKINNON: S&P Rates New $1.225BB Senior Secured Notes 'B' CONKLIN MEDIA: Court Extends Cash Collateral Access to Feb. 10 CORCHIS CAPITAL: Court Extends Cash Collateral Access to March 13 DALLAS VENTURES: Seeks Chapter 11 Bankruptcy in Texas DATAVAULT AI: Scilex Holding Reports 37.27% Equity Stake DC5 LIMOUSINE: Seeks Chapter 7 Bankruptcy in Virginia DCA OUTDOOR: Seeks to Sell Machinery at Auction DIGGING DIRT: Hires Law Offices of Emmett L. Goodman as Counsel ENSEMBLE RCM: S&P Affirms 'B' ICR on Dividend/Refinancing Plan ERIC BRAVERMAN: Cenlar FSB's Bid to Lift Stay Granted in Part FOCUS UTILITY: Seeks to Hire Mark Roher as Bankruptcy Counsel FREEPORT LNG: S&P Affirms 'B-' ICR on Refinancing, Outlook Stable FRONTIER COMMUNICATIONS: CLO Exits with $2MM After Verizon Deal FTX TRADING: Trust Faces Sanctions After Ch. 11 Donation Ruling FUNKO INC: Elects Night Inc. CEO as Class II Director FUTURE FINTECH: Effects 1-for-4 Reverse Split for Nasdaq Compliance GARMENT GEAR: Gets Final OK to Use Cash Collateral GENESIS HEALTHCARE: Secures Court OK for $1B Asset Sale in Ch. 11 GST INC: Seeks Approval to Tap Reed Smith as Bankruptcy Co-Counsel GUNSTOCK RANCH: Hires Choi & Ito as General Bankruptcy Counsel HILTON GRAND: Moody's Lowers CFR to 'B1', Outlook Stable HUNT RICHARDSON: Seeks Chapter 7 Bankruptcy in Texas INSULATION COATINGS: Court Denies Bid to Sell Property at Auction IQ ELECTRICAL: Seeks Chapter 7 Bankruptcy in Virginia J. PATRICK LEE: Seeks to Tap The Dill Firm as Special Counsel JAMES L. BAKE: Seeks Chapter 12 Bankruptcy in Washington JASMINE HOMES: Seeks to Tap J. Zac Christman as Bankruptcy Counsel JOSEPHINES RESTAURANT: Case Summary & Six Creditors KARBONX CORP: Delays 10-Q for Period Ended November 30, 2025 KD SHIPYARD: Seeks Chapter 7 Bankruptcy in Virginia KING WILLIAM AUCTION: Seeks Chapter 7 Bankruptcy in Virginia KJSS GLOBAL: Seeks to Hire Andrew S. Cho as Bankruptcy Counsel KYI ENTERPRISES: Court Extends Cash Collateral Access to Feb. 27 LANGUAGE KIDS: Section 341(a) Meeting of Creditors on February 10 LAREDO OIL: Delays Form 10-Q Filing Due to Time Constraints LEFEVER MATTSON: Affiliate Taps Zyromski Konicek as Estate Counsel LELAND HOUSE: Seeks to Hire Harmon Partners as Financial Advisor LEXARIA BIOSCIENCE: Cuts Q1 Loss to $1.6MM; Going Concern Persists LINQTO TEXAS: Chapter 11 Filing Was Unjustified, Former Exec Says LSF12 HELIX: S&P Rates Proposed $500MM Senior Secured Notes 'B' LUMEN TECHNOLOGIES: Fitch Keeps CCC+ LongTerm IDR on Watch Pos. M & N STRUCTURES: Amends Class 3-A Unsecured Claims Details MARQUIE GROUP: Delays 10-Q Filing Due to Time Constraints MEDCOGNITION INC: Seeks to Tap The Lane Law Firm as Legal Counsel METERED APPLIANCES: Hires Michael P. Bronstein as Accountant MOBILENET INC: Seeks Chapter 7 Bankruptcy in Texas MOTO MINDS: Hires Markus Williams as General Bankruptcy Counsel MY CAR WASH: Taps Law Office of Mark S. Roher as Counsel NEW AGE FLOORING: $1M Unsecured Claims to Recover 3.6% in 5 Years NEW MEXICO TERMINAL: Property Sale Proceeds to Fund Plan Payments NEWFOLD DIGITAL: Fitch Lowers LongTerm IDRs to 'RD', Hikes to 'B-' OLIVER CORNERS: Gets Final OK to Use Cash Collateral OLIVER VILLAGE: Gets Final Approval to Use Cash Collateral PACIFIC NW: Seeks Chapter 11 Bankruptcy in Washington PARKERVILLE LP: Employs Joyce W. Lindauer Attorney as Counsel PHYSICAL INVESTMENTS: Unsecureds Will Get 52% over 60 Months PITMASTER COLLECTIVE: Seeks Chapter 7 Bankruptcy in Texas PLEASANT GROVE: Seeks Court Approval to Tap Vestcorp as Accountant PRINCETON LAKES: Seeks to Hire Charmaine Durham as Accountant PROSPECT MEDICAL: Pa. Court Lifts Stay to Allow Hospital Deal R & G HOME: Seeks to Hire Robert C. Lane as Counsel R & S PROPERTY: Seeks to Hire David L. Chapman as Legal Counsel RDL MODIFICATIONS: Seeks Chapter 11 Bankruptcy in Virginia RESTAURANT BRANDS: Fitch Gives 'BB+' LongTerm IDR, Outlook Stable ROCKY MOUNTAIN: Narrows Q3 Loss to $0.2MM; Gross Profit Doubles ROSEMERE ESTATES: Gets OK to Hire Larson & Zirzow as Counsel SAFE & GREEN: Adjourns 2025 Annual Meeting to Jan. 28 Over Quorum SKYX PLATFORMS: Secures $4 Million Strategic Investment SLEEP QUARTERS: Seeks to Tap Manning & Associates as Accountant SOLAR MOSAIC: Wins Bid to Compel Arbitration of McCutcheon Claims SOUTH FLORIDA: Seeks to Tap Underwood Murray as Bankruptcy Counsel SPECTRUM LIGHTING: Taps Kutner Brinen Dickey Riley as Legal Counsel SS INNOVATIONS: Expects $43MM Revenue in Full Year 2025, Up 108% SUNFINITY RENEWABLE: Seeks Chapter 7 Bankruptcy in Texas TAEHYUN HOLDINGS: Taps Weon G. Kim Law Office as Counsel TAILWIND AIR: Seeks Chapter 11 Bankruptcy in Virginia TALEN ENERGY: Fitch Affirms BB- LongTerm IDR, Outlook Negative TATTI VINO: Hires Winegarden Haley Lindholm Tucker as Counsel TIM PROS: Seeks to Hire Farese Farese & Farese as Special Counsel TRUE VISION: Case Summary & Nine Unsecured Creditors VISIONWRIGHTS LLC: Taps Rountree Leitman Klein & Geer as Counsel VNS HOTELS: Taps Selfridge Consultancy as Real Estate Appraiser WATER'S EDGE: Retains Tom White and Argus as Plan Trustee WORKSPORT LTD: Eyes 2026 as Most Significant Growth Year in History YALDA REAL: Trustee Gets OK to Tap Byman & Associates as Counsel ZOMANO CAFES: Gets Interim OK to Use Cash Collateral [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1932 CENTRAL: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 1932 Central LLC 1932 Central Street Evanston, IL 60201 Business Description: 1932 Central LLC is a real estate company that owns and manages one income-producing property. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-00923 Judge: Hon. Michael B Slade Debtor's Counsel: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: 312-641-6777 Fax: 312-641-7114 Email: sclar@cranesimon.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by George P. Fowler as sole member. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NZBEXWI/1932_Central_LLC__ilnbke-26-00923__0001.0.pdf?mcid=tGE4TAMA 1960 DALLAS: Seeks to Hire Coan Payton & Payne as Counsel --------------------------------------------------------- 1960 Dallas Street LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Coan, Payton & Payne, LLC as counsel. The firm's services include: (a) provide the Debtor with legal advice with respect to its powers and duties under the Bankruptcy Code and otherwise; (b) aid the Debtor in the development of a plan or reorganization under Chapter 11; (c) file the necessary petitions, schedules, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11 and in the course of these Chapter 11 proceedings; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; (e) analyze claims and causes of action of the Debtor and to object to claims and commence and prosecute adversary proceedings as necessary in the administration of this case; (f) assist in the winding up and dismissal of the bankruptcy proceedings of post-confirmation; and (g) perform any and all other legal services for the Debtor which may be necessary herein or in connection with this case or any proceeding herein or in the administration hereof. The firm's counsel and staff will be paid at these hourly rates: Steven Mulligan, Attorney $460 Angie Garcia, Paralegal $200 On December 23, 2025, the firm received by wire transfer the sum of $47,374 which was deposited into its trust account. Mr. Mulligan 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 T. Mulligan, Esq. Coan, Payton & Payne, LLC 999 18th Street, Suite S 1500 Denver, CO 80202 Telephone: (303) 861-8888 Email: smulligan@cp2law.com About 1960 Dallas Street LLC 1960 Dallas Street LLC is a single asset real estate company. 1960 Dallas Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10134) on January 09, 2026. In its petition, the Debtor reports estimated assets of up to $100,000 and estimated liabilities of up to $10 million. The case is assigned to Honorable Thomas B. McNamara. The Debtor is represented by Steven T. Mulligan, Esq., at Coan, Payton & Payne, LLC. 23-74 29TH STREET: Employs Kirby Aisner & Curley as Attorneys ------------------------------------------------------------- 23-74 29th Street LLC seeks approval from the United States Bankruptcy Court for the Eastern District of New York to hire Kirby Aisner & Curley LLP to serve as attorneys. Kirby Aisner & Curley LLP will provide these services: (a) give advice to the Debtor with respect to their powers and duties as Debtor-in-Possession and the continued management of their property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; (c) prepare the necessary legal papers required for Debtor who seeks protection from their creditors under Chapter 11 of the Bankruptcy Code; (d) appear before the Bankruptcy Court to protect the interest of the Debtor and its Estate; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of its business and assets; (g) represent the Debtor in connection with obtaining post-petition financing; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtors, their creditors and their estate. The firm's 2026 hourly rates for matters related to this Chapter 11 case are as follows: Partners at $525 to $625; Of Counsel at $475 to $625; Associates at $350; and Law Clerks/Paralegals at $150 to $200. The firm received a payment from the Debtor's principal in the amount of $26,738.00, leaving a net retainer in the amount of $25,925.50. According to court filings, Kirby Aisner & Curley LLP and its attorneys do not have any nonprofessional relationship or hold any adverse interest to the Debtor, its Estate, its creditors, the Office of the U.S. Trustee, Chambers or any other known party in interest. The firm can be reached at: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 E-mail: dkirby@kacllp.com About 23-74 29th Street LLC 23-74 29th Street LLC is a single-asset real estate company that owns and manages a residential property in Astoria, New York. 23-74 29th Street LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. E.D.N.Y. Case No. 26-40033) on January 5, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jil Mazer-Marino oversees the case. Kirby Aisner & Curley LLP is Debtor's legal counsel. 2315 LOMA VISTA: Hires Luxury Collective as Real Estate Broker -------------------------------------------------------------- 2315 Loma Vista LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to employ Liam Petrov of Luxury Collective to serve as a real estate broker. Mr. Petrov will provide real estate brokerage services with respect to the property located at 2315 Loma Vista PL, Los Angeles, CA 90039. Mr. Petrov seeks compensation in the form of a commission of 3% of the sales price and an additional 2% compensation to the seller's broker if the buyer is unrepresented. Luxury Collective and Liam Petrov are "disinterested persons" within the meaning of Section 101 of the Bankruptcy Code, according to court filings. The professional can be reached at: Liam Petrov Luxury Collective Los Angeles, CA About 2315 Loma Vista LLC 2315 Loma Vista LLC owns a property located at 2315 Loma Vista PL, Los Angeles, CA 90039, with an appraised value of $1.40 million. 2315 Loma Vista LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13989) on May 13, 2025. In its petition, the Debtor reports total assets of $1,399,000 and total liabilities of $716,656. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtors are represented by Thomas B. Ure, Esq. at URE LAW FIRM. 2408 W. KENNEDY: 11th Cir. Affirms Bank of Florida Case Dismissal ----------------------------------------------------------------- In the appeal styled 2408 W KENNEDY LLC, Plaintiff-Appellant, versus BANK OF CENTRAL FLORIDA, Defendant-Appellee, No. 25-11034 (11th Cir.), Judges Adalberto Jordan, Robert J. Luck and Embry J. Kidd of the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of 2408 West Kennedy, LLC's adversary bankruptcy proceeding against Bank of Central Florida. Kennedy sought to revive a foreclosed leasehold interest against the bank in an adversary bankruptcy proceeding. The United States Bankruptcy Court for the Middle District of Florida granted the bank's motion for summary judgment because it lacked subject matter jurisdiction and, in the alternative, because res judicata and collateral estoppel barred Kennedy's claims. The bankruptcy court denied Kennedy leave to amend its complaint or to supplement the record. Kennedy appealed both orders to the United States District Court for the Middle District of Florida. It moved to compel mediation over the bank's objection and for more time to file its initial brief. The district court extended Kennedy's filing deadline four times over the next five months. The district court dismissed the appeal after Kennedy failed to file timely its initial brief. Kennedy now appeals the district court's dismissal. On appeal, Kennedy argues that the district court erred in dismissing its appeal, striking its initial brief, and denying its motion for rehearing because it applied the wrong legal standard, failed to follow proper procedures, and relied on clearly erroneous factual findings. The panel disagrees. According to the Circuit Judges, "The district court gave Kennedy multiple extensions to file its initial brief. That some of these extensions were also meant to facilitate mediation, as Kennedy points out, is immaterial. The district court explicitly warned that failure to comply could mean dismissal. Kennedy failed to follow court orders and adhere to deadlines by declining to file its brief the Friday it was due, disregarding the deadlines it requested in its two late motions, and again failing to file the following Tuesday. Kennedy's explanation that it was 'unable' to file on time, without more, was not an explanation for the delay." They hold, "Because the district court did not abuse its discretion in dismissing Kennedy's appeal, striking its untimely brief, and denying the motion for rehearing, we affirm." A copy of the Court's Opinion dated January 12, 2026, is available at https://urlcurt.com/u?l=PW6a6r from PacerMonitor.com. About 2408 W. Kennedy Tampa, Fla.-based 2408 W. Kennedy, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02578) on May 18, 2021. Christopher Scott, managing member, signed the petition. At the time of the filing, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Michael G. Williamson oversees the case. David Jennis, PA, doing business as Jennis Morse Etlinger, serves as the Debtor's legal counsel. The Debtor also tapped Ferrell & Company, P.A. and Oscher Consulting, P.A. as its accountants. 286 GRAND AVENUE: Seeks to Hire Senne Commercial as Broker ---------------------------------------------------------- 286 Grand Avenue LLC seeks approval from the United States Bankruptcy Court for the District of Massachusetts to hire Senne Commercial, LLC as real estate broker The firm will market for sale certain real property known as Units 4, 5, 6, and 8 located at 286 Grand Avenue, Falmouth, MA. Senne Commercial, LLC will also provide these services: (a) inspect the Property and secure adequate information regarding it; (b) advertise the Property as Broker deems advisable in newspapers, publications, or other media of merit; (c) furnish additional information when requested by any cooperating real estate broker to the extent not in conflict with Broker's duties; and (d) share its commissions, upon receipt and collection thereof, less marketing expenses, with any cooperating real estate broker who finds a purchaser for the Property. The Debtor anticipates seeking compensation for the Realtor in the amount of 5% of the gross sales price of the Property at the time of closing. Neither Senne Commercial, LLC nor Jacob King are creditors or equity security holders of the Debtor. To the best of their knowledge, neither are insiders of the Debtor, nor do they hold or represent any interest materially adverse to the Debtor or the bankruptcy estate, other than the right to receive compensation for services rendered, says the court filings. The firm can be reached at: William P. Senné, President Senne Commercial, LLC One Lewis Wharf Boston, MA 02110 About 286 Grand Avenue LLC 286 Grand Avenue LLC is a real estate holding company with properties in Boston and Falmouth, Massachusetts. 286 Grand Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11722) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. at THE TAMPOSI LAW GROUP, P.C. 4 BY 4 BREWING: Seeks to Hire Desai Law Firm as Legal Counsel ------------------------------------------------------------- 4 by 4 Brewing Company, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire The Desai Law Firm, LLC to serve as counsel. The firm will provide these services: (a) advising the Debtor with respect to their rights, power and duties in this Chapter 11 case; (b) assisting the Debtor in analyzing the claims of creditors and negotiating with such creditors; (c) assisting the Debtor with investigation of the assets, liabilities and financial condition of the Debtor and reorganizing the Debtor's business in order to maximize the value of the Debtor's assets for the benefit of all creditors; (d) advising the Debtor in connection with the sale of assets or businesses; (e) assisting the Debtor in his analysis of and negotiation with any third-party concerning matters related to, among other things, the terms of a plan of reorganization; (f) assisting and advising the Debtor with respect to any communications with the general creditor body regarding significant matters in this case; (g) commencing and prosecuting necessary and appropriate actions and/or proceedings on behalf of the Debtor; (h) reviewing, analyzing or preparing, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; (i) representing the Debtor at all hearings and other proceedings; (j) conferring with other professional advisors retained by the Debtor in providing advice to the Debtor; (k) performing all other necessary legal services in this case as may be requested by the Debtor in this Chapter 11 case; and (l) assisting and advising the Debtor regarding pending litigation matters in which the Debtor may be involved, including continued prosecution or defense of actions and/or negotiations on the Debtor behalf. The hourly billing rates of the firm's partners will be $400 per hour, associates $300 per hour, and paralegals/law clerks $150 per hour. As of the Petition Date, the firm has billed $12,847.50 for services performed prior to the Petition Date, including a $1,738 filing fee. The fees were paid from a $20,000 retainer, and as of the Petition Date, the firm held a retainer of $7,152.50. The Desai Law Firm, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Spencer P. Desai, Esq. THE DESAI LAW FIRM, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 E-mail: spd@desailawfirmllc.com About 4 by 4 Brewing Company, LLC 4 By 4 Brewing Company, LLC is a craft brewing company based in Springfield, Missouri, that produces and sells beer through brewery taprooms in Fremont Hills and Galloway. The Company operates local brewing facilities and two on-site taprooms, each with 22 taps, serving retail customers with house-brewed beers. 4 by 4 Brewing Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60027) on January 15, 2026. At the time of the filing, estimated assets and liabilities were not disclosed in the application. Judge Brian T. Fenimore oversees the case. The Desai Law Firm, LLC is proposed as the Debtor's legal counsel. 5 STAR HOME: Gets Court OK to Use Cash Collateral ------------------------------------------------- 5 Star Home Care, Inc. received final approval from the U.S. Bankruptcy Court for the District of South Carolina to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in the ordinary course of business and strictly in accordance with its budget, which projects monthly operational expenses of $135,088. The Debtor may exceed any budget line item by up to 10% and may carry over unused line items to subsequent weeks. Professional fees paid from the budget must be held in trust pending court approval, with $500 per month allocated to the Subchapter V trustee. A review of the UCC-1 financing statement filed in January 2021 shows that the U.S. Small Business Administration holds a first-priority lien on substantially all of the Debtor's assets. The SBA is fully secured and is owed $119,233.33. The cash collateral budget provides for payment of the regular monthly contractual amount of $545 to the SBA. A separate UCC-1 financing statement filed by the SBA in October 2021 reflects a second-priority lien on the Debtor's assets. The SBA's proof of claim indicates that this loan is partially secured and partially unsecured. Other creditors with disputed liens on the Debtor's assets include Transportation Alliance Bank, SBFS, LLC, Revenued, and First Corporate Solutions. As adequate protection, the court granted all secured creditors replacement liens on post-petition cash collateral, maintaining the same amount, validity, and priority as their pre-bankruptcy liens. The final order is available at https://is.gd/yza4sh from PacerMonitor.com. About 5 Star Home Care Inc. 5 Star Home Care, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-04786) on December 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. W. Harrison Penn serves as Subchapter V trustee. Judge Elisabetta Gm Gasparini presides over the case. Christine E. Brimm, Esq., at Barton Brimm, PA represents the Debtor as legal counsel. 575 RIVER ROAD: Seeks to Hire Yimin Chen as Bankruptcy Counsel -------------------------------------------------------------- 575 River Road Edgewater LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Offices of Chen & Associates, PC as counsel. The firm will provide these services: (a) analyze the Debtor's financial situation and render advice for filing; (b) prepare and file any petition, schedules, statements of affairs and plan; and (c) represent the Debtor at the meeting of creditors and confirmation hearing. The firm's counsel will be paid at these hourly rates: Of-Counsel $600 Yimin Chen, Counsel $525 Associates $375 Law Clerks and paralegals $175 Mr. Chen 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: Yimin Chen, Esq. Law Offices of Chen & Associates, PC 37-12 Prince Street, Suite 9D Flushing, NY 11354 Telephone: (718) 886-4858 Email: chenattorney@yahoo.com About 575 River Road Edgewater LLC 575 River Road Edgewater LLC is a limited liability company. 575 River Road Edgewater LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20056) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Yimin Chen, Esq. 74 OXFORD STREET: Employs Senne Commercial as Realtor ----------------------------------------------------- 74 Oxford Street LLC seeks approval from the United States Bankruptcy Court for the District of Massachusetts to retain Senne Commercial LLC as real estate broker. The firm will market and sell certain real property located at 72 Oxford Street, 74 Oxford Street, and 43 Wendell Street, each in Cambridge, Massachusetts. Senne Commercial LLC will also provide these services: (a) inspect the Property and secure adequate information regarding it; (b) advertise the Property as Broker deems advisable in newspapers, publications, or other media of merit; (c) furnish additional information when requested by any cooperating real estate broker to the extent not in conflict with Broker's duties under the agreement; and (d) share its commissions, upon receipt and collection thereof, less marketing expenses, with any cooperating real estate broker who finds a purchaser for the Property in accordance with the terms of the agreement. The Debtor anticipates seeking compensation for the Realtor in the amount of 5% of the sale price of the Property. According to court filings, neither Senne Commercial LLC nor Jacob King is a creditor, equity security holder, or insider of the Debtor, and neither holds or represents any interest materially adverse to the Debtor or the bankruptcy estate. Senne Commercial LLC is disinterested within the meaning of the Bankruptcy Code, except for its right to receive compensation for services rendered, according to court filings. The Realtor may be reached at: William P. Senné, President Senne Commercial, LLC One Lewis Wharf Boston, MA 02110 About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. 7452 N. WESTERN AVE: Case Summary & 14 Unsecured Creditors ---------------------------------------------------------- Debtor: 7452 N. Western Ave., Inc. DBA Candelite Chicago DBA Candelite Restaurant DBA Candelite Evanston DBA Candlelite Pizza DBA Chi Burger DBA Candlelite Cafe DBA Candlelite Pizza Cafe DBA Candlelite 7452 N. Western Avenue Chicago, IL 60645 Business Description: 7452 N. Western Ave., Inc., doing business as Candlelite Chicago, operates a full-service restaurant and bar at its location in Chicago, Illinois, offering food and beverage services including pizza, burgers, and comfort fare. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-00911 Judge: Hon. Jacqueline P Cox Debtor's Counsel: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: 312-641-6777 Fax: 312-641-7114 Email: sclar@cranesimon.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by George P. Fowler as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2PBL3SA/7452_N_Western_Ave_Inc__ilnbke-26-00911__0001.0.pdf?mcid=tGE4TAMA 805 MAIN STREET: Seeks to Hire Senne Commercial LLC as Realtor -------------------------------------------------------------- 805 Main Street LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Senne Commercial LLC to serve as real estate broker. The firm will market and sell certain real property known as 781-783 Main Street, Cambridge, Massachusetts. Senne Commercial LLC will also provide these services: (a) inspect the Property and secure adequate information regarding it; (b) advertise the Property as Broker deems advisable in newspapers, publications, or other media of merit; (c) furnish additional information when requested by any cooperating real estate broker to the extent not in conflict with Broker's duties under this agreement; and (d) share its commissions, upon receipt and collection thereof, less marketing expenses, with any cooperating real estate broker who finds a purchaser for the Property in accordance with the terms of this agreement. Senne Commercial LLC will receive a commission of 5% of the gross sales price of the Property at the time of closing. In the event that a purchaser defaults under a purchase and sale agreement and forfeits its deposit to Owner, then Broker shall be entitled to 50% of such collected deposit. Senne Commercial LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: William P. Senne Senne Commercial, LLC One Lewis Wharf Boston, MA 02110 About 805 Main Street LLC 805 Main Street LLC is a limited liability company. 805 Main Street LLC filed for Chapter 11 relief on November 19, 2025, under Case No. 25-12511 in the District of Massachusetts. The filing shows estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of The Tamposi Law Group. A&M AUTOBODY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: A&M Autobody, Inc. 341 South Broadway Lawrence, MA 01843 Business Description: A&M Autobody, Inc. provides collision repair and auto body services from its location in Lawrence, Massachusetts, offering painting, detailing, and OEM-certified repairs for vehicles. The family-owned company serves local customers and works with insurance providers to manage claims and repair processes. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court District of Massachusetts Case No.: 26-40056 Judge: Hon. Elizabeth D Katz Debtor's Counsel: Marques Lipton, Esq. LIPTON LAW GROUP, LLC 945 Concord Street Framingham MA 01701 Email: marques@liptonlg.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Angelo Memmolo as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/53IH7KI/A_M_Autobody_Inc__mabke-26-40056__0001.0.pdf?mcid=tGE4TAMA A.S.T. SCREENING: Taps Saafir Malik to Provide Accounting Services ------------------------------------------------------------------ A.S.T. Screening, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Saafir Malik, a certified public accountant from Montgomery, Alabama, to provide accounting and bookkeeping services. Mr. Malik will provide these services: (a) perform general accounting services for the Debtor-in-Possession; and (b) perform bookkeeping and related financial recordkeeping services necessary for the administration of the bankruptcy estate. The professional seeks compensation at an hourly rate of $175. He also charges $85 per hour for the assistance of a data-entry bookkeeper, if utilized. Reimbursable expenses include $0.20 per page for copies, actual costs for long-distance telephone calls and facsimiles, and mileage at the prevailing IRS rate. Mr. Malik has disclosed that he does not hold or represent any interest adverse to the Debtor-in-Possession or its bankruptcy estate and that he has no connections with the Debtor-in-Possession, its creditors, equity security holders, or the U.S. Bankruptcy Administrator for this District, according to court filings. The professional can be reached at: Saafir Malik, CPA Montgomery, Alabama About A.S.T. Screening, LLC A.S.T. Screening, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-32712) on November 10, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Honorable Judge Bess M Parrish Creswell handles the case. The Bush Law Firm, LLC is Debtor's legal counsel. ABC CHILDREN'S: Taps Arrington Accounting as Business Consultant ---------------------------------------------------------------- ABC Children's Eye Specialists, P.C. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Arrington Accounting Services, LLC to serve as its medical business consultant. Arrington will provide these services: (a) provide medical credentialing, provider registration, and provider privileges assistance; (b) provide tax planning and corporate issues consulting; (c) provide any other services required by Debtor that are within Arrington's scope of expertise and that may be required for reorganization of Debtor's business; and (d) provide consulting services to Debtor regarding the above matters. Arrington will receive these hourly rates: Julia Arrington, Accountant $175 per hour Mary Caverly, Credentialing $150 per hour Pearl Summers, Accounting Staff $125 per hour Arrington Accounting Services, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Julie Arrington ARRINGTON ACCOUNTING SERVICES, LLC 9220 W Union Hills Dr., Ste. 102 Peoria, AZ 85382 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 ADONAI CONGREGATE: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ On January 20, 2026, Adonai Congregate Living, Inc. filed for Chapter 11 protection in the Central District of California. According to court filings, the debtor did not disclose the total amount of debt or the number of creditors. About Adonai Congregate Living, Inc. Adonai Congregate Living, Inc. operates as a provider of congregate living and residential care services. Adonai Congregate Living, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10098) on January 20, 2026. In its petition, the debtor did not disclose estimated assets or estimated liabilities. Honorable Bankruptcy Judge Martin R. Barash handles the case. The debtor is represented by Neil C. Evans, Esq. of the Law Offices of Neil C. Evans. ADWOA BEAUTY: Cash Collateral Hearing Set for Jan. 28 ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, is set to hold a hearing on January 28 to consider extending Adwoa Beauty, LLC's authority to use cash collateral. The Debtor was previously authorized to use cash collateral through January 14 under the court's fourth interim order. On January 14, the court ordered to continue the hearing to January 28. The fourth interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted secured lenders replacement liens on substantially all of its pre-bankruptcy and post-petition assets, excluding avoidance actions. The Debtor identified two secured lenders -- the U.S. Small Business Administration and Aurous Financial Svcs, LLC -- each holding liens on substantially all of its assets. Aurous Financial Svcs, as secured creditor, is represented by: Vincent J. Roldan, Esq. Mandelbaum Barrett, PC 3 Becker Farm Road, Suite 105 Roseland, NJ 07068 Phone: (973) 974-9815 vroldan@mblawfirm.com -and- Trey A. Monsour, Esq. Fox Rothschild, LLP 2501 N. Harwood St., Suite 1800 Dallas, TX 75201 Phone: (214) 231-5796 tmonsour@foxrothschild.com About Adwoa Beauty LLC Adwoa Beauty, LLC, doing business as Adwoa Beauty, develops and sells hair-care products for textured hair from Dallas, Texas. It uses natural ingredients designed for curls, coils, and waves. Founded in 2017 and led by Julian Addo, Adwoa Beauty operates in the personal care and cosmetics industry. Adwoa Beauty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44261) on October 31, 2025. In the petition signed by Julian Addo, managing member, the Debtor disclosed $2,184,143 in assets and $6,192,343 in liabilities. Judge Mark X. Mullin oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. AETHON UNITED: S&P Places 'B' Issuer Credit Rating on Watch Pos. ---------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Aethon United BR L.P., including the 'B' issuer credit rating, and placed the ratings on CreditWatch with positive implications. S&P said, "The CreditWatch placement reflects the likelihood we will raise our ratings on the company by at least one notch when the transaction closes, we receive additional information related to its pro forma capital structure, and we determine its strategic importance to Mitsubishi." Japan's largest general trading and investment company, Mitsubishi Corp. (A/Stable/A-1), has entered into an agreement to acquire the parent company of Aethon United BR L.P., a Dallas-based oil and natural gas exploration and production (E&P) company, for a total consideration of $7.5 billion, including the assumption of about $2.3 billion of Aethon's debt. As part of the transaction, Aethon United will combine with a related company, Aethon III LLC, significantly expanding its overall scale. S&P said, "We believe the transaction will significantly expand Aethon United's production scale in the Haynesville shale. The proposed transaction includes other E&P entities owned by Aethon United's parent company. According to public reports, the combined entities currently produce about 2.1 billion cubic feet equivalent per day (bcfe/d) of natural gas. This compares with our current expectation that the company will produce just under 1 bcfe/d in 2026, as well as our forecasts for its natural gas-focused peers such as Comstock Resources Inc. (approximately 1.3 bcfe/d) and Gulfport Energy Corp. (1.05 bcfe/d). We will look to obtain information about the combined entity's hydrocarbon reserves and operating strategy, which we will incorporate into our assessment of its competitive position. "We await additional information around the company's capital structure and financial policy. The transaction represents a $5.2 billion equity investment for Mitsubishi. However, we do not have complete information related to the combined company's pro forma capital structure or financial policy under its new ownership. Specifically, we will look to receive additional clarity around Mitsubishi's expectations for hedging, use of debt, and dividend distributions. "We will evaluate the strategic importance of Aethon's assets to its new parent. In our view, the transaction is large for Mitsubishi and will strengthen its shale gas and liquefied natural gas (LNG) businesses, even though it will account for less than 10% of its non-current assets. We will determine our expectation for Mitsubishi to provide Aethon with extraordinary support in a credit-stress scenario, as well as our view of the strategic importance of Aethon's assets to its long-term strategy. The determination of our assessment of Aethon's strategic importance to Mitsubishi could result in additional notching for the rating above our stand-alone credit profile. "The CreditWatch positive placement reflects the likelihood that we will raise our ratings by at least one notch when the transaction closes, we have additional information around its pro forma capital structure, and we determine its strategic importance to Mitsubishi. We expect the transaction to close in the second quarter of 2026." AI ERA CORP Posts $362,900 Q1 Net Income on Strong Revenue Growth ----------------------------------------------------------------- AI Era Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $362,900 for the three months ended November 30, 2025, as compared to a net loss of $50,036 for the three months ended November 30, 2024. Total revenues for the three months ended November 30, 2025 was $1.5 million, as compared with a revenue of $626,350 for the three months ended November 30, 2024. As of November 30, 2025, the Company had limited cash, an accumulated deficit of approximately $10 million and a working capital deficit of approximately $2.6 million. As of November 30, 2025, the Company had $6.2 million in total assets, $2.7 million in total liabilities, and a total stockholders' equity of $3.5 million. The future operations of the Company depend on its ability to realize forecasted revenues, achieve profitable operations, and depend on whether or not the Company could obtain continued financial support from its stockholders or external financing. Management believes the existing stockholders will continue to provide additional cash to meet the Company's obligations as they become due. The Company also intends to fund operations through cash flow generated from the operations, including the expected copyrights sales and other revenue streams, equity financing, debt borrowings, and additional equity financing from outside investors, to ensure sufficient working capital. However, no assurance can be given that additional financing, if required, would be available on favorable terms or at all. If we are not able to secure additional funding, the implementation of our business plan will be impaired. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provide the opportunity for the Company to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3zv8vfsk About AI Era Corp. AI Era Corp. formerly AB International Group Corp., is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisitions and development of various intellectual property. It is engaged in the acquisition and distribution of movies and television (TV) shows. The Company's segments include Copyrights and license (IP) segment and Cinema segment. It is also engaged in providing technical services; running its physical movie theater in New York and providing marketing and consulting services in the media industry. It has the ownership and copyright of the Non-Fungible Token (NFT) MMM platform, including the APP NFT MMM, and the Website: starestnet.io. The Company is focused on artificial intelligence technologies in media production and distribution, through its wholly owned subsidiary, AI+ Hubs Corp. AI+ Hubs Corp is primarily engaged in the acquisition, distribution, and licensing of copyrights for movies, television series, and short-form drama series. Hackensack, N.J.