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260123.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, January 23, 2026, Vol. 30, No. 23 Headlines 126 HENRY STREET: Voluntary Chapter 11 Case Summary AKUMIN INC: Commences Debt Exchange & Consent Solicitation ALACHUA GOVERNMENT: Gets Court OK for $10MM Stalking Horse Bid ALLSTAR PROPERTIES: Plan Exclusivity Period Extended to March 30 AMPLE INC: Hires Getzler Henrich as Financial Advisors, Taps CROs ANDERSON HAY: U.S. Trustee Appoints Creditors' Committee ANGEL M CONSULTING: Case Summary & 10 Unsecured Creditors ANTHOLOGY INC: Lender Wants to Get Chapter 11 Plan Indemnity APPLE TREE: U.S. Trustee Appoints Creditors' Committee ARDENT PROTECTION: Files Emergency Bid to Use Cash Collateral AZURIA WATER: Moody's Lowers CFR to B3 & Alters Outlook to Stable BIG LEVEL: Gets Court OK to Obtain Emergency Loan BIG LEVEL: Wins Bid to Extend Exclusivity Period BRADLEY MECHANICAL: Gets Interim OK to Use Cash Collateral BULLDOG PURCHASER: S&P Rates New $1,150MM First-Lien Term Loan 'B' CARMEN'S CUBAN: Unsecureds Will Get 3% of Claims over 3 Years CEDARS INTERNATIONAL: S&P Assigns 'BB' Issuer Credit Rating CENTRAL FLORIDA: Seeks to Extend Plan Exclusivity to March 25 CHABAD OF GRAMERCY: Trustee Hires Lindenwood Associates as Advisor CHABAD OF GRAMERCY: Trustee Seeks to Tap Geron Legal as Counsel CHAMPION PARTY: Seeks Chapter 11 Bankruptcy in Washington COMPASS COFFEE: U.S. Trustee Appoints Creditors' Committee CONTOUR SPA: Amends Unsecureds & Sunrise Bank Secured Claims Pay CREATIVE CHANGE: Hires Tumolo Tax Services as Accountant CWHEQ HOME 2006-52: Moody's Upgrades Rating on 2 Tranches to Caa1 DHUKAN GHAR: Claims to be Paid from Property Sale Proceeds DIRECT PLUMBING: Case Summary & 20 Largest Unsecured Creditors DONS QUALITY: Seeks Chapter 7 Bankruptcy in Indiana EAZY-PZ LLC: Unsecureds to Get Share of Net Profits for 5 Years ELK RUN PROPERTY: Case Summary & Largest Unsecured Creditors ENSEMBLE HEALTH: Moody's Affirms 'B2' CFR, Outlook Stable EVS MANUFACTURING: Seeks Chapter 11 Bankruptcy in Washington FOCUS UTILITY: U.S. Trustee Unable to Appoint Committee GENERATIONS ON 1ST: Seeks Continued Access to Cash Collateral GEORGIA PROTONCARE: Files Ch. 11 to Sell Assets to Emory University GOLD BASIN: CANEX Challenges Secured Loan as Defensive Move GOLD BASIN: Secures Forbearance on Charrua Loan to March 2026 GRINNELL CENTER: U.S. Trustee Unable to Appoint Committee GUNSTOCK RANCH: Gets Interim OK to Use Cash Collateral HATSTOP: Seeks Chapter 11 Bankruptcy in Washington HEADWAY WORKFORCE: Files Amendment to Disclosure Statement HIGHLANDER HOTEL: U.S. Trustee Unable to Appoint Committee ICRYO BRANDS: Voluntary Chapter 11 Case Summary IMERYS TALC: Updated Chapter 11 Plan Heads to Feb. 2 Hearing IMH DALLAS: Seeks Cash Collateral Access INDEPENDENT MEDEQUIP: Plan Exclusivity Period Extended to May 15 IROBOT CORP: DOJ Says CFIUS Review May Delay Chapter 11 Deal JACKSON HOSPITAL: BCBS Blocks Bid to Skip $3B Antitrust Deal JD HUNT: Seeks to Extend Plan Exclusivity to March 23 KKHR CONSTRUCCIONES: Case Summary & 20 Top Unsecured Creditors LA GEOTHERMAL: Case Summary & 12 Unsecured Creditors LABL INC: S&P Downgrades ICR to 'SD' on Missed Interest Payment LADDER CAPITAL: S&P Raises ICR to 'BB+', Outlook Stable LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to April 27 LINEAR COMPANIES: Retains VR Acquisitions as Property Manager LINQTO TEXAS: Ad Hoc Group Backs Founder's Objection to Ch. 11 LSF12 HELIX: Moody's Rates New Sr. Secured First Lien Notes 'B2' MAHSEER HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable MAMA BIRD'S: Case Summary & 20 Largest Unsecured Creditors MARQUIS STAR: Case Summary & 20 Largest Unsecured Creditors MEDCOGNITION INC: Gets Interim OK to Use Cash Collateral MEN'S WEARHOUSE: Moody's Rates New $400MM First Lien Notes 'B1' MEN'S WEARHOUSE: S&P Rates New $400MM Senior Secured Notes 'B+' MERYDE GROUP: Case Summary & Five Unsecured Creditors MKS INC: S&P Rates Proposed Senior Secured Credit Facilities 'BB+' MOTO MINDS: Gets Interim OK to Use Cash Collateral MOUNTAIN VISTA: US Trustee Taps David Stapleton as Ch. 11 Trustee N.K.G. CORP: Seeks to Use Cash Collateral NEPTUNE BIDCO: S&P Rates First-Lien Senior Secured Notes 'B-' NESV ICE: Feb. 12 Hearing Set for Motions to Dismiss Case O & K ALEXANDER'S: Seeks to Extend Plan Exclusivity to February 18 OFF-LOAD MOVING: Seeks Chapter 11 Bankruptcy in Virginia OHIO POWER: S&P Rates $325MM Senior Secured Term Loan B 'BB-' ORIGIN FOOD: Plan Exclusivity Period Extended to March 17 ORIGINAL EGGS: Plan Filing Deadline Extended to February 18 ORPHEUS RECORDS: Seeks Chapter 7 Bankruptcy in Virginia PADAGIS LLC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative PARTNERS PHARMACY: Final DIP Financing Order Extended to Feb. 1 PATHFINDER AUTO: Seeks Chapter 11 Bankruptcy in Virginia PEDIATRIX MEDICAL: Moody's Ups CFR to Ba2, Alters Outlook to Stable PETCO HEALTH: S&P Rates proposed $650MM Senior Secured Notes 'B' PHOENIX MOTOR: J.J. Astor Wants J.S. Held's Stapleton as Receiver PIEDMONT MUSIC: Seeks Chapter 7 Bankruptcy in Virginia PLEASANT HEIGHTS: Taps Law Offices of Wenarsky as Legal Counsel PPF GIN: Gets Interim OK to Use Cash Collateral PRO FARM: PFG Holding Wins Foreclosure Auction for Assets PROTRADE LOGISTICS: Hires Golding Law as Legal Counsel RACHE REALTY: Voluntary Chapter 11 Case Summary RED RIVER: Experts Allowed to Testify on J&J Talc Cancer Cases RIVERROCK FINE: Seeks Chapter 7 Bankruptcy in Virginia RLG HOLDINGS: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative ROLLIN' VETS: Case Summary & 12 Unsecured Creditors SAKS GLOBAL: Gets Interim OK to Obtain $5.8 Billion Financing SANFORD CONTROLS: Seeks Chapter 11 Bankruptcy in Massachusetts SHAI CREATES: Seeks Chapter 11 Bankruptcy in Washington SHAYN REALTY: Voluntary Chapter 11 Case Summary SINCLAIR TELEVISION: Moody's Cuts CFR to 'Caa1', Outlook Stable SOLANO HOME: Seeks to Use $10,815 in Cash Collateral SOUTH FLORIDA PULMONARY: Seeks Court Nod to Use Cash Collateral STEALTH CONTROL: Seeks Chapter 11 Bankruptcy in Massachusetts STG LOGISTICS: Gets Interim OK for DIP Financing STONEPEAK TAURUS: S&P Downgrades ICR to 'B-', Outlook Stable TENASKA PENNSYLVANIA: S&P Rates New $400MM Term Loan B Prelim 'BB' TODOPLAY LLC: Moody's Withdraws 'B2' Corporate Family Rating TONOPAH SOLAR: Case Summary & Three Unsecured Creditors TREEHOUSE FOODS: S&P Affirms 'B' ICR on Proposed Acquisition UNITED SITE: Court Appoints Ret. Judge Robert Drain as Mediator US MAGNESIUM: Plan Exclusivity Period Extended to March 9 VALVES AND CONTROLS: Plan Exclusivity Period Extended to March 24 WEBSTER UNIVERSITY: Moody's Affirms 'B1' Issuer & Rev. Bond Ratings WELLPATH HOLDINGS: Cooper's 3rd Party Release Opt-Out Deemed Timely WESTCOAST EVOLUTION: Gets Interim OK to Use Cash Collateral WHITE ROCK: Case Summary & 30 Largest Unsecured Creditors YELLOW CORP: Defends Pension Fund Deals Despite Objection ZEVH REALTY: Voluntary Chapter 11 Case Summary ZYNEX INC: Ex-Executives Indicted Amid Chapter 11 Case [] Algon Group Adds Witko & Kratzman to Restructuring Team [] Carl Marks Advisors Rebrands to CMA [] Turnaround and Restructuring Expert Weinhoffer Joins J.S. Held [^] BOOK REVIEW: To Protect Their Interests ********* 126 HENRY STREET: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 126 Henry Street Inc. d/b/a Village Auto Clinic 126 Henry Street Hempstead, NY 11550 Business Description: 126 Henry Street Inc. operates an auto repair business and owns the property at 126 Henry Street in Hempstead, New York, which it acquired in 2023. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-70291 Judge: Hon. Sheryl P. Giugliano Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Clarence Murray as principal. 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/HUHSNJI/126_Henry_Street_Inc__nyebke-26-70291__0001.0.pdf?mcid=tGE4TAMA AKUMIN INC: Commences Debt Exchange & Consent Solicitation ---------------------------------------------------------- Akumin Inc. announced on January 20, the commencement of its offer to Eligible Holders to exchange any and all of its outstanding senior secured notes of the series for 9.750% Senior Secured Notes due 2031 to be issued by Akumin. The interest rate on the New Notes will be subject to decrease at any time from and including the first date on which the New Notes are rated "B-" or higher by S&P, "B3" or higher by Moody's or "B-" or higher by Fitch (or an equivalent in the case of a respective successor of any such rating agency), as the case may be. From and including the date on which the Interest Rate Step Down Event occurs to the maturity date of the New Notes, the rate of interest payable on the New Notes shall be 8.750% per annum. The New Notes will be guaranteed by certain direct and indirect wholly-owned subsidiaries and certain other affiliates of Akumin. Akumin is also soliciting consents from Eligible Holders of each series of the Old Notes to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in each of the indentures governing the Old Notes, release all liens on the collateral securing the Old Notes, terminate all associated intercreditor agreements and eliminate related provisions in the Old Notes Indentures. Subject to the terms and conditions set forth in the Offer to Exchange, if the requisite noteholder consent is received with respect to a series of Old Notes in accordance with the relevant Old Notes Indenture, the Old Notes Indenture will be amended with respect to such series of Old Notes by a supplemental indenture. As previously announced, Akumin entered into an agreement with certain noteholders representing over 95% of the outstanding Old Notes, and Stonepeak, a leading alternative investment firm, that will reduce debt, enhance liquidity and extend its debt maturities related to the Old Notes. Pursuant to the Support Agreement, the Supporting Holders and Stonepeak agreed to participate in the Exchange Offer and Consent Solicitation with respect to all of their Old Notes. In accordance with the Support Agreement, Stonepeak has committed to investing approximately $154.5 million of new money to support Akumin's long-term business growth upon consummation of the transactions. In addition, Akumin's existing revolving credit facility, with approximately $119 million expected to be outstanding at closing, will either be fully converted into preferred equity if at least 99% of the Old Notes are tendered in the Exchange Offer, or, if that threshold is not met, will be subordinated to a second-lien position junior to the New Notes. The Exchange Offer and Consent Solicitation are being made pursuant to the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated January 20, 2026. The consummation of the Exchange Offer and the Consent Solicitation is subject to certain conditions, including that at least 66.67% of the aggregate principal amount of each series of outstanding Old Notes participate in the Exchange Offer and deliver consents to the Proposed Amendments. Subject to applicable law, the terms of the Support Agreement and the terms and conditions set forth in the Offer to Exchange, Akumin reserves the right, in its discretion without instituting withdrawal or revocation rights, to waive, in whole or in part, certain conditions to the Exchange Offer or the Consent Solicitation. The Exchange Offer will expire at 5:00 p.m., New York City time, on February 18, 2026, unless extended (such date and time, as the same may be extended, the "Expiration Time"). To be eligible to receive the Total Exchange Consideration (as defined below), Eligible Holders must validly tender their relevant Old Notes and deliver their consents at or prior to 5:00 p.m., New York City time, on February 2, 2026, unless extended (such date and time, as the same may be extended, the "Early Deadline"). Eligible Holders who validly tender their relevant Old Notes and deliver their consents after the Early Deadline but prior to the Expiration Time will receive the Late Exchange Consideration, which is less than the Total Exchange Consideration. For each $1.00 principal amount of Old Notes validly tendered at or before the Early Deadline, Eligible Holders of each series of Old Notes will be eligible to receive the exchange consideration of $1.00 principal amount of New Notes. For each $1.00 principal amount of Old Notes validly tendered after the Early Deadline but prior to the Expiration Time, Eligible Holders of each series of Old Notes will be eligible to receive exchange consideration of $0.95 principal amount of New Notes. In addition, Eligible Holders whose Old Notes are accepted in the Exchange Offer will receive, in cash, accrued and unpaid interest on such Old Notes from and including the last interest payment date on such Old Notes prior to the Settlement Date, to, but not including the Settlement Date. Eligible Holders may not deliver consent in the Consent Solicitation without tendering the Old Notes of the applicable series participating in the Exchange Offer. Eligible Holders who validly tender their Old Notes pursuant to the Exchange Offer will be deemed to have delivered their related consents to the Proposed Amendments by such tender. If the Proposed Amendments become operative, holders who do not tender Old Notes at or prior to the Early Deadline, or at all, will be bound by the Proposed Amendments, meaning that their series of Old Notes will be governed by the relevant Old Notes Indenture as amended by the relevant Supplemental Indenture. There are no withdrawal or revocation rights in connection with the Exchange Offer or Consent Solicitation except in the case of an input error within DTC's Automated Tender Offer Program platform or certain limited circumstances where additional withdrawal rights are required by law (as determined in each case by Akumin in its sole discretion) or the terms of the Support Agreement. Payment of the Total Exchange Consideration or Late Exchange Consideration, as applicable, will occur promptly after the Expiration Time, subject to all conditions to the Exchange Offer and the Consent Solicitation having been either satisfied or waived by the Issuer, which is expected to be within three business days of the Expiration Time or as soon as practicable thereafter. Akumin reserves the right to extend the Early Deadline, Expiration Time and/or Settlement Date, in its discretion, subject to applicable securities law and the terms of the Support Agreement. The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offer to Exchange. The Offer to Exchange and other documents relating to the Exchange Offer and Consent Solicitation may be obtained from the exchange and information agent subject to confirmation of eligibility through online procedures established by the Exchange and Information Agent, available at: https://deals.is.kroll.com/akumin. "Eligible Holders" are holders of the Old Notes who certify that they are (i) "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") or (ii) outside the United States to holders of each series of Old Notes who are persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. The New Notes have not been and will not be registered under the Securities Act or any other securities laws. Accordingly, the New Notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time. Kroll Issuer Services (US) is acting as the Exchange and Information Agent in connection with the Exchange Offer and Consent Solicitation. Questions concerning the Exchange Offer and Consent Solicitation may be directed to the Exchange and Information Agent via the toll-free telephone number (833)-307-3732, the international telephone number (646)-825-3846 or the e-mail address Akumin@is.kroll.com. Eligible Holders should also consult their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offer and Consent Solicitation. Sidley Austin LLP is acting as legal counsel to Akumin in connection with the Exchange Offer and Consent Solicitation. Akin Grump Strauss Hauer & Feld LLP is acting as counsel to certain Supporting Holders in connection with the Exchange Offer and Consent Solicitation. About Akumin Akumin is a U.S. provider of advanced imaging and radiation oncology services, committed to excellence in patient care and expanding access to life-saving diagnostics and treatments. Serving millions annually, Akumin operates one of the nation's largest networks of fixed-site radiology centers and mobile imaging and oncology solutions, including the innovative Akumin AXIS Expandable Patient Solutions(TM). Partnering with over 800 hospitals and physician groups, Akumin combines clinical expertise, operational excellence, and advanced technology to broaden access, enhance care standards, and meet community needs. Through innovation and collaboration, Akumin is pioneering the future of patient-centered care. ALACHUA GOVERNMENT: Gets Court OK for $10MM Stalking Horse Bid -------------------------------------------------------------- Emily Lever of Law360 reports that biotech company Alachua Government Services has won bankruptcy court approval to enter into a $10.3 million stalking horse bid from Emergent BioSolutions Inc. for a line of monkey cells used in the development of a smallpox vaccine. The approval allows the company to move forward with marketing the assets and soliciting competing bids, with the stalking horse offer setting a floor price for the sale as Alachua seeks to maximize value for its estate through the Chapter 11 process, the report states. About Alachua Government Services Inc. Alachua Government Services, Inc. is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALLSTAR PROPERTIES: Plan Exclusivity Period Extended to March 30 ---------------------------------------------------------------- Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the Northern District of Georgia extended Allstar Properties LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 30, 2026 and May 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that because they are continuing to evaluate and pursue their alternatives, the parties in interest in this case will benefit from an extension of the exclusive periods. Debtors need additional time to develop plans that are in the best interest of creditors, which is time-consuming and somewhat complex. The Debtors note that an extension of time will provide them with an opportunity to develop reasoned plans and to develop and negotiate what Debtors hope to be consensual plans of liquidation. The Debtors assert that they are developing and will present what they hope to be consensual plans of liquidation, but information must be analyzed and issues resolved before Debtors can finalize such plans. Competing plans would present a direct impediment to Debtors' progress. Counsel to the Debtors: Anna Humnicky, Esq. Small Herrin LLP 100 Galleria Parkway, Suite 350 Atlanta, GA 30339 Telephone: (770) 783-1800 Email: ahumnicky@smallherrin.com About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. AMPLE INC: Hires Getzler Henrich as Financial Advisors, Taps CROs ----------------------------------------------------------------- Ample, Inc. and Ample Texas EV, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to retain John D. Baumgartner and Ann Huynh, each a Managing Director of Getzler Henrich & Associates LLC, as Co-Chief Restructuring Officers, and to retain Getzler Henrich & Associates LLC as financial advisor. The CROs and Getzler Henrich & Associates LLC will provide restructuring, managerial, and financial advisory services, which may include: (a) taking actions specified in the engagement letter; (b) investigating and preparing the Debtors' go-forward business and restructuring strategies; (c) directing and conferring with all retained estate professionals; (d) overseeing required bankruptcy filings and reports; (e) assisting with debtor-in-possession financing or cash collateral matters; (f) communicating with creditors, committees, the U.S. Trustee, and other parties in interest; (g) formulating and prosecuting any plan of reorganization or liquidation; and (h) providing expert advice and testimony regarding financial matters. Getzler Henrich & Associates LLC charges hourly rates based on position, ranging from $225 to $895 per hour. The hourly rate for Mr. Baumgartner and Ms. Huynh is $825, subject to periodic increases. According to court filings, Getzler Henrich & Associates LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John D. Baumgartner Ann Huynh Getzler Henrich & Associates LLC 3522 Corondo Court Houston, TX 77005 About Ample Inc. Ample Inc. is an electric vehicle technology firm specializing in battery-swapping platforms and infrastructure. The company develops modular systems that allow EVs to replace batteries quickly, supporting continuous operation without lengthy charging intervals. Ample Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90817) on December 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Hugh Massey Ray, III, Esq. of Pillsbury Winthrop Shaw Pittman LLP. Twelve Bridge Capital, LLC, as DIP lender, is represented by Michael Fishel, Esq., at FISHEL LAW GROUP, in Houston, Texas. ANDERSON HAY: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 18 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Anderson Hay Enterprise, Inc. and its affiliates. The committee members are: 1. Brian Isaac Isaac Brothers Partnership P.O. Box 953 Coulee City, WA 99115 (509) 681-0109 2. Keri Bailey-Gregerich 3 Bar G Ranch, Inc. 4491 S. Thorp Highway Ellensburg, WA 98926 (509) 859-2222 3. Cody Vandenbark Spring Valley Farms, LLC 1015 Auslam Road Troy, ID 83871 (208) 790-1001 4. Mark LaShaw Mark LaShaw Farms, Inc. / Duane LaShaw Farms, Inc. 18304 S. Starr Road Rockford, WA 99030 (509) 768-4905 5. Tyler Halliday Phend Rd Farms, LLC 2631 Falls Road Pasco, WA 99301 (509) 727-7284 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Anderson Hay Enterprise Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. It operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, Anderson Hay Enterprise focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, chief financial officer, Anderson Hay Enterprise disclosed between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. ANGEL M CONSULTING: Case Summary & 10 Unsecured Creditors --------------------------------------------------------- Debtor: Angel M Consulting LLC 5310 West 16th St Unit 409 St Louis Park, MN 55416 Business Description: Angel M Consulting LLC is a single-asset real estate company that holds interests in real estate through contractual and purchase arrangements. The Company owns a contract for deed related to real property with an appraised value of about $5 million, a real estate purchase agreement for land in Minnetrista, Minnesota, valued at about $8 million, and a purchase agreement to acquire real property in Mound, Minnesota, with a comparable sale value of about $1.5 million. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court District of Minnesota Case No.: 26-40209 Debtor's Counsel: John D. Lamey III, Esq. LAMEY LAW FIRM, P.A. 980 Inwood Ave N Oakdale, MN 55128-7094 Tel: 651-209-3550 Email: JLAMEY@LAMEYLAW.COM Total Assets: $14,506,000 Total Liabilities: $860,816 The petition was signed by Robert Bauman as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TWSXBWI/ANGEL_M_CONSULTING_LLC__mnbke-26-40209__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Estate Property Development, LLC $0 2782 Tamarack Drive Long Lake, MN 55356 2. James Koch $0 2728 Tamarack Drive Long Lake, MN 55356 3. Jay Tapper $0 14782 Dallara Ave Rosemount, MN 55068 4. Koch Building And Development, LLC $0 1161 Wayzata Blvd. E. Suite 56 Wayzata, MN 55391 5. MC Land Holdings, LLC $0 Attn Todd Christensen President 6250 202nd St Forest Lake, MN 55025 6. Robert Bauman Insider $260,816 5310 W 16th St Apt 409 St Louis Park, MN 55416 7. Square Companies Inc. Insider $600,000 Attn Robert Bauman, President 5310 W 16th St Apt 409 St Louis Park, MN 55416 8. T-Square Repair $0 And Remodeling LLC 9882 Purgatory Rd Eden Prairie, MN 55347 9. Timothy And Lori Pinkelman $0 9882 Purgatory Rd Eden Prairie, MN 55347 10. Todd Christensen $0 6250 202nd St Forest Lake, MN 55025 ANTHOLOGY INC: Lender Wants to Get Chapter 11 Plan Indemnity ------------------------------------------------------------ Rick Archer of Law360 reports that an Anthology Inc. creditor has asked a Texas bankruptcy court to reject the company's proposed Chapter 11 plan, claiming it does not provide payment for defense costs the debtor allegedly owes. According to the objection, the expenses arose from litigation initiated by an Anthology affiliate, and the creditor argues the plan cannot be confirmed without addressing those indemnification obligations. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. APPLE TREE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Apple Tree Life Sciences, Inc. and its affiliates. The committee members are: 1. Fujifilm Cellular Dynamics Inc. Attn: Ben Seffrood 465 Science Drive Madison, WI 53711 Phone: 608-327-9961 Email: Benjamin.seffrood@fujifilm.com 2. Global Project Partners, LLC Attn: Mally Ard 1990 California Blvd, 8th Floor Walnut Creek, CA 94596 Phone: 510-910-4725 Email: ma@globalprojectpartnersllc.com 3. Baylor College of Medicine Attn: Michael Dilling BCM Innovation Institute One Baylor Plaza Houston, TX 77030 Phone: 346-955-1043 Email: michael.dilling@bcm.edu Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. It provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. ARDENT PROTECTION: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Ardent Protection, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks to use cash collateral to fund ordinary course operations under an interim budget and to preserve the going-concern value of its business for the benefit of creditors. Ardent Protection asserts that the U.S. Small Business Administration will be adequately protected because the use of cash collateral will maintain and potentially enhance the value of the enterprise; the secured creditor will be granted replacement liens on post-petition assets to the same extent and priority as its pre-bankruptcy liens; and, if necessary, the secured creditor will be granted administrative expense claims to cover any shortfall. SBA's blanket lien encumbers substantially all assets of the Debtor, leaving merchant cash advance lenders unsecured. SBA extended a $575,000 loan in October 2024, secured by a perfected UCC-1 lien on all of the Debtor's assets, with an outstanding balance of approximately $486,821 as of the petition date. The Debtor's total asset value is significantly less than the SBA debt, reinforcing the Debtor's position that other asserted claims are unsecured. The Debtor filed for Chapter 11 relief under Subchapter V on January 7 and continues to operate as a minority-owned security and bodyguard services company in Miami-Dade County, employing approximately 70 workers. About Ardent Protection LLC Ardent Protection, LLC offers professional security and protection services, including on-site guarding, safety consulting, and risk mitigation. Ardent Protection LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10122) on January 07, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Robert A. Gusrae, Esq. AZURIA WATER: Moody's Lowers CFR to B3 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Azuria Water Solutions, Inc.'s (Azuria) corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD. Concurrently, Moody's assigned a B3 rating to Azuria's proposed senior secured first-lien bank credit facility, including $400 million of revolving credit facility expiring in 2031, $2.2 billion first lien term loan due 2033 and $300 million delayed draw term loan due 2033. Moody's also downgraded Azuria's existing senior secured first-lien bank credit facility due 2028 to B3 from B2. The outlook was revised to stable from negative. On a combined basis with Inframark, LLC, Azuria provides trenchless wastewater pipe rehabilitation, maintenance and protection solutions, along with management and treatment services for municipal water and wastewater facilities. Net proceeds from the proposed $2.2 billion secured first-lien term loan with new cash equity and rollover equity, will be used to merge with Inframark, LLC (Inframark), a provider of outsourced management and treatment services for municipal water and wastewater treatment plants, and to repay existing debt at both companies. New Mountain Capital is the owner of both Azuria and Inframark. The downgrade of the CFR to B3 from B2 reflects Moody's views that Azuria's aggressive financial strategy will emphasize debt funded acquisition activity, resulting in sustained and elevated financial leverage and business integration risks. The company's $300 million delayed draw term loan and an unused revolving credit facility are available to support its growth needs, as well as to fund acquisitions. ESG considerations were a key driver of the actions, notably governance risk due to the company's decision to pursue debt-funded M&As and elevated financial leverage. RATINGS RATIONALE Azuria's B3 CFR is constrained by high financial leverage, with debt/EBITDA around 7x, pro forma for acquisitions and divestitures for the twelve months ended September 30, 2025, and a modest profit margin profile, with EBITDA margins in the mid-teens percentage range. Moody's expects debt/EBITDA to decrease toward 6x over the next 12 to 18 months, supported by profit margin improvement as certain acquisition-related costs do not recur and mandatory debt repayments take effect. However, Moody's also expects the company to continue pursuing aggressive financial strategies, including debt-funded acquisitions, as part of its growth plan. The integration of announced and expected debt funded acquisitions introduces execution and integration risks, which could temporarily weaken profitability or cash flow if operational challenges arise and may delay the timeline for reducing financial leverage. However, Azuria has a track record of successfully integrating businesses since 2021, resulting in increased scale, expanded service lines, and greater geographic reach, which may help offset acquisition-related costs that may have a temporary impact. All financial metrics cited reflect Moody's standard adjustments. The credit profile benefits from Azuria's substantial scale, with pro forma revenue of approximately $2.2 billion for the same period, and its leading market position in trenchless wastewater pipe rehabilitation solutions. Demand for Azuria's services is expected to remain strong, driven by aging and predominantly local wastewater pipeline infrastructure. The merger with Inframark further expands the company's capabilities and addressable market by adding a new line of services, while also enhancing revenue visibility through long-term contractual agreements that provide stable, recurring income. Moody's anticipate interest coverage, measured as EBITA/interest expense, will be around 2x, and free cash flow/debt in the low single-digit percentage range over the next 12 to 18 months. The B3 rating assigned to the proposed senior secured first-lien bank credit facility is in line with the B3 CFR and reflects its position as the vast majority of debt in the capital structure. The rated debt is secured on a first-priority basis by substantially all tangible and intangible assets, subject to certain permitted liens and other exceptions outlined in the facility agreement. Moody's expects Azuria to maintain good liquidity over the next 12 to 15 months. Liquidity is supported by Moody's anticipations for approximately $50 million in cash at merger closing and modestly-positive free cash flow, with free cash flow/debt in the low single-digit percentage range over the next 12 to 15 months. Full availability under the proposed $400 million revolving credit facility expiring in 2031 provides further support. Typically, working capital increases in the first quarter as the company prepares for a seasonal uptick in activity during the subsequent warm-weather quarters. There are approximately $22 million in required annual term loan amortization payments, which Moody's expects will be funded by the company's free cash flow. The company also has a $300 million delayed draw term loan to support potential future acquisitions as part of its growth strategy. There are no financial maintenance covenants under the first-lien term loan, while the revolver is subject to a springing maximum first-lien net leverage ratio of 10x, which is tested when utilization exceeds 40%. Moody's do not expect this covenant to be triggered in the near term and believe Azuria will maintain substantial headroom under the financial covenant. Marketing terms for the new credit facilities (final terms may differ materially) include the following: incremental pari passu debt capacity up to the greater of $415.0 million and 100% of LTM EBITDA, plus unused amounts under the general debt basket, general restricted payment basket and the ratio debt starter basket, plus an additional amount of incremental revolving facilities up to the greater of 100% of LTM EBITDA, plus unlimited amounts subject to the greater of 6.00:1.00 First Lien Secured Leverage Ratio and ratio neutral incurrence. There is an inside maturity sublimit up to the greater of $1,040.0 million and 250% of LTM EBITDA, plus any reallocated amounts from the general debt basket, the general restricted payment basket and the ratio debt starter basket, plus any incremental facilities incurred in connection with an acquisition or investment. The credit agreement is expected to include "J.Crew" and "Serta" protections. Amounts up to 200% of unused capacity from the restricted payment and restricted debt payment covenants, including the builder basket, plus 100% of unused capacity under the general investment basket can be reallocated to incur debt. Available RP capacity reduces the amount required to be repaid under the retained asset sale proceeds test. The stable outlook reflects Moody's expectations that Azuria will achieve mid-single-digit organic revenue growth, free cash flow/debt in the low single-digit percentage range and reduce leverage toward 6x over the next 12 to 18 months. Moody's also expects Azuria will continue its growth strategy through debt funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Azuria continues to demonstrate organic revenue and EBITDA growth, with debt/EBITDA sustained below 6x, free cash flow/debt in a mid-single-digit percentage range and maintains balanced financial strategies. The ratings could be downgraded if the company demonstrates lower than anticipated revenue growth or profitability rates. The ratings could also be downgraded if the company's debt/EBITDA remains above 7x, or liquidity is diminished, including limited free cash flow. 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. Azuria, based in Chesterfield, MO, provides integrated pipeline rehabilitation products and services, and management and treatment services to mostly US municipal water and wastewater facilities in North America. Moody's expects 2026 revenue of $2.4 billion. BIG LEVEL: Gets Court OK to Obtain Emergency Loan ------------------------------------------------- Big Level Trucking, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Mississippi to obtain loan from equity security holders. David Johns, Joey Ferguson, and Sam McClendon, the Debtor's equity holders, have committed to fund a minimum of $450,000 and up to $600,000 in total. The loan will be used to fund the Debtor's ongoing costs and overhead in accordance with a court-approved budget. The terms of the loan are: a. The principal amount of the loan is $450,000, but can be increased to $600,000 (total) at the lenders' discretion; b. The collateral for the loan shall be any distributions or funds the Debtor may receive, at some point in the future (and that date is not known) from its Olympus Insurance Group "insurance program;" c. The loan bears interest at 12%; d. The loan will be repaid from distributions received from the insurance program, whenever that may be, and payments are to be made annually for a three-year term. The first payment would be due one year from the date of the order; e. Insurance distributions shall be paid directly from Olympus Insurance Group/the insurance program to the lenders (as directed by the lenders) as such other payment distributions as may be required; f. No prepayment penalty; and g. All Olympus Insurance Group dividends or distributions shall be paid to the lenders until the loan is fully paid. The loan is not to be funded in its entirety, but the Debtor may, from time to time as needed, "draw" specific sums from the loan. A copy of the court order is available at https://urlcurt.com/u?l=6uZE9Z from PacerMonitor.com. Olympus Insurance Group is a captive insurance program. In May 22, the Debtor joined the Olympus Insurance Group to cover its auto-liability, property damage, cargo and workers compensation needs. About Big Level Trucking Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18, 2025, listing up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as counsel. BIG LEVEL: Wins Bid to Extend Exclusivity Period ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Mississippi granted Big Level Trucking, Inc.'s motion to extend its exclusivity period to file disclosure statement and plan of reorganization. The Debtor must file its disclosure statement and plan of reorganization within sixty (60) days from the date of this Order. The Debtor is also granted a concomitant extension within which to obtain confirmation of any plan that may be filed. As shared by the Troubled Company Reporter, the Debtor is in discussions with various entities to obtain a post-petition loan, sometimes referred to as debtor-in-possession (or "DIP") financing. Even if the DIP financing negotiations are concluded, that certainly does not give the Debtor time to have the DIP financing loan approved by the Court after notice and a hearing. Extending the Debtor's period of exclusivity pending final negotiations for DIP financing will avoid filing a disclosure statement and plan of reorganization that do not take into account DIP financing. And, even if DIP financing is not agreed to and/or not approved, extending the exclusivity period makes sense under the circumstances in order to avoid unnecessary amendments to the disclosure statement and plan if DIP financing is approved, or not. In addition, the Debtor's counsel has been undergoing medical treatments for several weeks and has been unable to analyze and finalize the information needed to draft a meaningful plan and disclosure statement. A copy of the Court's Order dated January 12, 2026, is available at https://urlcurt.com/u?l=uZ6hB1 from PacerMonitor.com. About Big Level Trucking Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18, 2025, listing up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as counsel. BRADLEY MECHANICAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Bradley Mechanical Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral consistent with its budget pending a final hearing on February 18. Lenders with interest in the cash collateral will be provided with adequate protection in the form of cash payments set forth in the budget and replacement liens, with the same validity, priority and extent as their pre-bankruptcy liens. The interim order is available at https://is.gd/ULcnYc from PacerMonitor.com. Bradley Mechanical filed for bankruptcy on January 9 to restructure its liabilities, maintain operations, and continue servicing customers. The Debtor's financial difficulties arose largely from a subcontract dispute with Slater Builders, which left it with $900,000 in unpaid change orders, forcing it to rely on high-interest merchant cash advance loans that strained operations. The Debtor's lenders include the U.S. Small Business Administration, Quantum Lending Solutions, and Samson MCA, LLC. The SBA holds a senior secured blanket lien on the Debtor's assets while the merchant cash advance lenders' liens and UCC filings are uncertain and disputed, with Samson MCA asserting substantial claims in state court. About Bradley Mechanical Inc. Bradley Mechanical, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10057) on January 9, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Michael Bradley, president of Bradley Mechanical, signed the petition. Judge Scott C. Clarkson oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, represents the Debtor as legal counsel. BULLDOG PURCHASER: S&P Rates New $1,150MM First-Lien Term Loan 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating (recovery rating: '3') on Bulldog Purchaser Inc.'s (Bay Club) proposed $1,150 million first-lien term loan due January 2033. The '3' recovery rating indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a default. The company will use proceeds to refinance the company's existing $786 million first-lien term loan due June 2031 and $195 million second-lien term loan due June 2032, add cash to the balance sheet to fund acquisitions, and pay related transaction fees. The $170 million in incremental debt will not affect the company's credit quality because the company is seeking to reduce its interest rate, which will modestly improve cash flow and interest coverage. S&P said, "Although we increased our emergence EBITDA and enterprise value assumptions in our recovery analysis to reflect the expected acquisitions, this is more than offset by higher assumed secured debt claims in a hypothetical default scenario from the increase in incremental first lien debt." S&P said, "Our 'B' issuer credit rating and stable outlook on the company are unchanged, which reflects our expectations that the company will continue to grow its membership dues through pricing, increased member count, and utilization as it benefits from its shared membership pricing model and consumers' heighted focus on health and wellness. We project S&P Global Ratings lease-adjusted debt to EBITDA of around 6.7x. for fiscal 2025 (ending Jan. 31, 2026). We expect steady organic revenue and EBITDA growth; alongside contribution from acquired clubs, this will lower leverage to low-6x by fiscal-year-end 2026. In addition, we project S&P Global Ratings lease adjusted interest coverage will be low-2.0x this year." Issue Ratings – Recovery Analysis Simulated default assumptions -- S&P's issue-level rating and recovery rating on the proposed $1,150 million first-lien term loan is 'B' and '3', respectively. The '3' recovery rating indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in a payment default. -- S&P's simulation considers a default in 2029, reflecting a substantial decline in revenue, EBITDA, and cash flow due to the company's inability to attract members in part due to lack of consumer confidence in the safety of full service clubs. -- S&P believes that if the company defaults, it would continue to have a viable business model given its high-end, full-service clubs and locations in attractive markets. As a result, it believes lenders would achieve greater value through reorganization than liquidation of the business. -- S&P assumes the $75 million revolver (not rated) is 85% drawn at default. Key analytical factors -- Year of default: 2029 -- EBITDA at emergence: $134 million -- EBITDA multiple: 6x -- Cash flow revolver: 85% drawn at default Simplified waterfall -- Net recovery value (after 5% administrative expense): $763 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated first-lien debt claims: $1,217 million -- Value available for first-lien claims: $763 million --Recovery expectations: 50%-70% (rounded estimate: 60%) All debt amounts include six months of prepetition interest. CARMEN'S CUBAN: Unsecureds Will Get 3% of Claims over 3 Years ------------------------------------------------------------- Carmen's Cuban Cafe, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated January 14, 2026. The Debtor is a North Carolina corporation owned by Ali S. Sama. The company was established in 2004. The Debtor operates a Cuban-theme restaurant known as "Carmen's Cuban Café and Lounge," currently in Morrisville, North Carolina. The Debtor has negotiated a reduction in rent and has streamlined operations to increase net revenues. The Debtor filed this bankruptcy case due to its inability to generate revenue sufficient to maintain long-term debt payments on two SBA Economic Disaster Injury Loans. The Debtor has been unprofitable for several years at its current location. The Debtor believes that the area in which it has conducted business is saturated, but that its unique theme and menu will allow it to be profitable enough to meet its obligations proposed in its Plan of Reorganization. Class 3 consists of General Unsecured Claims. The Debtor believes that Allowed General Unsecured Claim total $1,167,558.33, including the bifurcated amount of secured claims. The Debtor proposes to satisfy this class by paying a total of $30,000.00. This amount will pay Allowed General Unsecured Claims approximately 3% of each claim. Said payments shall be made in equal quarterly installments of $2,500.00, over three years, on a pro rata basis, with the first quarterly installment due on April 1, 2026 and the final quarterly installment due on January 1, 2029. Class 4 consists of Ali S. Sama's equity interest in the Estate. Title to and ownership of all property of the estate will vest in the Debtor upon Confirmation of the Plan, subject to all valid liens of Secured Creditors under the Confirmed Plan. Liens of bifurcated Claims will be valid only to the extent of the Allowed Secured Amount of the Claims. To the extent that Class 3 does not accept the Plan, Ali S. Sama, ("Equity Owner"), will offer $3,000.00 of New Value for the purchase of his equity interests in the estate. In the event that any party desires to offer an amount in excess of $3,000.00 for the purchase of said equity interest, they must do so in writing to Debtor's counsel no later than the court-established deadline for balloting on this plan. The Debtor expects to receive average gross monthly receipts in the amount of $74,000.00 for the next several months. The Debtor expects revenues to increase over time, such that it will always generate as much net revenue to fund this Plan as when the Plan is filed. A full-text copy of the Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=hvJJ3g from PacerMonitor.com at no charge. The Debtor's Counsel: Danny Bradford, Esq. PAUL D. BRADFORD, PLLC 455 Swiftside Drive Suite 106 Cary, NC 27518-7198 Tel: (919) 758-8879 Fax: (919) 803-0683 E-mail: dbradford@bradford-law.com About Carmen's Cuban Cafe Inc. Carmen's Cuban Cafe, Inc. operates a restaurant and bar in Morrisville, North Carolina, specializing in Cuban cuisine. The Company offers a menu of traditional Cuban dishes, including entrees, appetizers, soups, salads, desserts, and children's meals, and serves local customers through on-premise dining. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00147) on January 13, 2026, with $303,776 in assets and $1,454,272 in liabilities. Ali S. Sama, president, signed the petition. Judge Pamela W. Mcafee presides over the case. Danny Bradford, Esq. at PAUL D. BRADFORD, PLLC represents the Debtor as legal counsel. CEDARS INTERNATIONAL: S&P Assigns 'BB' Issuer Credit Rating ----------------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to Cedars International Academy (Cedars), Texas. The outlook is stable. S&P analyzed the school's environmental, social, and governance factors and consider them neutral in its credit rating analysis. The stable outlook reflects S&P Global Ratings' opinion that Cedars will maintain its enterprise profile by at least modestly growing enrollment and that its financial profile will produce positive results in fiscal 2026 and in years after. The stable outlook also reflects our expectation that Cedars will successfully sell the existing campus before the end of fiscal 2027. S&P said, "We could lower the rating if Cedars is unable to sell the existing campus, which would hinder its ability to achieve operating goals, or if enrollment were to stagnate or decline and pressure operations. Should operations deteriorate, resulting in negative operating margins, sustained weak lease-adjusted MADS coverage, or a material drawdown on reserves, we could consider a negative rating action. "We could consider a positive rating action should Cedars sell its existing campus and use the proceeds to purchase the new facility from Blueprint, and improve its liquidity position to be more in line with those of higher-rated peers. A higher rating would also likely be dependent on successful execution of the school's growth strategy and reaching the new facility capacity of 856 students." CENTRAL FLORIDA: Seeks to Extend Plan Exclusivity to March 25 ------------------------------------------------------------- Central Florida Firearms, LLC, d/b/a Live Free Armory asked the U.S. Bankruptcy Court for the Middle District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 25 and May 24, 2026, respectively. The Debtor explains that its counsel has filed multiple motions to allow the Debtor to operate its business, reject burdensome executory contracts, enter into new executory contracts, value claims, ensure utilities and insurance, and respond to multiple motions for relief from stay. Additionally, the Debtor has been in negotiations with various creditors and needs additional time to finalize the negotiations to prepare its plan of reorganization. The Debtor claims that this motion is made before the expiration of the Exclusive Periods. The Court therefore has the discretion to grant the relief requested herein. Central Florida Firearms, LLC is represented by: Jeffrey S. Ainsworth, Esq. Jennifer Morando, Esq. Branson Ainsworth, PLLC 1501 E. Concord St. Orlando, FL 32803 Phone: 407-894-6834 Primary E-mail: jeff@bransonlaw.com jennifer@bransonlaw.com Secondary: tammy@bransonlaw.com lisa@bransonlaw.com About Central Florida Firearms LLC Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September 26, 2025. In its petition, the Debtor reported estimated assets of $5.2 million and estimated liabilities of $12.7 million. The Debtor is represented by Jeffrey S. Ainsworth, Esq. of BransonLaw, PLLC. CHABAD OF GRAMERCY: Trustee Hires Lindenwood Associates as Advisor ------------------------------------------------------------------ Yann Geron, Chapter 11 Trustee of the estate of Chabad of Gramercy Park, seeks approval from the United States Bankruptcy Court for the Eastern District of New York to retain Lindenwood Associates, LLC as financial advisor. The firm will provide these services: (a) analyzing the financial history of the Debtor as the Trustee and Lindenwood consider necessary; (b) verifying and evaluating, as necessary, the physical existence of all material assets and liabilities; (c) preparing monthly operating reports; (d) analyzing transactions with insiders, related or affiliated parties, suppliers, customers, and other third parties and identifying potential preferential transfers, fraudulent conveyances, and other potential causes of action; (e) assisting in negotiations with creditors, related parties, and other stakeholders; (f) attending meetings and conferring with the Trustee and other retained professionals; (g) providing litigation support, including serving as a testifying expert witness if necessary; (h) assisting in claims matters, including reviewing and reconciling claims and processing distributions; and (i) performing other services deemed necessary as financial advisors to the Trustee. Current hourly rates of the firm are $530 for Managing Partners and $485 for Managing Directors. Lindenwood will also seek reimbursement of actual, reasonable, and necessary expenses, subject to court approval. According to court filings, Lindenwood does not hold or represent any interest adverse to the Trustee or the Debtor's estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nat Wasserstein Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, NY 10960 Telephone: (917) 670-7302 E-mail: nat@lindenwoodassociates.com About Chabad of Gramercy Park Chabad of Gramercy Park owns a portfolio of five properties situated across various locations in New York, with a combined estimated value of $13.77 million. Chabad of Gramercy Park sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40105) on January 8, 2025. In its petition, the Debtor reports total assets of $13,770,000 and total liabilities of 24,715,943. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. CHABAD OF GRAMERCY: Trustee Seeks to Tap Geron Legal as Counsel --------------------------------------------------------------- Yann Geron, the Chapter 11 Trustee of the estate of Chabad of Gramercy Park, seeks approval from the United States Bankruptcy Court for the Eastern District of New York to retain Geron Legal Advisors LLC as general counsel. The firm will provide these services: (a) liquidate property of the Debtor's estate, if appropriate; (b) generally assist, advise, and represent the Trustee in the administration of the Debtor's estate; (c) assist and advise the Trustee in the examination and analysis of the conduct of the Debtor's affairs; (d) review and analyze potential estate claims, including, but not limited to, potential avoidance claims; (e) take all necessary actions to protect and preserve the interests of the Trustee, including commencement and prosecution of actions, negotiations concerning litigation involving the Trustee or the Debtor's estate, and review and analysis of claims filed against the Debtor's estate; (f) generally prepare on behalf of the Trustee all necessary motions, applications, answers, orders, reports, and papers; (g) draft a plan and disclosure statement to be proposed by the Trustee; (h) appear, as appropriate, before the Bankruptcy Court, Appellate Courts, and other courts; and (i) perform such other tasks as requested by the Trustee in connection with administration of the Debtor's estate. The firm's current rates for lawyers' time range from $395 to $975 an hour, and GLA's current rate for paralegals is $295. According to court filings, Geron Legal Advisors LLC is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Trustee, the Debtor, or the estate, except as disclosed in the supporting declaration. The firm can be reached at: Yann Geron, Esq. Jeannette Litos, Esq. Nicole N. Santucci, Esq. Alejandro J. Urquides, Esq. Geron Legal Advisors LLC 370 Lexington Avenue, Suite 1208 New York, NY 10017 Telephone: (646) 560-3224 E-mail: ygeron@geronlegaladvisors.com jlitos@geronlegaladvisors.com nsantucci@geronlegaladvisors.com aurquides@geronlegaladvisors.com About Chabad of Gramercy Park Chabad of Gramercy Park owns a portfolio of five properties situated across various locations in New York, with a combined estimated value of $13.77 million. Chabad of Gramercy Park sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40105) on January 8, 2025. In its petition, the Debtor reports total assets of $13,770,000 and total liabilities of 24,715,943. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. CHAMPION PARTY: Seeks Chapter 11 Bankruptcy in Washington --------------------------------------------------------- Champion Party Supply, LLC filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code on January 7, 2026, in the Western District of Washington. According to the filing, the Debtor owes between $100,001 and $1,000,000 to 1–49 creditors. About Champion Party Supply, LLC Champion Party Supply, LLC is engaged in the sale and distribution of party supplies and event-related products. The bankruptcy case, filed as Case No. 26-10039, lists estimated assets of $0–$100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Timothy W. Dore is overseeing the case. The Debtor is represented by Thomas D. Neeleman, Esq., and Jennifer L. Neeleman, Esq., of Neeleman Law Group, P.C. COMPASS COFFEE: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- Matthew Cheney, Acting U.S. Trustee for Region 4, appointed an official committee to represent unsecured creditors in the Chapter 11 case of Compass Coffee, LLC. The committee members are: 1. AP DC Tomato's LLC c/o Charlie Betancourt, COO 4795 Meadow Wood Lane, Suite 100 East Chantilly, VA 20151 (703) 707-4650 cbetancourt@aafmaa.com 2. Cafe Imports Fulfillment, LLC c/o Max Hurd, CFO 2617 E. Hennepin Ave. Minneapolis, MN 55413 (612) 238-9499 max@cafeimports.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Compass Coffee Compass Coffee is a Washington, D.C.-based coffee roaster and cafe chain founded in 2014 by former U.S. Marines Michael Haft and Harrison Suarez. The company focuses on specialty coffee, emphasizing in-house roasting, ethical sourcing, and community-driven branding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00005) on January 6, 2026. In the petition signed by Michael Haft, chief executive officer, the Debtor disclosed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Elizabeth L. Gunn oversees the case. Jennifer W. Wuebker, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. CONTOUR SPA: Amends Unsecureds & Sunrise Bank Secured Claims Pay ---------------------------------------------------------------- Contour Spa LLC and and its debtor affiliates submitted an Amended Disclosure Statement describing Plan of Reorganization dated January 14, 2026. The Debtors continue to operate their businesses and manage their properties in the ordinary course as debtors in possession. In doing so, the Debtors have timely complied with their reporting and compliance obligations during these Chapter 11 Cases, including the preparation and filing of monthly operating reports. Throughout the pendency of these Chapter 11 Cases, the Debtors have continued to manage their operations with a focus on preserving and enhancing enterprise value, implementing operational improvements, and pursuing initiatives designed to improve liquidity and overall profitability for the benefit of the estates and their stakeholders. All Claims against the Debtors shall be classified and treated pursuant to the terms of the Plan. As noted more fully below, the Plan contains six Classes of Claims and Equity Interests. There are two classes of Priority Unsecured Claims, two classes of Secured Claims, one Class of General Unsecured Claims, and one Class of Equity Interests. Class 4 consists of all Allowed Secured Claim of Sunrise Bank in an amount equal to the claimed amount, as adjusted by accounting for the Debtor's post-petition loan payments, post-petition interest at the contract rates and Sunrise Bank's prepetition and post-petition legal fees. In full satisfaction of the Allowed Class 4 Claim, Sunrise Bank shall retain its liens on the assets of the Debtors to the same validity, extent and priority as existed prior to the Petition Date, and on the first day of the month following the Effective Date, the Reorganized Debtor will commence monthly payments based upon a four-year amortization and maturity with interest at 7.35% per annum. All of the loan documents entered into between the Debtor and Sunrise Bank, including without limitation the Promissory Note, Loan Agreement and Security Agreement (together the "Sunrise Loan Documents"), shall as of the Effective Date be deemed to have been expressly reaffirmed by the Debtor without the necessity of any further documentation, such that, upon the Effective Date the original terms of the Loan Documents (except to the extent expressly modified in this paragraph), along with the original terms all loan documents entered into between Sunrise Bank and any guarantor concerning the loan of Sunrise Bank to the Debtor (the "Guarantor Loan Documents") shall be, and shall thereafter remain, in full force and effect as originally executed. Upon any default in any of the Loan Documents (as the same have been expressly modified herein) or the Guarantor Loan Documents after the Effective Date, Sunrise Bank may proceed to enforce any and all rights, claims, remedies or relief against the Debtor, any guarantor or any other person in any manner permitted by Loan Documents, the Guarantor Loan Documents or otherwise under applicable, in any appropriate state or federal court of its choosing without the necessity of obtaining any stay relief from the Bankruptcy Court or otherwise first seeking to enforce the default in the Bankruptcy Court. The Class 4 Claim is impaired and, as such, Sunrise Bank is entitled to vote on the Plan. Class 5 consists of the collective holders of Allowed Unsecured Claims against the Debtors. In full and final satisfaction of each Allowed Unsecured Claim, each Holder of an Allowed Unsecured Claim shall be entitled to: (1) a pro rata share of a five percent profits interest in the Reorganized Debtor up to a total of $300,000; and (2) a pro rata share of the net proceeds of all Avoidance Actions. Additionally, any Unsecured Creditor who votes in favor of the Plan shall also be entitled to a release, as of the Effective Date, from any previous contractual covenant not to compete with the Debtors, including under any Non-Competition, Non-Solicitation, and Non-Disclosure Agreement, provided that such Unsecured Creditor is not employed by the Reorganized Debtor. The Class 5 Claims of Unsecured Creditors are impaired and, as such, holders of Allowed Unsecured Claims are entitled to vote on the Plan. The Debtors anticipate obtaining exit financing from Alpha Capital Solutions of FL LLC or a substitute entity ("Alpha Capital") in the total net amount of $1,000,000 ("Exit Loan") to fund certain Administrative costs under the Plan and as additional capitalization for the Reorganized Debtor's post exit business. Payment of all amounts under the Exit Loan are conditioned upon entry of an order by the Bankruptcy Court: (i) confirming the Debtors' Plan of Reorganization; (ii) approving the proposed Exit Loan; and (iii) authorizing a release of any preference claims against Alpha Capital. The Debtors believe funding from the Exit Loan along with cash flow from the continued operation of their business will be sufficient to meet all operating expenses and required payments under the Plan. A full-text copy of the Amended Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=zadipk from PacerMonitor.com at no charge. Counsel for the Debtor: Jimmy D. Parrish, Esq. BAKER & HOSTETLER LLP 200 South Orange Avenue Suite 2300 Orlando, FL 32801-3432 Telephone: 407.649.4000 Fax: 407.841.0168 Email: jparrish@bakerlaw.com About Contour Spa LLC Contour Spa LLC is a spa services provider based in Orlando that provides wellness and beauty treatments including massage therapy, skincare, and body contouring services, as suggested by its name. Contour Spa LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03602) on June 11, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Jimmy D. Parrish, Esq., at Baker & Hostetler LLP. Joseph A Pack, Esq., at Pack Law represents the Official Committee of Unsecured Creditors. CREATIVE CHANGE: Hires Tumolo Tax Services as Accountant -------------------------------------------------------- Creative Change Counseling, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Richard Tumolo, CPA of Tumolo Tax Services PLLC to serve as accountant for the Debtor-in-Possession. Mr. Tumolo will provide these services: (a) preparation of all accounting reports as necessary for the Bankruptcy filing; and (b) preparation of all necessary tax filings. Mr. Tumolo will receive compensation of $1000 per month. Tumolo Tax Services 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: Richard Tumolo, CPA TUMOLO TAX SERVICES PLLC 91 N. York Road, #100-07 Willow Grove, PA 19090 About Creative Change Counseling, Inc. Creative Change Counseling, Inc. is a nonprofit behavioral healthcare provider offering integrated mental health services, substance use treatment, and innovative programs, including behavioral support, intensive in-community treatment, therapeutic recreational services, and restorative justice initiatives, across multiple locations in New Jersey, North Carolina, and Delaware. The Company's services are designed to empower individuals of all ages to discover their strengths, manage health-related or life challenges, and achieve personal development through skill-building, self-awareness, and structured therapeutic support. Creative Change Counseling, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-10418-CMG) on January 15, 2026. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Christine M. Gravelle versees the case. ABELSON LAW OFFICES is Debtor's legal counsel. CWHEQ HOME 2006-52: Moody's Upgrades Rating on 2 Tranches to Caa1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings of two bonds issued by CWHEQ Home Equity Loan Trust, Series 2006-S2. The collateral backing this deal consists of second lien mortgages. A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. The complete rating actions are as follows: Issuer: CWHEQ Home Equity Loan Trust, Series 2006-S2 Cl. A-4, Upgraded to Caa1 (sf); previously on Mar 6, 2025 Upgraded to Caa2 (sf) Cl. A-5, Upgraded to Caa1 (sf); previously on Mar 6, 2025 Upgraded to Caa2 (sf) RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structures, Moody's updated loss expectations on the underlying pools and Moody's revised loss-given-default expectation for each bond. Each of the bonds experiencing a rating change has either incurred a missed or delayed disbursement of an interest payment or is currently, or expected to become, undercollateralized, which may sometimes be reflected by a reduction in principal (a write-down). Moody's expectations of loss-given-default assesses losses experienced and expected future losses as a percent of the original bond balance. Principal Methodology The principal methodology used in these ratings was "US Residential Mortgage-backed Securitizations: Surveillance" published in December 2024. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the subordinate bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions. In addition, improvements in reporting formats and data availability across deals and trustees may provide better insight into certain performance metrics such as the level of collateral modifications. DHUKAN GHAR: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------- Dhukan Ghar, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan dated January 14, 2026. The Debtor, having its principal place of business at 139 Wayne Avenue, Patterson, New Jersey, is a limited liability company that owns and leases the Property. For most of the Debtor's history, it leased the Property to Noya Bazaar, LLC, an entity that has the same members as the Debtor that operated a grocery store on the Property. As of the date of filing, the Debtor was the owner of the Property. The Debtor's predecessors purchased the Property in 2005 and transferred to the Debtor in 2006. The Property is scheduled at an estimated value of approximately $1,064,700.00. Noya ceased operating in March 2025, and Ahad and Ali have operated A&G Supermarkets on the Property since April 2025. Although A&G is operating as a supermarket, it has not generated sufficient revenue to pay rent and may cease operating. The Debtor does not expect to be able to recover any funds on account of the unpaid rent due by either Noya or A&G. The members of Noya and the Debtor filed shareholder litigation which is pending in Middlesex County Superior Court. The litigation includes claims between and among all of the members of both Noya and the Debtor asserting various claims against all of the members of both Noya and the Debtor. No claims against the Debtor are made as of the filing of this Plan. The shareholder litigation is pending in Middlesex County Superior Court, Case No. MID-L001615-25 (the "Shareholder Litigation"). The Debtor seeks to satisfy creditor claims, to the extent allowed by the Bankruptcy Code, by way of the sale of the Debtor's real estate at 139 Wayne Avenue, New Jersey (the "Property"). The Plan provides that the Debtor shall sell the Property free and clear of all liens, claims, and encumbrances pursuant to Section 1123(b)(4) and (5) of the Bankruptcy Code and satisfy its creditors with the proceeds of that sale. The Debtor will pay creditors with allowed secured or unsecured claims in full as set forth in this proposed plan. The Debtor will also distribute any remaining funds from the sale of the Property to its members on account of any allowed interests. The proposed plan pays all allowed claims in full within the latest of: (1) 30 days after the Effective Date; (2) 30 days after the closing date for the sale of the property; or (3) 30 days after the claim becomes an allowed claim. The Effective Date will be 30 days after the entry of the order confirming the Plan. Class 3 are holders of General Unsecured Claims, and the claims of creditors not otherwise classified under the Plan. The Debtor does not believe there are any Class 3 Claims. This Class is unimpaired. The Debtor shall pay all allowed Class 3 Claims from any remaining proceeds of the sale of the Property after payment of or escrow of funds sufficient to pay all Administrative Claims, Priority Claims, Class 1 Claims, and Class 2 Claims. If insufficient funds are available to pay all Class 3 Claims, the Debtor shall pay all Class 3 claims pro rata from any available funds. Payment of Class 3 Claims shall be made on the latest of: (1) 30 days after the Effective Date of the Plan; (2) 30 days after the date a Class 3 claim is Allowed; or (3) 30 days after the date that all higher priority claims are paid or funds sufficient to pay such claims are placed in escrow. The Debtor has three members. Abdul Ahad has a 42.8513% ownership interest, Monsur Ahmed has a 28.5722% ownership interest, and Abdul G. Ali has a 28.568% ownership interest. These interest percentages are being contested in the Shareholder Litigation. The Plan leaves any dispute between the members to be determined in the Shareholder Litigation and only makes a distribution on account of a member's interest based on a court order or a written agreement of all the members. Class Four consists of the ownership interests of the members of the Debtor which are not cancelled or discharged pursuant to the Plan. The ownership interests of members of the Debtor shall not be altered as a consequence of the Plan. The Debtor shall hold all proceeds of the sale of the Property not used to pay any classified claim or unclassified claim in escrow and shall only distribute funds on behalf of members' interests either as directed by a court or pursuant to a written agreement of all three members. The Plan will be funded by the sale of the Property pursuant to a process provided in the Plan. The Debtor believes that the value of the property exceeds the value of any liens by about $400,000, which, after satisfaction of professionals pursuant to Court review and authorization of their fee applications, will be available to distribute to holders of interests in the Debtor. A full-text copy of the Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=yvYVvB from PacerMonitor.com at no charge. The Debtor's Counsel: David Stevens, Esq. SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP 1599 Hamburg Turnpike Wayne NJ 07470 Tel: 793-696-8391 Email: dstevens@scura.com About Dhukan Ghar LLC Dhukan Ghar LLC, a single-asset real estate company under 11 U.S.C. Section 101(51B), owns and leases the property at 139-141 Wayne Avenue, Paterson, NJ, with a $1.1 million Zillow estimate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20999) on October 16, 2025, with $1,102,128 in assets and $456,854 in liabilities. David Stevens, Esq. at SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP represents the Debtor as legal counsel. DIRECT PLUMBING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Direct Plumbing & Drains Inc. 49980 Forest Springs Rd Aguanga, CA 92536 Business Description: Direct Plumbing & Drains Inc. provides residential and commercial plumbing services, including general plumbing, leak detection and repair, fixture and pipe repairs, drain and sewer services, and water heater and boiler work. The family-owned company operates across California, serving areas such as San Diego, Riverside, Carlsbad, Temecula, Murrieta, Escondido, Moreno Valley, Fallbrook, Menifee, and Wildomar. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10402 Debtor's Counsel: Robert Rosenstein, Esq. ROSENSTEIN & ASSOCIATES 28600 Mercedes St Suite 100 Temecula, CA 92590 Tel: 951-296-3888 Email: robert@thetemeculalawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jerald Garcia II as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XRFWIPA/Direct_Plumbing__Drains_Inc__cacbke-26-10402__0001.0.pdf?mcid=tGE4TAMA DONS QUALITY: Seeks Chapter 7 Bankruptcy in Indiana --------------------------------------------------- On January 12, 2026, Dons Quality Service, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Indiana. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Dons Quality Service, LLC Dons Quality Service, LLC is a limited liability company in Indiana. Dons Quality Service, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30024) on January 12, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Paul E. Singleton handles the case. The Debtor is represented by counsel not listed in the petition. EAZY-PZ LLC: Unsecureds to Get Share of Net Profits for 5 Years --------------------------------------------------------------- Eazy-PZ LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Plan of Reorganization dated January 14, 2026. The Debtor is a Colorado limited liability company founded in 2014. Lindsey Laurain is the founder, sole member, and managing member of the Debtor. The Debtor was initially founded to manufacture and sell an innovative all-in-one placemat that self-seals to surfaces. Since its founding, the Debtor has expanded to the design, manufacture, and sales of a comprehensive line of feeding and oral care products for use in the home, including plates, placemats, bowls, cups, straws, utensils, and accessories for infants and young children. The bankruptcy filing follows the following events: (a) in 2023, BuyBuy Baby began closing its physical stores resulting in a significant loss of revenue for the Debtor; (b) since the Debtor's products are manufactured in China, the current tariff environment has created uncertainty and has negatively impacted margins; and (c) an adverse judgment entered on February 26, 2025, against the Debtor in the United States District Court for the Western District of Louisiana, Monroe Division, in the amount of approximately $2.9 million. The judgment arises from protracted nine-year litigation not initiated by the Debtor which it will be appealing. The Debtor introduced a new product line leading up to the holiday season which the Debtor anticipates will increase revenues and profitability. Class 5 is comprised of creditors with or asserting Unsecured Claims against the Debtor, including any allowed penalty Claims held by any taxing authority which are not related to actual pecuniary loss. Allowed Class 5 Claims shall receive their pro rata share of the Net Profits Fund for a period of five years following the Effective Date or until each Allowed Claim is paid in full whichever occurs first. The Allowed Class 5 Claims shall not accrue any interest. Distributions of the amount in the Net Profits Fund to the Allowed Class 5 claimants shall be made annually on the anniversary of the Effective Date and shall begin in 2026. Class 6 consists of all Interests. All equity interests in the Reorganized Debtor shall be retained by Lindsey Laurain. On the Effective Date, all assets of the Debtor shall be transferred to the Reorganized Debtor, free and clear of all liens, claims, and interests of creditors, equity holders, and other parties in interest, except as otherwise provided herein. The Reorganized Debtor shall not, except as otherwise provided in this Plan, be liable to repay any debts which accrued prior to the Confirmation Date. The Reorganized Debtor shall fund their Plan obligations with cash from operations, loans, capital contributions, and Litigation Proceeds. The Debtor shall have no obligation to obtain Court approval for future loans or capital contributions. Such funds shall be sufficient to pay in full all amounts due on the Effective Date, and, as applicable, priority claimants treated under Article III of the Plan. A full-text copy of the Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=N6YD2r from PacerMonitor.com at no charge. Eazy-PZ LLC is represented by: Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, at WADSWORTH GARBER WARNER CONRARDY, P.C. ELK RUN PROPERTY: Case Summary & Largest Unsecured Creditors ------------------------------------------------------------ Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Elk Run Property Owners Association, Inc. 26-10311 42 Pinon Causeway Pagosa Springs CO 81147 Masters Place Condominiums 26-10313 Property Owners Association, Inc. 42 Pinon Pagosa Springs, CO 81147 Village Pointe Property Owners Association, Inc. 26-10314 42 Pinon Circle Pagosa Springs CO 81147 Business Description: Elk Run Property Owners Association, Inc., Village Pointe Property Owners Association, Inc., and Masters Place Condominiums Property Owners Association, Inc. are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. The associations administer, manage, and maintain their respective properties at 42 Pinon Causeway, which collectively comprise 13 buildings and 70 residential units, including 18 units at Elk Run, 32 at Village Pointe, and 20 at Masters Place. The properties function as timeshare resorts with a combined total of 3,640 unit-weeks, or intervals, allocated across the three developments. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court District of Colorado Judge: Hon. Thomas B McNamara Debtors' General Bankruptcy Counsel: Kevin S. Neiman, Esq. LAW OFFICES OF KEVIN S. NEIMAN, PC P.O. Box 100455 Denver, CO 80250 Tel: (303) 996-8637 E-mail: kevin@ksnpc.com Debtors' General Bankruptcy Co-Counsel: K&L GATES LLP Elk Run Property Owners' Estimated Assets: $1 million to $10 million Elk Run Property Owners's Estimated Liabilities: $100,000 to $500,000 Masters Place Condominiums' Estimated Assets: $1 million to $10 million Masters Place Condominiums' Estimated Liabilities: $500,000 to $1 million Village Pointe Property's Estimated Assets: $1 million to $10 million Village Pointe Property's Estimated Liabilities: $500,000 to $1 million The petitions for Elk Run Property Owners, Masters Place Condominiums, and Village Pointe Property were signed by their respective presidents, LuAnn Blea, Rusty Nabors, and Amy Bornmann. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/BSIZMNA/Masters_Place_Condominiums_Property__cobke-26-10313__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AIVFSOQ/Elk_Run_Property_Owners_Association__cobke-26-10311__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RKATBYY/Village_Pointe_Property_Owners__cobke-26-10314__0001.0.pdf?mcid=tGE4TAMA Copies of the Debtors' lists of their largest unsecured creditors available for free on PacerMonitor at: https://www.pacermonitor.com/view/JTWQG5A/Elk_Run_Property_Owners_Association__cobke-26-10311__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/B3OZ2UQ/Masters_Place_Condominiums_Property__cobke-26-10313__0003.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RQS5ZYY/Village_Pointe_Property_Owners__cobke-26-10314__0003.0.pdf?mcid=tGE4TAMA ENSEMBLE HEALTH: Moody's Affirms 'B2' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings affirmed Ensemble Health Partners Holdings, LLC's (Ensemble) B2 corporate family rating and B2-PD probability of default rating. Additionally, Moody's assigned a B2 rating to Ensemble RCM, LLC's proposed senior secured first lien bank credit facility consisting of a $4.395 billion term loan B due 2033 and a $350 million revolving credit facility expiring 2031. The ratings on the existing senior secured term loan due 2029 and senior secured revolving credit facility expiring 2028 issued by Ensemble RCM, LLC's were affirmed at B2 and will be withdrawn upon closing of the refinancing transaction. The outlook for both entities is stable. Ensemble is a provider of technology-enhanced revenue cycle management services in the US healthcare service industry. Proceeds from the new term loan, along with cash, will be used to refinance the company's existing debt, issue an approximately $1.05 billion shareholder distribution, and pay related transaction fees and expenses. The affirmation of Ensemble's B2 CFR reflects Moody's expectations of continued strong performance through 2027, despite the credit negative impact of elevated debt/EBITDA in excess of 7x in the near term. Moody's anticipates Ensemble will continue its solid performance, including organic revenue growth of around 20% and high profitability rates, which will drive deleveraging. Moody's estimates that debt/EBITDA will increase to 7.7x from 5.8x for the debt issuance as of 30 September 2025, but will improve to below 6.5x by the end of 2026. Moody's views favorably the extension of the company's term debt maturity profile to 2033 from 2029 as well as the increase in revolving credit facility capacity to $350 million from $200 million. The transaction suggests heightened risk concerning financial strategies and risk management due to the resulting higher financial leverage compared to past debt-funded distributions. This indicates the company's growing tolerance for higher debt levels, as shown by the increased cadence and size shareholder dividends, including those in 2024 and 2025. The May 2025 debt-funded distribution raised the debt/EBITDA ratio to 7x, with the proposed transaction pushing it to 7.7x. Historically, however, the company has done well in reducing financial leverage after such increases. All financial metrics cited reflect Moody's standard adjustments. RATINGS RATIONALE The B2 CFR reflects Ensemble's very high debt/EBITDA of 7.7x as of 30 September 2025, pro forma for the January 2026 refinancing. The company has an aggressive financial policy that includes the potential for debt-funded acquisitions and additional shareholder dividends under the ownership of private equity and Bon Secours Mercy Health (BSMH, A1 Stable). The company has completed four prior distributions in the last five years that increased debt/EBITDA similarly to very high levels in the 7x range. The company has pronounced revenue concentration with BSMH, although Moody's anticipates it will decline as the company expands its customer base. Moody's considers the healthcare RCM services market to be highly competitive, with many large providers with strong financial backing who compete directly with Ensemble. The company will need to maintain sufficient financial resources in a consolidating RCM environment to maintain investments which support client retention and new wins. The rating is supported by Moody's expectations that strong profitability margins will remain high and gradually expand from increasing efficiency. Moody's also anticipates strong revenue growth of around 20% in 2026 that will reduce debt/EBITDA down to around 6.5x. The company has good revenue stability and predictability over the next 12 months, given the large proportion of contracted business that includes $45 billion of net patient revenue (i.e. total provider collections less adjustments) through September 2025, which is up around 15% year-over-year. Many health systems rely on in-house resources and various vendors for RCM operations, whereas Ensemble's comprehensive, single-vendor outsourcing model may be more appealing and drive sales growth with good customer retention. Moody's expects the company's large debt burden will result in modest free cash flow of 2% of debt in 2026 and that EBITA margins will remain strong as the company scales and optimizes labor costs. Moody's views Ensemble's liquidity as adequate with support coming from an undrawn $350 million revolver expiring 2031, a cash balance of $84 million on September 30, 2025 pro forma for the transaction, and Moody's expectations for annual free cash flow of around $80 million (after the company's recurring tax distributions to shareholders) in 2026. Moody's estimates interest expense will increase by around $65 million on an annual basis from the incremental debt. The first lien revolver is subject to a 11.65x net first lien leverage covenant. Moody's expects that the company will remain in compliance. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to (i) the greater of $630 million and 100% of consolidated EBITDA, plus amounts reallocated from (x) the general debt basket (i.e. greater of $630 million and 100% EBITDA), (y) ratio debt starter basket (i.e. greater of $472.5 million and 75% of EBITDA) and (z) general RP basket (i.e. greater of $472.5 million and 75% of EBITDA, plus amounts reallocated from certain other baskets, including the general RDP, general investments and general liens baskets), in each case if not otherwise applied, plus the amount of certain voluntarily debt prepayments, plus unlimited amounts subject to the greater of 7.0x first lien net leverage ratio and leverage neutral incurrence. There is an inside maturity sublimit for incremental debt and incremental equivalent debt of up to the greater of $1,575 million and 250% of consolidated EBITDA, subject to certain carve-outs. The credit agreement is not expected to include "Chewy", "J. Crew" and "Serta" provisions. Amounts up to 200% of unused capacity under the builder basket and the restricted payments covenant (including dividends, stock buybacks and voluntary prepayments of junior debt) may be reallocated to incur secured debt. Asset sale proceeds may be used by the company to make restricted payments or reinvest. The capital structure is portable to a qualified buyer subject to certain conditions. The senior secured bank credit facilities effectively constitute all of the debt in Ensemble's capital structure, the new B2 instrument ratings directly reflect the company's B2 CFR. The credit facilities are guaranteed by all current and future material domestic subsidiaries of the borrower; all guarantees are secured by the assets of the guarantor. The stable rating outlook reflects Moody's expectations that Ensemble, with a strong base of business provided by its relationship with Bon Secours Mercy Health (BSMH), will continue to diversify its revenue scale through new customers, allowing it to reduce debt/EBITDA to 6.5x by the end of 2026, in the absence of further leveraging transactions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's anticipates that debt/EBITDA leverage will be sustained below 5x, free cash flow as a percentage of debt approaches the high single digit percentage range, and commitment to more conservative financial policies. The ratings could be downgraded if Moody's expects debt/EBITDA will be sustained above 7x, if revenue growth slows to single-digit percentages, or if free cash flow declines and approaches break-even. 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. Cincinnati, OH-based Ensemble provides technology-enhanced revenue cycle management and physician advisory services to healthcare providers including acute-care hospitals and hospital- and office-based physicians. Bon Secours Mercy Health (BSMH, A1 stable) is the largest equity holder followed by affiliates of private equity sponsors Warburg Pincus, Berkshire Partners, Golden Gate Capital, and management. Moody's expects the company will generate about $2.3 billion of revenue in 2026. EVS MANUFACTURING: Seeks Chapter 11 Bankruptcy in Washington ------------------------------------------------------------ On January 19, 2026, EVS Manufacturing, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About EVS Manufacturing, Inc. EVS Manufacturing, Inc. is a company engaged in the production of electronic components and industrial equipment for commercial clients. EVS Manufacturing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10154) on January 19, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., of Neeleman Law Group, P.C. FOCUS UTILITY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Focus Utility Services, LLC, according to court dockets. 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. GENERATIONS ON 1ST: Seeks Continued Access to Cash Collateral ------------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC ask the U.S. Bankruptcy Court for the District of North Dakota for authority to continue using cash collateral. The Debtors were previously allowed to use cash collateral through January 22 to fund their operations. To protect Red River State Bank, the Debtors propose to grant the secured creditor automatically perfected replacement liens to cover any diminution in the value of their collateral. In addition, Red River State Bank will receive a monthly payment of $19,267 from Parkside and $39,667 from Generations on 1st. Red River State Bank's cash collateral includes rents from the Debtors' mixed-use apartment buildings in South Dakota. The rents are currently being held by a court-appointed receiver. As of the petition date, the receiver is holding pre-bankruptcy rents in the sum of $110,948.58 for Parkside and $211,201.59 for Generations. A court hearing is scheduled for February 5. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC, filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GEORGIA PROTONCARE: Files Ch. 11 to Sell Assets to Emory University ------------------------------------------------------------------- Georgia ProtonCare Center Inc. announced on January 22, 2026, that it has entered into an asset purchase agreement with Emory University, by and on behalf of Emory University Hospital Midtown to purchase substantially all of its assets plus the assumption of certain liabilities. GPCC's main asset is a proton therapy cancer treatment center located in Midtown, Atlanta. Emory clinicians provide the day-to-day care and treatment for patients at the facility. To ensure seamless continuation of care for patients, facilitate an orderly sale process, and maximize the value of the Company's assets, GPCC filed a voluntary petition to commence a Chapter 11 proceeding in the United States Bankruptcy Court for the Northern District of Georgia. Emory is the "stalking horse" bidder. The Company's decision to file for Chapter 11 protection follows a lengthy review during which the Company explored a range of strategic options. The proposed sale will be conducted through a court-supervised process under Section 363 of the United States Bankruptcy Code. In accordance with the sale process, the Company will solicit competing bids from interested parties in an effort to achieve the highest and best value for the Company's assets, which could lead to a competitive auction process. GPCC seeks to complete the sale process in the second quarter of 2026, with any sale subject to Court approval. The Company has also appointed Darryl Myers from the Turnaround and Restructuring Services practice at BDO Consulting Group, LLC as Chief Restructuring Officer. Mr. Myers, who has extensive experience leading financial and operational restructuring matters, noted: "GPCC's management team and board have evaluated all of our strategic options and believe that this option is in the best interest of patients, the community, and other stakeholders. Our top priority is to ensure the uninterrupted treatment of cancer patients at the center. We are confident that Emory, if they are the ultimate acquirer, will be able to seamlessly continue serving our patients' needs." GPCC will continue operations as usual while it works to complete the sale process, with Emory continuing to provide patient care at the facility. To enable this, the Company has filed motions with the court seeking to ensure the continuation of normal operations during this process, including treating and caring for patients, paying employees, vendors, and other core business expenses. Upon court approval, GPCC expects to minimize the impact of the Chapter 11 process on its patients, vendors, the community, and other key stakeholders. Subject to court approval, GPCC will fund its continued operations through the use of the cash collateral of its bondholders, and UMB Bank as bond trustee has consented to such use. Additional Information: Court filings and additional information related to the proceedings are available at https://dm.epiq11.com/GeorgiaProton. Creditors, potential bidders, and other parties in interest may contact the Company's Chief Restructuring Officer Darryl Myers at dmyers@bdo-ba.com or the Company's legal counsel David Gordon at dgordon@polsinelli.com. For current patient questions relating to ongoing treatments, please contact your individual care provider. For any additional inquiries, including those related to Chapter 11 matters, please reach out to the Chief Restructuring Officer. About GPCC GPCC owns and operates the Facility, which is the sole proton therapy treatment center in the state of Georgia, and one of only 47 such facilities operating in the United States. GPCC is being advised by Polsinelli PC as legal counsel, BDO as financial advisor, and SOLIC Capital as the investment banker. The Bond Trustee is being advised by Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. as legal counsel and Houlihan Lokey as investment banker. GOLD BASIN: CANEX Challenges Secured Loan as Defensive Move ----------------------------------------------------------- CANEX Metals Inc. issues the following response to Gold Basin Resources Corporation's news release dated January 19, 2026, where Gold Basin announced that it has granted security over a portion of its only material property, the Gold Basin Project in Mojave County, Arizona, to a related party. Despite this announcement, CANEX remains committed to its offer to acquire all of the issued and outstanding common shares of Gold Basin and unlock value for Gold Basin and CANEX shareholders. Highlights: -- Gold Basin's January 19, 2026 news release has revealed their management's intention to transfer Gold Basin's only material property to a related party in a last-minute defensive tactic against the Offer -- CANEX remains undeterred in its commitment to the Offer. It will not abandon its bid and will work hard to preserve value for Gold Basin's shareholders and look out for their interests, which align with its own -- CANEX encourages all Gold Basin Shareholders to tender to the Offer before Gold Basin's management can further impair the value of Gold Basin's only material property -- CANEX is optimistic that we will achieve the 50% + 1 share minimum tender requirement shortly and take the steps needed to elect a highly qualified and experienced board of directors and pursue district consolidation and advancement -- The Offer value equates to approximately $22,000,000 or roughly $0.163 per Gold Basin share based on CANEX's January 19, 2026 closing price. This value is far superior to the related party transactions put forward by Gold Basin's current management, and within three days of take-up, Gold Basin Shareholders could receive valuable and free trading shares of CANEX Gold Basin's January 19, 2026 News Release: On January 19, 2026, Gold Basin issued a news release announcing the updated terms of an unsecured loan in the amount of USD $500,000 at an interest rate of 15% per annum, received from Charrua Capital LLC in 2024. Charrua Capital has agreed to forbear exercising its rights and remedies under the Loan agreement until March 31, 2026 and to reduce the interest rate on the Loan from 15% to 9% through the period January 1, 2026 until March 31, 2026. However, the Loan is no longer unsecured. A portion of the Gold Basin Project has been put up as security during the forbearance period, which will be removed when payments resume to the satisfaction of Charrua Capital. Gold Basin has announced no plan for repaying the stated amount of approximately C$856,730 (USD $617,652) owing on the Loan, which is due March 31, 2026. The intent is clear, with no ability or plan to repay the Loan, Gold Basin's management is attempting to transfer a portion of Gold Basin's only material property to a related party. Michael Povey, the former Chief Executive Officer of Gold Basin, is known to be the owner of Charrua Capital. Mr. Povey's connection to Charrua Capital has been discussed in a September 26, 2025, news story reporting on an Australian court case in businessnews.com.au and Mr. Povey recently personally confirmed his ownership to CANEX's management. Mr. Povey is the current Executive Chairman of Helix Resources Ltd. (ASX:HLX) and a close business associate of Charles Straw, the President, interim Chief Executive Officer and a director of Gold Basin. Charles Straw has been granted a right to become one of the largest shareholders in Helix via the sale of the White Hills Project (referenced in a November 2, 2022 press release of Gold Basin as containing 12 exploration targets of interest to Gold Basin) to Helix. On April 28, 2025, as an improper defensive tactic to an offer from Mayfair Acquisition Corp., Gold Basin announced that it had executed a binding farm-in agreement granting Helix the right to earn up to 40% of the Gold Basin Project and acquire a 1% net smelter royalty over the Gold Basin Project. Gold Basin Shareholders should question Gold Basin management's repeated assertion that the Loan was provided on an arm's-length basis and ask them to explain how this is not a direct attempt to transfer Gold Basin's assets to a related party. To CANEX's knowledge, neither the Loan nor the updated terms of the Loan announced yesterday, placing a direct lien on Gold Basin's only material property, have been approved by the TSX Venture Exchange. Yesterday's announcement is a desperate attempt by Gold Basin's management to impair the value of the Gold Basin Project to the benefit of related parties and constitutes an improper defensive tactic against the Offer. CANEX will not abandon its Offer, and we will work hard to preserve value for Gold Basin Shareholders and look out for their interests, which align with our own. It should now be very clear to even the most loyal of Gold Basin Shareholders that Gold Basin's management has no plan to address Gold Basin's liquidity and compliance issues and is only focused on transferring Gold Basin's assets to related parties to the detriment of Gold Basin Shareholders. Message to Gold Basin Shareholders: CANEX would like to thank Gold Basin Shareholders for the significant support for the Offer in the face of the challenges presented by Gold Basin's delinquent status. Despite having no transfer agent engaged to assist Gold Basin Shareholders to gather necessary documents, almost 50% of Gold Basin Shareholders have tendered to the Offer. Once the 50% + 1 share minimum tender requirement is reached, CANEX will be able to take up and pay for the Gold Basin shares deposited under the Offer and CANEX shares can be issued within three business days of take-up. CANEX intends to elect a highly qualified and experienced board of directors, clean up Gold Basin, settle debts and lawsuits, explore a merger of Gold Basin into CANEX, and aggressively expose and pursue any improper transactions relating to Gold Basin by its current management and directors. The Offer value equates to approximately $22,000,000 or roughly $0.163 per Gold Basin share based on CANEX's January 19, 2026, closing price. This value is far superior to the related party transaction with Helix put forward by Gold Basin's current management. There is no certainty that CANEX will be able to restore Gold Basin to compliant status or successfully conclude a Subsequent Acquisition Transaction (as defined in the Original Offer and Circular) and the Offer could be the last opportunity for Gold Basin Shareholders to exchange their cease-traded Gold Basin shares for valuable and liquid CANEX shares. Gold Basin Shareholders with questions or who need assistance tendering their Gold Basin shares should contact Laurel Hill Advisory Group by calling 1-877-452-7184 (toll-free in Canada and the United States), or 1-416-304-0211 (collect call outside of Canada and the United States), by texting "INFO" to either number, or by email at assistance@laurelhill.com Advisors CANEX has retained Borden Ladner Gervais LLP as its legal advisor and Laurel Hill Advisory Group as its information agent. About CANEX Metals CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its 100% owned Gold Range Project in Northern Arizona. With several near surface bulk tonnage gold discoveries made to date across a 4 km gold mineralized trend, the Gold Range Project is a compelling early-stage opportunity for investors. CANEX is also advancing the Louise Copper-Gold Porphyry Project in British Columbia. Louise contains a large historic copper-gold resource that has seen very little deep or lateral exploration, offering investors copper and gold discovery potential. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS), a large shareholder of the Company. ABOUT GOLD BASIN RESOURCES CORPORATION Gold Basin Resources Corporation is advancing the Gold Basin Project, located in the tier one mining jurisdiction of Mohave County, Arizona. Gold Basin is accessible year-round via a 1.5-hour-drive on Highway I-93 southeast of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern Project area. The immediate focus of Gold Basin's highly experienced technical team is to expand and delineate multiple at-surface oxide gold deposits and prove the project's district-scale potential. GOLD BASIN: Secures Forbearance on Charrua Loan to March 2026 ------------------------------------------------------------- Gold Basin Resources Corporation announced an update to terms on a loan by Charrua Capital LLC. Gold Basin Resources obtained an unsecured loan with Charrua Capital LLC. (USA) in 2024 for USD $500,000 at an interest rate of 15% per annum to provide short-term working capital. The loan was provided on an arm's length basis. Since the loan was drawn, interest obligations of approximately USD 117,652 have accrued, bringing the total outstanding loan amount to USD $617,652. Update on Terms: Charrua Capital LLC. (USA) has agreed to forbear exercising its rights and remedies under the Loan Agreement until 31 March 2026. Under the terms of forbearance, Charrua has agreed to reduce the interest rate on the loan from 15% to 9% through the period 1 January 2026 until 31 March 2026. Furthermore, the loan is no longer unsecured, with Charrua amending terms to place security against the 100%-owned private minerals parcels in the Gold Basin Project during the forbearance period, which will be removed when payments resume to the satisfaction of Charrua Capital LLC. The parcels under security are listed shown above in yellow. These parcels are mostly undrilled, except for an area that covers part of the mineralisation defined at the Stealth Deposit. ABOUT GOLD BASIN RESOURCES CORPORATION Gold Basin Resources Corporation is advancing the Gold Basin Project, located in the tier one mining jurisdiction of Mohave County, Arizona. Gold Basin is accessible year-round via a 1.5-hour-drive on Highway I-93 southeast of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern Project area. The immediate focus of Gold Basin's highly experienced technical team is to expand and delineate multiple at-surface oxide gold deposits and prove the project's district-scale potential. GRINNELL CENTER: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 12 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Grinnell Center LLC. About Grinnell Center LLC Grinnell Center, LLC operates Hotel Grinnell, a boutique hotel housed in a former junior high school building, providing lodging accommodations, on-site dining, and meeting and event spaces. Grinnell Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-02165) on December 16, 2025. In the petition signed by Angela Harrington, manager, the Debtor disclosed $6,080,519 in assets and $8,228,060 in liabilities. Judge Lee M. Jackwig oversees the case. Robert Gainer, Esq., at Cutler Law Firm, PC, represents the Debtor as bankruptcy counsel. GUNSTOCK RANCH: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Gunstock Ranch, Inc. got the green light from the U.S. Bankruptcy Court for the District of Hawaii to use cash collateral to fund operations. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and scheduled a further hearing for February 23. The Debtor intends to use the cash collateral of First Hawaiian Bank and the U.S. Small Business Administration pursuant to a detailed operating budget to fund ordinary business costs such as payroll, taxes, utilities, insurance, and vendor services. As of the petition date, the Debtor held approximately $134,143 in cash, which constitutes cash collateral of First Hawaiian Bank, the SBA and AGCO Finance, LLC. First Hawaiian Bank holds a senior blanket lien securing a $50,000 line of credit with a balance of about $50,201.89, at 9.25% interest while the SBA holds a junior blanket lien securing an Economic Injury Disaster Loan of approximately $138,827 at 3.75% interest. To adequately protect the secured lenders, the Debtor offers to make monthly payments of $1,200 to First Hawaiian Bank and $750 to the SBA, along with granting replacement liens on post-petition assets equal to any diminution in collateral value. About Gunstock Ranch Inc. Gunstock Ranch, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00019) on January 10, 2026. In the petition signed by Gregory A. Smith, president, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Robert J. Farris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. HATSTOP: Seeks Chapter 11 Bankruptcy in Washington -------------------------------------------------- On January 15, 2026, Hatstop filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Washington. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Hatstop Hatstop is a retail company specializing in hats and headwear products, offering a range of styles and branded merchandise to consumers. Hatstop sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40093) on January 15, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Mary Jo Heston handles the case. The Debtor is represented by James E. Dickmeyer, Esq., of James E. Dickmeyer, PC. HEADWAY WORKFORCE: Files Amendment to Disclosure Statement ---------------------------------------------------------- Headway Workforce Solutions, Inc., and its affiliates submitted a First Amended Disclosure Statement in support of Plan of Reorganization dated January 14, 2026. Pursuant to the Plan, the Debtors propose two, alternative approaches to address Creditors' Allowed Claims: The first approach is the issuance of Equity Interests in connection with the reorganization of all of the Debtors. If the first approach is not successful, the Debtors will file a notice to that effect with the Bankruptcy Court and resort to the second approach – a liquidation of all of the Debtors. For purposes of both approaches, on the Plan's Effective Date the Debtors will establish a Litigation Trust that will be administered by the Litigation Trustee. On the Effective Date, the Litigation Trust Assets will pass and be transferred to the Litigation Trust for the benefit of Creditors. Under the first approach, the Debtors will implement the terms of a settlement, as modified by the Plan, with Jackson Investment that would be approved by the Bankruptcy Court prior to the Confirmation Date providing for a reorganization and the issuance of new equity interests of "Reorganized Staffing 360 Solutions, Inc." (the direct or indirect parent company of the other Debtors and certain non-Debtor affiliates). If the Jackson Investment settlement is approved by the Bankruptcy Court, then the existing equity interests in Staffing 360 Solutions Inc. will be cancelled and extinguished and new equity interests in Reorganized Staffing 360 Solutions, Inc. will be issued to Jackson Investment in exchange for old debt in accordance with the terms of the Plan. The cash component of the settlement will be included among the Litigation Trust Assets that pass and are transferred to the Litigation Trust. Thereafter, the Litigation Trustee will be responsible for conducting litigation, liquidating any unsold property in the Litigation Trust Assets, and making distributions to Creditors in accordance with the provisions in the Plan. If, on the other hand, the Debtors are unable to consummate the issuance of new equity interests under the Plan with Jackson Investment, then the Debtors will file a Liquidation Notice to inform the Bankruptcy Court and parties in interest of record of this, and the Debtors then will pursue the second approach: The Debtors shall forego that issuance of equity interests and shall proceed, instead, with an orderly liquidation of their assets and estates. In that event, the Litigation Trustee will be responsible for conducting litigation, liquidating any unsold property in the Litigation Trust Assets, and making distributions to Allowed Claims and Allowed Unclassified Claims in accordance with the distributive hierarchy and priorities of the Bankruptcy Code, other applicable law, and the Plan. This second approach is referred to in the Plan as the Orderly Liquidation Alternative. Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claim in Class 7 shall receive that Holder's Pro Rata share of the distributable Litigation Trust Assets (after payment therefrom in full of all Allowed Administrative Claims and all Allowed Priority Claims) until such Holder in Class 7 receives 100% of such Holder's Allowed General Unsecured Claim, which distribution to each Holder of an Allowed General Unsecured Claim shall commence on the latest of (I) the Initial Distribution Date, (II) the Periodic Distribution Date that is at least twenty-one calendar days after the date upon which such Holder's General Unsecured Claim becomes Allowed, or (III) as promptly after the later of (I) or (II) as is reasonably practicable under the circumstances, and shall continue on one or more Periodic Distribution Dates, until the Final Distribution Date. As discussed in the Plan, the Debtors propose two, alternative approaches to address Creditors' Allowed Claims and the Unclassified Claims: Under the first approach, Debtors will implement the terms of a settlement with Jackson Investment that would be approved by the Bankruptcy Court prior to the Confirmation Date, concerning the equity interests to be issued at or shortly after the Effective Date of the Plan by the "Reorganized Staffing 360 Solutions, Inc." (the direct or indirect parent company of the other Debtors and certain non-Debtor affiliates). For purposes of both approaches, on the Plan's Effective Date the Debtors will establish a Litigation Trust that will be administered by the Litigation Trustee. On the Effective Date, the Litigation Trust Assets will pass and be transferred to the Litigation Trust for liquidation and distribution to Holders of Allowed Claims and Unclassified Claims. In addition, the Litigation Trust is being formed for the further purpose of investigating and prosecuting Causes of Action that also may result in distributions to Holders of Allowed Claims and Unclassified Claims. The Litigation Trust Assets will be the sources of Cash (or property that will be reduced to Cash) with which to pay Allowed Claims and Unclassified Claims. If the Jackson Investment 9019 Settlement is approved by Final Order of the Bankruptcy Court, and in the absence of the Orderly Liquidation Alternative, the Litigation Trust Assets shall include the $400,000 Jackson Investment Settlement Proceeds. The Debtors or Reorganized Debtors, as applicable, are authorized to execute and deliver any documents necessary or appropriate to obtain from Jackson Investment the Jackson Investment Settlement Proceeds. Notwithstanding anything to the contrary in the Plan, Jackson Investment's obligation to provide the Jackson Investment Settlement Proceeds is excluded from any release, Exculpation or injunction provisions of the Plan, including, but not limited to, Sections IX.C, IX.D and IX.E of the Plan. The Litigation Trust shall hold any and all Claims or Causes of Action against Jackson Investment for any violation of its obligation to pay the Jackson Investment Settlement Proceeds pursuant to the Jackson Investment 9019 Settlement. A full-text copy of the First Amended Disclosure Statement dated January 14, 2026 is available at https://urlcurt.com/u?l=iyB0aa from PacerMonitor.com at no charge. Counsel to the Debtors: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 573-1422 Fax: (919) 420-0475 E-mail: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalon.com - and - Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bernsteinlaw.com About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HIGHLANDER HOTEL: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 12 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Highlander Hotel, LLC. About Highlander Hotel LLC Highlander Hotel, LLC operates a full-service hotel property in Iowa City, Iowa, known as The Highlander Hotel, under a franchise agreement with Choice Hotels, providing lodging accommodations and on-site amenities including guest rooms, suites, food and beverage facilities, and recreational spaces. Highlander Hotel sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-02166) on December 16, 2025. In the petition signed by Angela Harrington, manager, the Debtor disclosed $10,514,175 in assets and $13,109,428 in liabilities. Judge Lee M. Jackwig oversees the case. Robert Gainer, Esq., at Cutler Law Firm, PC, represents the Debtor as legal counsel. ICRYO BRANDS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ICRYO Brands, LLC (Lead Case) 26-90118 2925 Gulf Freeway South, Suite B #350 League City, TX 77573 iCRYO Franchise Systems, LLC 26-90119 2925 Gulf Freeway South, Ste. B #350 League City, TX 77573 Business Description: iCRYO Brands, LLC is a holding company that owns 100% of the membership interests in iCRYO Franchise Systems, LLC, which franchises longevity and wellness centers in the United States and Canada. Through its franchise system, iCRYO centers provide services including cryotherapy, infrared saunas, body sculpting, compression therapy, and medical services such as infusion therapy and medical weight loss. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' General Bankruptcy Counsel: Vickie L. Driver, Esq. Christina W. Stephenson, Esq. DRIVER STEPHENSON, PLLC 13155 Noel Road, Suite 900 Dallas, TX 75240 Phone: 214-910-9558 Phone: 214-390-2086 Email: vickie@driversteplaw.com Email: crissie@driversteplaw.com ICRYO Brands' Estimated Assets: $1 million to $10 million ICRYO Brands' Estimated Liabilities: $1 million to $10 million iCRYO Franchise's Estimated Assets: $1 million to $10 million iCRYO Franchise's Estimated Liabilities: $1 million to $10 million The petitions were signed by Kelly McCullough as chief restructuring officer. The petitions were filed without the Debtors' lists of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/LZXOK6A/ICRYO_Brands_LLC__txsbke-26-90118__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SK3LBCQ/iCRYO_Franchise_Systems_LLC__txsbke-26-90119__0001.0.pdf?mcid=tGE4TAMA IMERYS TALC: Updated Chapter 11 Plan Heads to Feb. 2 Hearing ------------------------------------------------------------ Rick Archer of Law360 reports that Imerys Talc and Cyprus Mines, along with some of their insurers, appeared before a Delaware bankruptcy judge Wednesday to preview upcoming confirmation hearings on a revised joint Chapter 11 plan, with the debtors maintaining that insurer protections remain intact. According to the talc companies, changes made to the plan sufficiently address insurer concerns and strike a balance between advancing the restructuring and preserving coverage-related rights. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. IMH DALLAS: Seeks Cash Collateral Access ---------------------------------------- IMH Dallas Arioso, LLC asks the U.S. Bankruptcy Court for the Southern District of California for authority to use cash collateral. The Debtor seeks court approval of a stipulation authorizing use of cash collateral, including revenue from its property located in Grand Prairie, Texas. The residential property consists of 19 buildings and 288 apartments. Under the stipulation, the Debtor is allowed to use cash collateral during the period from January 8 to March 31 solely for the disbursements set forth in its budget. The Debtor must not exceed the total expenses for the budget period by more than 10% on a cumulative basis. Moreover, the expenditure for any particular line item with respect to each calendar month during the budget period must not exceed 10% of the aggregate amount projected to be expended by the budget on such line item. The Debtor is not allowed to use cash collateral for capital expenditures without first obtaining authorization from secured lender, RREF IV-D Claremont Drive, LLC. As adequate protection, the secured lender will be granted the right to receive payments pursuant to the so-called waterfall provision, and replacement liens on all assets of the Debtor, with the same priority as its pre-bankruptcy liens. In case the replacement liens prove insufficient, the secured lender will receive a superpriority administrative claim against the Debtor as additional protection. The Debtor's right to use cash collateral under the stipulation will terminate on the earlier to occur of the following: (i) an event of default, (ii) an order of the court terminating the use of cash collateral; (iii) the closing of a sale of the property; or (iv) March 31. A court hearing is scheduled for January 28. IMH is a real estate investment subsidiary of IMH Companies, LLC, which owns the 288-unit residential property. The Debtor purchased the property in February 2022 for $64 million with plans to invest an additional $5 million in renovations. Financing was provided through a $56 million senior loan and a $9.25 million mezzanine loan organized by Rialto Capital Management, with adjustable interest rates that rose sharply due to increases in SOFR, significantly increasing debt service costs and reducing available operating cash flow. This led to declining occupancy, ineffective property management, and inability to complete planned renovations. In May 2025, the Debtor retained CAF Management, LLC as the new property manager, which successfully improved rent collection and leasing activity, with projected occupancy reaching 90% by March 2026. On December 1, 2025, the Debtor filed for Chapter 11 bankruptcy, seeking to restructure its loans and continue operating the property. A copy of the motion is available at https://urlcurt.com/u?l=BODapp from PacerMonitor.com. About IMH Dallas Arioso LLC IMH Dallas Arioso, LLC, doing business as Arioso Apartments & Townhomes, provides residential apartment and townhome rentals in Grand Prairie, Texas, offering bedroom units with features such as open-concept layouts, wood-inspired flooring, and private patios or balconies. The community operates multiple on-site amenities including swimming pools, a fitness center, and outdoor barbecue and picnic areas set within landscaped grounds. It serves residents across the Grand Prairie area with convenient access to retail centers, parks, schools, and major employers. IMH Dallas Arioso, a company in Carlsbad, Calif., sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 25-05061) on Dec. 1, 2025, listing between $50 million and $100 million in both assets and liabilities. Ed Monce, chief executive officer, signed the petition. Judge J. Barrett Marum oversees the case. The Law Office of Donald W. Reid serves as the Debtor's bankruptcy counsel. INDEPENDENT MEDEQUIP: Plan Exclusivity Period Extended to May 15 ---------------------------------------------------------------- Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the Northern District of Alabama extended Independent MedEquip LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 15 and July 14, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that for them to meet their burdens of providing adequate information to creditors and formulating a feasible plan, they will need to know with reasonable certainty how much their creditors are owed and whether those creditors have collateral or are entitled to priority. Therefore, the exclusivity period needs to extend past the deadline to file claims which the Bankruptcy Administrator has requested be set for mid-April 2026. The Debtors recently employed GGG Partners, LLC to assist them in formulating a plan of reorganization and of future operations. GGG Partners is still getting up to speed on understanding the Debtors' operations and will not be prepared to assist with formulating a plan by mid-January 2026. Furthermore, the issue of substantive consolidation will need to be resolved before the Debtors can propose a plan and disclosure statement. Substantive consolidation, if granted, would allow the Debtors to draft and propose a single plan and disclosure statement rather than eleven separate plans and disclosure statements. The Debtors claim that even if the cases are not substantively consolidated, the Debtors' disclosure statements and plans will likely need to be filed contemporaneously because they have previously been operated and managed as if they were a single company. Counsel to the Debtors: Wm. Wesley Causby, Esq. Memory Memory & Causby, LLP Post Office Box 4054 Montgomery, AL 36103-4054 Telephone: (334) 834-8000 Facsimile: (334) 834-8001 E-mail: wcausby@memorylegal.com About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a prepetition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. IROBOT CORP: DOJ Says CFIUS Review May Delay Chapter 11 Deal ------------------------------------------------------------ Vince Sullivan of Law360 reports that the Department of Justice has warned the Delaware bankruptcy court that CFIUS scrutiny of iRobot's proposed Chapter 11 plan transactions could slow the process as the case approaches confirmation. The DOJ said the foreign investment review may extend beyond the timeline for the upcoming confirmation hearing, potentially delaying implementation of the transactions contemplated by the plan. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. JACKSON HOSPITAL: BCBS Blocks Bid to Skip $3B Antitrust Deal ------------------------------------------------------------ Blue Cross Blue Shield has urged a Delaware bankruptcy judge to block Alabama hospital's, Jackson Hospital & Clinic, attempt to opt out of a $2.8 billion antitrust class action settlement, arguing the debtor missed the opt-out deadline without justification. In a court filing, the insurer said the hospital cannot revive independent claims through its bankruptcy case after failing to timely exclude itself from the settlement, warning that allowing the move would undermine the finality of the nationwide agreement. About Jackson Hospital & Clinic Jackson Hospital & Clinic, Inc., is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on Feb. 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. JD HUNT: Seeks to Extend Plan Exclusivity to March 23 ----------------------------------------------------- JD Hunt Custom Homes Inc. and affiliates asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 23 and May 22, 2026, respectively. The Debtors believe that the relevant factors weigh in favor of extending exclusivity. * First, the Debtors have been progressing towards a reorganization in good faith. The Debtors have been communicating with their creditors and has begun the plan drafting process. * Second, the Debtors are generally paying their debts as they come due. * Third, the Debtors believe they have reasonable prospects for confirming a viable plan. * Fourth, this is the Debtors' second request, and the case has only been pending for 255 days, with one notable change of counsel in the interim. * Fifth, the Debtors are not filing the instant Motion as a means of pressuring any creditors. * Sixth, and most importantly, extraneous factors beyond the Debtors direct control will significantly impact the plan to be filed and the Debtors believe the exclusivity period should be extended. The Debtors believe that this extension will give them time to sufficiently determine and realize the value(s) of the assets at issue, giving them the ability to structure a plan that is in the best interest of the creditors, the estate, and the Debtors. JD Hunt Custom Homes, Inc. is represented by: Todd Headden, Esq. Charlie Shelton, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 Email: theadden@haywardfirm.com About JD Hunt Custom Homes Inc. JD Hunt Custom Homes Inc. is a custom home builder based in Austin, Texas. The Company specializes in high-end residential construction projects and has been involved in sustainable building practices, including materials repurposing. JD Hunt Custom Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10700) on May 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtors are represented by Kell C. Mercer, Esq. at KELL C. MERCER PC. KKHR CONSTRUCCIONES: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: KKHR Construcciones & Asociados Inc. d/b/a KKHR Construction URB Glenview Gardens J-15 Calle E-7B Ponce, PR 00731 Business Description: KKHR Construcciones & Asociados Inc., doing business as KKHR Construction, provides construction services that include heavy equipment operations and concrete foundation work. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-00134 Debtor's Counsel: Rolando Emmanuelli Jimenez, Esq. BUFETE EMMANUELLI, C.S.P. PO Box 10779 Ponce, PR 00732 Tel: 787-848-0666 Fax: 866-880-7145 Email: rolando@emmanuelli.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Norhem Martinez Perez as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6F5IIJQ/KKHR_CONSTRUCCIONES__ASOCIADOS__prbke-26-00134__0001.0.pdf?mcid=tGE4TAMA LA GEOTHERMAL: Case Summary & 12 Unsecured Creditors ---------------------------------------------------- Debtor: LA Geothermal Energy Corp. 3249 Conestoga Canyon Road, Ste A Palmdale, CA 93550 Business Description: LA Geothermal Energy Corp. provides industrial management consulting services with a focus on restoring value to distressed real estate properties in the United States. The Company works with real estate brokers to transform foreclosed homes into market-ready assets by managing restoration projects through a network of bonded general contractor partners and offering consulting in areas including geothermal energy, permitting, electrical, and engineering. LA Geothermal Energy Corp. also delivers specialized advisory services in home restoration, industrial management, and construction materials, emphasizing efficiency, compliance, and value enhancement. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Central District of Florida Case No.: 26-10518 Judge: Hon. Deborah J Saltzman Debtor's Counsel: Kevin Tang, Esq. TANG & ASSOCIATES 17011 Beach Blvd Suite 900 Huntington Beach, CA 92647 Tel: 714-594-7022 Fax: 714-421-4439 Email: kevin@tang-associates.com Total Assets: $144,556 Total Liabilities: $1,369,633 The petition was signed by Cornelius Rogers as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2LJGXLA/LA_Geothermal_Energy_Corp__cacbke-26-10518__0001.0.pdf?mcid=tGE4TAMA LABL INC: S&P Downgrades ICR to 'SD' on Missed Interest Payment --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on LABL Inc. to 'SD' (selective default) from 'CCC+' and the issue-level rating on its 2027 senior unsecured debt to 'D' from 'CCC'. S&P placed the 'CCC+' issue level ratings on the secured notes and term loans and the 'CCC' issue-level rating on the remaining unsecured debt on CreditWatch with negative implications. LABL missed the interest payment on its 10.5% senior unsecured notes due in 2027, part of a larger negotiation to address the company's capital structure and liquidity. LABL entered a 30-day grace period with its 2027 unsecured notes. S&P said, "The missed interest payment is part of a broader negotiation with lenders that we expect will result in a balance sheet restructuring. Because LABL has missed only the interest payment on the 2027 notes, we lowered that rating to 'D' and the issuer credit rating to 'SD'. We placed the other issue-level ratings on CreditWatch negative to reflect our expectation that the company will likely need to engage in a larger restructuring to continue sustainable operations." Large reductions in customer demand limited LABL's ability to capture synergies that it had expected, substantially reducing earnings with S&P Global Ratings-adjusted EBITDA down about 17% in the first three quarters of 2025 from the previous year. A high debt balance and interest expense that we expect could top $500 million this year will pressure cash flow and continue to result in an unsustainable capital structure. S&P said, "We believe LABL will need to eventually recapitalize the balance sheet. We could lower the remaining debt ratings and issuer credit rating to 'D' should LABL undertake a larger restructuring. We expect to raise the ratings after completion of its restructuring activities." LADDER CAPITAL: S&P Raises ICR to 'BB+', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its ratings on Ladder Capital Corp's subsidiaries and unsecured notes to 'BB+' from 'BB'. S&P also assigned a 'BB+' issuer credit rating to Ladder Capital Corp. The outlook is stable. S&P said, "The stable outlook reflects our expectation for Ladder to operate with debt to ATE between 2x-3x over the next 12 months. Additionally, we expect the company to continue growing its loan portfolio with modestly improving CRE conditions supportive of solid operating performance. "Ladder's leverage has steadily improved over the past few years, and we expect it to remain below 3x. As of Sept. 30, 2025, the company's S&P Global Ratings debt to ATE was 1.97x, an improvement from 2.01x at year-end 2024 and a continuation of several years of steady improvement from debt reduction. Through the first three quarters of 2025, Ladder has used its large cash balance and capital received from the repayment of loans and securities to fund its new loan originations and purchases of securities. As a result, leverage has improved slightly, though with a relatively low cash balance as of the end of the third quarter, we expect future investments to likely lead to a modest increase in the company's debt to ATE. That said, we expect it to remain well within the company's financial policy of 2x to 3x. As such, we revised upward our capital and earnings assessment. "We believe Ladder's strong diversification has helped limit losses in recent years. Through the first three quarters of 2025, the company did not record any charge-offs and recorded less than $6 million in each of the prior two years, highlighting the solid performance within its portfolio. As of Sept. 30, 2025, the company had three nonaccrual loans totaling $123 million, an increase from two nonaccrual loans totaling $76.9 million as of year-end 2024, though this represents just 2.6% of total assets. Ladder's allowance for credit losses has declined slightly over the same time frame to $52.2 million from $54.1 million. "Overall, we believe the company's portfolio is well-positioned and expect limited losses over the near term. However, we believe its exposure to office assets poses some risk. Office loans comprise the majority of its remaining loans originated in 2021 or earlier (at lower interest rates). While Ladder's third-largest office loan was repaid in the third quarter, total office loan exposure remains relatively high at $652 million, representing about 33% of its loan portfolio or 14% of total assets. Approximately 50% of the remaining office loan portfolio is concentrated in two loans, one of which is due in early 2026, though full repayment is expected. Ladder's third-quarter originated assets were predominantly in multifamily and industrial, which on average we view as lower-risk sectors relative to office. "We believe the company's three business segments offer diversification benefits despite all being focused within CRE. Ladder's core business segment is its CRE loans segment, which accounts for 40% of the company's portfolio as of Sept. 30, 2025, down from a peak of approximately 70% in 2022. The company's CRE securities segment has grown materially over the past couple of years to 40%, from less than 10% in 2023. Ladder's CRE equity segment has remained relatively consistent in size at around 15%-20% of assets (it was 19% as of Sept. 30, 2025). While all three segments have exposure to broader CRE trends and cyclicality, we view the CRE securities and CRE equity segments as providing a significantly more stable source of income and a strength relative to peers. While we expect the company to grow its CRE loan segment over the next couple of years, we expect the CRE equity and CRE securities segment to continue to comprise approximately 30% of assets or more, with the optionality to increase the exposure depending on market conditions, as we have seen the last couple of years." Additionally, the company's diversification is amplified by the granularity of its investments. Within its CRE loan segment, the average loan size is about $25 million-$30 million. Within its CRE equity segment, the average size by asset value per property is approximately $5 million, given the majority of the portfolio is comprised of net lease properties. Lastly, within its CRE securities segment, the average investment per CUSIP is $14 million. Given these positive characteristics and limited loan losses, S&P revised upward its risk position assessment. The company is well-positioned with ample liquidity and a largely unsecured capital structure. Early in 2025, Ladder materially upsized its unsecured revolver credit facility to $850 million, of which $830 million was undrawn as of Sept. 30, 2025. The company's unsecured revolver is unique among peers and provides a strong source of liquidity for Ladder. The company also has four unsecured bonds outstanding, including its most recent issuance in June 2025 ($500 million 5.5% senior unsecured notes due 2030). Approximately 75% of the company's debt is unsecured, far and away the highest mark in its peer group. Ladder's track record in the unsecured markets provides a less risky and more flexible funding source relative to repurchase facilities, which most of its peers rely on. Furthermore, as of Sept. 30, 2025, 84% of Ladder's total assets were unencumbered, providing additional flexibility in times of stress and as the company funds its growth. S&P said, "The stable outlook reflects our expectation for Ladder to operate with debt to ATE between 2x-3x over the next 12 months. Additionally, we expect the company to continue growing its loan portfolio with modestly improving CRE conditions supportive of solid operating performance." S&P could lower the rating on Ladder if: -- Its leverage, measured by debt to ATE, increases and remains above 3x for a sustained period; or -- Asset quality deteriorates materially, perhaps reflected in a rise in percentage of nonaccrual loans, foreclosed real estate, or allowance for credit losses. S&P could raise the rating on Ladder if: -- Operating performance remains sound with limited loan losses while maintaining solid diversification across key segments and investments; -- It works through its older vintage office loans and reduces its exposure to larger office assets while limiting exposure to lower-quality office real estate; -- It maintains unfettered access to unsecured debt markets with ample liquidity; and -- Debt to ATE remains around 2x. LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to April 27 ----------------------------------------------------------------- Leisure Investments Holdings LLC, and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 27 and June 29, 2026, respectively. Since the Exclusive Periods were first extended, Debtors have continued to work with parties in interest, including the Debtors' prepetition and postpetition lenders, the Committee, the U.S. Trustee, and others to pursue the sale process and maintain case momentum despite a variety of operational and other challenges. The Debtors and their professionals have devoted substantial time, energy, and resources to reach this point in the Chapter 11 Cases. Specifically, the Debtors and certain of their subsidiaries operate (or, alternatively, have wound down during the Chapter 11 Cases) dolphin facilities in eight countries, including the United States and Mexico, and are pursuing sale efforts in each of those jurisdictions. As a result of those efforts, the Debtors have sold or wound down three of their four facilities in the United States, including effectuating the safe transfer of the animals housed at certain of such facilities to responsible third parties. The Debtors claim that the requested extension of the Exclusive Periods is reasonable given the current status of the Chapter 11 Cases and the progress achieved to date. The Debtors are currently in the process of documenting the proposed disposition of their Mexican assets and anticipate submitting to the Court a chapter 11 plan that will effectuate the Debtors go-forward strategy. As the Debtors move toward confirmation and the eventual wind down of their estates, the Debtors and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. The Debtors explain that the companies and their professionals have expended, and will continue to expend, substantial resources to maintain control over their books, records, and operations. Even so, the Debtors have diligently pursued their marketing and sale strategy, which is nearing consummation. The Debtors require additional time to submit a chapter 11 plan that effectuates the Debtors' sale transactions and ultimate wind down strategy. The Debtors assert that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact their efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LINEAR COMPANIES: Retains VR Acquisitions as Property Manager ------------------------------------------------------------- Linear Companies LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to retain VR Acquisitions Management LLC dba PV Homes and Villas to serve as property manager and