-based Prager Metis CPAs, LLC, AB International's auditor since 2022, issued a "going concern" qualification in its report dated December 1, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that as of August 31, 2025, the Company had limited cash, an accumulated deficit of approximately $10.4 million and a working capital deficit of approximately $3.3 million. For the year ended August 31, 2025, the Company had negative cash flow of approximately $2.3 million from its operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. AI ERA CORP: Issues $232,000 Convertible Note to Vanquish Funding ----------------------------------------------------------------- AI Era Corp. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with Vanquish Funding Group Inc., pursuant to which the Company issued to the Lender a Convertible Promissory Note in the principal amount of $232,000. The Note was issued with an original issue discount of $7,000 (including $2,500 in legal fees and $4,500 in due diligence fees), resulting in net proceeds to the Company of $225,000. The Note matures on October 15, 2026 (nine months from issuance) and bears interest at a rate of 10% per annum, which is not payable until maturity. The Note is convertible into shares of the Company's common stock, par value $0.001 per share, beginning 180 days after the issuance date, at a conversion price equal to 80% of the lowest trading price of the Common Stock during the 20 trading days prior to the conversion date (a 20% discount to market). The Lender is limited to conversions that would not result in beneficial ownership exceeding 4.99% of the outstanding Common Stock (waivable up to 9.99%). The Company may prepay the Note at any time within the first 180 days at 120% of the outstanding principal plus accrued interest. After 180 days, prepayment is not permitted without the Lender's consent. The Note contains customary events of default, upon which the outstanding principal and interest may become immediately due and payable at 150% or 200% of the principal amount (depending on the default type), and the conversion price may be adjusted downward. The SPA and Note include representations, warranties, and covenants customary for transactions of this type. The securities issued under the SPA and Note were offered in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. Full text copies of the SPA and the Note are available at https://tinyurl.com/4p9ckzz7 and https://tinyurl.com/yyw7ed2z. About AI Era Corp. AI Era Corp, formerly AB International Group Corp., is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisitions and development of various intellectual property. It is engaged in the acquisition and distribution of movies and television (TV) shows. The Company's segments include Copyrights and license (IP) segment and Cinema segment. It is also engaged in providing technical services; running its physical movie theater in New York and providing marketing and consulting services in the media industry. It has the ownership and copyright of the Non-Fungible Token (NFT) MMM platform, including the APP NFT MMM, and the Website: starestnet.io. The Company is focused on artificial intelligence technologies in media production and distribution, through its wholly owned subsidiary, AI+ Hubs Corp. AI+ Hubs Corp is primarily engaged in the acquisition, distribution, and licensing of copyrights for movies, television series, and short-form drama series. As of November 30, 2025, the Company had $6.2 million in total assets, $2.7 million in total liabilities, and a total stockholders' equity of $3.5 million. As of November 30, 2025, the Company had limited cash, an accumulated deficit of approximately $10 million and a working capital deficit of approximately $2.6 million. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. AKTIVATE INC: Seeks Approval to Tap Telos Arete as Special Counsel ------------------------------------------------------------------ Aktivate, Inc., doing business as FamX, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Telos Arete PC as special counsel. The compensation and reimbursement of expenses to be allowed to the firm shall be determined by the Court upon appropriate application therefor and upon notice and a hearing, in accordance with sections 330 and 331 of the Bankruptcy Code and the applicable Bankruptcy Rules. Dirk Sampselle, Esq., a managing attorney at Telos Arete, 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: Dirk Sampselle, Esq. Telos Arete, PC 1072 Bristol St., Ste. 201 Costa Mesa, CA 92626 Email: dsampselle@telosarete.law About Aktivate Inc. Aktivate, Inc., doing business as FamX, provides a sports and activities management platform primarily for K-12 schools and athletic programs in the US, offering tools for registration, scheduling, communications, fundraising, and fee collection, and digital management of coach certifications and athlete records. Aktivate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-46069) on December 19, 2025. In its petition, the Debtor reported assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ian Braunstein, Esq., at Iemer & Braunstein, LLP. ANCORA CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Virginia ----------------------------------------------------------- On January 6, 2026, Ancora Construction Group, Inc., filed for Chapter 7 protection in the Eastern District of Virginia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 50 to 99 creditors. About Ancora Construction Group, Inc. Ancora Construction Group, Inc. operates as a construction services company providing commercial and residential construction solutions. Ancora Construction Group, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10018) on January 6, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The debtor is represented by Bandar Al-Saif, Esq. of Odin Feldman & Pittleman PC. ANDERSON BIO: Seeks to Hire Elevate Law Group as Legal Counsel -------------------------------------------------------------- Anderson Bio Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Elevate Law Group as counsel. The firm's services include: (a) consult with the Debtor concerning the administration of the case; (b) advise the Debtor with regard to its rights, powers and duties as a debtor in possession; (c) investigate and, if appropriate, prosecute on behalf of the estate claims and causes of action belonging to the estate; (d) advise the Debtor concerning alternatives for restructuring its debts and financial affairs pursuant to a plan or, if appropriate, liquidate its assets; and (e) prepare the bankruptcy schedules, statements and lists required to be filed by the Debtor under the Bankruptcy Code and applicable procedural rules. The firm will be paid at these hourly rates: Nicholas Henderson, Partner $540 Alex Trauman, Partner $540 Troy Sexton, Partner $465 Jeremy Tolchin, Associate $450 Sean Glinka, Associate $450 Ryan Ripp, Associate $310 Noah Maurer, Associate $310 Leona Yazdidoust, Associate $290 Paralegals $210 Legal Assistants $195 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $30,000 paid by Leroy Goecks, member of Elevate Law Group. Mr. Henderson 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: Nicholas J. Henderson, Esq. Elevate Law Group 6000 Meadows Law Group, Suite 450 Lake Oswego, OR 97035 Telephone: (503) 417-0500 Facsimile: (503) 417-0501 About Anderson Bio Group LLC Anderson Bio Group, LLC operates a biomass-to-steam combined heat and power facility that generates electricity and thermal energy through the combustion of biomass. The Company is expanding the plant's clean energy capabilities by integrating concentrating solar thermal power and thermal energy storage systems to increase output and enable continuous electricity generation. Anderson Bio Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34166) on December 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Nicholas J. Henderson, Esq., at Elevate Law Group. ARCADIA BIOSCIENCES: Closes Option Exercise for $2.1MM Proceeds --------------------------------------------------------------- Arcadia Biosciences, Inc. disclosed in a regulatory filing that it entered into inducement offer letter agreements with certain investors pursuant to which such Participating Holders agreed to exercise certain outstanding preferred investment options to purchase an aggregate of 808,595 shares of the Company's common stock. The preferred investment options subject to the Inducement Letters had an exercise price of $9.00 per share and were originally issued in December 2020, January 2021, August 2022, and March 2023. Pursuant to the Inducement Letters, the Participating Holders agreed to exercise for cash the Existing Options at a reduced exercise price of $2.575 per share, in consideration for the Company's agreement to issue new unregistered preferred investment options to purchase up to 1,617,190 shares of Common Stock. The New Options have an exercise price of $2.325 per share, are exercisable immediately upon issuance, and expire on the date that is 30 months following the effective date of the Resale Registration Statement. The closing of the transactions contemplated by the Inducement Letters occurred on January 12, 2026, where the Company received aggregate gross proceeds of approximately $2.1 million from the exercise of the Existing Options by the Participating Holders, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds for working capital and general corporate purposes. The Company engaged H.C. Wainwright & Co., LLC to act as its exclusive placement agent in connection with the transactions. In consideration for its services, the Company paid Wainwright a cash fee equal to 7.0% of the aggregate gross proceeds received from the exercise of the Existing Options. In addition, the Company paid Wainwright a management fee equal to 1.0% of the aggregate gross exercise price paid in cash and reimbursed Wainwright for certain expenses, including but not limited to $50,000 for legal expenses and $25,000 for non-accountable expenses. The Company also issued to Wainwright or its designees' placement agent preferred investment options to purchase that number of shares of Common Stock equal to 7.0% of the aggregate number of shares of Common Stock underlying the Existing Options exercised in the transaction, or 56,602 shares. The Placement Agent Options have substantially the same terms as the New Options with the exception of an exercise price of $3.2188 per share, and have a term expiring on the Option Termination Date. The resale of the shares of Common Stock underlying the Existing Options has been registered pursuant to registration statements on Form S-1 (File Nos. 333-262407 and 333-267637) and Form S-3 (File 333-252659 and 333-271082). The New Options and Placement Agent Options are exercisable, at the option of each holder, in whole or in part, by delivering a duly executed exercise notice accompanied by payment in full for the number of shares of Common Stock purchased upon such exercise (except in the case of a cashless exercise). A holder (together with their affiliates) may not exercise any portion of the holder's New Options or Placement Agent Options to the extent that the holder would beneficially own more than 4.99% or 9.99% (as specified by the holder) of the outstanding Common Stock immediately after exercise (as such percentage is determined in accordance with the terms of the New Options and Placement Agent Options). Upon 61 days prior notice to the Company, the holder may increase or decrease the beneficial ownership limitation up to 9.99%. The Company also agreed to file a registration statement covering the resale of the New Option Shares and Placement Agent Option Shares within 30 days after the Closing Date and to use commercially reasonable efforts to cause such Resale Registration Statement to be declared effective by the Securities and Exchange Commission within 60 days following the date of the Inducement Letter (or within 90 days in certain circumstances). If, at the time a holder exercises its New Option or Placement Agent Option (as applicable), the Resale Registration Statement is not then effective or available, then in lieu of making the cash payment otherwise contemplated to be made upon such exercise in payment of the aggregate exercise price, the holder may elect instead to make a cashless net exercise and receive upon such exercise the net number of shares of Common Stock determined according to a formula set forth in the New Options and Placement Agent Options. The exercise price and number of shares issuable upon exercise of the New Options or Placement Agent Options are subject to appropriate adjustment in the event of stock dividends, stock splits, subsequent rights offerings, pro rata distributions, reorganizations, or similar events. The New Options and the Placement Agent Options also contain customary provisions regarding adjustment of the exercise price and treatment upon certain kinds of fundamental transactions (as defined in the New Options and Placement Agent Options), including provisions providing for the receipt of alternative consideration or, in certain circumstances in connection with certain kinds of fundamental transactions, the ability for a holder to cause the Company to purchase the unexercised portion of the New Option or Placement Agent Option from the holder by paying to the holder an amount of cash equal to the Black Scholes value (calculated as provided in in the New Options and Placement Agent Options) of the remaining unexercised portion of the New Option or Placement Agent Option. In the Inducement Letter, the Company agreed not to issue any shares of Common Stock or common stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) until 45 days after the Closing Date. The Company also agreed not to effect or agree to effect any variable rate transaction (as defined in the Inducement Letter) until one year after the Closing Date (subject to certain exceptions). The Inducement Letter Agreement contains representations, warranties and covenants of the Company that the Company believes are typical for transactions of this type, and which were made solely for the benefit of the other signatories to the Inducement Letter. The provisions of the Inducement Letter, including the representations and warranties contained therein, are not for the benefit of any party other than the party signatories thereto and are not intended for investors or the public to obtain factual information about the current state of affairs of the parties to the Inducement Letter. Full text copies of the Inducement Letter, the New Options and the Placement Agent Options are available at https://tinyurl.com/yeypyjfr, https://tinyurl.com/bdhjey9s and https://tinyurl.com/ypv6bam7, respectively. About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of September 30, 2025, the Company had total assets of $8.6 million, total liabilities of $3.1 million, and total stockholders' equity of $5.4 million. ARCHDIOCESE OF SAN FRANCISCO: Chapter 11 Abuse Claims Excluded -------------------------------------------------------------- Clara Geoghegan of Law360 reports that two insurance companies have argued in a California bankruptcy court that the Archdiocese of San Francisco was aware, or should have been aware, of clergy sexual abuse allegations long before seeking coverage. The insurers contend that this knowledge undermines the archdiocese’s claim to insurance proceeds. The carriers are asking the court to rule that the policies at issue do not cover the abuse claims pending in the Chapter 11 proceedings, citing alleged failures to comply with policy terms, the report states. About San Francisco Archdiocese The Roman Catholic Archbishop of San Francisco, Archdiocese of San Francisco, is a tax exempt religious organisation. The Archdiocese of San Francisco is a Latin Church ecclesiastical territory or diocese of the Catholic Church in the northern California region of the United States. The Archdiocese of San Francisco was erected on July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral of Saint Mary of the Assumption. The Archdiocese sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the petition filed by Fr. Patrick Summerhays as vicar general and moderator of the Curia, the Archdiocese reported $100 million to $500 million in assets and liabilities. The Hon. Dennis Montali oversees the case. The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel. ARMAAN TRUCKING: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On January 17, 2026, Armaan Trucking LLC filed for Chapter 11 protection in the Northern District of Texas. According to the court filing, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Armaan Trucking LLC Armaan Trucking LLC operates as a trucking and freight transportation company serving commercial clients. Armaan Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40229) on January 17, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq. ARTIFICIAL INTELLIGENCE: Hires Nat'l PR Agency for Media Expansion ------------------------------------------------------------------ Artificial Intelligence Technology Solutions, Inc. announced that it has engaged a national public relations firm to expand awareness of the Company across the media, financial markets, and investor community. The engagement is intended to elevate understanding of AITX's business model, technology leadership, and long-term growth strategy as the Company enters its next phase of market visibility. The decision follows a period of expanding operational scale, increased market relevance, and growing interest in the Company's autonomous security and AI driven solutions. As AITX continues to execute on its business plan, management believes the Company has reached a point where broader and more consistent visibility across national media and financial platforms is both appropriate and necessary. The selected firm brings a demonstrated ability to place client narratives in widely followed business and financial outlets, helping companies translate operational progress into clear market understanding. "We believe the Company has reached a point where broader and more consistent exposure is warranted," said Doug Clemons, Chief Marketing Officer of AITX. "This engagement is about ensuring that the progress we are making operationally and strategically is clearly understood across the mainstream media, financial markets, and the investor community as we continue to execute our long-term objectives." The engagement provides AITX access to a national and international media network with deep experience placing corporate and financial narratives in widely followed business publications. Through a disciplined, data informed communications approach, the Company expects initial outreach and media activity to begin in the near term, quickly broadening awareness of AITX among financial and industry audiences. Management believes this effort will help accelerate recognition of the Company's progress as it advances its growth strategy. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ARTIFICIAL INTELLIGENCE: Posts $4.7MM Q3 Loss; Going Concern Stays ------------------------------------------------------------------ Artificial Intelligence Technology Solutions Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025. The Company had a net loss of $4,730,800 for the three months ended November 30, 2025, compared to a net loss of $3,703,974 for the three months ended November 30, 2024. The increase in net loss of $1,026,826 is due to a number of factors: higher research and development expenses partially offset by higher gross profit in the three months ended November 30, 2025. For the nine months ended November 30, 2025, it had a net loss of $8,561,753 compared to a net loss of $11,828,656 for the nine months ended November 30, 2024. The decrease in net loss of $3,266,903 is due to a number of factors: higher gross profit and lower other expenses (due to gain on settlement of debt) offset by higher operating expenses for the nine months ended November 30, 2025. For the nine months ended November 30, 2025, the Company had negative cash flow from operating activities of $7,451,163. As of November 30, 2025, the Company has an accumulated deficit of $165,088,555, and negative working capital of $14,023,829. Management does not anticipate having positive cash flow from operations in the near future and believes that it will continue to incur losses for the immediate future. Therefore, the Company will need additional equity or debt financing until it can achieve profitability and positive cash flows from operating activities, if ever. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company does not have the resources at this time to repay all its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business. At the same time management points to its successful history with maintaining Company operations and reminds all with reasonable confidence this will continue. Management efforts: Management has plans to address the Company's financial situation as follows: Management is committed to raise either non-dilutive funds or minimally dilutive funds. There is no assurance that these funds will be able to be raised, nor can it provide assurance that these possible raises may not have dilutive effects. In June 2025, the Company entered into an equity financing agreement whereby an investor will purchase up to $30,000,000 of the Company's common stock at a discount over a two-year period. There still remains about $27 million left to issue under this arrangement. Management believes that it has the necessary support to continue operations by continuing its funding methods in the following ways: * growing revenues * through equity proceeds, and * issuing non-convertible debt. Management has had many recent conversations with the Company's primary debt holder and believes that the non-convertible debt on the balance sheet will be extended. Management notes that non-convertible debt on the books has been extended by this debt holder twice in the past and notes that this debt holder has been a strong supporter of the Company. However, the successful outcome of the Company's future activities cannot be determined at this time and there is no assurance that, if achieved, the Company will have sufficient funds to execute its intended business plan or generate positive operating results. As of November 30, 2025, the Company had $9,631,703 in total assets, $58,334,636 in total liabilities, and a total stockholders' deficit of $49,579,901. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/5h38mhrb About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ARTWOOD ENGINEERING: Taps Law and Justice Legal Services as Counsel ------------------------------------------------------------------- Artwood Engineering and Building Commissioning LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law and Justice Legal Services to handle its Chapter 11 case. Don Nguyen, Esq., the primary attorney in this representation, will be paid at his hourly rate of $250 plus reimbursement. The firm received a retainer of $5,000 from the Debtor. Mr. Nguyen 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: Don Nguyen, Esq. Law and Justice Legal Services 1450 S. Western Ave. Gardena, CA 90249 Telephone: (800) 425-1858 Facsimile: (888) 431-8931 About Artwood Engineering and Building Commissioning Artwood Engineering and Building Commissioning LLC, based in Los Angeles, California, provides construction engineering and building commissioning services, including project and construction management, primarily serving commercial clients. Artwood filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20971) on December 8, 2025, with $1,468,329 in assets and $1,348,946 in liabilities as of December 3, 2025. Marcus Jackson, sole member and managing member, signed the petition. Judge Barry Russell presides over the case. Don Nguyen, Esq., at Law and Justice Legal Services represents the Debtor as counsel. ATARA BIOTHERAPEUTICS: Panacea Entities Hold 19.99% Stake --------------------------------------------------------- Panacea Innovation Limited and affiliated entities -- Panacea Venture Healthcare Fund II, L.P., Panacea Opportunity Fund I, L.P., their respective general partners, and James Huang -- disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of January 12, 2026, they beneficially own 1,632,345 shares of Atara Biotherapeutics, Inc.'s Common Stock (including 259,163 warrants to purchase Common Stock that are immediately exercisable and do not expire, though limited by a 19.99% ownership blocker preventing exercise if it would exceed that threshold; based on 7,258,971 shares outstanding as of November 28, 2025, up to 97,345 warrant shares are currently exercisable), representing 19.99% of the shares outstanding. Panacea Innovation Limited may be reached through: James Huang, Founding Managing Partner Panacea Venture, No. 5 Lane 1350, Fuxing Middle Road Xuhui District, Shanghai, F4, 200031 Tel: (86-21) 6176-1101 A full-text copy of Panacea Innovation Limited's SEC report is available at: https://tinyurl.com/mrydwb5c About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology Company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first Company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $30.2 million in total assets, $66.8 million in total liabilities, and $36.6 million in total stockholders' deficit. AUGUSTA QUALITY: Seeks to Tap Klosinski Overstreet as Legal Counsel ------------------------------------------------------------------- Augusta Quality, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to employ Klosinski Overstreet, LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and with respect to the continued operation of its business and the management of its property; (b) prepare, on behalf of the Debtor, necessary legal papers; (c) prepare pleadings and applications and conduct examinations incidental to the administration of the Debtor's estate; (d) take any and all necessary action instant to the proper preservation and administration of the estate; (e) assist the Debtor with the preparation and filing of a Statement of Affairs and Schedules as appropriate; and (f) perform all other legal services for the Debtor which may be necessary herein; and it is necessary for it to employ attorneys for such professional services. The firm will be paid at these hourly rates: Attorneys $325 Paralegals $60 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000 from the Debtor prior to filing. Bowen Klosinski, Esq., lead counsel at Klosinski Overstreet, 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: Bowen A. Klosinski, Esq. Klosinski Overstreet, LLP 1229 Augusta West Parkway Augusta, GA 30909 Telephone: (706) 863-2255 Email: bak@klosinski.com About Augusta Quality LLC Augusta Quality LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 26-10018) on January 7, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Susan D. Barrett presides over the case. Bowen Anderson Klosinski, Esq., at Klosinski Overstreet represents the Debtor as counsel. AURA SYSTEMS: Delays 2025 Q3 10-Q Due to Limited Labor Resources ---------------------------------------------------------------- Aura Systems, Inc. disclosed in a regulatory filing that it will be unable to file its Quarterly Report on Form 10-Q for the three months ended November 30, 2025, by the prescribed due date because the Company requires additional time to finalize its financial statements. The delay is primarily due to limited labor resources to reconcile certain accounting records. As a result, the Company needs additional time to ensure the accuracy and completeness of its financial reporting. The Company currently expects to file the Form 10-Q within the five-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Aura Systems Headquartered in Lake Forest, California, Aura Systems, Inc., develops and manufactures electric motors and generators using proprietary axial flux induction technology. The Company offers solutions for commercial, industrial, and military applications under the AuraGen and VIPER brands. It focuses on designing high-efficiency, compact, and magnet-free machines, with ongoing development in electric vehicle systems, mobile power generation, and renewable energy integration. Aura operates primarily in North America with plans for global expansion through partnerships, licensing, and joint ventures. In an audit report dated June 13, 2025, Weinberg & Company, P.A. issued a "going concern" qualification citing that during the year ended Feb. 28, 2025, the Company incurred a net loss of $21 million, used cash in operations of $3 million, and at Feb. 28, 2025, had a stockholders' deficit of $37 million. In addition, at Feb. 28, 2025, notes payable and related accrued interest with an aggregate balance of $5 million have reached maturity and are past due. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $1.12 million in total assets, $44.62 million in total liabilities, and $43.50 million in total stockholders' deficit. As of August 31, 2025, the Company had an accumulated deficit of $507.73 million. AVISON YOUNG: Moody's Withdraws 'Caa1' Corporate Family Rating -------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Avison Young (Canada) Inc., namely the company's Caa1 corporate family rating and Caa1-PD probability of default rating. The B1, B2, Caa1 and Caa2 ratings on the company's senior secured facilities were also withdrawn. The outlook prior to the withdrawal was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Avison Young (Canada) Inc. is the largest principal-owned and led commercial real estate (CRE) services firm in the world, with approximately 5,000 real estate professionals in 100+ offices across 17 countries offering a full range of asset-level, investment, data and technology services to occupiers, owners, investors and the public sector in office, retail, industrial, multifamily, hospitality and other types of CRE. Headquartered in Toronto, Canada, Avison Young has affiliates in North America, Europe, Asia, the Middle East and Africa. AZURIA WATER: S&P Upgrades ICR to 'B', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Azuria Water Solutions Inc. to 'B' from 'B-'. S&P said, "At the same time, we assigned our 'B' issue-level rating on the company's proposed $2.2 billion term loan and $300 million delayed draw term loan that will refinance existing debt, fund the merger, and provide capital for future acquisitions. The recovery rating on the company's first-lien debt remains '3' (50%-70%; rounded estimate: 50%). "The stable outlook reflects our expectation that Azuria will generate S&P Global Ratings-adjusted EBITDA margins of around 14% in 2026 following the integration of Inframark, resulting in leverage of low-7x at the end of 2026 and 2027." Azuria Water Solutions Inc., a provider of water and wastewater maintenance and rehabilitation services, is merging with Inframark LLC (not rated), a company specializing in water and wastewater infrastructure operations and maintenance. The combination will create a new, independent platform focused on water solutions and services. Both Azuria and Inframark are portfolio companies of New Mountain Capital, and the combined business will operate under the Azuria Water Solutions name. The sponsor will retain ownership. The merger will strengthen the legacy Azuria business through enhanced scale and end-to-end service capabilities in the water and wastewater solutions market. Major improvements in service offerings, market position, and projected financial performance underpin the upgrade. The merger of Azuria and Inframark improve the legacy company's service offerings and addressable market. The addition of Inframark broadens Azuria's service offerings to include water and wastewater management and treatment for municipalities, the legacy business's primary customer base. The combined business will improve vertical integration and create cross-selling opportunities. The addition of water and wastewater management services expands the company's serviceable market, targeting an estimated $85 billion market for municipal water operations and maintenance, of which less than 10% is outsourced. With the merger, the company will provide a comprehensive suite of services to U.S. water and wastewater municipalities, positioning it favorably against competitors with more limited service offerings. In addition to Inframark's new service offerings, the legacy Azuria business has strengthened its core capabilities through acquisitions in recent years. In particular, the 2025 acquisition of BLD Services allowed Azuria to extend its services to include lateral water lines, expanding beyond its previous focus on main lines. Internally, the company has invested in new technologies, such as robotics for pipe inspection and cutting, as well as a method for removing asbestos cement pipe without requiring excavation. Additionally, as part of the company's strategic increased vertical integration, Azuria is building out a plant for in-house production of fusible PVC pipe, elevating capital expenditure (capex) that year. This investment aims to improve the company's cost structure and increase Azuria's control of its own supply chain. S&P said, "We project Azuria's revenue base will grow 75% to 80% in 2026, driven by the inclusion of Inframark, the full-year impact of 2025 acquisitions, and incremental revenue from anticipated acquisitions in 2026. Additionally, we expect the underlying business to grow organically by low- to mid-single-digit percent as demand for water and wastewater infrastructure services remains robust in the U.S." This growth will bring the company's scale to mid-$2 billion--still at the lower end of our rated engineering and construction peer group but significantly larger than some of our lower-rated peers. Azuria's margin profile will compress somewhat from integrating Inframark, partially offset by the merger's synergies and cost savings. Inframark's margin profile is lower than legacy Azuria's S&P Global Ratings-adjusted EBITDA margins of mid-15% to low-16% as of the end of 2025. Following integration, S&P expects the combined company's margin profile to reach the low-14% by year-end 2026. However, synergies and cost structure improvements realized through the merger will partially offset the lower margin profile. S&P said, "The company anticipates $40 million to $50 million in synergies and cost savings, primarily from administrative and corporate cost synergies and productivity enhancements from new technologies; we currently assign approximately $20 million of credit to these benefits in 2026. Conversely, transaction fees of roughly $10 million will impact the 2026 margin profile, flowing through selling, general, and administrative (SG&A) expenses. We expect further incremental benefits in 2027 as the integration continues, synergies are further realized, and the impact of transaction fees fall off. "We expect Azuria's leverage to increase to low-7x by the end of 2026 following merger. A $2.2 billion term loan B will finance a portion of the merger, with the remainder funded by equity. Proceeds will redeem exiting investors, refinance existing debt, cover transaction costs, and provide liquidity. The transaction also includes a $300 million delayed draw term loan to fund future acquisitions and a new $400 million revolving credit facility. We project leverage will rise to low-7x by year-end 2026, reflecting the incremental debt. This represents approximately one turn of leverage higher than our current expectation for the legacy Azuria business at year-end 2025. However, we anticipate leverage will organically recede to low-6x by year-end 2027, driven by margin expansion from cost savings and synergies, as well as incremental margin gains from forecasted acquisitions. "Azuria's cash generation will weaken in 2026 from one-time investments and transaction fees before restrengthening in 2027. In 2026, Azuria plans to make a significant, one-time capex investment to fund the new build of its fusible PVC pipe plant, resulting in higher capex spend compared to historical and future years. We expect modest working capital outflows of $15 million to $25 million in 2026 and 2027. Legacy Azuria can experience higher working capital uses in the summer months as volumes elevate, but typically these outflows moderate by year end. We expect Inframark to have very minimal working capital uses given the nature of its business and short billing cycle. "Consequently, we expect free operating cash flow (FOCF) in 2026 to be significantly weaker than our current expectation for the legacy business in 2025. We anticipate FOCF will normalize in 2027 as capex returns to historical levels and transaction fees subside. As such, we forecast S&P Global Ratings-adjusted FOCF to debt of 4.5% to 5.5% in 2025, -0.5% to 0.5% in 2026, before increasing to 3.5% to 4.5% in 2027. "The stable outlook reflects our expectation that Azuria will generate S&P Global Ratings-adjusted EBITDA margins of around 14% in 2026, resulting in leverage of low-7x at the end of 2026 and declining to low-6x in 2027." S&P could lower its ratings on Azuria if integration missteps lower margins below our expectations or if it exhibits a more aggressive financial policy with debt-funded acquisitions, resulting in: -- S&P Global Ratings-adjusted debt to EBITDA sustained above 7x beyond 2026; or -- S&P Global Ratings-adjusted FOCF to debt sustained below 3% beyond 2026. S&P sees limited upside for the rating. However, S&P could raise our ratings on Azuria if: -- S&P Global Ratings-adjusted debt to EBITDA sustains below 5x; -- S&P Global Ratings-adjusted FOCF to debt sustains above 5%; and -- The financial sponsor commits to a more moderate financial policy. BAGBY INVESTMENT: Court Extends Cash Collateral Access to Feb. 5 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a third interim order extending Bagby Investment Properties, LLC's authority to use cash collateral until February 5. Under the order, the Debtor is allowed to use cash collateral solely for amounts expressly authorized by the court, including payments to the Subchapter V trustee, and for operating expenses outlined in its budget. Any use of cash collateral outside these limits is prohibited. As adequate protection, lenders will be granted automatically perfected post-petition replacement liens on cash collateral, with the same validity, extent, and priority as their respective pre-bankruptcy liens. The order preserves the rights of the U.S. trustee or any creditors' committee to challenge lien validity, priority, or extent and is without prejudice to future requests for additional adequate protection or restrictions on cash collateral use. The next hearing is scheduled for February 5. The third interim order is available at https://is.gd/o1Ahex from PacerMonitor.com. Bagby generates revenue from its property rentals and has financed its operations on a cash basis. The U.S. Small Business Administration, a pre-bankruptcy lender, asserts a lien on the Debtor's cash and receivables and is owed approximately $1.258 million. The Debtor also has two secured mortgage lenders -- Synovus Bank and SN Servicing -- owed approximately $348,000 and $1.5 million, respectively. About Bagby Investment Properties LLC Bagby Investment Properties LLC owns and manages oceanfront vacation rental homes in South Ponte Vedra Beach, Florida. It operates within the real estate investment and hospitality management sector, focusing on property ownership and rental services along Florida's coastal market, offering short-term stays and event accommodations. Bagby Investment Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03804) on October 21, 2025, listing total assets of $2,962,729 and total liabilities of $3,204,749. Jerrett McConnell, Esq., at McConnell Law Group, P.A., serves as Subchapter V trustee. Judge Jason A. Burgess oversees the case. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. BEELINE HOLDINGS: Commends $200B MBS Purchase to Ease Homebuying ---------------------------------------------------------------- Beeline Holdings, Inc. commends President Trump's announcement that Freddie Mac and Fannie Mae will purchase $200 billion in mortgage-backed securities in an effort to lower mortgage rates. Management celebrates actions that support lower mortgage rates, can improve affordability and increase consumer engagement across both purchase and refinance markets. The Company believes it is positioned to benefit from these dynamics, and expects borrowers, especially first-time homebuyers, to have access to a broader set of financing options if rates decline. "The mortgage industry is long overdue for interest rate relief that can meaningfully improve affordability for the American homeowner," said Beeline CEO Nick Liuzza. "Measures designed to support the mortgage market could have a direct impact to the rates homebuyers pay. If rates move lower, we would expect increased consumer interest and a wider range of options." "We were already forecasting strong growth in 2026, and improving market conditions could support broader industry activity," continued Liuzza. "Beeline enters 2026 with a debt-free balance sheet, has increased revenues by more than 100% versus fiscal year 2024, despite a muted housing market, and we believe we are well positioned to benefit through our lending, title, and home equity investment offerings. We were already expecting to double our revenue in 2026 versus 2025 in our lending and title divisions, and now expect incremental revenue tied to our BeelineEquity product." Beeline leverages proprietary AI developed over the past six years, along with new products built on the blockchain, to create better outcomes for consumers. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BELLA BARBIES: Section 341(a) Meeting of Creditors on February 12 ----------------------------------------------------------------- On January 7, 2026, Bella Barbies International LLC commenced a voluntary Chapter 11 bankruptcy case in the Eastern District of Virginia. Court filings indicate the company reports liabilities ranging from $1 million to $10 million owed to between 1 and 49 creditors. A meeting of creditors under Section 341 meeting to be held on February 12, 2026 at 03:00 PM at ALX division (11): Office of the U.S. Trustee, Telephonic meeting. About Bella Barbies International Bella Barbies International LLC, doing business as Body Complete Rx, develops and markets dietary supplements and related wellness products focused on metabolism, hormone support, nutrition, and personal care, sold primarily through direct-to-consumer channels. It operates in the health and wellness supplements segment and is based in McLean, Virginia. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10033) on January 7, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Samia Gore, managing member, signed the petition. Daniel Press, Esq., at Chung & Press, P.C. represents the Debtor as legal counsel. BENHAM ORTHODONTICS: Five Point, et al., Lose Summary Judgment Bid ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas denied the motion for partial summary judgment filed by Five Point Dental Specialists, Inc., FPDS Benham Sub, LLC, and Benham Orthodontics, P.A. in the adversary proceeding captioned as FIVE POINT DENTAL SPECIALISTS, INC., FPDS BENHAM SUB, LLC, and BENHAM ORTHODONTICS, P.A., Plaintiffs, v. ADAM BENHAM, DDS, MS, BENHAM PROPERTY OWNERS ASSOCIATION, LLC, and BENHAM ORTHODONTICS & ASSOCIATES, P.A., Defendants, Adversary No. 24-04068 (Bankr. N.D. Tex.). As shared by the Troubled Company Reporter, this adversary proceeding involves a dispute between Five Point Dental Specialists, Inc. and certain of its affiliates, on the one hand, and Adam Benham, DDS, MS and certain of his affiliates, on the other hand, arising out of the sale of Benham's orthodontic practice to Five Point in 2020. Pursuant to the motion, the Plaintiffs request summary judgment as to liability alone on Counts 1, 3, 4, 5, 6 and 9 of the complaint. Pursuant to the complaint, the Plaintiffs have asserted the following causes of action against the Defendants: Count 1: Trespass (all Plaintiffs v. all Defendants) Count 2: Assault (all Plaintiffs v. all Defendants) Count 3: Breach of Contract (APA) (Five Point v. Benham) Count 4: Breach of Contract (Employment Agreement) (Benham Ortho v. Benham) Count 5: Tortious Interference with Existing and Prospective Contracts and Business Relationships (all Plaintiffs v. Benham and the Benham Debtor) Count 6: Tortious Interference with Existing Contracts (all Plaintiffs v. BPOA and the Benham Debtor) Count 7: Violation of Delaware Uniform Trade Secrets Act (all Plaintiffs v. Benham and the Benham Debtor) Count 8: Constructive Trust and Accounting1 (all Plaintiffs v. all Defendants) Count 9: Conversion (all Plaintiffs v. Benham and the Benham Debtor) Count 10: Objection to Discharge (all Plaintiffs v. the Benham Debtor) The Court concludes that the motion must be denied because there is a genuine dispute as to a material fact involving at least one element of liability on each such claim. A copy of the Court's Order dated January 11, 2026, is available at https://urlcurt.com/u?l=hL13aY from PacerMonitor.com. About Benham Orthodontics & Associates Benham Orthodontics & Associates, P.A. provides orthodontic care to children and adults. It is based in Colleyville, Texas, and conducts business under the name Benham Family Orthodontics. Benham sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-42784) on August 7, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Adam Benham, director, signed the petition. Judge Edward L. Morris presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as bankruptcy counsel. Susan Goodman is the patient care ombudsman appointed in the Debtor's case. BEYOND STONE: Hires Ensign Partners as Financial Advisor -------------------------------------------------------- Beyond Stone Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Ensign Partners, LLC to serve as financial advisor. Ensign Partners, LLC will provide: (a) monthly bookkeeping services; (b) annual bookkeeping services; (c) tax preparation services; (d) insurance services; (e) business consultancy services; (f) payroll services; and (g) assistance with the preparation of monthly operating reports. Ensign Partners, LLC will receive a flat rate of $5,000 per month. Ensign Partners, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ensign Partners, LLC 111 East Rivulon Blvd. Suite 103 Gilbert, AZ 85297 Telephone: (480) 626-5855 E-mail: info@ensignpartners.com About Beyond Stone Solutions LLC Beyond Stone Solutions, LLC provides stone and tile cleaning, restoration, protection, and installation services for residential and commercial properties in Phoenix and throughout Arizona. The company works with natural stone, quartz surfaces, tile and grout, clay tiles, flagstone, and stacked stone across floors, countertops, showers, fireplaces, and outdoor hardscapes. It offers surface maintenance and repair solutions designed to preserve the appearance and durability of a wide range of stone and tile materials. Beyond Stone Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11767) on December 5, 2025. In the petition signed by Ryan Tonnemacher, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Madeleine C. Wanslee oversees the case. Patrick Keery, Esq., at Keery McCue, PLLC, represents the Debtor as legal counsel. BIOMERICA INC: Posts $1.3MM Q2 Loss; Liquidity Concerns Persist --------------------------------------------------------------- Biomerica, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,320,000 for the three months ended November 30, 2025, compared to a net loss of $950,000 for the three months ended November 30, 2024. For the six months ended November 30, 2025, the Company reported a net loss of $1,318,000, compared to a net loss of $2,266,000 for the same period in 2024. Net sales for the three months ended November 30, 2025 and 2024, were $1,210,000 and $1,636,000, respectively. For the six months ended November 30, 2025 and 2024, the Company had net sales of $2,590,000 and $3,444,000, respectively. As of November 30, 2025, the Company had $6,034,000 in total assets, $1,599,000 in total liabilities, and $4,435,000 in total stockholders' equity. LIQUIDITY AND CAPITAL RESOURCES AND GOING CONCERN: As of November 30, 2025 and May 31, 2025, the Company had cash and cash equivalents of approximately $2,543,000 and $2,399,000, respectively. As of November 30, 2025 and May 31, 2025, it had working capital of approximately $3,592,000 and $3,135,000, respectively. The Company's ability to continue as a going concern over the next 12 months is influenced by several factors, including: * the need and ability to generate additional revenue from international opportunities and its new product launches; * the need and ability to access the capital and debt markets to meet current obligations and fund operations; * the capacity to manage operating expenses and maintain gross margins as it grows; * the ability to retain key employees and maintain critical operations with a substantially reduced workforce; and * Certain SEC regulations that limit the amount of capital it can raise through issuance of its equity. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's future viability depends on the successful execution of its strategic plans, securing additional near-term financing, and achieving profitable operations. Management efforts: Management has analyzed the Company's cash flow requirements through November 2026 and beyond. Based on this analysis, the Company believes that its current cash and cash equivalents are insufficient to meet its operating cash requirements and strategic growth objectives for the next 12 months. To address capital needs and sustain operations beyond the next year, the Company is actively pursuing strategies to increase sales, reduce expenses, sell non-core assets, seek additional financing through debt or equity, and seek other strategic alternatives. As part of the financing plan, on September 28, 2023, the Company filed the Shelf Registration Statement allowing it to issue up to $20,000,000 in shares of its common stock. On May 10, 2024, the Company filed a prospectus supplement to the Shelf Registration Statement on Form S-3. This prospectus supplement was intended to facilitate the sale of up to $5,500,000 in common stock through the 2024 ATM Offering. As part of this transaction, the Company incurred $81,000 in deferred offering costs during the year ended May 31, 2024. During the six months ended November 30, 2025, the Company sold 391,125 shares of its common stock at prices ranging from $3.34 to $4.02 pursuant to the 2024 ATM Offering, which resulted in gross proceeds of approximately $1,432,000 and net proceeds to the Company of $1,395,000 after deducting commissions for each sale and legal, accounting, and other fees related to offering in the amount of $37,000. The Company intends to use the net proceeds from the 2024 ATM Offering for general corporate purposes, including, but not limited to, sales and marketing activities, clinical studies and product development, acquisitions of assets, businesses, companies, or securities, capital expenditures, and working capital needs. While Biomerica are committed to addressing its capital needs and sustain operations beyond the next year, there is no assurance that these efforts will be successful or sufficient to meet its capital requirements. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/uxzm3rsk About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May. 31, 2025, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. BLACK CANOE: Seeks to Hire Geri Lyons Chase as Bankruptcy Counsel ----------------------------------------------------------------- Black Canoe, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Law Office of Geri Lyons Chase 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 operation of its affairs; (b) prepare on behalf of the Debtor necessary legal papers; (c) take the necessary steps to stay any action by creditors seeking liens, attachments, or other advantages by legal process or nonjudicial process; (d) negotiate and prepare a Plan of Reorganization; and (e) perform all other legal services for the Debtor as may be necessary herein. Geri Lyons Chase, Esq., the primary attorney in this representation, will be billed at an hourly rate of $400. The firm received a retainer of $5,000, plus filing fee of $1,738. Mr. Chase 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: Geri Lyons Chase, Esq. Law Office of Geri Lyons Chase 2007 Tidewater Colony Drive, Suite 2B Annapolis, MD 21401 Telephone: (410) 573-9004 Email: gchase@glchaselaw.com About Black Canoe LLC Black Canoe, LLC is a limited liability company. Black Canoe, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21912) on December 20, 2025. In its petition, the Debtor listed up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Geri Lyons Chase, Esq., at the Law Office of Geri Lyons Chase. BLACK CANOE: Seeks to Hire Pioneer CRE as Real Estate Broker ------------------------------------------------------------ Black Canoe, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Pioneer CRE as real estate broker. The Debtor needs a real estate broker to market and list its property located at Park Street, Vernon, Connecticut. The firm will receive a commission of 5 percent of the sales price to the listing broker and 2.5 percent to a broker for the buyer. Paul Bongiorni, a broker at Pioneer CRE, 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: Paul Bongiorni Pioneer CRE Telephone: (413) 312-9299 Email: info@pioneer-cre.com About Black Canoe LLC Black Canoe, LLC is a limited liability company. Black Canoe, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21912) on December 20, 2025. In its petition, the Debtor listed up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Geri Lyons Chase, Esq., at the Law Office of Geri Lyons Chase. BLAIR DISTRIBUTING: Seeks Chapter 7 Bankruptcy in Washington ------------------------------------------------------------ On January 13, 2026, Blair Distributing LLC filed for Chapter 7 protection in the Eastern District of Washington. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Blair Distributing LLC Blair Distributing LLC operates as a distribution company, providing goods and services across regional markets. Blair Distributing LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00046) on January 13, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Frederick P. Corbi handles the case. The debtor is represented by Robert C. Hahn, III, Esq. of Law Office of Robert C. Hahn III PS. BLIZE HEALTHCARE: Taps Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------------- Blize Healthcare California Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices of Michael Jay Berger to serve as general bankruptcy counsel. The firm's services include: a. communicating with creditors of the Debtor; b. reviewing the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; c. advising the Debtor of its legal rights and obligations in a bankruptcy proceeding; d. working to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; e. preparing status reports as required by the Court; and f. responding to any motions filed in Debtor's bankruptcy proceeding. In addition, the Law Offices of Michael Jay Berger will respond to creditor inquiries, review proofs of claim filed in Debtor's bankruptcy, object to inappropriate claims, prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pending of Debtor's bankruptcy proceeding and, if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will charge the Debtor for Berger's services at the rate of $695 per hour. The firm will charge the Debtor at these hourly rates: $645 for partner Sofya Davtyan; $595 for senior associate attorney Angela Gill; $475 for mid-level associate attorney Robert Poteete; $275 for senior paralegals and law clerks; and $200 for bankruptcy paralegals. On December 17, 2025, Debtor paid Applicant the $25,000 retainer plus the $1,738 filing fee. The firm's actual pre-petition fees were $3,164 and pre-petition costs were $1,738 for the chapter 11 filing fee. The Law Offices of Michael Jay Berger is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd. 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Blize Healthcare California Inc. Blize Healthcare California Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42377) on December 18, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Ukeje Elendu as chief executive officer. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices Of Michael Jay Berger Email: michael.berger@bankruptcypower.com BWY TRANSPORT: Gets Extension to Access Cash Collateral ------------------------------------------------------- BWY Transport, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral. The court issued its third interim order authorizing the Debtor to use cash collateral through the final hearing in accordance with its budget, subject to a 25% variance. This authorization is retroactive to July 10, 2025. As adequate protection, the U.S. Small Business Administration will continue to receive a monthly payment of $731 and will be granted receive replacement liens on the same collateral, with the same validity, priority and extent as its pre-bankruptcy liens. The order also allows escrow of certain pre-bankruptcy amounts owed to Greatwide American Trans-Freight, LLC pending plan confirmation. Under the third interim order, the Debtor is authorized to continue operating under its Independent Sales Agent Agreement with Greatwide on post-petition terms consistent with their pre-bankruptcy agreement. No additional liens were granted to Greatwide and the authorization does not constitute a formal assumption of the contract under the Bankruptcy Code. A copy of the third interim order and the Debtor's budget is available at https://shorturl.at/DIHIJ from PacerMonitor.com. A final hearing is scheduled for March 12, with objections due by March 10. About BWY Transport BWY Transport sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11697) on June 30, 2025, listing up to $50,000 in estimated assets and up to $10 million in estimated liabilities. Judge Nicholas W. Whittenburg handles the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law serves as the Debtor's bankruptcy counsel. CARING FOR YOU: Seeks to Hire Income Tax Center as Accountant ------------------------------------------------------------- Caring For You Assisted Living, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Income Tax Center as accountant. The firm's services include: (a) prepare projections, balance sheets, profit and loss statements; (b) prepare and file any necessary tax returns for the Debtor; (c) review the books and records of the Debtor; and (d) assist and advise the Debtor and its counsel with matters of this nature throughout this Chapter 11 case. Alice Witherspoon, CPA, will be paid at her hourly rate of $100. Ms. Witherspoon 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: Alice Witherspoon, CPA Income Tax Center Baltimore, MD 21201 Telephone: (410) 675-6600 About Caring For You Assisted Living Caring For You Assisted Living LLC is a healthcare provider operating multiple assisted living facilities in Baltimore, Maryland. Caring For You Assisted Living LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-13464) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor tapped Aryeh E. Stein, Esq., at Meridian Law, LLC as counsel and Alice Witherspoon, CPA, at Income Tax Center as accountant. CATTLE DOG: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------- On January 19, 2026, Cattle Dog Ventures Inc. filed for Chapter 7 protection in the Northern District of Texas. According to the court filing, the debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Cattle Dog Ventures Inc. Cattle Dog Ventures Inc. is a U.S.-based company engaged in business operations in Texas. Cattle Dog Ventures Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30244) on January 19, 2026. In its petition, the debtor reported estimated assets of $0-$100,000 and estimated liabilities in the same range. Honorable Chief Bankruptcy Judge Stacey G. Jernigan handles the case. The debtor is represented by David James Shuster, Esq. of Shuster Law, PLLC. CBDMD INC: Acquires Bluebird Botanicals Assets in Stock Deal ------------------------------------------------------------ cbdMD, Inc. disclosed in a regulatory filing that the Company and Gaia Botanicals, LLC, a Colorado limited liability company, and Gaia's wholly owned subsidiaries entered into an Asset Purchase Agreement. Under the Agreement, the Company acquired substantially all of Gaia's assets, including Gaia's brand name, online CBD marketplace, https://www.bluebirdbotanicals.com/, related trademarks, inventory, certain other assets, and assumed certain liabilities. The -- https://www.bluebirdbotanicals.com/ -- website provides CBD education and information and a selection of high-quality CBD products, including, but not limited to, gummies, oils, soft gels, creams and CBD products for pets. The Company acquired the assets for 425,000 shares of the Company's restricted common stock issued on the Closing and an earnout amount of up to 525,000 shares of the Company's restricted common stock, subject to the earnout share calculations and right of setoff as set forth in the Agreement. The shares subject to certain earnout share calculations shall be issued to Gaia on or before the sixtieth day following the first year anniversary of the Closing. The shares issued on Closing and the earnout shares are subject to a 180-day lock up agreement subject to certain limited transfers and dribble out provisions. Gaia is an accredited or otherwise sophisticated investor and the issuance of the shares of common stock was exempt from registration under the Securities Act of 1933, as amended, in reliance on the exemption from registration provided by Section 4(a)(2) of the act. A full text of the Agreement is available at https://tinyurl.com/2we8k7m5 About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10.4 million in total assets, $3.2 million in total liabilities, and $7.2 million in total cbdMD, Inc. shareholders' equity. COAST TO COAST: Seeks to Hire Craig Kelley as General Counsel ------------------------------------------------------------- Coast to Coast Palm, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to hire Craig Kelley and Kelley Kaplan Delaney & Eller, PLLC to serve as general counsel. Craig Kelley and Kelley Kaplan Delaney & Eller, PLLC will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a Debtor in possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Craig Kelley will receive an hourly rate of $575, and an hourly rate of $175 is for paralegals. Kelley Kaplan Delaney & Eller, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Craig I. Kelley, Esq. KELLEY KAPLAN DELANEY & ELLER, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 E-mail: bankruptcy@kelleylawoffice.com About Coast to Coast Palm, LLC 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. Coast to Coast Palm, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10247) on January 12, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. Judge Mindy A. Mora oversees the case. Kelley Kaplan Delaney & Eller, PLLC is Debtor's legal counsel. COLUMBUS MCKINNON: S&P Rates New $1.225BB Senior Secured Notes 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Columbus McKinnon Corp.'s proposed $1.225 billion senior secured notes due 2033, which it could issue in two tranches. S&P expects the notes will rank equally with the company's proposed $500 million revolving credit facility (unrated) and $1.325 billion first-lien term loan that it announced on Jan. 14, 2026. The '3' recovery rating reflects its expectations of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. Columbus McKinnon will use the proceeds of the proposed senior secured notes--along with its proposed $500 million revolving credit facility (approximately $25 million drawn at close) due 2031, proposed $1.325 billion term loan B due 2033, and $800 million convertible preferred equity investment by Clayton, Dubilier & Rice--to fund the acquisition of Kito Crosby Ltd. (B/Watch Pos/--) for a total consideration of $2.8 billion. The company will also refinance its existing $498 million first-lien term loan due 2028 ($428 million outstanding as of Sept. 30, 2025). S&P expects the transaction will close in the first quarter of calendar 2026. The 'B' issuer credit rating and stable outlook reflect that despite elevated leverage at the onset of the transaction, Columbus McKinnon will generate solid cash flows and modest synergies, enabling it to deleverage to about 7.7x in fiscal 2027 (5.7x excluding the preferred shares). S&P anticipates further deleveraging in fiscal 2028 to about the mid-6x area. Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'B' issue-level rating and '3' recovery rating to the company's proposed $1.225 senior secured notes due 2033, which it could issue in two tranches. The '3' recovery rating reflects its expectations of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. -- S&P's simulated default scenario assumes a payment default in 2029, caused by a severe and protracted economic downturn that weakens Columbus McKinnon's key end markets. This results in weak volumes, pricing pressure, and operational inefficiencies that substantially reduce its profitability and cash flows, triggering a default. -- S&P believes following a payment default, lenders will aim to maximize Columbus McKinnon's value and pursue a reorganization rather than liquidation because of its good market position and brand reputation. -- S&P values Columbus McKinnon using an estimated emergence EBITDA of about $315 million and an EBITDA multiple of 5.5x, consistent with its assumption for capital goods credits with similar business risk profiles. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: about $315 million -- Multiple: 5.5x Revolving credit facility is drawn 85% at default. Simplified waterfall -- Gross enterprise value: $1.73 billion -- Net enterprise value (after 5% administrative expenses): $1.64 billion -- Obligor/nonobligor valuation split: 56%/44% -- Priority claims (AR securitization facility): $61 million -- Value available for first-lien debt claims: $1.58 billion -- Total first-lien debt claims: $2.86 billion -- Recovery expectations: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. CONKLIN MEDIA: Court Extends Cash Collateral Access to Feb. 10 -------------------------------------------------------------- Conklin Media, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The bankruptcy court extended the Debtor's authority to access cash collateral from January 13 to February 10 to fund operations in accordance with its budget. The order permits a 10% variance from the budget on either a cumulative or line-item basis without constituting default. As adequate protection, lenders including East Hudson Capital, LLC, Capital Bank and Credibly of Arizona, LLC will be granted replacement liens on the Debtor's post-petition cash collateral and its proceeds, maintaining the same priority and validity as the secured creditor's pre-bankruptcy liens. Meanwhile, any other creditor asserting a lien on cash collateral will receive a similar replacement lien consistent with its pre-bankruptcy rights. As additional protection, the lenders will be granted superpriority administrative claims, subject to the fee carveout. The order is available at https://is.gd/OlS5Ua from PacerMonitor.com. The final hearing is set for February 10. The deadline for filing objections is on February 4. East Hudson Capital holds a security interest in all of the Debtor's future receipts. Its secured interest in the Debtor's assets is perfected by the filing of a UCC-1 with the Pennsylvania Department of State on September 4. About Conklin Media LLC Conklin Media, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14673) on November 17, 2025, listing up to $50,000 in assets and liabilities. Leona Mogavero, Esq., at Zarwin Baum serves as Subchapter V trustee. Judge Patricia M. Mayer oversees the case. Lawrence V. Young, Esq., at CGA Law Firm, represents the Debtor as legal counsel. CORCHIS CAPITAL: Court Extends Cash Collateral Access to March 13 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division issued a third interim order authorizing Corchis Capital, Inc. and its affiliates to use cash collateral through March 13. The third interim order signed by Judge Karen Specie authorized the Debtors to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Gulf Coast Bank and Trust Company and Community Bank. As adequate protection, Gulf Coast Bank, Community Bank and other creditors with interests in the cash collateral will be granted post-petition replacement liens on the cash collateral, maintaining the same validity and priority as their pre-bankruptcy liens. Additionally, the Debtors were required to pay $15,000 per month to Gulf Coast Bank and $1,500 per month to Community Bank for January and February, with future payments to be determined at a continued hearing. The Debtors must also maintain insurance, comply with their obligations, and provide proper notice of any amended budgets as further protection. A final evidentiary hearing is set for March 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/X4rjD from PacerMonitor.com. About Corchis Capital Inc. Corchis Capital Inc., together with Corchis Hospitality Group, LLC, Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen, LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar, LLC, operates a portfolio of dining and hospitality businesses based in Inlet Beach, Florida. The group develops and manages restaurant concepts including Italian, Mexican, and American casual dining brands serving the 30A and greater Northwest Florida market. Their operations span corporate management, hospitality services, and restaurant ownership. Corchis Capital and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 25-30866) on September 10, 2025. In its petition, Corchis Capital reported up to $50,000 in assets and liabilities. Honorable Bankruptcy Judge Karen K. Specie handles the cases. The Debtors tapped Edward J. Peterson, Esq., at Berger Singerman, LLP as legal counsel and Horne, LLP as accountant. DALLAS VENTURES: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On January 19, 2026, Dallas Ventures Unlimited Inc. filed for Chapter 11 protection in the Northern District of Texas bankruptcy court. The filing reports total debt between $100,001 and $1,000,000 owed to 1-49 creditors. About Dallas Ventures Unlimited Inc. Dallas Ventures Unlimited Inc. is engaged in general business operations within the United States. Dallas Ventures Unlimited Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30232). In its bankruptcy petition, the debtor reported estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Scott W. Everett presides over the case. Legal counsel for the debtor is Kevin S. Wiley, Jr., Esq. of The Wiley Law Group, PLLC. DATAVAULT AI: Scilex Holding Reports 37.27% Equity Stake -------------------------------------------------------- Scilex Holding Company, disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of January 12, 2026, it beneficially owns 213,766,229 shares of Datavault AI Inc.'s Common Stock, par value $0.0001 per share, representing 37.27% of the shares outstanding, based on 573,632,396 shares of Common Stock outstanding as of January 5, 2026 Scilex Holding Company may be reached through: Stephen Ma, Chief Financial Officer, Chief Operating Officer, and Secretary 960 San Antonio Rd, Palo Alto, CA 94303 Tel: (650) 516-4310 A full-text copy of Scilex Holding Company's SEC report is available at: https://tinyurl.com/ykrv88fp About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of September 30, 2025, the Company had $138.7 million in total assets, $39.2 million in total liabilities, and $99.5 million in total stockholders' equity. DC5 LIMOUSINE: Seeks Chapter 7 Bankruptcy in Virginia ----------------------------------------------------- On January 8, 2026, DC5 Limousine LLC filed for Chapter 7 protection in the Eastern District of Virginia. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About DC5 Limousine LLC DC5 Limousine LLC operates as a transportation company providing limousine and chauffeured vehicle services. DC5 Limousine LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10044) on January 8, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. The debtor is represented by Khalid Mahmood, Esq. of the Law Office of Khalid Mahmood PC. DCA OUTDOOR: Seeks to Sell Machinery at Auction ----------------------------------------------- DCA Outdoor Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors consist of 20 different entities that together form a so-called "vertically integrated" nursery operation. The Debtors are generally classified into one of five categories based upon such Debtor’s primary function. These five categories include the following: a. Management – DCA Outdoor, Inc. (the lead Debtor); b. Land – i. Colonial Gardens Development, LLC; ii. DCA Land Holding Company, LLC; iii. DCA Land Illinois, LLC; iv. DCA Land Indiana, LLC; v. DCA Land Kansas, LLC; vi. DCA Land Kentucky, LLC vii. DCA Land Missouri, LLC; and viii. DCA Land Oregon, LLC c. Production – i. Anna Evergreen, LLC; ii. Schwope Brothers Tree Farms, LLC; iii. Schwope Brothers West Coast, LLC; iv. Utopian Plants Indiana, LLC; and v. Utopian Trees, Inc.; d. Distribution – i. Brehob Nurseries, LLC; ii. KAT Nurseries, LLC; iii. PlantRight Supply, LLC; and iv. Utopian Transport, LLC; and e. Retail – i. Colonial Farms, LLC; and ii. Colonial Gardens, LLC. On September 11, 2025, the Court entered the Stipulated Order Granting, Authorizing, and Approving the Retention and Employment of Brent King as Chief Restructuring Officer of Debtors. The Debtor wishes to sell excess machinery and equipment through a public online auction that is outside of the contemplated sales previously filed with the Court. The Assets are owned by some or all of the Land Debtors, Production Debtors, Distribution Debtors, and Retail Debtors and include machinery and equipment that is not necessary for the operation of any Debtor's business and therefore will not be part of the going concern sales that are the subject of the other (and concurrent) sale process that this Court previously approved. The Debtors believe the value of the excess machinery and equipment will be maximized by the auction through the services of the Auctioneer under the terms of the agreement set forth in the Motion to Employ filed with the Court on January 16, 2026. Auctioneer shall purchase, if required, a bond in accordance with the rules and regulations of the United States Trustee in an amount sufficient to protect the bankruptcy estate from loss. The Debtor further seeks permission to conduct additional auctions after providing a Notice of Intent to Auction, along with a listing of the items to be auctioned. The Debtors proposes to sell the Property free and clear of liens as necessary to maximize the value of the assets. The Purchaser is a good faith buyer of the Assets and is entitled to the protections afforded by Section 363(m) of the Bankruptcy Code. The Debtors aim to pay the commission of Auctioneer and to conduct additional auctions after providing a Notice of Intent to Auction, along with a listing of the items to be auctioned. About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through Patrick Gilbert. DIGGING DIRT: Hires Law Offices of Emmett L. Goodman as Counsel --------------------------------------------------------------- Digging Dirt Site Works, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia, Augusta Division to hire Daniel L. Wilder of the Law Offices of Emmett L. Goodman, Jr., LLC to serve as attorney. Mr. Wilder will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor-in-Possession necessary applications, answers, reports, and other legal papers; (c) prepare motions, pleadings, and applications, and conduct examinations incidental to the administration of the estate; (d) take any and all necessary action incident to the proper preservation and administration of the estate; (e) assist the Debtor-in-Possession with the preparation and filing of supplemental schedules and lists as appropriate; (f) take whatever action is necessary with reference to the use of property pledged as collateral, including cash collateral; (g) assert, as directed by the Debtor, all claims the Debtor has against others; and (h) perform all other legal services for the Debtor-in-Possession which may be necessary. Mr. Wilder and the firm will receive compensation at the rate of $375 per hour. The Debtor paid a pre-petition sum of $9,250 to the Firm, of which $2,001.70 was applied to pre-petition bankruptcy preparation work, $1,738 was used to pay the filing fee, and the remainder serves as a retainer for bankruptcy services. According to court filings, the Law Offices of Emmett L. Goodman, Jr., LLC and its attorneys represent no other entity in connection with this case and hold no interest adverse to the estate, and are therefore disinterested. The firm can be reached at: Daniel L. Wilder, Esq. LAW OFFICES OF EMMETT L. GOODMAN, JR., LLC 544 Mulberry Street, Suite 800 Macon, GA 31201-2776 Telephone: (478) 745-5415 E-mail: dwilder@goodmanlaw.org About Digging Dirt Site Works, LLC Digging Dirt Site Works, LLC, based in Appling, Georgia, provides grading, excavation, paving, and concrete services for commercial and government clients, operating a fleet of heavy machinery including excavators, dozers, loaders, and rollers to support its site development operations. Digging Dirt Site Works, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-10976) on December 19, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. The Law Offices of Emmett L. Goodman, Jr., LLC serves as the Debtor's legal counsel. ENSEMBLE RCM: S&P Affirms 'B' ICR on Dividend/Refinancing Plan -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating and assigned a 'B' issue-level rating and '3' recovery rating (recovery expectations: 50%) to end-to-end revenue cycle management (RCM) service provider Ensemble RCM LLC's new first-lien debt. The stable outlook reflects S&P's expectation that Ensemble will continue to deliver strong organic revenue growth through new health system contracts and strong patient volumes. It also reflects its expectation for FOCF to debt to return above 3% in 2027. Ensemble is refinancing its existing $3.3 billion first-lien term loan due in 2029 with a new $4.4 billion first-lien term loan due in 2033 and will use the proceeds to fund a $1 billion dividend to shareholders. The company is also increasing the capacity on its revolver due in 2031 to $350 million. S&P said, "At transaction close, we expect Ensemble's S&P Global Ratings-adjusted leverage will increase to 8.0x. We also forecast free operating cash flow (FOCF; incorporating tax distributions) to debt will decline to about 2.0%-2.5% in 2026. "Although credit metrics will temporarily weaken in the immediate term, we believe Ensemble's organic growth will facilitate deleveraging below 7.0x and run-rate FOCF to debt of about 3% by year-end 2026. "We expect Ensemble's S&P Global Ratings-adjusted leverage to decline below 7x by year-end 2026. The proposed dividend recap will initially increase leverage to about 8.0x. The company has a history of pursuing debt-funded dividends following periods of rapid deleveraging, most recently in July 2025. Its S&P Global Ratings-adjusted leverage in these prior transactions did not exceed 7x. Our ratings affirmation reflects our expectation for swift deleveraging through the next 12 months; however, the closing of this transaction would leave Ensemble with effectively no capacity for additional debt-funded dividends at the 'B' rating because an even higher interest burden would likely sustain FOCF to debt (incorporating tax distributions) below 3% for more than 12 months. "We expect Ensemble will continue to generate healthy FOCF despite the increase in interest burden following the transaction. We forecast cash interest expense will rise to about $295 million in 2026 while FOCF should remain at about $95 million in 2026, approximately 2.2% of debt, before returning above 3% in 2027. We also expect S&P Global Ratings-adjusted EBITDA to interest coverage to remain above 2x in 2026. Accordingly, we expect the company will sustain ample liquidity to support the working capital and capital expenditure needs associated with its growth profile. "Our assessment of Ensemble's business profile and organic growth prospects support the 'B' rating. Its value proposition as an end-to-end RCM provider remains compelling given the challenges health systems face, including constant margin pressure from low reimbursement rate increases, evolving value-based payment models, and increased overall labor costs including staffing constraints in back-office functions. These trends have supported outsourcing demand, enabling Ensemble to deliver 20%-25% organic revenue growth over the past two years. We forecast similar growth in 2026 driven by solid patient volumes and new client wins. "We view this ability to grow organically in a highly competitive and fragmented industry as a distinguishing strength, especially compared with RCM peers who rely on aggressive acquisition strategies to grow." Furthermore, Ensemble continues to reduce revenue concentration from its contract with health system BSMH, which now represents just under 30% of total revenue and is expected to decline to the mid-20% area in 2026. Ensemble must continue to scale investment in capitalized software development as technologies such as AI play a larger role in RCM operations. S&P deducts these investments from its calculation of adjusted EBITDA and expect them to remain at 2.5%-3.0% of reported net revenue. This investment, together with elevated contract ramp activity, underpin its forecast for a modest decline in S&P Global Ratings-adjusted EBITDA margins to about 27% in 2026. S&P said, "While we expect the initial margin drag associated with new contract implementations to diminish as the company scales, execution risk remains, particularly if technology investments do not translate into anticipated efficiency gains. Nevertheless, if revenue growth were to moderate, we believe margins and cash flow could improve meaningfully even with ongoing investment in technology. "The stable outlook reflects our expectation that Ensemble will continue to deliver strong organic revenue growth through new health system contracts and strong patient volumes. It also reflects our expectation for FOCF to debt to return above 3% in 2027. "We could lower our rating if we expect Ensemble to sustain FOCF to debt (incorporating tax distributions) below 3% for greater than 12 months. This could occur if its operating performance deteriorates, or it undertakes more significant or frequent debt-funded dividends. "We could raise our rating if Ensemble continues its track record of attracting and retaining a more diversified client base and we expect its leverage to generally remain in the 5x area or below. However, we view this scenario as unlikely due to its financial-sponsor ownership and history of debt-funded dividends." ERIC BRAVERMAN: Cenlar FSB's Bid to Lift Stay Granted in Part ------------------------------------------------------------- The Hon. John P. Mastando of the U.S. Bankruptcy Court for the Southern District of New York granted in part and denied in part the motion of Cenlar FSB as servicer for Morgan Stanley Private Bank, National Association, for relief from the automatic stay in the bankruptcy case of Eric R. Braverman. Debtor's motions to recuse the United States Trustee are denied. The Stay Relief Motion seeks to vacate the automatic stay and requests in rem relief as to the Debtor's residence, 200 Chambers Street Unit 26C, New York, NY 10007 ("Premises"), pursuant to 11 U.S.C. Sec. 105(a) and Sec. 362(d)(4), such that any future bankruptcy filing by any party claiming an interest in the Premises would not trigger the automatic stay for a period of two years, or, in the alternative, for relief under Sec. 362(d)(1) and (2). The Debtor's Stay Motion seeks to enforce the automatic stay as to the Debtor's residence. Debtor's Recusal Motions On November 25, 2025, the Debtor first moved to recuse a certain United States Trustee analyst, who he purports has a conflict of interest in the form of a personal relationship with the Debtor's ex-wife and her father, and who has allegedly evinced bias against him by asking him to justify his interpretation of New York state law concerning whether two apartments were merged to form his residence, and has otherwise taken the position that the units were officially combined, aligning with adverse creditor narratives. The Debtor's subsequent motions substantially repeat the same claim, and broaden the request to recuse certain attorneys from the U.S. Trustee's office. Stay Relief Motion The Stay Relief Motion argues that Cenlar FSB obtained a Judgment of Foreclosure and Sale, entered June 18, 2024, and commenced eviction proceedings and obtained a Judgment of Possession and Warrant of Eviction on September 12, 2025. However, the Stay Relief Motion argues that Cenlar FSB is unable to enforce the Judgment and Warrant due to the instant bankruptcy case, which is the ninth case filed by either the debtor or the alleged co-debtor, Darya Braverman, allegedly with the sole intent of hindering, delaying and defrauding the creditor. The Stay Relief Motion argues that the Premises are not property of the estate, because the Debtor has no legal or equitable interest in the Premises. The Stay Relief Motion also requests waiver of the 14-day stay pursuant to Federal Rule of Bankruptcy Procedure 4001(a)(4). The Debtor's Stay Motion seeks to enforce the automatic stay, and argues that because the Debtor remained in actual possession of the premises at the time this Chapter 11 case was filed, the automatic stay applies notwithstanding any prior state-court rulings. Debtor's Opposition asserts that the Stay Relief Motion should be denied, because the Cenlar FSB is a purported owner, not a creditor. The Recusal Motions are denied insofar as they seek the recusal of various personnel of the U.S. Trustee's office. As the Stay Relief Motion argues and the Debtor concedes, the Debtor filed the present petition after Cenlar FSB obtained ownership of the Premises. Therefore, the Court concludes Cenlar FSB does not need relief pursuant to 11 U.S.C. Sec. 362(d)(1) and (2), as the Premises are not property of the estate triggering the automatic stay. The Stay Relief Motion is denied in part, as Cenlar FSB has not met its burden as to 11 U.S.C Sec. 362(d)(4), and is granted in part as to 11 U.S.C Sec. 362(d)(1)–(2), to the extent necessary, as the Debtor does not have equity in the premises located at 200 Chambers Street Unit 26C, New York, NY 10007, and the premises are not property of the estate. The Court also grants the request, to the extent necessary, for a waiver of the 14-day stay pursuant to Federal Rule of Bankruptcy Procedure 4001(a)(4). For the same reason that the Stay Relief Motion is granted in part, the Debtor's Stay Motion is denied. A copy of the Court's Memorandum Opinion and Order dated January 16, 2026, is available at https://urlcurt.com/u?l=qRcOf2 from PacerMonitor.com. Eric R. Braverman filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-10524), on March 6, 2017. The Debtor is represented by Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. FOCUS UTILITY: Seeks to Hire Mark Roher as Bankruptcy Counsel ------------------------------------------------------------- Focus Utility Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ The Law Office of Mark S. Roher, 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 finances; (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. Mark Roher, 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: Mark S. Roher, Esq. The Law Office of Mark S. Roher, PA 1806 N. Flamingo Rd., Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 Email: mroher@markroherlaw.com About Focus Utility Services Focus Utility Services, LLC is a woman- and minority-owned company providing hydro excavation and related utility services across the power delivery industry, including ground penetrating radar, soft dig excavation, line jetting, restoration, and emergency response. Headquartered in Miramar, Florida, the Company specializes in pole hole excavation, manhole cleaning, fluid hauling, and storm response, supported by a workforce trained in safety and technical operations. Focus Utility Services is ISNetworld and Avetta verified, delivering turnkey solutions for infrastructure construction and utility maintenance projects. Focus Utility Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24953) on Dec. 18, 2025. In the petition signed by Estephana Toubeaux, manager, the Debtor listed up to $50,000 in estimated assets and up to $10 million in estimated liabilities. Judge Scott M. Grossman oversees the case. The Debtor tapped the Law Office of Mark S. Roher, PA as counsel. FREEPORT LNG: S&P Affirms 'B-' ICR on Refinancing, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating and assigned its 'B-' rating and '3' recovery rating (rounded estimate: 60%) to Houston-based Freeport LNG Investments' (FLNGI) incremental first-lien credit facility. The stable outlook reflects our expectation that FLNGI will maintain adequate liquidity despite stand-alone S&P Global Ratings-adjusted leverage in the 9x area for the next 12 months. We expect stable distributions from FLEX Intermediate Holdco (FLEX-IH) to service FLNGI's debt. FLNGI is obtaining a new $2.225 billion first-lien term loan and a $90 million Debt Service Reserve letter of credit (L/C) facility. It will use the proceeds, along with those from terminating interest rate hedges, to repay its term loan A, term loan B, shareholder loans, and pay related fees and expenses. The refinancing will address upcoming maturities, as expected. The transaction would simplify the capital structure and retire shareholder loans. FLNGI holds Michael Smith's interest in Freeport LNG Development L.P. (FLNG), which through intermediaries owns an interest in the Freeport liquefied natural gas (LNG) regasification and liquefaction facility. The proposed refinancing will eliminate shareholder loans (alongside the existing term loan A and term loan B) that contained a payment-in-kind feature that in part offset deleveraging from the paydown of principal on both tranches (term loan A and term loan B) of the capital structure. S&P said, "However, we consolidate the $250 million term loan issued in June 2025 (due July 31, 2028) by Freeport LNG Marketing (FLNGM) given the guarantee provided by FLNG. It used these funds to reduce the term loan A at FLNGI in 2025. The agreement with counterparty Trafigura is responsible to market excess cargoes generated by the Freeport complex, with repayments tied to a fee at the time of a cargo sale. Based on the specified target debt balance, we expect this facility to be repaid no later than the maturity date because of the sell-through of excess cargo generated at the liquefaction trains (FLIQ 1, FLIQ 2, and FLIQ 3)." This facility is structurally senior to the new $2.225 billion term loan given the FLNG guarantee (which is not present in the term loan issued at FLNGI) and contributes to lower recovery prospects; '3' recovery rating (rounded estimate: 60%). FLNGI's adjusted leverage will remain about 9x despite a strong 2025. EBITDA (the distributions received from the FLIQ trains at the liquefaction facility through FLEX-IH) exceeded expectations, in part due to the sale of excess LNG into the spot market at favorable prices. All three trains (FLIQ 1, FLIQ 2, and FLIQ 3) are operating at nearly 5.35 million metric tons annually, of which 4.64 million are contracted at FLIQ 1 and 4.4 million at the remaining trains. Any incremental LNG capacity generated beyond the contracted capacity is available to be sold into the merchant market, raising the potential distributions FLNGI can receive (after servicing debt at FLEX-IH). Nearly 33 cargoes were sold in 2025 with netback margins as high as $7. Despite multiple interruptions from 2022 to July 2024, there have been no material disruptions the last 18 months. S&P said, "While we expect plant availability to remain high, we forecast revenue to decline largely driven by lower average netbacks from the sale of excess cargoes. As such we expect leverage to remain above 4x for the foreseeable future." S&P said, "We continue to view cash flow interruption risk and diversity as neutral while FLNGI's stand-alone leverage is negative. We typically rate the general partner two to five notches below the operating company when they do not constitute a group, as is the case with FLNGI. The number of notches between our rating on the general partner and our rating on the operating company reflects how we assess (positive, neutral, or negative) certain characteristics such as cash flow interruption risk, stand-alone leverage, and cash flow diversity. Our view of cash flow interruption risk reflects that the entity relied upon equity cures to fund debt service during prolonged distress and the lack of any structural enhancements at the master limited partnership level that provide protections from distribution cuts. However, the new $90 million DSR L/C facility partially mitigates this risk. "Since we expect FLNGI's debt to EBITDA to be greater than 4x, we continue to view its stand-alone leverage as negative. Despite the three trains, which include different ownership stakes and off-takers, we assess cash flow diversity as neutral due to the lack of redundancy given the singular gas inlet into the terminal. "The stable outlook on FLNGI reflects our expectation that it will maintain adequate liquidity despite stand-alone S&P Global Ratings-adjusted leverage in the 9x area over the next 12 months. We expect stable distributions from FLEX-IH to fully service the FLNGI debt." S&P could lower the rating on FLNGI if: -- Distributions from FLEX-IH were curtailed or S&P lowered the rating on FLEX-IH; or -- S&P anticipated liquidity shortfalls and its view of support from equity cures diminished. S&P could raise the rating on FLNGI if it: -- Expected stand-alone leverage below 4x during our forecast period; or -- Raised S&P's rating on FLEX-IH, which is also related to materially reducing leverage. FRONTIER COMMUNICATIONS: CLO Exits with $2MM After Verizon Deal --------------------------------------------------------------- Michele Gorman of Law360 reports that Frontier Communications' chief legal officer will receive close to $2 million in severance after stepping down on Tuesday, January 20, 2026, along with three other top executives. The resignations come in the wake of Verizon's takeover of the national fiber network internet provider. The severance payments are part of contractual agreements tied to executive departures following mergers and acquisitions, designed to ease leadership transitions and retain key personnel during the integration process, the report states. About Frontier Communications Frontier Communications Corporation (OTC: FTRCQ) offers a variety of services to residential and business customers over its fiber-optic and copper networks in 25 states, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. Frontier Business offers communications solutions to small, medium, and enterprise businesses. Frontier Communications Corporation and 103 related entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on April 14, 2020. Judge Robert D. Drain oversees the cases. The Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore as financial advisor; and FTI Consulting, Inc., as restructuring advisor. Prime Clerk is the claims agent, maintaining the page http://www.frontierrestructuring.com/and https://cases.primeclerk.com/ftr The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in Debtors' Chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP as its counsel; Alvarez & Marsal North America, LLC, as financial advisor; and UBS Securities LLC as an investment banker. FTX TRADING: Trust Faces Sanctions After Ch. 11 Donation Ruling --------------------------------------------------------------- Vince Sullivan of Law360 reports that the FTX Recovery Trust is facing sanctions after a Delaware bankruptcy judge rejected its attempt to recover a $650,000 bonus paid to an investor in the failed cryptocurrency exchange. The funds had been designated for charitable purposes, and the court ruled that the trust’s challenge was improper. In his ruling, the judge said the trust's litigation tactics caused unnecessary harm to multiple parties, criticizing the effort as counterproductive to the broader recovery process. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUNKO INC: Elects Night Inc. CEO as Class II Director ----------------------------------------------------- Funko, Inc. disclosed in a regulatory filing that Michael Lunsford resigned as a member of the Board of Directors, effective January 12, 2026. The Company thanks Mr. Lunsford for his service on the Board and for the contributions he has made to the Company. Following Mr. Lunsford's resignation, the Board elected Reed Duchscher as a Class II director of the Company. Mr. Duchscher, age 36, has served as the Chief Executive Officer of Night Inc., a next-generation talent management and venture platform that partners with the world's most influential creators, artists and brands, since July 2015. Mr. Duchscher received his B.A. of Science from North Dakota State University and his Masters in Sports Administration from Fairleigh Dickinson University. The Board believes Mr. Duchscher is qualified to serve as a director of the Company due to his leadership experience working with creators and knowledge of the content creation industry. Mr. Duchscher will be compensated consistent with the Company's Non-Employee Director Compensation Policy as disclosed in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 30, 2025. The Company expects to enter into the Company's standard form of indemnification agreement with Mr. Duchscher. About Funko, Inc. Funko, Inc. is a global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. Learn more at Funko.com, Loungefly.com, MondoShop.com, and follow us on TikTok, X, and Instagram. As of June 30, 2025, the Company had $694.91 million in total assets, $512.83 million in total liabilities, and $182.08 million in total stockholders' equity. As of September 30, 2025, the Company had $699.3 million in total assets, $515.7 million in total liabilities, and $183.6 million in total stockholders' equity. In the quarterly report, Management evaluated the Company's future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the Financial Covenants under its Credit Agreement for the 12 months from the date of issuance of the financial statements and determined that, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants as of the end of the fiscal quarter ending December 31, 2025 and future fiscal quarters and potentially will not be in compliance with the covenants with respect to a Refinancing Transaction or a Sale Transaction. In addition, based on the forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next 12 months and, relatedly, it may not be in compliance with its minimum Qualified Cash covenant in future periods. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. FUTURE FINTECH: Effects 1-for-4 Reverse Split for Nasdaq Compliance ------------------------------------------------------------------- Future FinTech Group Inc. disclosed in a regulatory filing that it filed with the Florida Secretary of State's office Articles of Amendment to its Second Amended and Restated Articles of Incorporation, as amended. As a result of the Amendment, the Company has authorized and approved a 1-for-4 reverse stock split of the Company's authorized shares of common stock from 600,000,000 shares to 150,000,000 shares, accompanied by a corresponding decrease in the Company's issued and outstanding shares of common stock. The common stock will continue to be $0.001 par value. The Company will round up the fractional shares that result from the Reverse Stock Split and no fractional shares will be issued in connection with the Reverse Stock Split and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split. The current pre-split number of shares of commons stock outstanding is 20,193,311 and the post-split number of shares outstanding will be approximately 5,048,328. No changes are being made to the number of preferred shares of the Company which remain as 10,000,000 preferred shares as authorized but not issued. The amendment to the Articles of Incorporation of the Company took effect at 1:00pm E.T. on January 8, 2026. The Reverse Stock Split and Amendment were authorized and approved by the Board of Directors of the Company without shareholders' approval, pursuant to 607.10025 of the Florida Business Corporation Act of the State of Florida. The Reverse Stock Split was primarily being effectuated to comply with Nasdaq Marketplace Rule 5550(a)(2) related to the minimum bid price per share of the Company's shares of common stock. As a result, the Company's shares of common stock will trade on the NASDAQ Stock Market on the post-Reverse Stock Split basis under the symbol "FTFT". The new CUSIP number for the Company's shares of common stock post-Reverse Stock Split is 36117V402. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,336,334 in total assets, $9,794,437 in total liabilities, and $43,385,473 in total stockholders' equity. GARMENT GEAR: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, entered a final order authorizing Garment Gear, Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with the budget, subject to a 10% variance. The Debtor is not authorized to pay salaries to insiders, other than those disclosed in its motion, without further court order. As of the petition date, the Debtor's cash collateral is comprised of cash in the amount of $23,950.92. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted replacement liens on their pre-bankruptcy collateral, maintaining the same priority and validity as their pre-bankruptcy liens. The order preserves the Debtor's right to challenge the validity, priority, and amount of any liens or claims. The final order is available at https://urlcurt.com/u?l=SFG2PN from PacerMonitor.com. Garment Gear has minimal primary secured debt, consisting of a loan of approximately $500,000 from the U.S. Small Business Administration and a loan from Fairport Holdings, successor in interest to Regions Bank. The Debtor does not believe these creditors hold properly perfected liens on its cash collateral. Fairport Holdings and the SBA have filed UCC-1 financing statements, and it is believed that Regions Bank held a first-priority security interest that would inure to the benefit of its successor in interest. About Garment Gear Inc. Garment Gear, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50200) on October 7, 2025, with $500,001 to $1 million in assets and liabilities. Daniel Etlinger of Underwood Murray, P.A. serves as Subchapter V trustee. Judge Karen K. Specie oversees the case. The Debtor tapped Michael Austen Wynn, Esq., at Stichter Riedel Blain & Postler as legal counsel and Gretl Siler of Lighthouse CPAs, PA as accountant. GENESIS HEALTHCARE: Secures Court OK for $1B Asset Sale in Ch. 11 ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that Genesis Healthcare's approximately $1 billion asset sale to a NewGen Health affiliate was approved Tuesday, January 20, 2026, by a Texas bankruptcy judge. The decision follows the court's rejection last month of a prior deal that would have left company insiders in control of Genesis. The court emphasized that the NewGen Health transaction maximizes value for creditors and offers a more transparent path forward, removing management conflicts present under the earlier plan, the report states. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GST INC: Seeks Approval to Tap Reed Smith as Bankruptcy Co-Counsel ------------------------------------------------------------------ GST, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Reed Smith LLP as co-counsel. The firm will render these services: (a) perform all necessary services as the Debtor's bankruptcy co-counsel; (b) appear before the Court, any appellate courts, and the U.S. Trustee, and protect the interests of the bankruptcy estate before such courts and the U.S. Trustee; (c) take all necessary actions to protect and preserve the Debtor's estate during this Chapter 11 case; (d) prepare or coordinate preparation on behalf of the Debtor necessary legal papers in connection with the administration of this Chapter 11 case; (e) counsel the Debtor with regard to its rights and obligations; (f) advise the Debtor in connection with any potential sale of assets or transfer of operations; (g) coordinate with the Debtor's other professionals in representing it in connection with this Chapter 11 case; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with the Chapter 11 case; and (i) represent the Debtor on additional matters relating to the Chapter 11 case as may be assigned from time to time. The firm's counsel and staff will be paid as follows: Partners $1,075 - $1,600 Counsel $925 - $1,035 Associates $690 - $1,000 Paraprofessionals $75 - $640 In addition, the firm will seek reimbursement for expenses incurred. The firm received an advance payment retainer of $80,000 from the Debtor. Jason Angelo, Esq., a partner at Reed Smith, 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 D. Angelo, Esq. Reed Smith LLP 1201 Market Street, Suite 1500 Wilmington, DE 19801 Telephone: (302) 778-7500 About GST Inc. GST, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12188) on Dec. 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities up to $50 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor tapped Levene Neale Bender Yoo & Golubchik LLP and Reed Smith LLP as counsel. GUNSTOCK RANCH: Hires Choi & Ito as General Bankruptcy Counsel -------------------------------------------------------------- Gunstock Ranch Inc. seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Choi & Ito to handle its Chapter 11 case. The firm will be paid at these hourly rates: Chuck Choi, Attorney $500 Allison Ito, Attorney $350 Ms. Ito 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: Allison A. Ito, Esq. Choi & Ito 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Telephone: (808) 533-1877 Facsimile: (808) 566-6900 Email: aito@hibklaw.com About Gunstock Ranch Inc. Gunstock Ranch Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00019) on January 10, 2026. In its petition, the Debtor disclosed up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor tapped Choi & Ito as counsel. HILTON GRAND: Moody's Lowers CFR to 'B1', Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded the ratings of Hilton Grand Vacations Borrower LLC (HGV), including its Corporate Family Rating to B1 from Ba3, Probability of Default Rating to B1-PD from Ba3-PD, senior secured notes and credit facilities to Ba3 from Ba2 and senior unsecured rating to B3 from B2. The Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-2. The outlook is stable. The downgrade reflects weaker earnings for Hilton Grand Vacations compared to Moody's expectations at this stage since the leveraging acquisition of Bluegreen Vacations Holding Corporation (BVH). Growth in real estate sales and financing and rental revenues segments post-acquisition has been modest and total membership has been flat. Integrating and leveraging the upsized HGV system post-acquisition has occurred slower than Moody's expected, resulting in lower revenue and earnings. Adjusted debt-to-EBITDA for 12 months ended September 30, 2025 was approximately 6.6x including asset backed securities (ABS) debt. By comparison, leverage at December 31, 2024 was 5.6x. EBITDA to interest was 2.0x for 12 months ended September 30, 2025 compared to 2.4x at December 31, 2024. As a reference point, HGV's adjusted debt-to-EBITDA in 2022 and 2023 (post-pandemic and pre-BVH acquisition) was below 5.0x and interest coverage was notably stronger than it is currently. RATINGS RATIONALE Lower earnings in the last 12 months has increased adjusted debt-to-EBITDA to approximately 6.6x which is more than a full turn of leverage higher than a year earlier and has likely set HGV back in terms of reducing leverage to historical levels. During the last 12 months, earnings have declined approximately 12% treating VOI financing expense as interest expense while total adjusted debt including ABS debt has increased 9% largely in support of share repurchases. While Moody's expects earnings growth going forward supported by the improved scale from the BVH acquisition, the path to deleverage back towards HGV's more historical levels of 5x and lower has likely been extended significantly and higher debt levels will present a longer term headwind on the company. Moody's notes that HGV's prior acquisition for Diamond Resorts in 2021 had a more efficient deleveraging compared to BVH. Subsequent to the Diamond Resorts acquisition, HGV was able to reduce adjusted debt-to-EBITDA to 4x from about 5.5x within two years of the acquisition close. Of note, the time period around the Diamond Resorts acquisition also coincided with stronger demand and lower interest rates which was likely supportive for deleveraging at that time. HGV's B1 CFR benefits from its well-recognized brand name and relationship with Hilton Worldwide Holdings Inc. which allows HGV's members to use their timeshare points to stay at hotel rooms within the Hilton Worldwide system. HGV has improved diversification both by geography and product offering while expanding scale and its presence in drive-to markets with recent acquisitions. Integration and rebranding efforts remain ongoing with HGV's latest significant acquisition of BVH and related spending will continue in 2026. The stable outlook reflects Moody's expectations that Hilton Grand Vacations will be able to maintain performance, albeit with higher leverage and lower interest coverage as compared to historical norms. ESG considerations have a limited impact on Hilton Grand Vacations credit rating with potential for greater negative impact over time. Moody's views the company's most material ESG risks as being moderate exposures to financial strategy and risk management, customer relations and board structure and policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if adjusted debt/EBITDA (inclusive of securitized debt) is sustained above 6.5x. A downgrade could also occur if EBITDA/interest expense, including financing expense as interest expense, is sustained close to or below 2.0x or liquidity weakens. Ratings could be upgraded if adjusted debt/EBITDA is reduced towards 5.25x, EBITDA/interest expense approaches 3.0x and good liquidity is maintained. Headquartered in Orlando, Florida, Hilton Grand Vacations Borrower LLC is a wholly owned subsidiary of Hilton Grand Vacations, Inc., a public company listed on NYSE. Hilton Grand Vacations, Inc. is a global timeshare company engaged in developing, marketing, selling and managing timeshare resorts under the Hilton Grand Vacations brand name. It also finances and services loans provided to consumers for their timeshare purchases. The standalone company manages over 200 resorts located in the US, Europe, Mexico, the Caribbean, Canada and Japan. Net revenue for the 12 months ended September 30, 2025 was about $4.5 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HUNT RICHARDSON: Seeks Chapter 7 Bankruptcy in Texas ---------------------------------------------------- On January 19, 2026, Hunt Richardson Group, LLC filed for Chapter 7 protection in the Northern District of Texas. According to the court filing, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Hunt Richardson Group, LLC Hunt Richardson Group, LLC, dba InfuseCare, operates as a healthcare services company providing infusion-related care. Hunt Richardson Group, LLC dba InfuseCare sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20010) on January 19, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Brad W. Odell handles the case. The debtor is represented by Van W. Northern, Esq. of Northern Law Firm, PC. INSULATION COATINGS: Court Denies Bid to Sell Property at Auction ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania has denied Insulation Coatings & Consultants LLC to sell Property, free and clear of liens, claims, interests, and encumbrances, on a text order, after the Debtor's Motion to Sell Personal Property was withdrawn on January 16, 2026. About Insulation Coatings & Consultations Insulation Coatings & Consultants, LLC, provides acoustical and thermal insulation that have been used in commercial, industrial and institutional projects nationwide. The Debtor serves the New York, Pennsylvania, and Ohio areas. Insulation Coatings & Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-10340) on Aug. 9, 2022. In the petition signed by its manager, Charles C. Sorce, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Guy C. Fustine, Esq., at Knox McLaughlin Gornall & Sennett, PC as bankruptcy counsel; Colligan Law, LLP, as special counsel; and Schaffner Knight Minnaugh & Co. as accountant. IQ ELECTRICAL: Seeks Chapter 7 Bankruptcy in Virginia ----------------------------------------------------- On January 9, 2026, IQ Electrical Services, LLC filed for Chapter 7 protection in the Eastern District of Virginia. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to 1 to 49 creditors. About IQ Electrical Services, LLC IQ Electrical Services, LLC operates as an electrical services provider, offering installation, maintenance, and repair services for residential and commercial customers. IQ Electrical Services, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30060) on January 9, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. The debtor is represented by Graham Thornton Jennings, Jr. of Graham T. Jennings, Jr., P.C. J. PATRICK LEE: Seeks to Tap The Dill Firm as Special Counsel ------------------------------------------------------------- J. Patrick Lee Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ The Dill Firm as special counsel. The firm will represent the Debtor in connection with the lawsuit styled Darveal Laurie v. J. Patrick Lee Construction, LLC, et al., in the Civil District Court for the Parish of Orleans, Louisiana. The firm's attorneys and staff will be paid at these hourly rates: Attorneys $300 Paralegals $125 Julie Faulk, Esq., an attorney at The Drill 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: Julie I. Faulk, Esq. The Drill Firm 825 Lafayette Street, P.O. Box 3324 Lafayette, LA 70502 Telephone: (337) 261-1408 Facsimile: (337) 261-9176 Email: jfaulk@dillfirm.com About J. Patrick Lee Construction , J. Patrick Lee Construction, LLC, based in Picayune, Mississippi, engages in heavy and civil engineering construction projects, including local infrastructure, municipal improvements, and residential site development. The Company participates in public and private construction contracts within Pearl River County and surrounding areas. J. Patrick Lee Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51858) on December 10, 2025. In the petition signed by Patrick Lee, owner/managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor is represented by the Law Offices of Geno and Steiskal, PLLC. JAMES L. BAKE: Seeks Chapter 12 Bankruptcy in Washington -------------------------------------------------------- On January 13, 2026, James L. Baker Farms, LLC, filed for Chapter 12 protection in the Eastern District of Washington. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About James L. Baker Farms, LLC James L. Baker Farms, LLC operates as an agricultural business focused on farming and related activities. James L. Baker Farms, LLC sought relief under Chapter 12 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00052) on January 13, 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. JASMINE HOMES: Seeks to Tap J. Zac Christman as Bankruptcy Counsel ------------------------------------------------------------------ Jasmine Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ J. Zac Christman, Esq., an attorney practicing in Stroudsburg, Pa., as counsel. The attorney's services include: (a) provide guidance on compliance with the Bankruptcy Code; (b) advise the Debtor of its rights, powers and responsibilities; (c) prepare required applications and motions; (d) file required reports, anticipated defense of contested matters, prepare and anticipate negotiation of a Plan of Reorganization; and (e) perform such other services required by the Debtor. Mr. Christman will be paid at his hourly rate of $300 and $100 for paralegal services. Puneet Sinha, on behalf of Jasmine Homes, provided J. Zac Christman, Esq., with a retainer of $3,238 for filing Chapter 11 of which $1,500 was applied to prepetition services, and $1,738 utilized to pay the filing fee. Mr. Christman 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 attorney can be reached at: J. Zac Christman, Esq. 538 Main Street, Suite 102 Stroudsburg, PA 18360 Telephone: (570) 234-3960 Email: zac@jzacchristman.com About Jasmine Homes LLC Jasmine Homes LLC is engaged in the ownership and management of residential real estate, focusing on the development and leasing of rental homes. Jasmine Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-03478) on December 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Mark J. Conway handles the case. The Debtor is represented by J. Zac Christman, Esq. JOSEPHINES RESTAURANT: Case Summary & Six Creditors --------------------------------------------------- Debtor: Josephines Restaurant Inc. DBA La Rosa Pizza DBA Tick Tock Tacos 4012 Golf Road Skokie, IL 60076 Case No.: 26-00909 Business Description: Josephines Restaurant Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankrupty Court Northern District of Illinois Judge: TBD Debtor's Counsel: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: 312-641-6777 Fax: 312-641-7114 Email: sclar@cranesimon.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $500,000 to $1 million The petition was signed by George P. Fowler as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6KLC5MQ/Josephines_Restaurant_Inc__ilnbke-26-00909__0001.0.pdf?mcid=tGE4TAMA KARBONX CORP: Delays 10-Q for Period Ended November 30, 2025 ------------------------------------------------------------ Karbon-X Corp. disclosed in a regulatory filing that it has experienced delays in completing its financial statements for the quarterly period ended November 30, 2025. As a result, the Company is delayed in filing its Form 10-Q for that quarterly period. About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $7.44 million in total assets, $8.79 million in total liabilities, and a total stockholders' deficit of $1.35 million. KD SHIPYARD: Seeks Chapter 7 Bankruptcy in Virginia --------------------------------------------------- On January 6, 2026, KD Shipyard Repairs LLC filed for Chapter 7 protection in the Eastern District of Virginia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About KD Shipyard Repairs LLC KD Shipyard Repairs LLC operates as a maritime services company specializing in shipyard repair and maintenance services. KD Shipyard Repairs LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70019) on January 6, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Frank James Santoro handles the case. The debtor is represented by Karen M. Crowley, Esq. of Crowley Law P.C. KING WILLIAM AUCTION: Seeks Chapter 7 Bankruptcy in Virginia ------------------------------------------------------------ On January 12, 2026, King William Auction Inc. commenced a voluntary Chapter 7 bankruptcy case in the Eastern District of Virginia. Court records indicate the debtor reports $0 to $100,000 in liabilities owed to between 1 and 49 creditors. About King William Auction Inc. King William Auction Inc. provides auction and liquidation services, including estate auctions, business asset sales, and on-site bidding events. The company sought protection under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30102) on January 12, 2026. The filing lists estimated assets and liabilities both in the range of $0 to $100,000. The debtor is represented by David Spiro, Esq. of Spiro & Browne, PLC. KJSS GLOBAL: Seeks to Hire Andrew S. Cho as Bankruptcy Counsel -------------------------------------------------------------- KJSS Global, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Office of Andrew S. Cho as counsel. The firm will provide these services: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in any proceedings or hearings before this Court and in any action in any other court where its rights under the Bankruptcy Code may be affected; (d) conduct examinations of witnesses, claimants or adverse parties and prepare and assist in the preparation of reports, accounts, and pleadings related to the Debtor's Chapter 11 case; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules as the same may affect it in its Chapter 11 case; (f) assist the Debtor in the formulation, negotiation, confirmation, and implementation of a Chapter 11 plan of reorganization, liquidation or combination thereof; and (g) take such other action and perform such other services as the Debtor may require in connection with its Chapter 11 case. The firm will be paid at these hourly rates: Anerio Altman, Attorney $500 Andrew Cho, Attorney $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtor and an additional $1,738 for filing fee. Mr. Cho 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: Andrew S. Cho, Esq. Law Office of Andrew S. Cho 505 North Euclid Street, Suite 560 Anahem, CA 92801 Telephone: (714) 881-0009 Facsimile: (714) 882-6915 Email: andrew@ascholaw.com About KJSS Global Inc. KJSS Global, Inc., which operates a customer-facing website at www.makerstep.com, is a privately held wholesale and e-commerce company based in Santa Fe Springs, California, selling small kitchenware and disposable household items such as coffee stirrers, toothpicks, popsicle sticks, strainers, and colanders. KJSS Global, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21301) on December 16, 2025. In its petition, the Debtor reports total assets of $182,871 and total liabilities of $1,074,768. The Debtor is represented by Andrew S. Cho, Esq., at the Law Office of Andrew S. Cho. KYI ENTERPRISES: Court Extends Cash Collateral Access to Feb. 27 ---------------------------------------------------------------- KYI Enterprises, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral of the U.S. Small Business Administration. The court issued a third interim order authorizing the Debtor to use cash collateral through February 27 to pay operating expenses in accordance with its budget. Any use exceeding a budgeted line item by more than 5% requires prior written approval from the SBA or further court authorization. Unpaid budgeted expenses may be carried over to subsequent months. The court found that the SBA acted in good faith under sections 105, 361, and 363 of the Bankruptcy Code and is entitled to the protections of section 363(m). The provisions of the third interim order survive plan confirmation and dismissal or conversion of the Debtor's Chapter 11 case to Chapter 7. Entry of the order is without prejudice to the SBA's rights, remedies, or claims against the Debtor or third parties, and is binding on successors, assigns, and any future trustee. A status hearing is scheduled for February 23. The third interim order is available at https://is.gd/rRfu69 from PacerMonitor.com. About KYI Enterprises KYI Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13842) on September 8, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Michael B. Slade presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. LANGUAGE KIDS: Section 341(a) Meeting of Creditors on February 10 ----------------------------------------------------------------- On January 07, 2026, Language Kids Houston, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in liabilities, owed to between 1 and 49 creditors. A meeting of creditors filed by US Trustee Section 341(a) to be held on February 10, 2026 at 10:00 AM via Telephonic Dial-In Information. About Language Kids Houston, LLC Language Kids Houston, LLC is a Texas-based limited liability company. Language Kids Houston, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30176) on January 07, 2026. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez is presiding over the case. The Debtor is represented by Reese W. Baker, Esq. of Baker & Associates. LAREDO OIL: Delays Form 10-Q Filing Due to Time Constraints ----------------------------------------------------------- Laredo Oil, Inc. disclosed in a regulatory filing that the compilation, dissemination and review of the information required to be presented in its Quarterly Report on Form 10-Q for the quarterly period ending November 30, 2025, has imposed time constraints that have rendered timely filing of the Quarterly Report on Form 10-Q impracticable without undue hardship and expense to the registrant. As a result, the Company is undertaking the responsibility to file such Quarterly Report on Form 10-Q no later than five calendar days after its prescribed due date. About Laredo Oil Inc. Austin, Texas-based Laredo Oil, Inc. is an oil exploration and production company that focuses on acquiring and exploring mineral properties to identify and develop oil reserves. Since 2009, it has specialized in acquiring mature oil fields and recovering stranded oil reserves through enhanced oil recovery techniques. From 2011 to 2020, the company provided management services to Stranded Oil Resources Corporation, overseeing the acquisition and operation of mature oil fields in exchange for management fees and reimbursements. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financing to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of August 31, 2025, the Company had $1.60 million in total assets, $14.94 million in total liabilities, and $13.34 million in total stockholders' deficit. As of August 31, 2025, the Company had an accumulated deficit of $26.86 million. LEFEVER MATTSON: Affiliate Taps Zyromski Konicek as Estate Counsel ------------------------------------------------------------------ KS Mattson Partners, LP, an affiliate in the Chapter 11 cases of LeFever Mattson, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Zyromski Konicek LLP as real estate counsel. The firm will assist the Debtor in various residential real estate matters, including, but limited to, initiating residential evictions, dealing with routine landlord/tenant disputes in the Northern California area, and advising on tenants' rights. The firm has agreed that all attorney time for this matter will be billed at a rate ranging from $75 to $350 depending on the scope and difficulty of the task. The firm will also charge a flat fee of $650 for the preparation and filing of unlimited complaint and a flat fee of $450 for the preparation and filing of limited complaint. In addition, the firm will seek reimbursement for expenses incurred. Michelle Zyromski, Esq., an attorney at Zyromski Konicek, 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: Michelle Zyromski, Esq. Zyromski Konicek LLP Telephone: (707) 542-1393 Email: michelle@zklegal.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LELAND HOUSE: Seeks to Hire Harmon Partners as Financial Advisor ---------------------------------------------------------------- Leland House Limited Partnership Company seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Harmon Partners as financial advisor. The firm's services include: (a) advise the Debtor with respect to financial matters to support the reorganization process; (b) assist in preparing financial reports and projections; (c) assist in preparing the Debtor's Disclosure Statement, liquidation analysis and exhibits; (d) provide advice concerning the Debtor's plan of reorganization and the feasibility of its financial commitments; (e) provide general business and reorganization advice; (f) coordinate with the Debtor's other professionals and assist in negotiations with creditors and other parties-in-interest as appropriate; and (g) support the Debtor's sale and reorganization as appropriate. The firm's partners will be paid at an hourly rate of $500 plus reimbursement. John Dimovski, a member at Harmon 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: John Dimovski Harmon Partners 300 Park Street, Suite 100 Birmingham, MI 48009 Telephone: (248) 723-7933 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 tapped Ryan D. Heilman, Esq., at Heilman Law, PLLC as counsel and Harmon Partners as financial advisor. LEXARIA BIOSCIENCE: Cuts Q1 Loss to $1.6MM; Going Concern Persists ------------------------------------------------------------------ Lexaria Bioscience Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025. The audited report includes a clear warning: "recurring losses and negative net cash flows raise substantial doubt as to the Company's ability to continue as a going concern" Liquidity and Capital Resources: According to Lexaria, since inception, it has incurred significant operating and net losses. Net losses attributable to shareholders were $1.6 million and $2.70 million for the three months ended November 30, 2025, and November 30, 2024, respectively. As of November 30, 2025, the Company had an accumulated deficit of $65.1 million. Lexaria said, "We expect to continue to incur significant operational expenses and net losses in the upcoming 12 months. Our net losses may fluctuate significantly from quarter to quarter and year to year, depending on the stage and complexity of our R&D studies and corporate expenditures, additional revenues received from the licensing of our technology, if any, and the receipt of payments under any current or future collaborations into which we may enter. The recurring losses and negative net cash flows raise substantial doubt as to the Company's ability to continue as a going concern." Sources of Liquidity: During the three months ended November 30, 2025, the Company has completed the following: * Entered into a Securities Purchase Agreement whereby on September 29, 2025, the Company issued 2,666,667 shares of common stock at a purchase price of $1.50 per share for gross and net proceeds of $4.0 million and $3.4 million, respectively. Concurrently, the Company issued, by way of a private placement transaction, 2,666,667 share purchase warrants, entitling the holder thereof to purchase up to 2,666,667 shares of common stock at a price of $1.37 per share for a period of five years from the effective date of the S-1 Registration Statement registering the warrant shares. The shares registered pursuant to a takedown of the Company's Form S-3 registration statement and the warrants and related warrant shares were registered pursuant to a Form S-1 registration statement. The Company also issued the placement agent warrants to purchase up to 93,333 shares for a period of five years from the date of issuance at an exercise price of $1.875 per share. * On December 14, 2025, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which it agreed to sell in a registered direct offering 2,661,600 shares of common stock at a purchase price of $1.315 per share for gross and net proceeds of $3.5 million and $3.0 million, respectively. Concurrently, the Company issued 2,661,600 share purchase warrants, entitling the holder thereof to purchase up to 2,661,600 shares of common stock at a price of $1.19 per share for a period of five years from the effective date of the registration statement registering the shares of common stock issuable upon exercise of the warrants. The Company may also offer securities in response to market conditions or other circumstances if it believes such a plan of financing is required to advance the Company's business plans. However, there is no certainty that future equity or debt financing will be available or that it will be at acceptable terms and the outcome of these matters is unpredictable. A lack of adequate funding may force the Company to reduce spending, curtail or suspend planned programs or possibly liquidate assets. Any of these actions could adversely and materially affect the business, cash flow, financial condition, results of operations, and potential prospects. The sale of additional equity may result in additional dilution to its stockholders. Entering into additional licensing agreements, collaborations, partnerships, alliances marketing, distribution, or licensing arrangements with third parties to increase our capital resources is also possible. If the Company do so, it may have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company. Going Concern: As of November 30, 2025, the Company had cash and cash equivalents of approximately $4.3 million to settle $1.5 million in current liabilities. "We have performed a review of our cash flow forecast and given our current development plans and cash management efforts, we anticipate that our cash resources will be sufficient to fund operations through the first quarter of fiscal year 2027." "However, we have also concluded that our existing cash, combined with inflows expected from executed license agreements, will not be sufficient to meet the Company's financial obligations for the twelve-month period following the issuance of these consolidated financial statements. "Accordingly, there is substantial doubt as to our ability to continue as a going concern for at least one year following the date of the financial statements included in this Quarterly Report. "We intend to fund operations, working capital and other cash requirements for the twelve-month period subsequent to November 30, 2025 through equity financing arrangements and potentially from collaborations or strategic partnerships. "The successful outcome of future activities cannot be determined at this time and there is no assurance that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operating results." As of November 30, 2025, the Company had $6.1 million in total assets, $1.5 million in total liabilities, and $4.5 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/3r9vnedu About Lexaria Headquartered in Kelowna, BC, Canada, Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients using its proprietary DehydraTECH drug delivery technology. The Company currently focuses on the investigation of the incorporation of its DehydraTECH drug delivery technology with GLP-1 and GIP drugs to enhance absorption and reduce adverse events. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated November 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of August 31, 2025, the Company had $4.2 million in total assets, $1.6 million in total liabilities, and $2.6 million in total stockholders' equity. LINQTO TEXAS: Chapter 11 Filing Was Unjustified, Former Exec Says ----------------------------------------------------------------- Ben Zigterman of Law360 reports that Linqto's former chief executive has moved to dismiss the company's Chapter 11 case in Texas, challenging its proposed reorganization plan. He argues that the investment platform is solvent and therefore ineligible for bankruptcy relief. In his filing, the former executive maintains that the bankruptcy was improperly filed and should be dismissed before the plan can proceed, the report states. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by Kristen L. Perry, Esq., at Faegre Drinker Biddle & Reath, LLP, in Dallas, Texas; Richard J. Bernard, Esq., at Faegre Drinker Biddle & Reath, LLP, in New York; and Michael R. Stewart, Esq., and Adam C. Ballinger, Esq., at Faegre Drinker Biddle & Reath, LLP, in Minneapolis, Minnessota. Sandton may also be reached through Robert Rice, Esq. LSF12 HELIX: S&P Rates Proposed $500MM Senior Secured Notes 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to LSF12 Helix Intermediate L.P.'s proposed $500 million senior secured notes due 2033. The notes will be issued by the company's wholly-owned subsidiary, LSF12 Helix Parent LLC. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. LSF12 Helix will use the proceeds from these notes, along with a proposed $1.335 billion term loan due 2033, a EUR400 million term loan due 2033, and $1.8 billion in equity provided by affiliates of financial sponsor Lone Star Funds, to fund its purchase of Hillenbrand Inc.'s equity, repay its existing debt, and pay related transaction fees and expenses. S&P's 'B' issue-level rating and '3' recovery rating on LSF12 Helix's proposed $420 million revolver and term loans are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure will comprise a proposed $420 million multi-currency revolver due 2031, a proposed $1.335 billion term loan due 2033, a EUR400 million term loan due 2033, and the proposed $500 million senior secured notes due 2033. -- S&P's simulated default scenario contemplates a default in 2028 stemming from a sustained weak demand environment that impairs the company's profitability and cash flow. -- S&P said, "We expect the revolver, term loans, and senior secured notes to rank equally in right of payment and lien priority with one another. We also expect the revolver, term loans, and senior secured notes to benefit from substantially similar guarantees and collateral packages (including security interests) at close. We expect the instruments will receive guarantees from the company's material, wholly owned domestic direct subsidiaries at close. The notes will also benefit from a guarantee from LSF12 Helix Intermediate L.P." -- S&P assumes the company's $420 million revolver is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergency: $280 million -- EBITDA multiple: 5.5x -- 65% equity pledged from non-guarantors (foreign subsidiaries). Simplified waterfall -- Guarantor/non-guarantor split: 46%/54% -- Net recovery value (after 5% administrative expenses): $1.5 billion -- Value available to first-lien debt: $1.5 billion -- Estimated first-lien debt: $2.7 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) LUMEN TECHNOLOGIES: Fitch Keeps CCC+ LongTerm IDR on Watch Pos. --------------------------------------------------------------- Fitch Ratings has maintained the Long-Term Issuer Default Ratings (IDRs) of 'CCC+' on Rating Watch Positive (RWP) for Level 3 Parent, LLC, Level 3 Financing, Inc., Lumen Technologies, Inc., and Qwest Corporation. Fitch has also upgraded Level 3 Financing Inc.'s senior unsecured bonds to 'CCC' with a Recovery Rating of 'RR5' from 'CCC-'/'RR6', and Qwest Capital Funding, Inc.'s senior unsecured bonds to 'B+'/'RR1' from 'CCC-'/'RR6'. Fitch is withdrawing all ratings on Level 3 Financing Inc.'s senior secured second-lien bonds given all collateral was stripped as of Jan. 9, 2026. The upgrades reflect stronger recovery prospects following recent capital raises at Level 3 Financing. The company issued $1.9 billion in new unsecured bonds and used proceeds and cash to retire all outstanding senior second-lien secured bonds. The actions align with Fitch's Corporate Rating Criteria and Sector Navigators Addendum update dated Jan. 9, 2026. The RWP reflects anticipated large debt repayment tied to the Mass Market fiber asset sale to AT&T, Inc. (BBB+/RWN) by mid-2026, which is expected to reduce leverage by more than one turn by end-2026. Fitch will resolve the Rating Watch then. Fitch is withdrawing the rating of Level 3's second-lien bonds as it is no longer considered relevant to the Fitch's coverage because a de minimis amount of an issue or tranche remains outstanding. Key Rating Drivers AT&T Transaction Offers Material Delevering: Level 3's sale of its Mass Markets fiber-to-the-home (FTTH) segment to AT&T for approximately $5.75 billion is expected to close in the first half of 2026. Fitch views the sale as a material milestone in delevering the company's balance sheet and realigning the business to focus on enterprise opportunities. Fitch expects Lumen to receive approximately $4.2 billion in net cash proceeds from the sale, which it plans to use to repay all its super-priority debt. Level 3 Refinancing Improves Balance Sheet: Level 3's extensive 2025 and early 2026 refinancing materially strengthens its balance sheet and flexibility. The March Term Loan B, June bond refinancing, August bond issuance, September TLB repricing and bond refinancing, and December bond refinancing together reduced year-to-date interest expense by more than $180 million, lowered the weighted average cost of debt, and extended key maturities. The activity delivers large cash interest savings and increases financial flexibility ahead of remaining maturities. Eased Refinancing Pressures: The recent Level 3 refinancing, coupled with expected debt paydowns after the AT&T deal closes, provides the company with additional flexibility regarding its maturity obligations. The company will not face another significant maturity until 2028. PCF Deals Help Liquidity: Recent private connectivity fabric (PCF) contract wins totaled approximately $10 billion. The corresponding initial cash payments are being received now and will continue over the next two years. These contract wins have materially strengthened Lumen's near-term liquidity and underscore asset value in parts of its network. The contracts include dark fiber and other services to Microsoft Corporation, as well as other hyperscalers and social media and technology companies. The contracts are long term, with some lasting up to 20 years. Expected Decline in Capex: Fitch expects the sale of the Mass Markets FTTH business to AT&T will reduce overall annual capex by approximately $1 billion, or nearly one-fourth of overall capex. The revenue and EBITDA impact is much smaller, at roughly 3%-6% by Fitch's estimate. After heavy capex spend in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity in the later years of the rating period. Telecoms Faces Challenges: Lumen faces industry-wide challenges similar to other wireline operators, as customers migrate from legacy offerings to newer products and services. The company plans to address these challenges more aggressively by increasing investment in its enterprise business and sellingf its consumer fiber assets to AT&T. There is execution risk with this strategy, but Fitch expects the investments to support revenue growth over time. Peer Analysis Lumen has a solid competitive position based on the scale and size of its wireline operations in the enterprise/business services market. Its business segment, which comprised nearly 80% of its 2024 revenue, is smaller than both AT&T Inc. (BBB+/RWN) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF, and have wireless offerings providing more service diversification than does Lumen. Lumen has not demonstrated an ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen has a larger enterprise business that differentiates it from other wireline operators, such as Windstream Services, LLC (B-/Stable) and Frontier Communications Parent, Inc. (B+/Watch Positive). Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile: - The business and financial profile factors are assessed (in the format of the 'assessment', followed by relative importance) as follows: Management ('bbb', lower), Sector Characteristics ('bb+', lower), Market and Competitive Positioning ('bbb-', moderate), Diversification and Asset Quality ('bb-', moderate), Company Operational Characteristics ('bbb', moderate), Profitability ('bb-', moderate), Financial Structure ('b+', moderate), and Financial Flexibility ('ccc+', higher). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - Additional analytical adjustments, including B+ to CC considerations, result in a one-notch downgrade from the Business-Financial Factors-only SCP of 'b-'. - The SCP is 'ccc+'. Recovery Analysis Fitch undertakes a tailored analysis of recovery upon default for each issue for entities rated 'B+' and below, where default is closer and recovery prospects are more relevant to investors. The resulting debt instrument rating includes a Recovery Rating (scale from 'RR1' to 'RR6') and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the GC approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. Key assumptions in each recovery analysis: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2025 projection, reflecting revenue pressures and EBITDA margins trending toward the low-20% range, indicating potential competitive and pricing challenges in bankruptcy. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in TMT. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, below the 2025 projection. This factors the likely completion of the AT&T transaction and the use of proceeds to repay super-priority debt. Fitch will reassess if the transaction or related debt repayment does not proceed as expected. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Given Lumen's super-priority debt guarantee (under the 2024 TSA agreement) and Lumen's ability to transfer 49% of Qwest Corporation assets to other subsidiaries within the Lumen structure, Fitch believes this super-priority debt would take precedence in bankruptcy. Fitch assumes the remaining 51% of Qwest's value, after the first 49% is exhausted, could allow Qwest's senior unsecured notes to recover in line with any deficiency claims of the second-out super-priority instruments and the secured intercompany loan to Level 3. Fitch estimates that all Lumen super-priority debt, Qwest senior unsecured notes, and Qwest Capital Funding unsecured notes would recover at an RR1 level, while Lumen's unsecured notes would be RR5 under current assumptions. For senior unsecured instruments issued by Qwest Corp., Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria indicates unsecured instruments for 'CCC+' IDR issuers are capped at RR2. However, this cap may be exceeded in instances when the issuer is a structurally senior subsidiary issuer in a multi-level corporate group structure, which Fitch believes applies to this scenario. RATING SENSITIVITIES Fitch expects to resolve the Rating Watch Positive upon completion of the Mass Markets transaction and subsequent debt reduction, which should close by mid-year 2026. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A deterioration in Lumen's operating results, including lower margins and consistent mid-single-digit or greater revenue declines; -- Increased liquidity pressure or difficulty refinancing parts of the capital structure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Closure of the Mass Markets fiber asset sale and expected debt paydown; -- Improvement in operating fundamentals, including sustained revenue and EBITDA growth or positive FCF; -- Capital-structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 3Q25, Lumen had $2.4 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also had approximately $722 million available under its $954 million super-priority senior secured revolvers. Fitch projects positive FCF for 2025, in line with management's updated $1.2 billion to $1.4 billion guidance, mainly due to upfront PCF contract receipts. However, FCF losses may return in 2026-2027 without improvements in the core business or further debt and cost reductions. Lumen has over $17 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Its super-priority debt is secured by guarantees from Qwest, CenturyTel, Wildcat Holdco and other subsidiaries, with additional unsecured guarantees from Qwest Corporation. Some revolving facility debt also benefits from Level 3 subsidiary guarantees, although these will decrease as assets shift. Lumen also has a $1.2 billion secured intercompany loan and a $1.825 billion unsecured intercompany revolver. Super-priority secured debt covenants limit net leverage to 5.25x and require at least 2.0x interest coverage. Issuer Profile Lumen is one of the largest U.S. wireline providers. Much of its business is focused on the enterprise market, although it also serves residential customers. It is publicly traded on the NYSE under the ticker LUMN. M & N STRUCTURES: Amends Class 3-A Unsecured Claims Details ----------------------------------------------------------- M & N Structures, Inc., submitted a Second Amended Disclosure Statement describing Plan of Reorganization dated January 13, 2026. The Debtor determined that it is in the best interests of the creditors and the enterprise itself to reorganize the company as a going concern. The Debtor has elected to pursue a plan of reorganization as the best alternative to provide the largest recovery to all creditors and stakeholders. The Debtor believes the reorganization of the business will allow its employees to remain employed and will allow customers and suppliers to continue to do business. The reorganization is anticipated to generate enough proceeds to pay the value of the collateral to the secured creditors and to provide a sum of money to pay the unsecured creditors in full on allowed claims. The Debtor engaged Platinum Management LLC as a financial advisor to assess the business alternatives for its reorganization process. Based upon the amount of debt, the historical and projected business operations of the company, and the willingness of Debtor's major constituencies to negotiate a consensual resolution of a plan of reorganization to keep the existing operation intact, Debtor determined to pursue a plan of reorganization as the best alternative to provide the largest recovery to all creditors and stakeholders. Class 1-A consists of the secured claim of BMO Bank N.A. The claim of BMO Bank N.A. is secured by a first-priority security interest in substantially all assets of the Debtor. The claim of BMO Bank N.A. is approximately $2,706,928.40. The secured claim of BMO Bank N.A. will be paid the value of the collateral securing the claim from proceeds generated by the continued operations of the business. BMO Bank N.A.'s claim is fully secured. The secured claim of BMO Bank N.A. will be paid as follows: * Amortization Period: Payments shall be calculated based on a split amortization schedule. $1,537,830.69 of BMO's Allowed claim shall be amortized based on a thirty-year amortization schedule. This amount represents the portion of BMO's Allowed claim that is secured by real property. $1,000,000.00 of BMO's Allowed claim shall be amortized based on a ten-year amortization schedule. This amount represents the portion of BMO's Allowed claim secured by equipment and other personal property assets of the Debtor. * Interest Rate: The payments shall include interest at a fixed rate of 4.85% per annum, which is the prevailing contract rate pursuant to the BMO loan documents. * Monthly Payments: The Debtor shall make monthly payments of principal and interest in the amount of $22,178.54, commencing on the first day of the month immediately following the Effective Date of the Plan, and continuing on the same day of each successive month for sixty consecutive months. * Other Terms of BMO Loan Documents Unaffected: Except as otherwise modified herein, the terms of the BMO Loan Documents shall continue in full force and effect until the BMO's secured claim is paid in full. * Source of Funds for Balloon Payment: The Debtor anticipates funding the balloon payment through refinancing of the collateral with a third-party lender. At this time, Debtor has not yet identified a specific lender which will provide the financing necessary to make the Balloon Payment. However, based on discussions with its retained financial advisors, the Debtor believes this funding is feasible and not speculative. Class 3-A consists of all Allowed unsecured claims against Debtor. The approximate amount of those claims is $2,223,000.00. The holders of Allowed Class 3-A claims shall receive their pro rata share of $2,223,000.00 paid over a 5-year period, which based on current projections represents 100% of the Allowed Class 3-A claims. Payments shall commence on the first day of the month beginning immediately after the Effective Date and continue every 90 days thereafter until the earlier of (i) payment in full of all Allowed Class 3-A claims, or (ii) the fifth anniversary of the Effective Date. On the fifth anniversary of the Effective Date, the Debtor shall pay the entire outstanding balance of Class 3-A Allowed Claims, in a single balloon payment. The estimated balloon payment amount as of that date is approximately $1,111,379.95. The Debtor anticipates funding the balloon payment through refinancing with a third-party lender. At this time, Debtor has not yet identified a specific lender which will provide the financing necessary to make the Balloon Payment. However, based on discussions with its retained financial advisors, the Debtor believes this funding is feasible and not speculative. In addition, this class shall receive a pro rata distribution of any net proceeds generated from any causes of action. The Debtor determined that it is in the best interests of the creditors and the enterprise itself to reorganize the company as a going concern. The Debtor has elected to pursue a plan of reorganization as the best alternative to provide the largest recovery to all creditors and stakeholders. The reorganized Debtor will continue to operate its business following the Effective Date in accordance with the projections provided in connection with the Plan. Revenue from operations will be used to pay the costs of operations and to fund the Debtor's payments pursuant to the Plan. A full-text copy of the Second Amended Disclosure Statement dated January 13, 2026 is available at https://urlcurt.com/u?l=nAsf9B from PacerMonitor.com at no charge. About M & N Structures Inc. M & N Structures, Inc. provides structural steel fabrication and design-build services across Minnesota and surrounding states. It specializes in in-house 3D modeling, BIM detailing, CNC-equipped fabrication, and steel erection. M & N serves commercial, industrial, and energy-sector projects from its facility in Winsted, Minnesota. M & N sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42489) on July 30, 2025, listing $3,092,696 in total assets and $5,246,089 in total liabilities. Jonathan Henriksen, president of M & N, signed the petition. Cameron Lallier, Esq., at Bassford Remele, A Professional Association is the Debtor's legal counsel. The U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Chapter 11 case of M & N Structures, Inc. BMO Bank, N.A., as lender, is represented by: James M. Jorissen, Esq. Taft Stettinius & Hollister, LLP 2200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 Telephone: 612-977-8400 Facsimile: 612-977-8650 jjorissen@taftlaw.com MARQUIE GROUP: Delays 10-Q Filing Due to Time Constraints --------------------------------------------------------- Marquie Group Inc. disclosed in a regulatory filing that financial information to be contained in the Company's 10-Q for the quarter ended November 30, 2025, cannot be analyzed and completed on a timely basis. As a result, the Company is delayed in filing its Form 10-Q for that quarterly period. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly traded company engaged in media, wellness, and consumer lifestyle products, recently entering into the golf and hospitality industry through the acquisition of GETGOLF and its wholly owned subsidiaries, Mountain Brook Golf Club, Apache Creek, and Stand-by-Golf. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had total assets of $2,610,783, $4,250,428 in total liabilities, and $1,639,645 in total shareholders' equity. MEDCOGNITION INC: Seeks to Tap The Lane Law Firm as Legal Counsel ----------------------------------------------------------------- MedCognition, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to the Lane Law Firm, PLLC as counsel. The firm's services include: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Robert Lane, Partner $650 Joshua Gordon, Partner $625 Zachary Casas, Partner $575 Kyle Garza, Partner $550 . Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $30,000 on multiple dates from June 14, 2024 through January 12, 2026, for financial advice and representation of the Debtor. Mr. Lane 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 C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About MedCognition Inc. MedCognition Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50097) on January 12, 2026, listing under $1 million in both assets and liabilities. Judge Craig A. Gargotta oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm, PLLC as counsel. METERED APPLIANCES: Hires Michael P. Bronstein as Accountant ------------------------------------------------------------ Metered Appliances Inc seeks approval from the United States Bankruptcy Court for the Eastern District of New York to hire Michael P. Bronstein, a CPA, as accountant. Mr. Bronstein will provide these services: (a) assist with historical reconciliation; (b) provide ongoing financial reporting; (c) prepare plan-supporting analyses; (d) prepare federal, state, and local tax returns; (e) prepare and review Monthly Operating Reports; (f) reconcile and reconstruct the Debtor's books and records; (g) prepare financial statements and other financial reporting required by the Chapter 11 Trustee, the United States Trustee, creditors, or the Court; and (h) perform such other accounting and financial services as may be necessary for the proper administration of the estate. Mr. Bronstein will be compensated at an hourly rate of $250 per hour. The Debtor has paid a $7,500 retainer to be applied against future services. Mr. Bronstein is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Michael P. Bronstein 839 Caldwell Avenue North Woodmere, New York 11581 About Metered Appliances Inc. Metered Appliances, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73481) on September 9, 2025, listing up to $50,000 in assets and liabilities. Judge Alan S. Trust presides over the case. Charles Wertman, Esq., at the Law Offices of Charles Wertman P.C. represents the Debtor as bankruptcy counsel. MOBILENET INC: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------- Mobilenet, Inc., initiated a voluntary Chapter 7 bankruptcy proceeding on January 16, 2026, in the Northern District of Texas. Court documents state that the company carries $1 million to $10 million in liabilities, with a creditor count ranging from 1 to 49. About Mobilenet, Inc. MobileNet, Inc. is a telecommunications company headquartered at 13000 Deerfield Parkway, Suite 325, Milton, Georgia. On January 16, 2026, Mobilenet, Inc. filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30224). The petition lists estimated assets of no more than $100,000 and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Scott W. Everett. Legal representation is provided by Brandon John Tittle, Esq., of Tittle Law Firm, PLLC. MOTO MINDS: Hires Markus Williams as General Bankruptcy Counsel --------------------------------------------------------------- Moto Minds, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Markus Williams LLC as counsel. Markus Williams will provide these services: (a) assist in the production of the Debtor's schedules and statement of financial affairs and other pleadings necessary to file its Chapter 11 case; (b) assist in the preparation of the Debtor's plan of reorganization and disclosure statement; (c) prepare on behalf of the Debtor all necessary legal papers; (d) represent the Debtor in adversary proceedings and contested matters related to its bankruptcy case to the extent necessary; (e) investigate the assets, liabilities, and financial affairs of the estate and the Debtor; (f) assist the assets, liabilities, and financial affairs of the estate and the Debtor; (g) pursue claims and causes of action of the Debtor's bankruptcy estate; (h) defend the Debtor and the estate in any litigation matters which may be asserted; (i) provide legal advice with respect to the Debtor's rights, powers, obligations and duties as Chapter 11 in the continuing operation of its business and the administration of the estate; and (j) provide other legal services for the Debtor as necessary and appropriate for the administration of its estate. The hourly rates of the firm's counsel and staff are as follows: Matthew Faga, Attorney $500 Lacey Bryan, Attorney $465 William Cross, Attorney $445 Serina Schaefer, Paralegal $195 In addition, the firm will seek reimbursement for expenses incurred. The firm received security retainer payments from the Debtor of $10,000 on December 12, 2025 and $10,000 on December 23, 2025, and an additional security retainer payment of $25,000 on January 8, 2026 from Steven Tuchschmidt, I and Laura Tuchschmidt, the parents of its co-owner, Steven Tuchschmidt, II. Mr. Faga 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 T. Faga, Esq. Markus Williams LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Telephone: (303) 830-0800 Facsimile: (303) 830-0809 Email: mfaga@markuswilliams.com About Moto Minds LLC 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. Moto Minds sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-10157) on January 12, 2026. In the petition signed by Amy N. Tuchschmidt, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero presides over the case. Matthew T. Faga, Esq., at Markus Williams LLC represents the Debtor as counsel. MY CAR WASH: Taps Law Office of Mark S. Roher as Counsel -------------------------------------------------------- My Car Wash, LLC seeks approval from the United States Bankruptcy Court for the Middle District of Florida to hire Mark S. Roher, Esq. of Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, P.A. to serve as legal counsel. Mr. Roher will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Mr. Roher will be compensated on an hourly basis at the rate of $500. A fee advance/retainer in the amount of $7,500, which includes the $1,738 filing fee, has been received. Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, P.A. is disinterested as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached at: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. 1806 N. Flamingo Rd., Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 E-mail: mroher@markroherlaw.com About My Car Wash, LLC My Car Wash, LLC, based in Belleview, Florida, operates a commercial car wash offering full-service and automated cleaning to individual and fleet customers at its single location on South Highway 441. My Car Wash, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:26-bk-00161) on January 15, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. . Mark S. Roher, P.A. a/k/a The Law Office of Mark S. Roher, P.A. is Debtor's legal counsel. NEW AGE FLOORING: $1M Unsecured Claims to Recover 3.6% in 5 Years ----------------------------------------------------------------- New Age Flooring, LLC and M. Brandon Williams submitted a First Amended Joint Plan of Reorganization dated January 13, 2026. The Debtors believe that the Plan maximizes the value of the Estates and properly follows the priority scheme outlined in the Bankruptcy Code such that Creditors will properly receive Distributions on account of their respective Allowed Claims. Through this Subchapter V process, New Age intends to stabilize operations, restructure secured and unsecured obligations and continue serving its customers. The Debtors propose this Plan to preserve the business, protect the interests of legitimate creditors, and ensures that lenders who used exploitative and unconscionable MCA structures are treated according to equitable principles and subordinated as appropriate under Bankruptcy Code Section 510(c) of the Bankruptcy Code. Class 21 consists of the Allowed General Unsecured Claims of New Age Flooring, LLC. Each Holder shall be paid its Pro Rata portion of Disposable Income in annual Distributions during the Commitment Period. The allowed unsecured claims total $967,512.92. This Class will receive a distribution of 11.25% of their allowed claims. This Class is impaired. Class 22 consists of the Allowed General Unsecured Claims of Michael Brandon Williams. Each Holder shall be paid its Pro Rata portion of Disposable Income in annual Distributions during the Commitment Period. The allowed unsecured claims total $1,059,377.66. This Class will receive a distribution of 3.6% of their allowed claims. This Class is impaired. Class 24 consists of all equity and ownership interests in and of the Debtors. Except for any property to be sold, abandoned, or otherwise relinquished under the Plan, Interests in and ownership of the Debtors shall remain unaltered. Debtor Michael Brandon Williams shall continue to own and operate his flooring business in the ordinary course following the Effective Date. The flooring business is projected to generate positive net income during the Commitment Period, and such net income, together with the Debtor's personal earnings, will be used to fund the payments required under this Plan. Debtor Michael Brandon Williams shall continue to own and manage the rental properties identified in his schedules. Although certain rental properties may operate near break-even or at a modest loss in the early years of the Commitment Period, the Debtor will fund any shortfalls from his personal services income or outside contributions as reasonably necessary to preserve the properties and maintain tenants. All payments required under this Plan shall be funded from: (i) net income generated by the Business; (ii) disposable income of Debtor Michael Brandon Williams (including salary distributions received from the Business); and (iii) net rents from the rental properties to the extent available. The Debtors anticipate that aggregate projected disposable income during the Commitment Period will be sufficient to satisfy the obligations under this Plan. Commitment Period means the 5-year period contemplated and set forth under Bankruptcy Code section 1191(c). A full-text copy of the First Amended Plan dated January 13, 2026 is available at https://urlcurt.com/u?l=iVtbFM from PacerMonitor.com at no charge. Counsel to the Debtors: Robert J. Gonzales, Esq. Hannah L. Berny, Esq. EMERGELAW, PLLC 4235 Hillsboro Pike, Suite 350 Nashville, TN 37215 Tel: (615) 815-1535 E-mail: robert@emerge.law hannah@emerge.law About New Age Flooring, LLC New Age Flooring, LLC provides residential and commercial remodeling services, specializing in flooring installation, fence construction, painting, and whole-home renovations. New Age Flooring sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04056) on Sept. 26, 2025, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Michael Brandon Williams as president. Judge Charles M Walker presides over the case. Robert J. Gonzales, at EMERGELAW, PLC represents the Debtor as counsel. NEW MEXICO TERMINAL: Property Sale Proceeds to Fund Plan Payments ----------------------------------------------------------------- New Mexico Terminal Services LLC ("NMTS") filed with the U.S. Bankruptcy Court for the District of New Mexico a Disclosure Statement describing Plan of Reorganization dated January 14, 2026. Prior to 2020, NMTS had an agreement with BNSF Railway Company ("BNSF") to manage BNSF inventory and to store BNSF material at NMTS's property. In 2021, NMTS entered into a contract with Bernalillo County to collaborate on an economic development project at the Real Property ("Development Project"), which was reflected in an agreement between the parties dated March 23, 2021 (the "Agreement"). The Development Project contemplated the installation of a railroad siding track to run parallel to the main track that would allow large loading, unloading, and transloading in the area using one or more spurs off the new track, which would greatly increase the capacity of Albuquerque as a railroad center. The Development Project delay caused NMTS financial hardship because it had a three-year term loan with Century Bank which expired during this period and the interest rate increased to the default rate of 21%. If the work had been completed on time, the Debtor would have been able to meet its obligations under the loan with Century Bank. The property of the estate consists of Real Property located at 9615 Broadway Blvd SE, Albuquerque, NM 87105 (the "Real Property"), which was appraised by Colliers Valuation & Advisory Services as having an as-is Market Value as of December 29, 2025 of $11,300,000 and a Prospective Value Upon Completion of $19,200,000. At the time the case was filed, the Debtor had a commitment for DIP Financing. The Debtor sought financing to enable it to refinance the Century Bank loan and complete the Part C work under the Development Plan. Under the Plan, the Debtor's Real Property will be marketed and sold pursuant to a sale process. The Debtor believes the sale of the Real Property will generate enough funds to pay creditors 100% of the allowed claims. The Debtor believes that this Plan is in the best interest of all unsecured creditors in this Bankruptcy Case. Class 4 consists of General Unsecured Claims. Class 4 shall be paid on or before thirty days after the sale of all or substantially all of the Real Property, Holders of Allowed Class 4 Claims shall be entitled to a Pro Rata distribution of the proceeds of such sale after payment in full of all Secured Claims, Allowed Administrative Claims, Allowed Priority Tax Claims and Allowed Priority Non-Tax Claims, as set forth in more detail in section 3.8 of this Plan. As required by law, a reserve will be retained to cover payment of the pro rata portion of any Disputed Claims assuming they are allowed in full. When the Disputed Claim is determined by settlement or Court decision, the appropriate distributions will be made of the reserved funds. Because Disputed Claims exist, this means that Holders of Allowed Class 4 Claims may receive multiple distributions, rather than their entire distribution at once. The Debtor shall reserve from the initial distribution to Holders of Allowed Class 4 Claims from the net sale proceeds, sufficient funds to pay all post-petition payables, which shall be used to pay for administrative costs, such as tax work, U.S. Trustee's fees, and attorney's fees. Class 4 is Impaired. Class 5 Interests (Equity) shall have their interests in the Debtor extinguished on the Effective Date and shall not receive or retain any property of the Debtor or any interest in the Debtor on account of such claims or interests unless there is an excess over the Allowed Claims of Classes 1 to 4, in which event holders of Class 5 Claims shall receive the entire excess in a Pro Rata distribution. The Debtor intends to market the Real Property for a period of six months which will begin upon the entry of an order approving Debtor's employment of the Broker. If the Debtor has not entered into a Purchase Agreement with a prospective purchaser after six months, the Debtor will undertake an auction process that fixes a deadline for submission of bids for the Real Property. After the sale of the Real Property, the Debtor shall apply the Net Sale Proceeds after payment of the costs related to the sale and after payment to creditors holding valid non-avoidable secured claims (until those claims are paid in full) on the assets sold: * First, to pay all Allowed Administrative Claims in full (unless a different amount is agreed to by the Administrative Claimant), including setting aside an amount sufficient to pay in full any pending Administrative Claims by Professionals not yet Allowed plus future administrative costs and U.S. Trustee fees. * Second, to pay all Allowed Priority Tax Claims in full; * Third, to pay all Allowed Priority Non-Tax Claims in full; * Fourth, distributing the amount remaining after making payments as set forth in subsections (i) through (iii) above and withholding a sufficient amount to pay the full amount of Disputed Claims, shall be distributed Pro Rata to holders of Allowed Class 4 Claims; and * Fifth, after payment in full of all Allowed Claims, the excess, if any, will be distributed to the Class 5 equity. A full-text copy of the Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=NiCwFs from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Erin J. Kennedy, Esq. Forman Holt 365 West Passaic Street, Suite 400 Rochelle Park, NJ 07662 Telephone: (201) 857-7111 Facsimile: (201) 655-6650 E-mail: ekennedy@formanlaw.com About New Mexico Terminal Services New Mexico Terminal Services LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). New Mexico Terminal Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on October 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert H Jacobvitz handles the case. The Debtor is represented by Victor Gerald Grafe III, Esq. of VICTOR GRAFE LAW FIRM LLC. NEWFOLD DIGITAL: Fitch Lowers LongTerm IDRs to 'RD', Hikes to 'B-' ------------------------------------------------------------------ Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) for Newfold Digital Holdings Group, Inc. and its subsidiaries Newfold Digital, Inc. and Web.com Group, Inc. (collectively Newfold) to 'RD' from 'C'. These actions follow the company's completion of a distressed debt exchange (DDE) transaction on Jan. 9, 2026, which meets the conditions for a DDE as per Fitch's "Corporate Rating Criteria." Fitch has subsequently reassessed and upgraded the IDRs for Newfold Digital Holdings Group, Inc. and Newfold Digital Inc. to 'B-' and assigned ratings of 'BB-' with a Recovery Rating of 'RR1' to the company's first-out revolving credit facility, term loans and notes, and 'CCC'/'RR6' to its second-out term loan and exchange notes. Fitch has also assigned a first-time IDR to Newfold Intermediate Holdings, Inc. of 'B-' and 'BB-'/'RR1' to its new money term loan. The ratings reflect Newfold's improved liquidity profile, strong recurring revenue base and Fitch's expectations of continued positive (CFO-capex)/debt, though leverage remains a rating concern. Fitch has withdrawn all the ratings for Web.com and several ratings on existing debts for Newfold, post-debt restructuring. Key Rating Drivers Exchange Reduces Liquidity Concerns: Fitch expects the new capital raise and the reduction in debt from $3.5 billion to $3.28 billion to reduce Newfold's near-term liquidity and refinancing risks. Liquidity is expected to increase by approximately $102 million in new-money financing, alongside an extension of the revolving credit facility. The transaction also extends all debt maturities to 2029. Highly Competitive Industry: Newfold operates in a highly fragmented market with competitors of varying scale. Revenue has declined modestly, primarily due to legacy product overhauls, the slow ramp up of growth products, higher customer acquisition costs amid increased competition, and elevated churn among lower-value customers. Fitch expects Newfold to face intense competition across its brands and projects negative revenue growth in 2026. The company primarily competes with GoDaddy, Wix and Squarespace. Despite these pressures, Newfold remains one of the largest providers to small and medium-sized businesses (SMBs) and addresses a broad range of web presence needs. Elevated Leverage Levels: Fitch projects Fitch-calculated 2026 earnings before interest, taxes, depreciation and amortization (EBITDA) leverage at about 7.0x following the debt reduction. Fitch also assumes that the sale of MarkMonitor to Com Laude will bolster liquidity and may reduce leverage. Fitch forecasts leverage to remain around 7.0x over the rating horizon. Private equity ownership is likely to sustain some financial leverage, as sponsors prioritize growth investment over voluntary debt repayment to target higher returns on equity (ROE). Weak but Improving FCF: Newfold is investing in sales and marketing to acquire new customers amid heightened competition, but growth initiatives are ramping more slowly than management expected, resulting in short-term pressure on revenue and profitability. Fitch expects FCF to remain positive in 2026, although deleveraging prospects are less certain than previously projected. Fitch-calculated FCF margins are projected in the low to mid-single digits. Fitch expects revenue growth and profitability to normalize from 2027 as growth initiatives gain traction and as brand consolidations support long-term competitiveness. SMBs Negatively Affect Retention: Newfold offers web presence products for SMB customers with limited technical resources including domains, hosting, website development and security products. The SMB segment has high failure rates, resulting in high churn. Newfold's revenue depends on replacing churned customers and on cross-selling. Newfold has historically experienced customer churn of about 20%, which is high compared with enterprise software peers but in line with other software companies with similar SMB exposure. Significant Customer Diversification: Newfold has a highly diversified customer base with about 6.5 million average subscribers, with hosting and domains representing nearly equal revenue contributions of 40% each. The diverse customer base effectively minimizes idiosyncratic risks associated with individual end markets and should reduce revenue volatility for Newfold. Peer Analysis Newfold's IDR reflects its positive FCF generation, high leverage and weak revenue growth. The company benefits from strong recurring revenues and EBITDA margins around 30%, but Fitch expects revenue growth to remain negative in 2026 due to the intense competition and legacy products overhauls. Fitch expects Newfold's leverage to remain elevated through the rating horizon, with 2026 leverage of about 7.0x. Newfold's recurring revenue model, profitability and leverage profile are consistent with 'B' rated software peers, including Ivanti Software Inc. (B-/Stable), Constant Contact (B/Stable) and RealPage (B/Stable). Ivanti and Newfold have similar FCF margins and leverage profiles, although Newfold has relatively lower EBITDA margins due to higher customer acquisition and retention costs in its industry. In addition, Ivanti faced liquidity and refinancing challenges similar to Newfold last year and undertook a distressed debt exchange. RealPage and Constant Contact are both leaders in their niche markets and are rated one notch above Newfold due to higher FCF margins and lower leverage. Fitch expects Newfold to maintain some level of financial leverage as a private equity-owned company as equity owners optimize capital structures to maximize return on equity. Fitch's Key Rating-Case Assumptions -- Negative organic revenue growth in 2026 and low single digits thereafter; -- EBITDA margins are expected to be near the low 30s over the forecast horizon; -- Capex at approximately 4.0% of revenue; -- Normalized FCF margins in the low to mid-single digits; -- No acquisitions or dividends assumed. Corporate Rating Tool Inputs and Scores Fitch scored the issuer using its Corporate Rating Tool to produce a Standalone Credit Profile of 'b-'. Recovery Analysis Key Recovery Rating Assumptions -- The recovery analysis assumes that Newfold would be recognized as a going concern (GC) in bankruptcy rather than liquidated; -- Fitch assumed a 10% administrative claim. GC Approach In estimating a distressed enterprise value (EV) for Newfold, Fitch assumes elevated customer churn, macroeconomic headwinds and intense competition, resulting in multi-year aggregate revenue declines. In conjunction with revenue decline, if EBITDA margins fail to expand beyond current levels, Fitch assumes Newfold's GC EBITDA to be approximately $400 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch assumes an adjusted distress EV of $2.34 billion. Fitch assumes that Newfold will receive a GC recovery multiple of 6.5x. The estimate considers several factors including the highly recurring nature of the revenue, the company's positive FCF generation and leadership market position. The EV multiple is supported by the following: -- The median reorganization EV/EBITDA multiple for the 71 TMT bankruptcy cases that had sufficient information for an exit multiple estimates to be calculated was 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc (8.4x), Avaya, Inc. (2023: 7.5x; 2017: 8.1x), Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x), and Riverbed Technology Software (8.3x); --The highly recurring nature of Newfold's revenue is somewhat offset by its SMB market exposure, resulting in an EBITDA multiple that is above midpoint of the range; -- As a result of these considerations, Fitch rates the first-out debts 'BB-'/'RR' and the second-out debts 'CCC'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- (CFO-capex)/debt sustained below 0%; -- EBITDA interest coverage sustained below 1.25x; -- Significant deterioration in operating performance as evidenced by increased churn, sustained decline in organic revenue growth and/or ARPU. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- EBITDA leverage sustained below 7.0x; -- (CFO-capex)/debt sustained above 5.0%; -- EBITDA interest coverage sustained above 1.5x. Liquidity and Debt Structure Newfold reported about $146 million of cash on its balance sheet and $155 million availability on its revolving credit facilities as of September 2025. The company's liquidity has also improved with $102 million in additional new money term loans and proceeds from sale of MarkMonitor's business. At close of the transaction, the debt structure includes $223 million outstanding on the RCF ($380 million total), $1,566 million in first-out term loans, $102 million in new first-out term loans, $543 million in second-out term loans, $327 million in first-out notes and $489 million in second-out notes. Issuer Profile Newfold Digital provides web presence solutions primarily serving the SMB markets. Its products include internet domains, hosting, websites, e-commerce, and related products, including brands such as Web.com and Bluehost. Domains and hosting contribute approximately 80% of total revenue. OLIVER CORNERS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, granted Oliver Corners Apartments, LLC final approval to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget through the earlier of (i) termination of the final order upon issuance of a termination notice, or (ii) the effective date of a plan of reorganization. The Debtor projects total monthly operational expenses of $20,000.26. Much of the Debtor's revenue comes from the operation of its business, which may constitute cash collateral of its secured lender, KeyBank National Association. As protection, the lender will be granted an automatically perfected replacement lien on the Debtor's post-petition property similar to the lender's pre-bankruptcy collateral, excluding proceeds of avoidance actions. The order expressly preserves all parties' rights, including whether any lien or security interest held by the lender is valid. In addition, the lender will receive monthly payments of $14,000 beginning January 30 and a superpriority administrative expense claim to the extent its collateral value declines. The final order is available at https://is.gd/iXmnqa from PacerMonitor.com. KeyBank, as servicer for a securitized trust, claims a lien on rental income from the Debtor's property -- a 29-unit apartment complex in East Point, Ga. -- under a 2022 Deed to Secure Debt and Assignment of Rents. The lender is owed roughly $3.56 million. About Oliver Corners Apartments LLC Oliver Corners Apartments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61617) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. KeyBank National Association, as secured lender, is represented by: Gwendolyn J. Godfrey, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 ggodfrey@polsinelli.com OLIVER VILLAGE: Gets Final Approval to Use Cash Collateral ---------------------------------------------------------- Oliver Village Apartments, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget through the earlier of (i) termination of the final order upon issuance of a termination notice, or (ii) the effective date of a plan of reorganization. The Debtor's monthly budget projects total operational expenses of $9,447.75. Much of the Debtor's revenue comes from the operation of its business, which may constitute cash collateral of KeyBank National Association, a secured lender. As protection, KeyBank will be granted an automatically perfected replacement lien on the Debtor's post-petition property similar to the lender's pre-bankruptcy collateral, excluding proceeds of avoidance actions. The order expressly preserves all parties' rights, including whether any lien or security interest held by the lender is valid. In addition, the court ordered the Debtor to make a monthly payment of $6,000 beginning January 30 and grant the lender a superpriority administrative expense claim to the extent the value of its collateral declines. The final order is available at https://is.gd/TALNbG from PacerMonitor.com. KeyBank, as servicer for a certain securitized trust, asserts a lien on the rents generated by the Debtor's property -- a 12-unit apartment complex located at 5438 Old Floyd Road, Mableton, Ga. The lender is owed approximately $1.493 million. About Oliver Village Apartments LLC Oliver Village Apartments, LLC filed Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61614) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. KeyBank National Association, as secured lender, is represented by: Ashley D. Champion, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 achampion@polsinelli.com PACIFIC NW: Seeks Chapter 11 Bankruptcy in Washington ----------------------------------------------------- On January 14, 2026, Pacific NW Pro LLC filed for Chapter 11 bankruptcy in the Western District of Washington. Court filings list both the company's assets and liabilities as unknown. About Pacific NW Pro LLC Pacific NW Pro LLC provides professional and business services across Washington state. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40080) on January 14, 2026. Honorable Bankruptcy Judge Mary Jo Heston handles the case. PARKERVILLE LP: Employs Joyce W. Lindauer Attorney as Counsel ------------------------------------------------------------- Parkerville, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division to employ Joyce W. Lindauer of Joyce W. Lindauer Attorney, PLLC to serve as legal counsel. Ms. Lindauer will provide these services: (a) represent the Debtor in its Chapter 11 bankruptcy case; (b) assist the Debtor in effectuating a reorganization and proposing a Plan of Reorganization; (c) defend the Debtor in various matters arising in the bankruptcy case; and (d) perform all services customarily rendered by bankruptcy counsel in similar proceedings. Ms. Lindauer will receive an hourly rate of $625. The hourly rate for associate Rebecca Vaughn is $425. The hourly rate for Paul Geilich, Of Counsel, is $595. Paralegals and legal assistants are billed at $150 to $250 per hour depending on experience and skill level. The case will be primarily handled by paralegal Dian Gwinnup, who is billed at $250 per hour. Joyce W. Lindauer Attorney, PLLC received a retainer of $25,000, which included the filing fee of $1,738. Joyce W. Lindauer Attorney, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Parkerville, LP Parkerville, LP is a real estate holding company focused on the ownership and management of property assets. Parkerville, LP filed for Chapter 11 protection under the U.S. Bankruptcy Code (Bankr. Case No. 25-44890) on December 15, 2025. The petition lists assets valued between $1 million and $10 million, with liabilities in the same range. The case is overseen by Honorable Bankruptcy Judge Mark X. Mullin. The debtor is represented by Joyce W. Lindauer, Esq., of Joyce W. Lindauer Attorney, PLLC. PHYSICAL INVESTMENTS: Unsecureds Will Get 52% over 60 Months ------------------------------------------------------------ Physical Investments Inc. filed with the U.S. Bankruptcy Court for the Western District of Virginia a Disclosure Statement describing Plan of Reorganization dated January 14, 2026. The Debtor was formed in 2015 in Roanoke, Virginia as a real estate investment company focused on the acquisition, renovation, and operation of residential real property. From inception, the company specialized in acquiring distressed and undervalued housing stock in Northwest Roanoke and Southeast Roanoke areas characterized by deferred maintenance, vacancy, and limited access to conventional financing. The financial distress of Physical Investments was the result of strategic concentration, market shifts, and operational complexity, not a lack of demand or management capability. Through the elimination of affiliated operations, simplification of the business model, and implementation of format financial controls, the company has addressed the underlying causes of its distress and positioned itself for sustainable post-confirmation operations. Going forward the Debtor's income and expenses will be comprised of rent payments from its tenants, sales of its real estate and rehab upfit costs and ordinary expenses incurred in owning its real estate and obligations resulting from the Plan. Class 4 consists of General Unsecured Claims. Upon review of the Debtor's schedules, claims filed, and anticipated deficiency claims on secured debt, the Debtor estimates unsecured claims of approximately $785,000.00. The Debtor proposes to make pro-rata monthly payments to its unsecured creditors, commencing on the effective date, totaling $6800.00 per month, for sixty months. This will provide unsecured creditors with a recovery of approximately 52% of their allowed claims. This class is impaired. Class 5 consists of Membership Interests. The Debtor's equity holder shall retain his equity in the Debtor but shall not receive any distribution on equity until such time as the Debtor's obligations to its Class 2, 3 and 4 creditors are fully satisfied. This class is impaired. Edward A. Toomey, V will continue to manage the Debtor as he has since the filing date, and will lease, sell, and purchase properties pursuant to the Plan. The Debtor will pursue purchasing and selling of residential real estate in order to generate profit to support its operations and to pay its secured and unsecured creditors. Until this case is closed, the Debtor will continue to file US Trustee monthly operating reports and will continue to pay US Trustee fees as they become due. No securities will be issued under the Plan. A full-text copy of the Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=be13ug from PacerMonitor.com at no charge. Counsel for the Debtor: Andrew S. Goldstein, Esq. Magee Goldstein Lasky & Sayers, P.C. P.O. Box 404 Roanoke, VA 24003 Telephone: (540) 343-9800 Facsimile: (540) 343-9898 E-mail: agoldstein@mglspc.com About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Paul M. Black handles the case. MAGEE GOLDSTEIN LASKY & SAYERS, P.C., represents the Debtor. PITMASTER COLLECTIVE: Seeks Chapter 7 Bankruptcy in Texas --------------------------------------------------------- On January 19, 2026, The Pitmaster Collective, LLC filed for Chapter 7 protection in the Northern District of Texas. According to the court filing, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About The Pitmaster Collective, LLC The Pitmaster Collective, LLC operates as a food and culinary-focused business engaged in barbecue-related products and services. The Pitmaster Collective, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30256) on January 19, 2026. In its petition, the debtor reported estimated assets of $0-$100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The debtor is represented by Hershel R. Chapin, Esq. of H. R. Chapin, Attorney & Counselor, PLLC. PLEASANT GROVE: Seeks Court Approval to Tap Vestcorp as Accountant ------------------------------------------------------------------ Pleasant Grove Tabernacle, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Vestcorp LLC as accountant. The firm will render these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare monthly operating reports for the Debtor in this bankruptcy case; (c) prepare any necessary reports pursuant to Rule 2015.3 of the Federal Rules of Bankruptcy Procedure regarding non-debtor businesses; (d) prepare budgets, and financial disclosures; (e) assist the Debtor in administering this case; and (f) render such additional services as the Debtor may require in this case. The firm will be paid at these hourly rates: Managing Director $400 Principal $350 Tax Accountant $250 Associate $195 Irv Schwarzbaum, CPA, managing director at Vestcorp, 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: Irv Schwarzbaum, CPA Vestcorp LLC 623 Eagle Rock Ave, Suite 364 West Orange, NJ 07052 About Pleasant Grove Tabernacle Pleasant Grove Tabernacle, Inc., doing business as Pleasant Grove Baptist Church, is a Baptist denomination religious organization based in Brooklyn, New York, that provides worship services, spiritual guidance, and community outreach programs. Founded by the late Rev. Jesse A. Bunn, the church held its first services in his home in 1952 and moved through several locations before establishing its current facility at 1927 Fulton Street in 1970. The organization focuses on fostering spiritual growth among its members, developing leadership within the congregation, and serving the local community through various ministries and outreach initiatives. Pleasant Grove Tabernacle sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45931) on December 11, 2025. In the petition signed by Albert Jamison, chief executive officer (CEO), the Debtor disclosed up to $10 million in estimated assets and estimated liabilities. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor tapped Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP as counsel and Vestcorp LLC as accountant. PRINCETON LAKES: Seeks to Hire Charmaine Durham as Accountant ------------------------------------------------------------- Princeton Lakes Pediatrics, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Charmaine Durham, a professional practicing financial services, to serve as accountant for the Debtor. Charmaine Durham will provide these services: (a) accounting needs, such as tax accounting, during this case; (b) bookkeeping; (c) filing Debtor's 2025 tax returns. Charmaine Durham will charge a fixed fee of $100 per month for bookkeeping, and a fixed fee of $1,000 for filing Debtor's 2025 tax returns. Charmaine Durham is a disinterested person as that term is defined in 11 U.S.C. Sec. 101(14) as to the matters on which Debtor would like to employ Accountant, according to court filings. The professional can be reached at: Charmaine Durham Unlimited Financial Solutions Stone Mountain, GA About Princeton Lakes Pediatrics, LLC Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. Princeton Lakes Pediatrics, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64395) on December 10, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Chief Bankruptcy Judge Barbara Ellis-Monro is handling the case. The debtor is represented by Thomas T. McClendon, Esq. of Jones & Walden, LLC. PROSPECT MEDICAL: Pa. Court Lifts Stay to Allow Hospital Deal ------------------------------------------------------------- Rick Archer of Law360 reports that on Tuesday, January 20, 2026, a Pennsylvania bankruptcy judge approved lifting the litigation stay in the Chapter 9 proceedings for the city of Chester. The order permits a last-minute agreement to prevent the closure of a hospital owned by Prospect Medical, threatened by its parent company's bankruptcy. The move provides the necessary legal clearance for the deal to proceed, protecting local healthcare services and aligning with the city's ongoing efforts to restructure its municipal finances, the report states. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. R & G HOME: Seeks to Hire Robert C. Lane as Counsel --------------------------------------------------- R & G Home Concepts LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Robert C. Lane of The Lane Law Firm, PLLC to serve as counsel. Mr. Lane will provide these services: (a) assist, advise and represent the Debtor relative to the administration of the chapter 11 case; (b) assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. Under the terms of employment, Mr. Lane will receive an hourly rate of $650. The firm's billing rates also include $625 per hour for partner Joshua D. Gordon, $600 per hour for associate Zach Casas, $550 per hour for associate Kyle Garza, and $250 per hour for bankruptcy paralegals. The Lane Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane, Esq. Joshua D. Gordon, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: joshua.gordon@lanelaw.com About R & G Home Concepts LLC R & G Home Concepts, LLC, doing business as Katy Tile & Marble, operates a home improvement and remodeling business in Katy, Texas, offering kitchen and bathroom remodeling services as well as the sale and installation of flooring, including hardwood, luxury vinyl, laminate, tile, and natural stone, along with custom fabrication of quartz and granite countertops. It serves surrounding areas such as Fulshear, Sealy, Cypress, Richmond, Energy Corridor, Memorial, and Sugar Land. Founded in 2024, R & G Home Concepts manages a showroom and provides design, layout, and installation services for residential remodeling projects. R & G Home Concepts sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30294) on January 15, 2026, with $1,200,665 in assets and $1,430,729 in liabilities. Gabriel Cruz Avila, owner, signed the petition. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. R & S PROPERTY: Seeks to Hire David L. Chapman as Legal Counsel --------------------------------------------------------------- R & S Property Investment Group LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ David Chapman, Esq., an attorney practicing in Matawan, New Jersey, to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Partners $500 Paralegals $275 The firm will be retained under a general retainer of $15,000, inclusive of the court's filing fee of $1,738. Mr. Chapman 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: David L. Chapman, Esq. 266 Highway 34 Matawan, NJ 07747 Telephone: (732) 921-2161 Email: Chapmanlaw646@gmail.com About R & S Property Investment Group R & S Property Investment Group LLC filed its voluntary petition for Chapter 11 protection (Bankr. D.N.J. Case No. 25-20858) on Oct. 14, 2025, listing up to $1 million in assets and up to $500,000 in liabilities. Judge Christine M. Gravelle oversees the case. The Debtor tapped David L. Chapman, Esq., as counsel. RDL MODIFICATIONS: Seeks Chapter 11 Bankruptcy in Virginia ---------------------------------------------------------- On January 8, 2026, RDL Modifications, LLC sought Chapter 11 bankruptcy protection in the Western District of Virginia. Court filings indicate the debtor reports liabilities of $100,001 to $1 million, with 1 to 49 creditors listed. About RDL Modifications, LLC RDL Modifications, LLC is a service-based company focused on modification and customization solutions across its operational footprint. The debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70025) on January 8, 2026. In its petition, RDL Modifications, LLC reports estimated assets and liabilities each totaling between $100,001 and $1 million. The debtor is represented by Richard Daniel Scott, Esq. of the Law Office of Richard D. Scott, PC. RESTAURANT BRANDS: Fitch Gives 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned Restaurant Brands International Inc. (RBI) and 1011778 B.C. Unlimited Liability Company first-time Long-Term Issuer Default Ratings (IDRs) of 'BB+'. Fitch has also assigned a 'BBB-' rating with a Recovery Rating of 'RR2' to 1011778 B.C. Unlimited Liability Company and New Red Finance, Inc.'s (U.S. co-borrower) first-lien senior secured debt and a 'BB+'/'RR4' rating to the second-lien senior secured notes. The Rating Outlook is Stable. RBI's rating reflects its position as one of the world's largest quick-service restaurant companies, operating over 32,000 units across four brands with over $45 billion in annual systemwide sales. The company's franchise-heavy business model provides revenue stability, strong margins, and minimal capital requirements, supporting consistent FCF generation. Fitch expects RBI's EBITDAR leverage to decline to below 4.5x in 2026 and 2027 from a projected 4.6x in 2025, driven by EBITDA growth, with FCF used for opportunistic share repurchases or debt reduction. Key Rating Drivers Strong Market Positioning, Diversification: RBI's strong global position as a leading quick-service restaurant franchisor is anchored by Tim Hortons and RBI's international operations, which contribute about 70% of adjusted operating income. RBI operates more than 32,000 restaurants in over 120 countries, with system-wide sales over $45 billion, LTM revenue of $9.3 billion, and EBITDA of $2.8 billion as of September 2025. Tim Hortons is gaining market share with positive same-restaurant sales (SRS) growth, while the international segment is expanding rapidly, opening over 1,000 units annually from 2021 to 2024 with strong SRS growth. The remaining adjusted operating income comes mainly from Burger King and Popeyes Louisiana Kitchen franchisees. RBI is focused on improving performance at both brands, with Burger King gaining share through operational initiatives in a category where peers face challenges. RBI's asset-light model, with over 90% franchised locations, reduces capital and operational risk. Brand, geographic, and daypart diversity support growth and limit concentration risk. The complementary portfolio further strengthens RBI's competitive position and market resilience. Long-Term Growth Algorithm: RBI targets 3% comparable sales growth, 5% net restaurant growth, and 8% organic adjusted operating income (AOI) growth from 2024 through 2028. This compares with Fitch's expectation of mid-single-digit systemwide sales growth in 2026 and 2027, supported by low-single digit net restaurant and SRS growth. Fitch expects traffic to remain flattish because persistent inflationary pressures could continue to affect discretionary spending. The company's expansion strategy will remain highly reliant on its international business, focusing on introducing its brands concepts and increasing penetration in high average unit volume (AUV) markets like France, the U.K. and Australia. Fitch expects around 80% of RBI's long-term planned expansion to come from the international business, with the remaining unit expansion from North America, mainly through the acceleration of Tim Hortons in Canada. Heightened Operating Complexity: RBI faces high operational complexity through 2025-2026 from integrating recent acquisitions and executing an accelerated remodeling program. The company acquired over 1,000 restaurant units operated by Carrols in 2024, alongside ownership stakes in certain international restaurants, while simultaneously managing an intensive Burger King U.S. remodel initiative. These concurrent strategic priorities require significant franchisee support and capital deployment. Fitch expects operational complexity to normalize over the coming years as refranchising completes and integration efforts stabilize. Leverage to Trend Below 4.5x: RBI publicly set net leverage target range of 3x-5x in 2024, when leverage was at 4.8x, targeting a net leverage in the low-4x range in 2025. Fitch-calculated EBITDAR leverage (which is approximately 0.4x higher) is projected to decline to 4.6x in 2025 from 4.9x (pro forma Carrol's acquisition) in 2024 and trend below 4.5x in 2026-2027, mainly driven by EBITDA growth. Positive rating momentum over the longer term would require a narrower, more conservative leverage range combined with a demonstrated ability and commitment to sustain EBITDAR leverage below 4.0x. FCF Recovery: Fitch expects RBI's FCF (after dividends) to temporarily decline to the mid-$100 million range in 2025 from $242 million in 2024, before recovering in 2026 to the upper $200 million range on EBITDA growth. Fitch expects FCF to be used for opportunistic share buybacks or debt reduction. Peer Analysis RBI's 'BB+' IDR is positioned between Darden Restaurants, Inc. (BBB/Stable) and Raising Cane's Restaurants, LLC (BB-/Stable). RBI's business model benefits from its significant scale, geographical diversification, portfolio of well-known brands, and franchise-heavy operations. Darden represents one of the largest full-service, multi-brand restaurant operators in the U.S. with more than 2,000 systemwide units. Raising Cane's operates a smaller-scale, single-brand concept with over 900 systemwide units in the U.S. RBI's financial profile reflects a clear deleveraging trend, with Fitch-calculated EBITDAR leverage declining to the mid-4x range by the end of fiscal 2025 from 5x in 2023/2024 and 6x in 2021/2022. Fitch expects further deleveraging to below 4.5x beginning 2026 supported by EBITDA growth. Darden also demonstrates strong FCF generation and liquidity, complemented by disciplined financial policy and its ability to outperform the broader casual dining segment. Fitch expects Darden's EBITDAR leverage to remain in the mid- to high-2x range over the next 12-24 months. In contrast, Raising Cane's faces significant FCF deficits and higher leverage relative to Darden, which weigh on its credit profile. Fitch expects EBITDAR leverage to be in the high-3x range at the end of 2025, trending toward 4x in 2026. Fitch's Key Rating-Case Assumptions -- Revenue growth in the low-teen range in 2025, mainly driven by the addition of Carrols restaurants in 2Q24. From 2026, Fitch expects revenue growth to moderate to the mid single-digit range, driven by low single-digit net new unit growth and same restaurant sales; -- EBITDA margins decline to around 30% in 2025 due to the full consolidation of Carrols restaurant business, which has a magnified effect on performance. This results in expected EBITDA of about $2.8 billion in 2025 and $3 billion in 2026; -- Capex and cash inducements in the low-$400 million range in 2025 and 2026, as the company deploys capital to support the modernization of its portfolio and improve operational efficiencies; -- Dividend payments sustained in the low-$1 billion range in 2025 and 2026; -- FCF (after dividends) in the mid-$100 million in 2025 and around $300 million in 2026. FCF could be used toward opportunistic share repurchases or debt paydown; -- EBITDAR leverage expected to sustain in the mid-4x range in 2025, gradually trending towards the low-4x from 2026 as EBITDA grows; -- RBI has a partial exposure to variable interest rate through its term loans and revolving credit facilities. The remainder of RBI's capital structure is fixed rate debt with nearest maturity in January 2028. Corporate Rating Tool Inputs and Scores Fitch scored Restaurant Brands International Inc. as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The business and financial profile factors are assessed (in the format of the 'assessment', followed by relative importance) as follows: Management ('bbb', low), Sector Characteristics ('bbb', moderate), Market and Competitive Positioning ('bbb+', high), Diversification and Asset Quality ('bbb-', moderate), Company Operational Characteristics ('bbb-', moderate), Profitability ('a-', moderate), Financial Structure ('bb-', high), and Financial Flexibility ('bbb+', moderate). - The quantitative financial subfactors are assessed based on custom financial period parameters of 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade -- Weakening operating performance, debt financed acquisitions or shareholder distributions that results in Fitch-calculated EBITDAR leverage sustained above 4.5x. -- Fixed charge coverage sustained below 2.5x. Factors that Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade -- A demonstrated ability and commitment to sustaining Fitch-calculated EBITDAR leverage below 4.0x with continued stable operating performance and FCF generation. -- Fixed charge coverage sustained above 3x. Liquidity and Debt Structure As of Sept. 30, 2025, RBI had around $2.5 billion of liquidity comprised of $1.2 billion in cash and near full availability under its $1.25 billion revolver due 2028 (with $2 million of letters of credit). RBI's capital structure consists of $6 billion of first lien term loans, $4 billion of first lien bonds and $3.65 billion of second lien bonds. Nearly all RBI's debt is secured and was co-issued by 1011778 B. C. Unlimited Liability Co., a Canadian company, and New Red Finance, Inc. a U.S. finance company. The first lien debt is secured on a first-priority basis by all tangible and intangible property of the borrowers and each guarantor. Second lien secured notes are guaranteed on a second priority senior secured basis and are effectively subordinated to the first lien senior debt. Issuer Profile RBI is one of the largest quick-service restaurant companies in the world with about $45 billion in system-wide sales and reported LTM revenue of $9.3 billion. RBI owns and franchises Burger King, Tim Hortons, Popeyes, and Firehouse Subs brands. RATING ACTIONS Entity/Debt Rating Recovery ----------- ------ --------Restaurant Brands International Inc. LT IDR BB+ New Rating 1011778 B.C. Unlimited Liability Company LT IDR BB+ New Rating senior secured LT BBB- New Rating RR2 Senior Secured 2nd Lien LT BB+ New Rating RR4 New Red Finance, Inc. senior secured LT BBB- New Rating RR2 Senior Secured 2nd Lien LT BB+ New Rating RR4 ROCKY MOUNTAIN: Narrows Q3 Loss to $0.2MM; Gross Profit Doubles --------------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc. announced its financial and operating results for its third quarter of fiscal 2026, which ended November 30, 2025. Fiscal Third Quarter 2026 Financial Results vs. Year-Ago Quarter * Total revenue was $7.5 million for the third quarter of fiscal 2026 compared to $7.9 million in the year-ago quarter, reflecting the Company's intentional exit from lower-margin specialty and wholesale channels as part of its margin-first strategy. The decline was partially offset by the benefit of pricing actions across various SKUs. * Total product and retail gross profit increased to $1.4 million in the third quarter of fiscal 2026 compared to $0.7 million in the year-ago quarter, driven by pricing actions, improved product mix and labor efficiencies. While these gains were partially offset by short-term operational inefficiencies relating to higher raw material and freight costs, the Company continues to optimize its manufacturing and cost structure. * Total costs and expenses improved to $7.5 million in the third quarter of fiscal 2026, down from $8.6 million in the year-ago quarter with savings realized across nearly all areas of operations. * Net loss was $0.2 million or $(0.02) per share for the third quarter of fiscal 2026, compared to a net loss of $0.8 million or $(0.11) per share in the year-ago quarter. * EBITDA was $0.4 million in the third quarter of fiscal 2026 compared to $(0.4) million in the year-ago quarter, with the improvement driven by the aforementioned increase in gross profit and lower costs and expenses. As of November 30, 2025, the Company had $20.7 million in total assets, $14.7 million in total liabilities, and $6 million in total equity. Liquidity and Going Concern: In accordance with ASC 205-40, Going Concern, the Company's management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the accompanying financial statements were issued. During the nine months ended November 30, 2025, the Company incurred a net loss of $1.1 million and used cash in operating activities of $1.4 million. The Company was not in compliance with the maximum liabilities to tangible net worth covenant of 2.0:1 as of November 30, 2025 for both of its debt agreements. The Company has received a waiver from its lenders as of the date of the quarterly report and is in compliance with all other aspects of its debt agreements. These factors raise substantial doubts about the Company's ability to continue as a going concern within the next 12 months. On December 18, 2025, the Company entered into a securities purchase agreement with ARM-D Rocky Mountain Chocolate Holdings, LLC, pursuant to which, amount other things, the Purchaser agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Purchaser, an aggregate of 1,500,000 shares of the Company's common stock at a price per share of $1.80, for total proceeds of approximately $2.7 million. We plan to subsequently register the shares for resale by the Purchaser on a Form S-1. The Company's ability to continue as a going concern is dependent on its ability to continue to implement its business plan. The Company continues to explore supplemental liquidity resources and alternatives sources of debt financing to reduce interest expense. During the next twelve months, the Company intends to continue to reduce overhead costs, improve manufacturing efficiencies, and increase profits and gross margins by better aligning its costs with the delivery and sale to its franchise system, current and new specialty market customers and e-commerce customers. The Company also intends to develop and enhance third-party delivery channels for all current and new franchised locations, including introducing new websites for each location which is expected to increase franchise sales. The Company has implemented a corporate sales strategy to add new stores and transfer existing stores to new owners when appropriate, while also requiring most existing stores to undergo a remodel which has historically resulted in increased store level sales after completion. There are no assurances that the Company will be successful in implementing its business plan. Management comments: "During the third quarter, we continued to execute our margin-first transformation, making deliberate decisions to exit lower-margin revenue streams and prioritize profitability," said Jeff Geygan, Interim CEO of Rocky Mountain Chocolate Factory. "This led to meaningful improvement in gross profit and margin, which remains our primary focus as we reposition the business for sustainable growth. Ongoing initiatives related to pricing adjustments, SKU rationalization and improved product mix are beginning to take hold, even as we work through higher input costs and near-term operational inefficiencies tied to production transitions. "At the same time, we are seeing very encouraging momentum across our franchise development pipeline. We currently have two new stores under construction and announced a new Area Development Agreement with four franchisees that will bring 34 new stores to market, reflecting growing interest from well-capitalized, financially sophisticated, multi-unit operators who are aligned with our refreshed strategy and brand direction. Our franchise development team is actively working to capitalize on new franchise opportunities, supported by improved digital marketing and a targeted approach to identifying the right partners for long-term success." "Subsequent to quarter end," Geygan continued, "we took important steps to strengthen our financial position by completing a $2.7 million equity capital raise, allowing us to reduce leverage and reinforce our balance sheet with additional working capital. This improved liquidity provides greater flexibility to invest in our operations and advance key strategic initiatives. "As we continue through our transformational process, we are increasingly focused on leveraging the tools and capabilities we've put in place to drive stronger execution across the system. With over 120 franchise stores now live on our new point-of-sale platform, we expect to have greater visibility into customer behavior and store-level performance, enabling more informed, data-driven decisions that can enhance franchisee performance over time. Further, our recently launched third-party delivery and catering service integration expands digital capabilities and off-premise access while preserving attractive economics for our franchise partners. Alongside a broader set of operational and technology initiatives underway, we believe these efforts are strengthening system-wide visibility and execution as we continue to scale." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y3zvxd9w 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. ROSEMERE ESTATES: Gets OK to Hire Larson & Zirzow as Counsel ------------------------------------------------------------ Rosemere Estates Property Owners Association received approval from the United States Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as bankruptcy counsel. The firm will provide these services: (a) prepare on behalf of the Debtor, all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these rates: Matthew Zirzow, Principal $650 per hour Benjamin Chambliss, Associate $550 per hour Patricia Huelsman, Paralegal $295 per hour In addition, the firm will seek reimbursement for expenses incurred. On October 24, 2025, the firm received a pre-petition retainer in the amount of $25,000 from the Zobrist Trust. Mr. Zirzow 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 Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel (702) 382-1170 Fax (702) 382-1169 About Rosemere Estates Property Owners Association Rosemere Estates Property Owners Association, managed by Community Management Solutions d/b/a SMG, operates as a homeowners association in Las Vegas, Nevada, overseeing residential properties within the Rosemere Estates community and administering related community rules, maintenance, and fees. The association engages in property management services through SMG, which handles administrative functions, payments, and member communications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-17414) on December 9, 2025, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Carolyn Reynolds, authorized person, treasurer and director, signed the petition. Judge Natalie M. Cox presides over the case. Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC represents the Debtor as legal counsel. SAFE & GREEN: Adjourns 2025 Annual Meeting to Jan. 28 Over Quorum ----------------------------------------------------------------- Safe & Green Holdings Corp. convened its 2025 Annual Meeting of Stockholders on January 14, 2026, at 1:00 p.m. Eastern time. At that time, a sufficient number of shares of the Company's common stock were not present or represented by proxy to constitute a quorum. Accordingly, the Company adjourned the Annual Meeting without any business being conducted. The adjourned meeting will reconvene virtually on January 28, 2026, at 1:00 P.M. Eastern Time, to vote on the proposals described in the proxy statement filed with the Securities and Exchange Commission on December 19, 2025. The close of business on November 21, 2025, will continue to be the record date for the determination of stockholders of the Company entitled to vote at the reconvened Annual Meeting. During the period of the adjournment, the Company will solicit proxies from its stockholders with respect to the proposals set forth in the Company's proxy statement. Proxies previously submitted in respect of the Annual Meeting will be voted at the adjourned meeting unless properly revoked. No changes have been made to the proposals to be voted on by stockholders at the Annual Meeting. The Company's proxy statement and any other materials filed by the Company with the SEC remain unchanged and can be obtained free of charge at the SEC's website at https://www.sec.gov/. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. SKYX PLATFORMS: Secures $4 Million Strategic Investment ------------------------------------------------------- SKYX Platforms Corp. disclosed in a regulatory filing that it entered into a Securities Purchase Agreement with a new strategic investor, which the Company closed on gross proceeds of $4,000,000. The Company intends to use the proceeds for working capital and other general corporate purposes. Pursuant to the Purchase Agreement, the investor purchased 2,000,000 shares of the Company's common stock, no par value per share, at a purchase price of $2.00 per share. The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties, and provides the purchasers with certain registration rights. A full text copy of the Purchase Agreement is available at https://tinyurl.com/3c686fsv 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. SLEEP QUARTERS: Seeks to Tap Manning & Associates as Accountant --------------------------------------------------------------- Sleep Quarters Plus, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Manning & Associates, PC as accountant. The firm will be paid at these hourly rates: Partner $250 Supervisors and Managers $150 Staff and Senior Accountants $85 Cynthia Manning, CPA, at Manning & 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: Cynthia Manning Manning & Associates, PC 1905 N. Highway 77, Ste. 210 Waxahachie, TX 5165 Telephone: (972) 923-0259 About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Joyce W. Lindauer Attorney, PLLC as counsel and Manning & Associates, PC as accountant. SOLAR MOSAIC: Wins Bid to Compel Arbitration of McCutcheon Claims ----------------------------------------------------------------- Judge Irene C. Berger of the United States District Court for the Southern District of West Virginia granted Solar Mosaic LLC's motion to compel arbitration in the case captioned as BRANDON MCCUTCHEON, Plaintiff, v. DESIGN 1 GROUP, LLC, et al., Defendants, CIVIL ACTION NO. 2:24-cv-00620 (S.D. W. Va.). Brandon McCutcheon initiated this action with a complaint filed in the Circuit Court of Kanawha County, West Virginia, on October 17, 2024. The Plaintiff named as defendants Design 1 Group, LLC, Connexus Credit Union, Solar Mosaic, LLC, and three members of Defendant Design 1, including Jennings Cole, Chris Cole, and Jon Cole. The Defendants removed the action to the District Court on October 29, 2024. Defendant Design 1 is a marketing and design company that markets and sells solar panels in several states. Defendant Mosaic is a primary lending partner of Design 1, and Defendant Connexus is a credit union that has partnered with Mosaic to provide loans to borrowers who purchase solar panels. The Plaintiff's claims derive from the installation of solar panels by Design 1 after the Plaintiff entered into an installation contract with Design 1 on September 9, 2021, and a loan agreement facilitated by Design 1 to finance the solar panels. The loan agreement named Mosaic and Connexus as lenders. The Plaintiff alleges that Design 1 ultimately installed a different solar panel system without his approval, and the system installed by Design 1 worked differently than the one called for in the contract. He also alleges that due to the work performed by Design 1, his residence was damaged, he was without power on several occasions due to a fuse blowing after Design 1 activated the system prior to its inspection and the installation of a two-way meter. The Plaintiff asserts claims of fraud and misrepresentation, negligence, breach of contract, and a violation of the West Virginia Consumer Credit and Protection Act against Defendant Design 1. In addition, the Plaintiff asserts a claim of a violation of Sec. 46A-2-103 of the West Virginia Consumer Credit and Protection Act against Defendants Mosaic and Connexus. The Plaintiff also asserts a claim seeking to pierce the corporate veil of Design 1 in order to hold its members/owners, including the Cole Defendants, "responsible and liable for McCutcheon's damages stemming from Design 1's acts and omissions." Defendant Mosaic moved to compel arbitration and was later joined by Defendant Connexus. According to Mosaic and Connexus as Finance Defendants, it is undisputed that they and the Plaintiff entered into the Loan Agreement, which provides for arbitration. The Finance Defendants further argue that the arbitration clause is not unconscionable and that the Loan Agreement is supported by adequate consideration. Additionally, the Finance Defendants argue that the Plaintiff's claim against them falls within the scope of the arbitration clause primarily in two ways. First, they contend that the Plaintiff's claim "arises out of or relates to the Loan Agreement" because it depends on the existence of the Loan Agreement since the basis of his claim is the financing he received from them pursuant to the Loan Agreement. Second, the Finance Defendants contend that even if the Plaintiff's claim does not arise out of the Loan Agreement, it is still one that "arises out of or relates to 'any product or service provided by us or third parties in connection with your loan.'" The Plaintiff concedes that he entered into the Loan Agreement containing the arbitration clause but argues that his claim against the Finance Defendants does not fall within the scope of the arbitration clause. Specifically, he argues that his claim against the Finance Defendants does not constitute a "Claim" as defined by the arbitration clause because that claim is not based on "a breach of the Loan Agreement; the formation of the Loan Agreement; services provided pursuant to the Loan Agreement; any transaction with the Finance Defendants; or any effect by the Finance Defendants to collect amounts owed under the Loan Agreement. Rather, he argues that his claim against the Finance Defendants "is exclusively based upon Design 1's conduct." The District Court says the language of the arbitration clause clearly contemplates the Plaintiff's claim against the Finance Defendants. According to the Court, because the Plaintiff's claim arises out of or relates to the purchase of a product -- the solar panel system -- provided by a third party -- Design 1 -- and such purchase is connected to the Plaintiff's loan, it cannot "be said with positive assurance that the arbitration clause is not susceptible of an interpretation that covers" the Plaintiff's claim. Because the Plaintiff's claim against Defendants Mosaic and Connexus falls within the scope of the arbitration clause contained in the Loan Agreement, the District Court finds the Finance Defendants' motion to compel arbitration should be granted. The action is stayed pending resolution of arbitration. A copy of the Court's Memorandum Opinion and Order dated January 14, 2026, is available at https://urlcurt.com/u?l=yR7JrL from PacerMonitor.com. About Solar Mosaic Mosaic is a fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, Berkeley Research Group, LLC for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Jefferies LLC served as investment banker to the Debtors. Kroll, formerly Prime Clerk LLC, is the claims agent. Porter Hedges LLP served as special counsel to the special committee of the Board of Directors. Blank Rome LLP served as legal counsel and Huron Consulting Group as financial advisor to Forbright Bank. On June 19, 2025, the Office of the United States Trustee for Region 7 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped DLA Piper LLP (US) as counsel and FTI Consulting, Inc. as financial advisor. On Sept. 5, 2025, the Court entered an order confirming the Debtors' Fourth Amended Joint Chapter 11 Plan. The Plan was declared effective on Sept. 22. Olive Advisors LLC was appointed Plan Administrator to the Wind Down Debtor. It is represented by Bradley Arant Boult Cummings LLP. SOUTH FLORIDA: Seeks to Tap Underwood Murray as Bankruptcy Counsel ------------------------------------------------------------------ South Florida Pulmonary Critical Care, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Underwood Murray, 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 businesses and property; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the case; (c) advise the Debtor in connection with any contemplated sales or administration of assets or business combinations; (d) advise the Debtor in connection with post-petition financing arrangements, (if any) provide advice and counsel with respect to pre-petition financing arrangements, and provide advice to it in connection with post petition financing and capital structure, and negotiate and draft documents relating thereto; (e) take all necessary actions to protect and preserve the Debtor's estate; (f) prepare on behalf of the Debtor all legal papers necessary to the administration of its estate; (g) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action 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 this Court, any appellate courts, and the U.S. Trustee, and protect 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 advice to the Debtor in connection with this Chapter 11 case. On or about September 15, 2025, the firm received a total of $60,000 retainer from the Debtor. The firm will be paid at these hourly rates: Thomas Messana, Attorney $725 Megan Murray, Attorney $550 Other Attorney and Paraprofessional $625 - $140 Mr. Messana disclosed in n 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: Thomas Messana, Esq. Underwood Murray, PA 100 N. Tampa, Suite 2325 Tampa, FL 33602 Telephone: (813) 540-8401 Email: tmessana@underwoodmurray.com About South Florida Pulmonary Critical Care South Florida Pulmonary Critical Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10131) on January 7, 2026, listing up to $10 million in both assets and liabilities. Judge Corali Lopez-Castro oversees the case. Thomas Messana, Esq., at Underwood Murray, PA represents the Debtor as counsel. SPECTRUM LIGHTING: Taps Kutner Brinen Dickey Riley as Legal Counsel ------------------------------------------------------------------- Spectrum Lighting Maintenance, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor which may be necessary herein. Kutner Brinen Dickey Riley, P.C.'s customary hourly rates are: Jeffrey S. Brinen $600 Jenny Fujii $440 Jonathan M. Dickey $425 and Keri L. Riley $410 Kutner Brinen Dickey Riley, P.C. is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the estate, according to court filings. The firm can be reached at: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: 303-832-2400 E-mail: klr@kutnerlaw.com About Spectrum Lighting Maintenance, Inc. 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. Spectrum Lighting Maintenance, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10196) on January 13, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. The presiding judge is for this case is Thomas B. Mcnamara. Kutner Brinen Dickey Riley, P.C. is the Debtor's legal counsel. SS INNOVATIONS: Expects $43MM Revenue in Full Year 2025, Up 108% ---------------------------------------------------------------- SS Innovations International, Inc. announced preliminary unaudited revenue and other select operating metrics for the three and twelve months ended December 31, 2025. For the fourth quarter of 2025, the Company expects to report: * Revenue of approximately $15 million, up 85% from revenue of $8.1 million in the fourth quarter of 2024. * SSi Mantra installations of 37, up 68% from 22 installations in the fourth quarter of 2024. For the full year 2025, the Company expects to report: * Revenue of approximately $43 million, up 108% from revenue of $20.6 million in 2024. * SSi Mantra installations of 103, up 119% from 47 installations in 2024. The SSi Mantra cumulative installed base totaled 168 as of December 31, 2025, up 158% from 65 as of December 31, 2024. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "We expect to report strong fourth quarter revenue growth, driven by higher unit sales of our advanced, cost-effective SSi Mantra surgical robotic system in India and abroad. We are committed to democratizing excellence in surgical care on a global scale, including in the United States and Europe. We anticipate that the U.S. Food and Drug Administration will complete its review of our 510(k) premarket notification for the SSi Mantra in the first half of 2026. We also continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can obtain in the first half of 2026. We look forward to providing additional financial details when we release our fourth quarter financial results in the latter part of February." The Company expects to report its fourth quarter and full year 2025 financial results before the end of February. About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Gurugram, India-based BDO India, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $69.58 million in total assets, $29.93 million in total liabilities, and $39.65 million in total stockholders' equity. SUNFINITY RENEWABLE: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------------- On January 19, 2026, Sunfinity Renewable Energy, LLC filed for Chapter 7 protection in the Northern District of Texas. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Sunfinity Renewable Energy, LLC Sunfinity Renewable Energy, LLC operates as a renewable energy company focused on clean and sustainable power solutions. Sunfinity Renewable Energy, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30255) on January 19, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The debtor is represented by Hershel R. Chapin, Esq. of H. R. Chapin, Attorney & Counselor, PLLC. TAEHYUN HOLDINGS: Taps Weon G. Kim Law Office as Counsel -------------------------------------------------------- Taehyun Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Weon G. Kim, Esq. and the law firm of Weon G. Kim Law Office to serve as legal counsel. Mr. Kim and his firm will provide these services: (a) represent the Debtor in this Chapter 11 case and advise the Debtor as to its rights, duties, and powers as a debtor-in-possession; (b) prepare and file necessary statements, schedules, motions, and pleadings, and negotiate and draft one or more plans of reorganization; (c) represent the Debtor at hearings, meetings of creditors, conferences, and any other relevant proceedings; and (d) perform such other legal services as may be required during the pendency of the case. Mr. Kim will receive an hourly rate of $450, an associate attorney rate of $350, a paralegal rate of $120, and a legal assistant rate of $60, subject to Court approval. The firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Weon Geun Kim, Esq. WEON G. KIM LAW OFFICE 8200 Greensboro Dr., Suite 900 McLean, VA 22102 Telephone: (571) 278-3728 Facsimile: (703) 288-4003 E-mail: jkkchadol99@gmail.com About Taehyun Holdings, LLC Taehyun Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-21244) on December 1, 2025. At the time of the filing, the Debtor's estimated assets and liabilities were not provided in the filing. Honorable Judge Michelle M. Harner oversees the case. Weon G. Kim Law Office is the Debtor's legal counsel. TAILWIND AIR: Seeks Chapter 11 Bankruptcy in Virginia ----------------------------------------------------- On January 15, 2026, Tailwind Air, LLC filed for Chapter 11 protection in the Eastern District of Virginia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 50 to 99 creditors. About Tailwind Air, LLC Tailwind Air, LLC operates as a regional aviation company, providing air transportation services with a focus on short-haul and charter operations. Tailwind Air, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10102) on January 15, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. The debtor is represented by Kevin M. O'Donnell, Esq. of Henry & O'Donnell, P.C. TALEN ENERGY: Fitch Affirms BB- LongTerm IDR, Outlook Negative -------------------------------------------------------------- Fitch Ratings has affirmed Talen Energy Supply, LLC's (Talen) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the 'BB+' rating and 'RR1' Recovery Rating of the senior secured RCF, term loan B (TL B) and senior secured notes, and the 'BB-'/'RR4' rating on the senior unsecured notes. The Rating Outlook is Negative. The Negative Outlook reflects Talen's aggressive capital allocation policy, which includes an inorganic growth strategy of acquiring generation assets largely funded with debt and ongoing share repurchases, resulting in gross EBITDA leverage above 3.5x in 2026 under Fitch's assumptions. Talen recently announced the $3.45 billion acquisition of Cornerstone Generation Holdings, LP's (Cornerstone) three plants: Lawrenceburg, IN, Waterford, OH, and Darby, OH. Together, the plants would bring Talen's total generation portfolio to roughly 15.6GW Fitch could downgrade Talen's rating if the company pursues incremental debt-funded acquisitions or the pro forma leverage remains above 3.5x by YE 2026. Key Rating Drivers Elevated Leverage: Fitch expects the acquisition of Cornerstone's assets to materially increase EBITDA leverage, with consolidated pro forma leverage rising to approximately 3.9x in 2026 (26% equity funding). Fitch anticipates leverage will gradually improve below the negative rating sensitivity threshold in 2027 and beyond, supported by deleveraging and robust cash flows. Fitch assumes a normalized forward-market curve for capacity and energy prices. Aggressive Capital Allocation Strategy: Talen's $3.45 billion Cornerstone acquisition immediately follows the completion of a $3.7 billion debt-funded acquisition, reflecting aggressive capital deployment within a compressed timeframe. Although Talen has announced a commitment to reduce leverage through a significant paydown of acquisition debt, with a target of net EBITDA leverage below 3.5x, this is contingent on robust FCF under peak capacity and energy price assumptions. This reliance increases financial underperformance risk if realized prices are weaker than expected. Talen's intention to continue share repurchases despite higher leverage will further constrain deleveraging capacity. Improved Scale but Limited Diversity: Fitch expects Talen's generation capacity to increase to approximately 15.6GW from 13.1GW following the acquisition. Cornerstone's efficient, gas-fired thermal plants provide stable baseload capacity within PJM, offering operational flexibility to support Talen's contracted nuclear generation and potential incremental data center power-purchase agreements (PPAs) driven by AI-related investment. However, the transaction does not materially enhance geographic or asset diversity, as the acquired assets are in PJM, where Talen already generates over 90% of EBITDA. Commodity Price Sensitivity: The announced acquisition will further increase Talen's exposure to energy and capacity price volatility through its merchant generation profile, resulting in potential EBITDA and FCF fluctuations. Talen's capacity margins currently contribute about 30% of total gross margins, based on PJM capacity prices. However, Fitch expects this to decline to 17%-18% as prices normalize, providing modest cash flow stability. Talen's hedging strategy reduces cash flow volatility, with 60%-80% and 40%-60% of generation hedged in the first and second years, respectively. PJM Remains Primary Market: PJM will continue to account for over 90% of Talen's gross margin. Fitch views PJM favorably, as capacity auctions provide additional revenues for generators. However, volatility has increased, with auction prices rising from $28.92/MW-day for 2024/2025 to $329.17/MW-day for 2026/2027, and $333.44/MW-day for 2027/28. Fitch expects PJM auction capacity prices to normalize at $270/MW-day for 2028/2029. Sustained high exposure to a single market increases Talen's vulnerability to regulatory, policy or structural changes within PJM, limiting benefits from geographic diversification. Strong Demand Fundamentals: Talen is positioned to benefit from robust market fundamentals, including above-average demand growth in the PJM region, driven by economic activity, electrification and expanding data center requirements. Fitch expects these factors to support elevated power prices and spark spreads in the near term, benefiting both existing and acquired generation assets. However, the benefits are partially offset by high market concentration and increasing leverage. Stable Nuclear Generation: Talen's Susquehanna nuclear generation benefits from a long-term, fixed-price PPA with Amazon Web Services, Inc. (AWS, a subsidiary of Amazon.com, Inc.: AA-/Stable) beginning in 2025 and ramping from 120 MW to 1,200 MW by 2029, providing stability to cash flows. The nuclear generation benefits from the federal production tax credit, providing a $43.75/MWh inflation-indexed price floor through at least 2032 for non-PPA capacity, offering material downside cash flow protection. However, operational risks could materially affect financial performance and credit quality. Peer Analysis With respect to size, asset composition and geographic exposure, Talen is unfavorably positioned when compared with Vistra Corp. (Vistra; BB+/Positive) and Calpine Corporation (Calpine; BBB/Stable). Calpine's ratings reflect the strong linkage to its parent CEG, which exhibits credit quality commensurate with the 'BBB' rating category. Vistra is the largest independent power producer in the country, with approximately 41GW of generation capacity compared to Calpine's 28GW and Talen's 13.1GW, following the addition of Freedom and Guernsey. Talen is largely concentrated in the PJM, contributing over 90% of consolidated EBITDA. Vistra's portfolio derives more than 60% of its consolidated EBITDA from operations in Texas, while Calpine's fleet is more geographically diversified across PJM, Texas and California. Talen and Vistra also benefit from nuclear production tax credits (PTC) provided under the Inflation Reduction Act (IRA). However, Calpine and Vistra have much larger generation portfolios and more diversified fleets. Fitch forecasts Talen's debt-to-EBITDA leverage ratio averaging 3.7x over the next four years, which is similar to Vistra's expected leverage of 3.0x-3.5x and stronger than Calpine's pre-acquisition leverage of around 5.0x. The difference in scale, geographic diversity and the overall competitive advantage of the generation fleet drives the difference between the credit profiles of Vistra and Talen. Fitch's Key Rating-Case Assumptions --Average PJM capacity prices are assumed to be approximately $329/MW-day for 2027/28, $270/MW-day for 2028/29 and $180/MW-Day for 2029/30 --Power prices in PJM normalizing to around $40/MWH over the forecast period of the next four years; --Total capex including nuclear fuel of about $770 million over 2026-2029; --Nuclear PTC contemplated in the IRA remains in place; --Susquehanna realizes revenue in line with nuclear PTC in addition to the currently contracted AWS PPA; --Nuclear fuel expenses are excluded from operating expenses and treated as capex instead; --Share repurchases about $500 million in 2026, $1.1 billion in 2027, and $1 billion in 2028; --Interest rate assumptions are in line with Fitch's Global Economic Outlook. Corporate Rating Tool Inputs and Scores Fitch scored Talen as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors: Management (bb, Moderate), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb+, Moderate), Financial Structure (bb-, Higher), Financial Flexibility (bb+, Moderate). The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. The Governance assessment of 'Good' results in no adjustment. The Operating Environment assessment of 'aa-' results in no adjustment. The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Pro forma EBITDA leverage exceeding 3.5x over by YE 2026; -- Aggressive capital allocation policy that includes any further potential debt funded acquisitions or share repurchases; -- Weaker-than-expected power prices or capacity auctions in core regions; -- Unfavorable changes in regulatory constructs or rules in Talen's markets; -- Constrained liquidity position or out-of-the-money hedges. Factors that Could, Individually or Collectively, Lead to a Revision of Outlook to Stable: -- EBITDA leverage is lower than 3.5x on a sustained basis; -- Balanced allocation of FCF that maintains balance sheet flexibility and leverage within the stated goal; -- Demonstrated ability to hedge effectively and manage liquidity through commodity cycles. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the aggregate debt levels, an upgrade is unlikely. However, Fitch could consider it if: -- EBITDA leverage is lower than 2.5x on a sustained basis; -- Balanced allocation of FCF that maintains balance sheet flexibility and leverage within the stated goal; -- Demonstrated ability to hedge effectively and manage liquidity through commodity cycles. Liquidity and Debt Structure Talen has about $497 million of unrestricted cash as of Sept. 30, 2025. In addition, as of November 2025,Talen has $900 million of undrawn revolver liquidity, which is fully available. The revolver matures in December 2029. The liquidity is sufficient to cover collateral posting requirements, working capital requirements and interest rate expenses under Fitch's rating case assumptions. In November 2025, Talen increased the size of its standalone letter of credit (LC) facility to $1.1 billion. As of Sept. 30, 2025, Talen had $435 million in LCs outstanding under the LC facility. Talen's LC usage will increase over the next three years per the terms of the AWS PPA. There are no significant near-term maturities, however the $131 million PEDFA bonds are subject to mandatory remarketing in 2027. Issuer Profile Talen Energy Supply (Talen), a subsidiary of Talen Energy Corporation, is an independent power producer (IPP) that owns approximately 13.1GW of generation capacity, including 2.2 GW of nuclear power, largely in PJM. RATING ACTIONS Rating Prior ------ ----- Talen Energy Supply, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ TATTI VINO: Hires Winegarden Haley Lindholm Tucker as Counsel ------------------------------------------------------------- Tatti Vino, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Winegarden, Haley, Lindholm, Tucker & Himelhoch, PLC to handle its Chapter 11 case. Zachary Tucker, Esq., the primary attorney in this representation, will be paid at his hourly rate of $325 plus reimbursement. Mr. Tucker 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: Zachary R. Tucker, Esq. Winegarden, Haley, Lindholm, Tucker & Himelhoch, PLC G-9460 S. Saginaw Road, Suite A Grand Blanc, MI 48439 Telephone: (810) 579-3600 Email: ztucker@winegarden-law.com About Tatti Vino Inc. Tatti Vino, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-32478) on November 14, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joel D. Applebaum presides over the case. Zachary R. Tucker, Esq., at Winegarden, Haley, Lindholm, Tucker & Himelhoch, PLC represents the Debtor as counsel. TIM PROS: Seeks to Hire Farese Farese & Farese as Special Counsel ----------------------------------------------------------------- Tim Pros Logging, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Farese, Farese & Farese, PA as special counsel. The firm will represent the Debtor in connection with claims related to a defective TimberPro cutter that failed and caused a significant personal injury to one of its owners as well as itself. The firm will be paid at these hourly rates: Joseph Cooper, Attorney $350 Katherine Farase, Attorney $250 Michael Farese, Attorney $250 Barbara Knighton, Legal Assistant $75 Susan Fritts, Legal Assistant $75 In addition, the firm will seek reimbursement for expenses incurred. Mr. Cooper disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Cooper, Esq. Farese, Farese & Farese, PA 122 Church, P.O. Box 98 Ashland, MI 38603 Telephone: (662) 224-6211 About Tim Pros Logging Tim Pros Logging, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-10008) on Jan. 2, 2026, listing up to $10 million in both assets and liabilities. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as bankruptcy counsel and Farese, Farese & Farese, PA as special counsel. TRUE VISION: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: True Vision Development Inc. 10801 National Blvd., Suite 240 Los Angeles, CA 90064 Business Description: True Vision Development Inc. provides general building and construction services, including new construction and remodeling projects, primarily in the Los Angeles area. The Company operates in California and is licensed as a general building contractor, undertaking residential and related construction work across local markets. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10480 Judge: Hon. Julia W Brand Debtor's Counsel: Thomas B Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Email: tom@urlelawfirm.com Total Assets as of December 31, 2024: $420,418 Total Liabilities as of December 31, 2024: $1,164,178 The petition was signed by Oscar Baez Arroyo as CEO. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OAJUQFQ/True_Vision_Development_Inc__cacbke-26-10480__0001.0.pdf?mcid=tGE4TAMA VISIONWRIGHTS LLC: Taps Rountree Leitman Klein & Geer as Counsel ---------------------------------------------------------------- VisionWrights, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor that may be necessary herein. The firm will be paid at these hourly rates: William Rountree, Attorney $645 Will Geer, Attorney $645 Michael Bargar, Attroney $585 Hal Leitman, Attorney $475 William Matthews, Attorney $475 David Klein, Attorney $545 Elizabeth Childers, Attorney $475 Ceci Christy, Attorney $475 Caitlyn Powers, Attorney $425 Shawn Eisenberg, Attorney $350 Dorothy Sideris, Paralegal $225 Elizabeth Miller, Paralegal $315 Megan Winokur, Paralegal $200 Catherine Smith, Paralegal $175 Catherine Williams, Paralegal $200 Angel-Marie Gbaye, Paralegal $200 Law Clerks $200 The firm received a retainer of received a pre-petition retainer of $35,000 from the Debtor. Mr. Geer 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: William B. Geer, Esq. Rountree Leitman Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About VisionWrights LLC VisionWrights, LLC is a creative services firm offering marketing, branding, and digital content solutions to businesses. The company focuses on developing strategies and materials that strengthen brand presence and engage target audiences. VisionWrights, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50440) on January 09, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1,000,001 to $10,000,000. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Will B. Geer, Esq., at Rountree Leitman Klein & Geer LLC. VNS HOTELS: Taps Selfridge Consultancy as Real Estate Appraiser --------------------------------------------------------------- VNS Hotels, Inc. seeks approval from the United States Bankruptcy Court for the Northern District of California to hire Michael Selfridge, doing business as Selfridge Consultancy, to serve as certified real estate appraiser. Mr. Selfridge will provide these services: (a) appraise the Debtor's hotel located at 24400 Mission Blvd. Hayward, California 94710; and (b) perform the services specified in the Ex Parte Application for Order Authorizing Employment of Appraiser and Fee. Mr. Selfridge will receive a flat fee totaling $5,500, to be paid upon completion of the appraisal. According to court filings, Michael Selfridge, his associates, and employees have no connections with the Debtor and Debtor-In-Possession, creditors, or any other party in interest, including the United States Trustee, and are disinterested persons within the meaning of Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: Michael Selfridge Selfridge Consultancy 8076 Solano Street Ventura, CA 93004 Cell: (805) 680-0890 E-mail: michaelselfridge805@gmail.com About VNS Hotel Inc. VNS Hotel Inc. manages hotel facilities that offer accommodations, lodging, and amenities for travelers. VNS Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30782) on September 26, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc. WATER'S EDGE: Retains Tom White and Argus as Plan Trustee --------------------------------------------------------- Water's Edge Limited Partnership seeks approval from the United States Bankruptcy Court for the District of Massachusetts to retain Tom White and Argus Management Corporation to serve as Plan Trustee. The Plan Trustee will perform these services: (a) open and close accounts on behalf of the Reorganized Debtor and make deposits and withdrawals; (b) pay all reasonable and necessary costs of administration; (c) make distributions in accordance with the terms of the Plan; and (d) consult with professionals for the Reorganized Debtor in connection with and as necessary to the efficient administration of the Plan, the Reorganized Debtor, and/or the Assets. Tom White will charge an hourly rate of $325. Argus Management Corporation's support staff charges hourly rates ranging from $75-$125. If required, Managing Director John Haggerty charges $650 per hour. According to court filings, the Plan Trustee and its employees are "disinterested persons" within the meaning of Section 101(14), as modified by Section 1107(b) of the Bankruptcy Code. The Plan Trustee can be reached at: Tom White ARGUS MANAGEMENT CORPORATION 2 Rosenfeld Dr, Suite F Hopedale, MA 01747 Telephone: (508) 381-1902 Facsimile: (508) 464-0055 About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel; Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. Counsel to DIV OA Lender, LLC, the Debtor's previous DIP lender, are: John J. Monaghan, Esq. Lynne B. Xerras, Esq. Kathleen M. St. John, Esq. HOLLAND & KNIGHT 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel: (617) 523-2700 Fax: (617) 523-6850 E-mail: Bos-Bankruptcy@hklaw.com Lynne.Xerras@hklaw.com Kathleen.StJohn@hklaw.com Fairbridge Credit, LLC, as DIP lender, is represented by: Kate E. Nicholson, Esq. NICHOLSON DEVINE, LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com WORKSPORT LTD: Eyes 2026 as Most Significant Growth Year in History ------------------------------------------------------------------- Worksport Ltd. provided its "Year Ahead" corporate update for 2026. Following a transformation in 2025 where the Company achieved record revenue growth and hit gross margin targets earlier than anticipated, Worksport is now executing on mass commercialization across all business units. Worksport Chief Executive Officer, Steven Rossi commented: "Over the past year, we focused on scaling U.S. manufacturing and launching multiple product lines while building a durable sales and distribution network. As we enter 2026, our SOLIS and COR systems are shipping, we are advancing COR toward major home improvement retailers, potential EV OEM partners are actively evaluating our technology, and Aetherlux heat pumps are progressing toward commercialization. With momentum across our core business and subsidiaries, we believe 2026 will be the most significant growth year in Worksport's history." 1. Clean Energy Launch: COR(TM) and SOLIS(TM) Shipping Now, Marketing to Ramp Up Worksport confirms that its flagship power duo, the SOLIS(TM) Solar Tonneau Cover and COR(TM) Portable Energy System, are shipping to customers. * Commercial Availability: Following successful production launch, inventory is now leaving Worksport's US facilities to fulfill pre-orders. * Marketing Ramp: A major digital marketing campaign initiates this month to drive sales for the standalone COR battery system and the solar-integrated SOLIS cover. * The Nano-Grid Advantage: The COR is the only of its kind to offer 'TRULY UNLIMITED' energy. Users can purchase as much energy (as many batteries) as they desire. With truck beds capable of holding 6kWh of energy, or more. For home or commercial applications, users can have truly limitless energy. 2. B2B Update: Partnering with Master Distributors and Big Box Retailers Worksport has aggressively expanded its sales footprint beyond direct-to-consumer channels to secure long-term volume. * Master Warehouses: Company has secured agreements with major U.S. Master Warehouse Distributors. These partners supply thousands of local auto parts stores and dealerships, placing Worksport products directly in the hands of professionals nationwide. * Major Retailers: Conversations have initiated for the Worksport COR system to be available in retailers such as Home Depot, Lowes, Cabella's, Bass Pro, and Camping World. * Product Exposure: Worksport's covers including the new HD3 Heavy-Duty Tonneau Cover are expected to increase availability across major online marketplaces. Worksport plans to release another tonneau cover product line in early Q2 2026. 3. Aetherlux: 2026 Commercialization of ZeroFrost(TM) Technology Terravis Energy, a Worksport subsidiary, is preparing for the commercial launch of its Aetherlux Heat Pump this year. * The Breakthrough: Unlike standard heat pumps that fail in extreme cold, the Aetherlux heat pump features proprietary ZeroFrost(TM) technology that operates efficiently at temperatures as low as -57°F (-50°C) without defrost cycles. * Market Opportunity: This innovation opens a multi-hundred-million-dollar opportunity in the global HVAC market, positioning Worksport as a leader in residential and industrial decarbonization. The Company anticipates significant updates on this product line throughout 2026. 4. OEM Partnership Potential: Worksport Solis Integrated into EV Pickup Truck Battery Worksport's Original Equipment Manufacturer (OEM) division is exploring multiple high-level integrations to bring its technology to the factory floor of EV Manufacturers. Currently, SOLIS and COR function as third party accessories, such as the application of SOLIS covers to Rivian trucks, announced in December 2025. The SOLIS system generates power that feeds into Worksport's COR battery system. With OEM integration, it is believed that SOLIS will be able to integrate directly with the vehicle battery, to increase last-mile range of EV pickup trucks. Worksport has a signed agreement with Hyundai to explore this for the future Hyundai EV pickup truck, and the Company is exploring conversations with other EV pickup trucks, like Slate and Rivian. 5. Fiscal Year 2026 Guidance Update Worksport expects to provide an updated financial outlook during the first quarter of 2026. The Company notes that gross margins expanded by more than 2,000 basis points in 2025, while revenue grew at triple-digit rates over the past two years. Management anticipates continued strong revenue growth, alongside further improvements in gross margin performance. "We are building a manufacturing powerhouse in the USA," concluded Rossi. "With products shipping, partners engaging, and the market shifting to renewables, Worksport is ready to deliver for our shareholders in 2026." About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of September 30, 2025, the Company had $27,048,622 in total assets, $7,269,230 in total liabilities, and $19,779,392 in total stockholders' equity. YALDA REAL: Trustee Gets OK to Tap Byman & Associates as Counsel ---------------------------------------------------------------- Allison D. Byman, the trustee appointed in the Chapter 11 case of Yalda Real Estate Group, LLC, received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Byman & Associates, PLLC as general counsel. Byman & Associates, PLLC is authorized to perform these professional services: (a) preserving and/or selling non-exempt real and/or personal property interests of the estate; (b) obtaining Court approval for the employment of professionals to assist in execution of the Trustee's duties; (c) reviewing and objecting to claims identified by the Trustee as problematic following the Trustee's review; (d) drafting and prosecuting a plan of reorganization; and/or (e) addressing unanticipated legal issues which may arise during administration of the estate. The Court designated LinhThu Do as attorney-in-charge, with supervision by Allison D. Byman and C. Alexander Higginbotham, partners of the Firm. The Court found that the firm represents no interest adverse to the estate and that the firm and its attorneys are disinterested persons within the meaning of 11 U.S.C. Sec. 101(14). Byman & Associates, PLLC shall not be compensated by the bankruptcy estate for performing duties to be performed by the Trustee. Any additional professional services would require further court approval. The firm can be reached through: Byman & Associates, PLLC 7924 Broadway, Suite 104 Pearland, TX 77581 Phone: (281) 720-6231 About Yalda Real Estate Group LLC Yalda Real Estate Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36650) on November 3, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Larry A. Vick, Esq. ZOMANO CAFES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered an interim order authorizing Zomano Cafes, Inc. to use cash collateral. The cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the liens held by Florida Bank of Commerce and any junior lienholders. Under the interim order, the Debtor is allowed to use cash collateral for court-approved payments and current operating expenses set forth in its budget, subject to a 10% variance per line item. This interim authorization remains in effect through February 18 unless extended by agreement or court order. As adequate protection, Florida Bank of Commerce, along with any junior lienholders, will be granted an automatically perfected replacement lien on cash collateral, with the same validity, extent, and priority as its pre-bankruptcy lien. Zomano Cafes is also required under the interim order to maintain insurance coverage in accordance with its loan and security documents and comply with all debtor-in-possession duties under the Bankruptcy Code and court orders. The interim order is entered without prejudice to future requests for modified adequate protection or restrictions on cash collateral use. The order is available at https://is.gd/C068Uv from PacerMonitor.com. The next hearing is scheduled for February 18. Prior to its bankruptcy filing, Zomano obtained financing from creditors to facilitate operations, which obligations are purportedly secured by liens on its cash or cash equivalents. These creditors may assert security interest in those assets by virtue of UCC-1 financing statements filed with the State of Florida. About Zomano Cafes Inc. Zomano Cafes, Inc. operates an upscale dining establishment located at 1790 Highway A1A, Suite 105-108, Satellite Beach, Florida. It conducts business under the name Cuizine Restaurant & Lounge. Zomano Cafes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00005) on January 2, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Treasa Mary Gavin Bankr. N.D. Calif. Case No. 26-50033 Chapter 11 Petition filed January 10, 2026 represented by: Arasto Farsad, Esq. 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Case No. 26-00194 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/E6D4ZFI/Good_Vibrations_Ink_2_LLC__flmbke-26-00194__0001.0.pdf?mcid=tGE4TAMA represented by: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP Email: jluna@lathamluna.com In re 2634 N. Jerusalem Road Corp. Bankr. E.D.N.Y. Case No. 26-70165 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/XRTPQAQ/2634_N_Jerusalem_Road_Corp__nyebke-26-70165__0001.0.pdf?mcid=tGE4TAMA represented by: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP E-mail: hberger@bfslawfirm.com In re Protrade Logistics Corporation Bankr. N.D. Ill. Case No. 26-00518 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/YPYPMGQ/Protrade_Logistics_Corporation__ilnbke-26-00518__0001.0.pdf?mcid=tGE4TAMA represented by: Richard N. Golding, Esq. THE GOLDING LAW OFFICES, P.C. Email: rgolding@goldinglaw.net In re Hassan and Sons Development Inc. Bankr. E.D.N.Y. Case No. 26-40151 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/RMF4OSA/Hassan_and_Sons_Development_Inc__nyebke-26-40151__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In Re BK East 46 LLC Bankr. E.D.N.Y. Case No. 26-40153 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/RSLHJQA/BK_East_46_LLC__nyebke-26-40153__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sam's Diner of Maumee, Inc. Bankr. N.D. Ohio Case No. 26-30057 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/OEAGMIA/Sams_Diner_of_Maumee_Inc__ohnbke-26-30057__0001.0.pdf?mcid=tGE4TAMA represented by: Eric R. Neuman, Esq. DILLER AND RICE, LLC E-mail: eric@drlawllc.com In re Renninger Properties LLC Bankr. D. Colo. Case No. 26-10201 Chapter 11 Petition filed January 13, 2026 See https://www.pacermonitor.com/view/EHIE5IA/Renninger_Properties_LLC__cobke-26-10201__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence N. Rogak, Esq. LAWRENCE N. ROGAK, ESQ. E-mail: insurancelawyer@yahoo.com In re Penny Hakim Bankr. E.D. La. Case No. 26-10069 Chapter 11 Petition filed January 13, 2026 represented by: Louis Phillips, Esq. In re Pierre Georges Barakat Bankr. E.D.N.Y. Case No. 26-40167 Chapter 11 Petition filed January 13, 2026 represented by: Rachel Blumenfeld, Esq. In re 125 Berckman St., LLC Bankr. D. N.J. Case No. 26-10392 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/CSPP5ZA/125_Berckman_St_LLC__njbke-26-10392__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Teddy Lee Booher Bankr. S.D. Tex. Case No. 26-30272 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/REFLFHY/Teddy_Lee_Booher__txsbke-26-30272__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lev Diagnostics Inc. Bankr. N.D. Ill. Case No. 26-00584 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/BPUHL6I/Lev_Diagnostics_Inc__ilnbke-26-00584__0001.0.pdf?mcid=tGE4TAMA represented by: John H. Redfield, Esq. CRANE, SIMON, CLAR & GOODMAN E-mail: jredfield@cranesimon.com In re Shoshanah Fashions, Inc. Bankr. D. Mass. Case No. 26-10083 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/3J2ZEMQ/Shoshanah_Fashions_Inc__mabke-26-10083__0001.0.pdf?mcid=tGE4TAMA represented by: David B. Madoff, Esq. MADOFF & KHOURY LLP E-mail: alston@mandkllp.com In re Rite Guide LLC Bankr. D. Nev. Case No. 26-50031 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/B4YP5PA/RITE_GUIDE_LLC__nvbke-26-50031__0001.0.pdf?mcid=tGE4TAMA represented by: Norma Guariglia, Esq. HARRIS LAW PRACTICE LLC E-mail: norma@harrislawreno.com In re Gurino Housing 1 LLC Bankr. D. Md. Case No. 26-10443 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/R7T6WUY/Gurino_Housing_1_LLC__mdbke-26-10443__0001.0.pdf?mcid=tGE4TAMA represented by: Gary S Poretsky, Esq. THE LAW OFFICES OF GARY S PORETSKY, LLC E-mail: gary@plgmd.com In re 168 Manhattan Inc. Bankr. E.D.N.Y. Case No. 26-40179 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/5YW2C7A/168_Manhattan_Inc__nyebke-26-40179__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re R Interconnections Inc. Bankr. N.D.N.Y. Case No. 26-10033 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/LCOLYDI/R_Interconnections_Inc__nynbke-26-10033__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Boyle, Esq. BOYLE LEGAL LLC E-mail: mike@boylebankruptcy.com In re Umais Abubaker Bankr. C.D. Calif. Case No. 26-10320 Chapter 11 Petition filed January 14, 2026 represented by: Matthew Abbasi, Esq. In re Ashmeen Modikhan Bankr. E.D.N.Y. Case No. 26-40178 Chapter 11 Petition filed January 14, 2026 In re Timothy M Meyer and Shelley J Poole Bankr. D. Colo. Case No. 26-10210 Chapter 11 Petition filed January 14, 2026 represented by: Jonathan Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. Email: jmd@kutnerlaw.com In re Joseph Cole McGowan and Elizabeth G. McGowan Bankr. D. Ore. Case No. 26-30105 Chapter 11 Petition filed January 14, 2026 represented by: Theodore Piteo, Esq. MICHAEL D O'BRIEN & ASSOCIATES, P.C. In re John G Koch Bankr. D. Minn. Case No. 26-40129 Chapter 11 Petition filed January 14, 2026 represented by: Mary Sieling, Esq. SIELING LAW, PLLC Email: mary@sielinglaw.com In re Fort Stockton Towing and Truck Tires, LLC Bankr. W.D. Tex. Case No. 26-70016 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/F6MHMLI/Fort_Stockton_Towing_and_Truck__txwbke-26-70016__0001.0.pdf?mcid=tGE4TAMA represented by: Charlie Shelton, Esq. HAYWARD PLLC Email: cshelton@haywardfirm.com In re Mountain West Medical Clinic LLC Bankr. D. Utah Case No. 26-20238 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/6UBKLYQ/Mountain_West_Medical_Clinic_LLC__utbke-26-20238__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 24/7 Towing and Recovery LLC Bankr. W.D. Tex. Case No. 26-70014 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/UP2ONCI/247_Towing_and_Recovery_LLC__txwbke-26-70014__0001.0.pdf?mcid=tGE4TAMA represented by: Charlie Shelton, Esq. HAYWARD PLLC Email: cshelton@haywardfirm.com98+ In re Masters Makit Home Realty, LLC Bankr. D. N.J. Case No. 26-10448 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/TERATSY/Masters_Makit_Home_Realty_LLC__njbke-26-10448__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Balmorhea Towing Service, LLC Bankr. W.D. Tex. Case No. 26-70015 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/UUWWQQI/Balmorhea_Towing_Service_LLC__txwbke-26-70015__0001.0.pdf?mcid=tGE4TAMA represented by: Charlie Shelton, Esq. HAYWARD PLLC Email: cshelton@haywardfirm.com In re Sanderson Towing and Truck Tires, LLC Bankr. W.D. Tex. Case No. 26-70017 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/KA5MFSI/Sanderson_Towing_and_Truck_Tires__txwbke-26-70017__0001.0.pdf?mcid=tGE4TAMA represented by: Charlie Shelton, Esq. Hayward PLLC Email: cshelton@haywardfirm.com In re Tonka International Corporation Bankr. N.D. Tex. Case No. 26-40210 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/ARNVBWI/Tonka_International_Corporation__txnbke-26-40210__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC Email: robert@demarcomitchell.com In re Orlando City Plumbing LLC Bankr. M.D. Fla. Case No. 26-00248 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/SSLCCDI/Orlando_City_Plumbing_LLC__flmbke-26-00248__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC Email: jeff@bransonlaw.com In re Teresa Kuet Bankr. N.D. Calif. Case No. 26-30033 Chapter 11 Petition filed January 15, 2026 represented by: Robert Goldstein, Esq. In re Miguel Estupinan Puebla Bankr. W.D. Wash. Case No. 26-40095 Chapter 11 Petition filed January 15, 2026 represented by: Masafumi Iwama, Esq. In re Alan Estupinan Puebla Bankr. W.D. Wash. Case No. 26-40096 Chapter 11 Petition filed January 15, 2026 represented by: Masafumi Iwama, Esq. In re Raul Leopoldo Molina, Jr. Bankr. C.D. Calif. Case No. 26-10065 Chapter 11 Petition filed January 15, 2026 represented by: Onyinye Anyama, Esq. In re Austin X. Dixon Bankr. E.D.N.C. Case No. 26-00192 Chapter 11 Petition filed January 15, 2026 represented by: Joseph Frost, Esq. In re Paul D. Teague Bankr. E.D.N.Y. Case No. 26-70214 Chapter 11 Petition filed January 15, 2026 represented by: Elliot Schlissel, Esq. In re Joseph William Smythe Bankr. E.D. Mich. Case No. 26-40315 Chapter 11 Petition filed January 14, 2026 represented by: Elliot Crowder, Esq. STEVENSON & BULLOCK, P.L.C. Email: ecrowder@sbplclaw.com In re Joseph C Mayfield and Michelle A Mayfield Bankr. D. N.J. Case No. 26-10450 Chapter 11 Petition filed January 15, 2026 represented by: David Shaver, Esq. BROEGE, NEUMANN, FISCHER & SHAVER, L.L.C. Email: dshaver@bnfsbankruptcy.com In re Sarah B Kovenock Bankr. E.D. Mo. Case No. 26-40183 Chapter 11 Petition filed January 15, 2026 represented by: Andrew Magdy, Esq. In re Jason Mowatt Bankr. C.D. Calif. Case No. 26-10379 Chapter 11 Petition filed January 15, 2026 represented by: David Shemano, Esq. In re Edward West Lyle Bankr. D.C. Case No. 26-00019 Chapter 11 Petition filed January 14, 2026 represented by: Claude Alde, Esq. In re Harbor Management Company, LLC Bankr. M.D. Fla. Case No. 26-00341 Chapter 11 Petition filed January 16, 2026 See https://www.pacermonitor.com/view/2ESE5VQ/Harbor_Management_Company_LLC__flmbke-26-00341__0001.0.pdf?mcid=tGE4TAMA represented by: Fred E. Moore, Esq. BLALOCK WALTERS, P.A. Email: fmoore@blalockwalters.com In re Kool Air LLC Bankr. M.D. Fla. Case No. 26-00175 Chapter 11 Petition filed January 16, 2026 See https://www.pacermonitor.com/view/YC3W4QA/KOOL_AIR_LLC__flmbke-26-00175__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP Email: bkmickler@planlaw.com In re Reachone LLC Bankr. N.D. Calif. Case No. 26-40081 Chapter 11 Petition filed January 16, 2026 See https://www.pacermonitor.com/view/GAJAR7A/Reachone_LLC__canbke-26-40081__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Angeldocs Inc. Bankr. E.D.N.Y. Case No. 26-40214 Chapter 11 Petition filed January 15, 2026 See https://www.pacermonitor.com/view/AMHBS4A/ANGELDOCS_INC__nyebke-26-40214__0001.0.pdf?mcid=tGE4TAMA represented by: Karamvir Dahiya, Esq. DAHIYA LAW OFFICES LLC Email: karam@dahiya.law In re Teresa Kuet Bankr. N.D. Calif. Case No. 26-30033 Chapter 11 Petition filed January 15, 2026 represented by: Robert Goldstein, Esq. In re Blagoj Peovski Bankr. D. N.J. Case No. 26-10473 Chapter 11 Petition filed January 16, 2026 represented by: David Stevens, Esq. SCURA, WIGFIELD, HEYER & STEVENS Email: dstevens@scura.com In re Melissa Flores Bankr. D. Conn. Case No. 26-50035 Chapter 11 Petition filed January 16, 2026 In re Nebraska Peace of Mind Behavioral Health Bankr. D. Neb. Case No. 26-40040 Chapter 11 Petition filed January 14, 2026 See https://www.pacermonitor.com/view/HKKL3EI/Nebraska_Peace_of_Mind_Behavioral__nebke-26-40040__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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