operator of its short term rental properties. VR Acquisitions Management LLC will provide these services: (a) processing reservations and processing and collecting payments and taxes from vacation rental guests; (b) communicating and managing guest relations; (c) cleaning, maintaining and repairing the Rental Properties; (d) advertising, marketing and yield management; (e) preparing monthly P&L statements and basic year-end tax reporting documents; (f) handling contracts and administration; (g) performing normal and routine rental collection activities and credit card processing; (h) conducting routine maintenance inspections and addressing damage caused by tenants and occupants; (i) performing guest mid-week and final cleanings; and (j) providing all reasonably related customer service matters, as detailed in the Management Agreements. Pursuant to the Management Agreements, VR Acquisitions Management LLC will receive compensation in the form of a leasing fee equivalent to 25% of all gross rental proceeds, exclusive of travel agent commissions and realtor referral fees, if any. VR Acquisitions Management LLC is affiliated with the Debtor through Sean Parsons, who indirectly owns membership interests in both the Debtor and VR Acquisitions and is the manager of the Debtor, according to court filings. The firm can be reached at: The Vacation Rental Management LLC 9740 E Desert Cove Ave Scottsdale, AZ 85260 About Linear Companies LLC Linear Companies, LLC, doing business as Linear Investments, LLC and Linear Investments AZ, LLC, operates in the real estate and investment sector and manages property holdings and conducts financial investment activities. Linear Companies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11955) on December 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by Philip R. Rudd, Esq., at Sacks Tierney P.A. LINQTO TEXAS: Ad Hoc Group Backs Founder's Objection to Ch. 11 -------------------------------------------------------------- Several members of the Linqto Ad Hoc Stakeholders Committee have filed a Joint Motion for Joinder to the Objection to Linqto's Chapter 11 plan submitted by Linqto founder earlier third week of January. On January 19, 2026, William Sarris, the Founder and former CEO of Linqto, filed a sweeping objection in Chapter 11 Case No. 25-90186 (Linqto Texas, LLC, et al.), alleging that the company's current management engineered a bankruptcy not out of necessity, but for self-enrichment -- while deliberately withholding critical, exculpatory evidence from both the Court and Linqto's customers. Linqto is a financial technology platform that enabled more than 14,000 investors worldwide to access late-stage, privately held pre-IPO companies. According to the objection, the Chapter 11 filing was not a legitimate reorganization, but a strategic maneuver designed to seize control of over $1 billion in customer-owned assets -- despite the fact that Linqto was solvent, profitable, and expressly structured to keep customer assets bankruptcy-remote. In the months leading up to bankruptcy, Linqto had completed 56 consecutive profitable months, held approximately $40 million in assets, carried no debt, and possessed substantial equity. None of those facts were presented to the Court as justification for the filing. Central to the objection is Linqto's Series LLC / SPV structure, which was intentionally designed to protect customer investments from corporate insolvency. A formal "True Sale" legal opinion issued in 2024 by Nelson Mullins -- supported by RSM and Deloitte -- concluded that customer assets are not property of the bankruptcy estate. According to the filing, current management withheld the existence of this True Sale opinion from the Judge, depriving the Court of powerfully exculpatory evidence that directly contradicts the core premise of the bankruptcy. "With over $1 billion in customer-linked assets at stake and more than 13,000 customers affected, the Linqto bankruptcy has become a flashpoint for a broader question the Court -- and the public -- must now confront plainly," said Rob Cunningham, Co-Chair of the Ad Hoc Stakeholders Committee. "Ultimately, this bankruptcy court judge will determine if this is a bankruptcy of necessity or convenience enabled by silence, omission, and the suppression of material truth." About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Telephone: (469) 357-2500 Facsimile: (469) 327-0860 Email: kristen.perry@faegredrinker.com - and - Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Telephone: (212) 248-3263 Facsimile: (212) 248-3141 Email: richard.bernard@faegredrinker.com - and - Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: (310) 600-3980 Office: (212) 444-7200 LSF12 HELIX: Moody's Rates New Sr. Secured First Lien Notes 'B2' ---------------------------------------------------------------- Moody's Ratings assigned a B2 rating to LSF12 Helix Parent, LLC's (Hillenbrand) proposed backed senior secured first lien notes. All other ratings of Hillenbrand, including the B2 corporate family rating, the B2-PD probability of default rating, and the B2 ratings on the backed senior secured bank credit facilities, are not affected by the transaction. The stable outlook is unchanged. The company intends to use the proceeds from the new senior secured notes to help fund the acquisition of Hillenbrand, Inc. by an affiliate of Lone Star Funds in an all-cash transaction valued at an enterprise value of approximately $3.8 billion. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee RATINGS RATIONALE Hillenbrand's ratings reflect the company's solid position in niche markets as a large provider of processing, material handling, and molding equipment and systems. With a global footprint, Hillenbrand has good end market and geographic diversification. The ratings also reflect the benefits of long-term growth trends and a large installed base of equipment providing a recurring revenue stream from higher margin aftermarket sales. Moody's expects Hillenbrand to focus on strong cost and expense controls to drive margin improvement. The ratings are constrained by Hillenbrand's exposure to cyclical markets. Deferred customer spending, particularly for large capital equipment during economic downturns, could exert pressure on revenue. Hillenbrand has modest scale in competitive and fragmented industrial markets. The company has high financial leverage as a result of the leveraged buyout. Private equity ownership may lead to a more aggressive financial policy. Moody's expects organic revenue to decline by 2% in fiscal year 2026, ending September 30, driven by ongoing weak demand amid lingering economic uncertainty and still high interest rates. Revenue will likely increase by 2% in fiscal year 2027. This growth will be supported by favorable pricing, improved demand from an expected better economic environment, new product launches and strong efforts to drive higher aftermarket sales. Moody's also expects higher pricing together with cost and expense control efforts to improve the EBITA margin to about 14% over the next 12-18 months. Under new ownership, Hillenbrand plans to accelerate cost and expense reduction initiatives, including procurement savings, site consolidations and efficiency measures. As a result, Moody's forecasts that adjusted debt-to-EBITDA will decrease over the next 12-18 months, but it will remain high at around 6.0x. Moody's forecasts that Hillenbrand's liquidity will be good, supported by Moody's expectations for free cash flow of more than $110 million over the next 12 months, driven by higher earnings and improved working capital management. Liquidity is further underpinned by the proposed $420 million senior secured first lien revolving credit facility, which is expected to remain undrawn. The proposed revolving credit facility has a springing covenant with a maximum first lien net leverage ratio. The proposed term loan does not have any financial maintenance covenants. Hillenbrand does not have any near-term debt maturities. The stable outlook reflects Moody's expectations that steady revenue and strong cost and expense controls will drive higher earnings, lowering the company's debt leverage and generating positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Hillenbrand improves profitability, adjusted debt to-EBITDA is sustained below 5.0x, adjusted EBITA-to-interest is sustained above 3.0x and the company generates strong positive free cash flow. The ratings could be downgraded if adjusted debt-to-EBITDA will be sustained above 6.0x, adjusted EBITA-to-interest will be sustained below 2.0x, or the company makes a large debt funded acquisition or dividend payment. If liquidity weakens, including an expectation of negative free cash flow or diminishing revolver availability, the ratings could also be downgraded. The principal methodology used in this rating was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LSF12 Helix Parent, LLC will be the parent company of Hillenbrand, Inc. Headquartered in Batesville, IN, Hillenbrand manufactures processing, material handling, hot runner and process control, and molding equipment and systems. Its product portfolios include feeding, material handling, compounding, extrusion, conveying, ingredient automation, and screening and separating equipment; hot runner systems; and mold bases and components. The company will be controlled by private equity firm Lone Star Funds, following a leveraged buyout. MAHSEER HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Mahseer Holdings LLC (PennAero). At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the company's proposed term loan B and delayed draw term loan B held at Mahseer Bidco LLC. The stable outlook reflects S&P's expectation that free cash flow will remain solidly positive, but sponsor ownership could result in S&P Global Ratings-adjusted EBITDA remaining near 5x. PennAero is acquiring TriMas Aero with a combination of debt and equity. PennAero, a manufacturer of fasteners, gears, latches, and manifolds for aerospace original equipment manufacturers (OEMs) and Tier 1 suppliers is acquiring TriMas, a designer and manufacturer of fasteners and other critical components across aerospace and defense end markets. It's funding the transaction with a new $625 million term loan B as well as new cash equity contributed by financial sponsors. PennAero will also have access to a new $100 million revolving credit facility and $100 million delayed draw term loan B due 2033, which S&P expects it to use for future acquisition and to bolster liquidity. PennAero is well-positioned to capitalize on market conditions and realize organic growth. Market growth, market share gain, and an improved pricing strategy could result in organic growth. Given some recent supply constraints, the industry backlog is about 10 years' worth of production. Aging commercial aircraft fleets need to be replaced with newer, more efficient models, creating additional business. The TriMas acquisition could position the company to win more business in aerospace fasteners given expanded offerings and capabilities. Given that PennAero products tend to be on high-performance parts of an aircraft, the company may be able to demand more favorable prices, further driving organic revenue growth and improving profitability. The rating reflects PennAero's small size, high leverage, and solid cash flows. With about $500 million pro forma annual revenue, PennAero is among our smallest rated components manufacturers compared with competitors such as Goat Holdco LLC (Barnes Group), Ovation Parent Inc. (Arxis), and Chromalloy Corp., all of which post $1.1 billion-$1.6 billion in revenue. Signia Aerospace LLC is of similar size, while only Novaria Group is smaller among peers. S&P said, "We expect debt to EBITDA to be above 5x at transaction close but improve throughout 2026 as transaction and integration costs start to decline. Absent sizable acquisitions or dividends, PennAero's leverage could decline and remain below 5x, but acquisitions could be part of future growth strategies and one-time integration costs could prolong the improvement timeline. We expect free cash flow to be solidly positive throughout our forecast at $20 million-$30 million in 2026. "PennAero's financial policy will help determine the rating trajectory. A growing top line combined with improving margins could lead to stronger credit metrics. The magnitude depends on management's and the owners' financial policy. We think leverage reduction is more likely to stem from earnings growth than debt reduction. We anticipate the company could pursue growth through opportunistic acquisitions, funded with the delayed draw term loan and revolver borrowings, as well as internally generated cash flow. If the company is more aggressive than expected, it could sustain debt to EBITDA above 5x if it takes on additional debt to fund the growth. "The stable outlook reflects PennAero's market position and favorable market dynamics, as well as our expectation that free cash flow will remain solidly positive while its financial policy could keep S&P Global Ratings-adjusted debt to EBITDA near 5x." S&P could lower its rating on PennAero if it sustains debt to EBITDA above 7x or free cash flow approaches break-even. This could occur if: -- Integration challenges result in weaker-than-expected profitability as the company is unable to realize cost savings; -- The company fails to grow organically through new business wins; or -- It pursues growth through debt-financed acquisitions. Although unlikely in the near term due to financial-sponsor ownership, we could raise the rating on PennAero if its debt to EBITDA declines well below 5x and the sponsor shows a commitment to maintaining such credit metrics, or it sustains S&P Global Ratings-adjusted EBITDA margins well above 20% for a prolonged period. This could occur if: -- EBITDA margins grow faster than expected as cost synergies are more substantial than anticipated; -- The company captures new business through organic growth; and -- The sponsor commits to maintaining improved credit ratios, even with potential acquisitions. MAMA BIRD'S: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Mama Bird's Cookies N Cream LLC 304 N. Main Street Holly Springs, NC 27540 Business Description: Mama Bird's Cookies N Cream LLC, doing business as Mama Bird's Ice Cream, produces handcrafted ice cream and baked goods from its locations in Holy Springs and Apex, North Carolina, offering a range of rotating flavors that highlight traditional recipes with unique twists. The Company emphasizes scratch-made desserts, including gluten-free options, and serves customers through its physical locations and a mobile unit. Its operations focus on creating a community-oriented environment, catering to local consumers and families seeking artisanal frozen treats. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-00272 Judge: Hon. David M Warren Debtor's Counsel: Laurie B. Biggs, Esq. BIGGS LAW FIRM PLLC 9208 Falls of Neuse Road Suite 120 Raleigh, NC 27615 Tel: (919) 375-8040 Fax: (919) 341-9942 Email: lbiggs@biggslawnc.com Total Assets: $321,096 Total Liabilities: $1,044,349 The petition was signed by Lesley Richmond as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LPW7HKA/Mama_Birds_Cookies_N_Cream_LLC__ncebke-26-00272__0001.0.pdf?mcid=tGE4TAMA MARQUIS STAR: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Marquis Star Holding, Inc. (Lead Case) 26-10660 814 Ponce De Leon Blvd. Suite 210 Miami, FL 33134 Marquis Solar Frame Works, Inc 26-10661 205 Industrial Circle Stoughton, WI 53589-1303 Business Description: Marquis Star Holding, Inc. is a Florida corporation that operates as a real estate holding company, owning multiple properties including a condominium in Florida and manufacturing facilities in Wisconsin, while Marquis Solar Frame Works, Inc. is a Wisconsin corporation engaged in the fabrication and supply of aluminum solar panel frames, operating manufacturing facilities in Wisconsin and Canada, including facilities owned by Marquis Star Holding, Inc. The companies are separate legal entities with shared upstream ownership, distinct assets and liabilities, and coordinated administrative functions, with each entity remaining responsible for its own operations and obligations. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court Southern District of Florida Judge: Hon. Robert A Mark Debtors' General Bankruptcy Counsel: Linda Leali, Esq. LINDA LEALI, P.A. 2525 Ponce De Leon Blvd. Unit 300 Coral Gables FL 33134 Tel: (305) 341-0671 E-mail: lleali@lealilaw.com Marquis Star Holding's Estimated Assets: $10 million to $50 million Marquis Star Holding's Estimated Liabilities: $1 million to $10 million Marquis Solar Frame's Estimated Assets: $10 million to $50 million Marquis Solar Frame's Estimated Liabilities: $10 million to $50 million Marquis Star Holding's petition was signed by its president, Michelle Chiever, while the petition for Marquis Solar Frame was signed by Jun Niu, the Company's chief operating officer. Marquis Star Holding, Inc. listed Export Development Canada, located at 150 Slater Street, Ottawa, Ontario, K1A 1K3, Canada, as its only unsecured creditor, with a $9,872,197 claim. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/I57ET4A/Marquis_Star_Holding_Inc__flsbke-26-10660__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/T2ZKEHI/Marquis_Solar_Frame_Works_Inc__flsbke-26-10661__0001.0.pdf?mcid=tGE4TAMA List of Marquis Solar Frame Works, Inc's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Export Development Canada Breach of $9,872,197 150 Slater Street, Ottawa, Ontario, Contract/ K1A 1K3, Canada Indemnity 2. Vnus Holding Limited Loan/Debt $5,518,604 Craigmuir Chambers, Road Town, Transfer VG 1110, British Virgin Islands 3. AA Metals, Inc Trade Payable $4,467,583 11616 Landstar Blvd Orlando, FL 32824 4. Regal Lifestyle Trade Payable $2,620,809 Products Limited Room 1101, 11/F, Tai Yau Building 181 Johnston Road, Hong Kong, Hong Kong (SAR) 5. Bright Mega Capital Trade Payable $2,478,358 Corporation 25 Valleywood Dr# 17, Markham, ON, L3R 5L9, Canada 6. Do Thanh Aluminum Joint Trade Payable $1,781,590 Stock Company Small and medium industrial Park, Phu Thi, Gia Lam, Ha Noi, 100000, VietNam 7. PT. Indal Aluminum Trade Payable $1,453,660 Industry TBK JL Kembang Jepun 38-40, Surabaya, 60162, Indonesia 8. Hongkong Topway Trading Co., Trade Payable $999,046 Limited Flat/Rm5, 17/F, China Merchant Tower, Shun TAK Centre, HongKong, 361006, China 9. Aluminio de Baja California S.A. Trade Payable $983,528 de C.V. Calle Monferrato 6701, San Antonio de los Buenos, Tijuana, Baja California, C.P. 22563, Mexico 10. Service First Staffing Trade Payable $972,435 BOX 88247 Milwaukee, WI 53288-8247 11. Seafarer Global Transport Trade Payable $437,058 Company Limited NO. 14, Lane 185, Dang Tien Dong Street, Trung Liet Ward, Dong Da District, Hanoi, 100000, VietNam 12. Hydro Extrusion USA LLC Trade Payable $403,472 400 Rouser Road Suite 201 Moon Twp, PA 15108 13. Montreal Aluminum Trade Payable $188,438 Solutions Inc. 1355 Hymus Boulevard, Dorval, QC, H9P 1J5, Canada 14. 9468-4404 Quebec Inc Trade Payable $154,597 1665 rue Julien-Lachapelle, Chambly, QC, J3L 7A5, Canada 15. SupplyOne Wisconsin, Inc. Trade Payable $86,176 W209 N17450 Industrial Dr, Jackson, WI 53037 16. Avid Pallet Recycling LLC Trade Payable $50,776 1401 Eddy Avenue Beloit, WI 53511 17. ATS Logistics Trade Payable $47,500 725 Opportunity DR Saint Cloud, MN 56301 18. SteamLogistics Trade Payable $46,835 328 Broad St. Chattanooga, TN 37402 19. OEC Freight (NY) Inc. Trade Payable $42,162 Dba OEC Group NYC One Cross Island Plaza 133033, Brookville Boulevard 306 Rosedale, NY 11422 20. TEG Staffing Inc. Trade Payable $23,400 PO Box 512126 Los Angeles, CA 90051 MEDCOGNITION INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- MedCognition, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use the cash collateral of secured creditors to pay up to 110% of each individual expense listed in its budget so long as the total of cash collateral spent during the month does not exceed 10% of the total budget. The secured creditors include the U.S. Small Business Administration, C T Corporation System, Olympus Lending, LLC, Skyinance Holdings, LLC, QFS Capital, LLC, and Corporation Service Company. As adequate protection for the Debtor's use of their cash Collateral, secured creditors will be granted replacement liens on all post-petition cash collateral and other property of the Debtor, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 causes of action and are subject and subordinate to the fee carve-out. A court hearing will be held on February 17. The interim order is available at https://is.gd/efShzC from PacerMonitor.com. MedCognition operates an augmented reality–based allied health training business and relies entirely on revenue generated from ongoing operations. The Debtor identifies multiple UCC financing statements filed against its assets, including liens asserted by the SBA and several commercial lenders as well as unidentified creditors. About MedCognition Inc. MedCognition, Inc. operates an augmented reality–based allied health training business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50097) on December 12, 2026. In the petition signed by Russell J. Unrath, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. MEN'S WEARHOUSE: Moody's Rates New $400MM First Lien Notes 'B1' --------------------------------------------------------------- Moody's Ratings assigned a B1 senior secured rating to The Men's Wearhouse, LLC's ("Men's Wearhouse") proposed 5-year $400 million senior secured first lien notes. All other ratings remain unchanged including the company's B1 Corporate Family Rating, B1-PD probability of default rating, B1 senior secured term loan B rating and existing B1 senior secured first lien term loan B rating. The outlook remains stable. Proceeds from the new senior secured notes along with the recently launched $500 million senior secured first lien term loan B (which is being upsized from $400 million) and balance sheet cash will be used to repay the $227 million outstanding on the company's existing senior secured term loan B, fund a $721 million dividend to the company's equity owners and pay for fees and expenses. Moody's will withdraw ratings on the existing senior secured term loan B on transaction close. RATINGS RATIONALE Men's Wearhouse's B1 CFR reflects its solid credit metrics, strong free cash flow generation and very good liquidity. The company has demonstrated a balanced approach to capital allocation and a commitment to deleveraging and a conservative debt profile, despite the history of debt financed dividends under its private ownership. Its profile also reflects its high business risk as an apparel retailer coupled with the sustainability of its business recovery post-bankruptcy emergence and its need to navigate negative tariff impacts. Men's Wearhouse has significant scale in the men's clothing market and brand diversity with each brand focusing on different customer demographics. While the company operates in a relatively narrow segment of the apparel industry, primarily selling and renting men's tailored and polished casual clothing for business and special occasions, Moody's views this category as generally having less fashion risk than most segments of apparel retailing. The stable outlook reflects Moody's expectations that the company will maintain solid credit metrics and very good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade is unlikely over the near-intermediate term given Men's Wearhouse's private ownership by hedge funds and an upgrade would require a substantial reduction in private ownership. Factors that could lead to an upgrade include sustained revenue, earnings and margin expansion coupled with the maintenance of very good liquidity including robust free cash flow generation. Quantitative metrics that could lead to an upgrade include Debt/EBITDA sustained below 3.0x and EBITA/Interest sustained above 3.0x. The ratings could be downgraded if operating performance deteriorates materially or liquidity weakens or if financial policies turn more aggressive. Quantitative metrics that could lead to a downgrade include Debt/EBITDA sustained above 4.0x or EBITA/Interest sustained below 2.25x. The Men's Wearhouse, LLC is an omnichannel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. The company operates over 1,000 stores in the US and Canada under the Men's Wearhouse, Jos. A. Bank, Moores and K&G brands. Annual revenue is about $2.5 billion. The company is majority owned by Silver Point Capital, L.P. The principal methodology used in this rating was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MEN'S WEARHOUSE: S&P Rates New $400MM Senior Secured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to The Men's Wearhouse LLC's proposed $400 million senior secured notes due 2031. The company is a subsidiary of specialty men's apparel retailer Tailored Brands Inc. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. All its existing ratings on Tailored Brands and The Men's Wearhouse are unchanged. The company plans to use the proceeds from these new notes--along with the proceeds from its new term loan--to issue over $700 million dividend to its shareholders, repay the outstanding $227 million balance on its term loan due 2029, and pay transaction-related expenses. Following the proposed dividend capitalization, S&P projects Tailored Brands' S&P Global Ratings-adjusted leverage will rise to 2.9x by the end of fiscal year 2025, from 2.3x in 2024, but remain in line with its financial policy. S&P said, "The 'B+' issuer credit rating on Tailored Brands reflects our expectation it will maintain its profitability and generate sufficient free operating cash flow (FOFC) to cover its elevated debt service obligations. This expectation is underpinned by the company's strategic initiatives, including the expansion of its private-label offerings, ongoing cost-control initiatives, and efforts to improve its price realization." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Tailored Brands' capital structure, pro forma for the transaction, will comprise its existing $400 million revolving credit facility due 2028, $500 million first-lien term loan due 2031, and $400 million senior secured notes due 2031. -- S&P rates the company's proposed $400 million senior secured notes due 2031 'B+' with a '3' recovery rating. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default or bankruptcy. -- The Men's Wearhouse LLC, a wholly owned subsidiary of Tailored Brands, is the issuer of the proposed notes, which benefit from guarantees by Tailored Brands Inc., New TMW Midco LLC, New TMW LLC, and each wholly owned material domestic or Canadian restricted subsidiary of the issuer. -- The senior secured notes will be secured on a perfected first-lien basis by substantially all assets of the borrower other than the current assets. It will be secured on a perfected second-lien basis by the assets that secure the asset-based lending (ABL) facility. -- S&P's simulated default scenario considers a default in 2030 due to a steep decline in EBITDA stemming from factors including an economic slowdown that materially reduces discretionary consumer spending on apparel and menswear, intensified competition, and a secular decline in formal menswear. -- S&P assumes Tailored Brands would reorganize as a going concern following a default. This incorporates the company's lack of material assets and its belief that it would maximize its lenders' recovery prospects by emerging from bankruptcy. -- S&P accordingly applies a 5x multiple, in line with the multiples it uses for other retailers, to arrive at its emergence-level EBITDA. Simulated default assumptions -- Simulated year of default: 2030 -- ABL revolver: Drawn to 60% of total commitment, excluding undrawn letters of credit -- EBITDA at emergence: $154 million -- Implied enterprise value multiple: 5x -- Gross enterprise value at emergence: $770 million Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $731 million -- Priority claims, including an estimated draw on the ABL facility at default: $228 million -- Remaining recovery value: $503 million -- First-lien debt: $786 million --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt claims include six months of prepetition interest. MERYDE GROUP: Case Summary & Five Unsecured Creditors ----------------------------------------------------- Debtor: Meryde Group of Hotels LLC Central Motel Court Yard 441 Central Avenue White Plains NY 10606 Business Description: Meryde Group of Hotels LLC owns and operates a 28-room motel known as Central Motel Court Yard in White Plains, New York, which is valued at approximately $8.5 million. The Company also owns a residential house in White Plains, New York, with an estimated value of $700,000. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22056 Judge: Hon. Sean H Lane Debtor's Counsel: Douglas Pick, Esq. PICK & ZABICKI LLP 369 Lexington Avenue 12th Floor New York City NY 10017 Tel: (212) 695-6000 Email: dpick@picklaw.net Total Assets: $9,209,500 Total Liabilities: $7,691,997 The petition was signed by Warren Miranda as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6NVYN5A/Meryde_Group_of_Hotels_LLC__nysbke-26-22056__0001.0.pdf?mcid=tGE4TAMA MKS INC: S&P Rates Proposed Senior Secured Credit Facilities 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '2' recovery rating to MKS Inc.'s proposed senior secured facilities, which will comprise an upsized $1 billion revolving credit facility due 2031, a $914 million term loan B due 2033, and a EUR587 million term loan B due 2033. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a default. The company will use the proceeds from this issuance to paydown its existing term loans. While MKS has not disclosed its full pro forma capital structure, the company does not expect the total amount of debt to change from its current level. S&P views this transaction as leverage neutral and anticipate it could provide the company with modest interest savings. S&P said, "Our 'BB' issuer credit rating on MKS is unchanged. The stable outlook reflects our expectation that it will demonstrate a solid operating performance over the next 12 months on increasing demand for its leading-edge semiconductor manufacturing, electronics, and packaging, supporting an improvement in its S&P Global Ratings-adjusted net leverage further below 4x through fiscal year 2026. Additionally, we expect the company will generate consistent free cash flow of more than $550 million annually and maintain good liquidity." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a payment default in 2031 due to a combination of significant weakness in the semiconductor industry, pricing pressure from competitors, the loss of major customers, and the failed integration of mergers and acquisitions. -- S&P values the company on a going-concern basis. In a default scenario, it believes MKS would be an attractive acquisition target, primarily due to its strong intellectual property portfolio. -- The 6.5x EBITDA multiple is in line with the multiples S&P uses for the company's similarly rated peers. -- Collateral includes a 65% stock pledge from first tier foreign subsidiaries, as well as a first lien on substantially all assets of the borrower and guarantors. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $346 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.14 billion -- Valuation split (obligors/nonobligors): 35%/65% -- Total value available to secured claims: $1.77 billion -- Total first-lien debt: $2.44 billion --First-lien senior secured recovery expectations: 70%-90% (rounded estimate: 70%) -- Total value available to senior unsecured claims: $373 million -- Total senior unsecured debt: $2.6 billion --Unsecured recovery expectations: 10%-30% (rounded estimate: 10%) MOTO MINDS: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Moto Minds, LLC got the green light from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral in accordance with its budget until the final hearing on February 25. Secured creditors including First Interstate Bank, Kawasaki Motor Finance Corporation, Northpoint Commercial Finance, LLC, and Huntington Distribution Finance, Inc. will receive adequate protection consistent with the budget. Meanwhile, Itria Ventures, LLC will be provided with adequate protection through a replacement lien on the cash collateral and other assets of the Debtor, with the same validity and priority as its pre-bankruptcy liens. The interim order is available at https://is.gd/2IyrdB from PacerMonitor.com. Moto Minds relies on cash collateral to fund ordinary-course operations while pursuing reorganization. Its business centers on selling and servicing new and used motorcycles, off-road vehicles, ATVs, UTVs, jet skis, and related parts and accessories, with its primary asset consisting of inventory financed through manufacturer floor plan arrangements. The Debtor's inventory is subject to secured interests held by Kawasaki Motor Finance Corporation, Northpoint Commercial Finance, and Huntington Distribution Finance, each of which has perfected liens on specific inventory units under floor plan agreements that require prompt repayment upon sale of vehicles. In addition, First Interstate Bank, as successor to Great Western Bank and lender on SBA-guaranteed loans, holds a blanket lien on substantially all of the Debtor's assets, including cash collateral. As of the petition date, Moto Minds was largely current on its secured obligations, with limited missed payments arising from timing issues related to recent vehicle sales and a missed installment to First Interstate Bank. The Debtor also disclosed that financial strain worsened after it provided support to a now-closed affiliate dealership and later entered into multiple merchant cash advance agreements, which it contends exacerbated cash flow problems and whose asserted liens it disputes. 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. The Debtor 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 oversees the case. Matthew T. Faga, Esq., at Markus Williams, LLC, represents the Debtor as legal counsel. MOUNTAIN VISTA: US Trustee Taps David Stapleton as Ch. 11 Trustee ----------------------------------------------------------------- The United States Trustee seeks approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to appoint David Stapleton as Chapter 11 Trustee in the bankruptcy case of Mountain Vista Holdings, LLC. According to court filings, the United States Trustee appointed David Stapleton as Trustee on January 14, 2026, pursuant to Fed. R. Bankr. P. 2007.1. Counsel for the Applicant consulted with parties in interest regarding the appointment, including James Mortensen, counsel for the Debtor; David Poitras, counsel for LendSpark; and Kit Gardner, counsel for Wayne Bian. Court filings further state that, to the best of the Applicant's knowledge, the Trustee's connections with the debtor, creditors, parties in interest, their respective attorneys and accountants, the United States Trustee, and persons employed in the Office of the United States Trustee are limited to those disclosed in the Verified Statement filed in support of the application. In a Declaration of Disinterest, David Stapleton stated that neither he nor his firm Stapleton Group, LLC hold any interest adverse to the Debtor or the Debtor's estate and that he is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. No compensation rates or fee arrangements are disclosed in the application. The Trustee can be reached at: David Stapleton STAPLETON GROUP, LLC 515 S Flower St., 18th Fl. Los Angeles, CA 90071 Telephone: (213) 235-0600 About Mountain Vista Holdings LLC Mountain Vista Holdings, LLC is a single-asset real estate company in Los Angeles, Calif. Mountain Vista Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13296) on November 19, 2025, with $8,200,200 in assets and $4,786,000 in liabilities. D. Scott Abernethy, manager, signed the petition. Judge Scott C. Clarkson presides over the case. James Mortensen, Esq., at Socal Law Group, PC represents the Debtor as bankruptcy counsel. N.K.G. CORP: Seeks to Use Cash Collateral ----------------------------------------- N.K.G. Corp. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor seeks access to cash collateral to fund critical operating expenses, construction work, and administrative costs of its Chapter 11 case. The primary secured creditors with liens on the Debtor's property include U.S. Bank National Association, DB Lead Source Inc., TD Bank, and the U.S. Small Business Administration. This property consists of two residential units and one commercial unit, which the Debtor plans to convert into six renovated residential condominium units. The Debtor proposes adequate protection through replacement liens on post-petition receivables and asserts that its renovation work will increase the property's value, thus protecting secured creditor' interests. The Debtor requests interim relief to allow immediate use of cash collateral pending a final hearing, modification of the automatic stay to permit perfection of replacement liens, waiver of the 14-day stay, and sets a final hearing within 25 days of the interim order. A hearing on the matter is set for January 27. About N.K.G. Corp. N.K.G. Corp. provides residential construction and renovation services, including remodeling, woodwork, painting, electrical, and plumbing work. N.K.G. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-44858) on October 8, 2025, with $1 million to $10 million in assets and liabilities. Ronald Friedman, Esq., at Rimon, PC serves as Subchapter V trustee. Judge Nancy Hershey Lord presides over the case. Troy J. Lambert, Esq., at Alter & Barbaro Esq represents the Debtor as legal counsel. NEPTUNE BIDCO: S&P Rates First-Lien Senior Secured Notes 'B-' ------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to Neptune Bidco US Inc.'s (doing business as Nielsen) senior secured first-lien notes due 2033. The '3' recovery rating on the notes indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. S&P Global Ratings also lowered its issue rating on Nielsen's existing senior secured first-lien debt to 'B-' from 'B' and revised the recovery rating to '3' from '2' to reflect the company's repayment of its senior secured second-lien term loan. S&P's 'B-' long-term issuer credit rating and positive outlook on Nielsen are unchanged. Nielsen will use the proceeds from the notes and cash from the balance sheet to redeem the remaining $622 million of second-lien term loan and repay some of its first-lien term loan A. Pro forma for this transaction, Nielsen will only have first-lien senior secured debt in its capital structure, reducing recovery prospects due to the lack of subordination. S&P said, "While the transaction worsens recovery prospects, we view it as credit positive for Nielsen more broadly because it will replace more expensive second-lien debt with lower cost first-lien debt, lowering overall interest expense and improving cash flow. "The positive outlook reflects our expectation that Nielsen will expand its organic revenue by 3%-5% in 2026 while generating increasingly positive free operating cash flow (FOCF) as it largely completes its cost-reduction actions announced in 2025. We could raise our rating on the company if it improves its FOCF to debt above 3% on a sustained basis." Issue Ratings--Recovery Analysis Key analytical factors S&P's default risk factors include a shift in the competitive landscape stemming from the proliferation of media outlets and increased audience fragmentation, intensifying competition, higher-than-expected capex that boosts the company's technical capabilities to ensure customer satisfaction and preserve its competitive position, and financial strain from underperforming, debt-financed acquisitions. Nielsen's debt capitalization pro forma the debt offering comprises about $10 billion of senior secured first-lien debt and $2.85 billion of convertible preferred shares (not rated). Neptune Bidco US Inc. is the borrower under the credit facilities and the issuer of the senior notes. The credit facilities are secured by a lien on substantially all the co-borrowers and guarantors' capital stock and tangible and intangible property. The first-lien debt benefits from a priority claim on the collateral. S&P assumes the first-lien collateral accounts for about 60% of its estimated unimpaired emergence value. S&P said, "Under our simulated default scenario, we estimated the value of foreign subsidiaries to be about 10% of our estimate of the distressed enterprise value. We further assume some of the recovery attributable to the unsecured noteholders is from the capital stock of foreign subsidiaries that is not pledged to the secured lenders. "We value the company on a going concern basis, given our expectation that in the event of a bankruptcy, it would benefit from its large market presence in TV audience measurement, the inherent value of its client relationships, and its organizational knowledge and expertise in audience measurement and data analytics." Simulated default assumptions -- Year of default: 2028 -- Jurisdiction/jurisdiction ranking assessment: U.S./Group A -- EBITDA at emergence: $1.2 billion -- Implied enterprise value multiple: 7.0x Simplified waterfall -- Gross enterprise value: $8.4 billion -- Valuation split obligors/nonobligors: 90%/10% -- Net recovery value after administrative costs: $8.0 billion -- Total value available to secured debt: $7.7 billion -- Total first-lien debt: $11.6 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) S&P assumes the company has drawn 85% of its revolving credit facility at the time of default. NESV ICE: Feb. 12 Hearing Set for Motions to Dismiss Case --------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts will continue on February 12 the hearing on the motions filed by Construction Source Management, LLC, a creditor, and the Office of the United States Trustee seeking dismissal of the bankruptcy case of NESV Ice, LLC. William K. Harrington, the U.S. Trustee for Region 1, on Dec. 18 moved the Court to dismiss the Debtors' Chapter 11 cases for "cause" under 11 U.S.C. Sec. 1112(b)(4)(E) (failure to comply with an order of the Court) and (K) (failure to pay post-confirmation quarterly fees required by 28 U.S.C. Sec. 1930(a)(6)) and for general cause (delay). The U.S. Trustee explained the Debtors confirmed their modified second amended joint plan of reorganization on April 26, 2024. The confirmation order required them to file quarterly disbursements reports with the United States Trustee and to pay quarterly fees under 28 U.S.C. Sec. 1930(a)(6) for so long as their cases remained open. The Debtors owe past-due Fees and accrued interest through October 30, 2025 totaling $30,237, approximately. The Debtors have failed to file Reports with the United States Trustee since April of 2024 and therefore the Fees are an estimate. The Debtors have not moved to close their cases. Construction Source Management, a secured creditor, states that events of default have occurred pursuant to the Debtors' Modified Second Amended Joint Plan of Reorganization, warranting dismissal or conversion of the Debtors' cases. CSM contends that after entry of the Confirmation Order, the Debtors' bankruptcy counsel Downes McMahon, LLP filed a Notice of Plan Default on October 7, 2024, to provide notice of a default under the Plan based on the reorganized Debtors' failure to pay the firm's allowed professional fees in full. More than a year later, despite multiple conferences held by the Court including, most recently, on December 9, 2025, the Default Notice remains unresolved. Additional notices of plan default were issued by the Debtors' senior secured lender, SHS ACK, LLC, and by Stuart Silberberg. On November 12, 2025, Silberberg filed his Motion to Convert Chapter 11 Cases to Chapter 7 Cases pursuant to 11 U.S.C. Sec.1112(b). CSM also notes the reorganized Debtors have breached their obligations under the Plan by failing to make monthly payments of interest due to CSM under the Plan. The Estimated CSM Secured Claim is $3,393,009. Monthly payments of interest at the Prime Rate plus 2% should have commenced not later than June 1, 2024, the first month after the May 13, 2024 Effective Date of the Plan. As of the Effective Date, the Plan Rate was 10.5%, resulting in a monthly payment of approximately $29,688.82. To date, CSM should have received 19 payments of interest. No post-confirmation payments have been made. A copy of the Court's Order dated January 20, 2026, is available at https://urlcurt.com/u?l=DEZtfF from PacerMonitor.com. * * * The Debtors on January 8, 2026, filed Chapter 11 Post-Confirmation Reports for the Quarters Ending June 30, 2024 until December 31, 2025. About NESV Ice, LLC NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East, LLC, offer fitness and sports training services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-11226) on August 26, 2021. The petitions were signed by Stuart Silberberg as manager. Judge Christopher J. Panos oversees the case. William McMahon, at Downes McMahon LLP, is the Debtor's counsel. The Debtors, together with Ashcroft Sullivan Sports Village Lender, LLC and Shubh Patel, jointly filed the Plan. On April 26, 2024, the Court entered an order confirming the Plan. O & K ALEXANDER'S: Seeks to Extend Plan Exclusivity to February 18 ------------------------------------------------------------------ O & K Alexander's Co. Inc. asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 18 and April 20, 2026, respectively. The Debtor explains that it needed to file the petition with a list of creditors only in order to stay a mortgage foreclosure case pending in the Circuit Court of Cook County, IL, filed by Community Loan Servicing, LLC f/k/a Bayview Loan Servicing, LLC. The Debtor is the owner of real property commonly known as 8022-24 S. Cottage Grove Avenue, Chicago, IL 60619 ("Property"), which is "single asset real estate" as the term is defined in Section 101(51B). A status hearing on the Chapter 11 case has been set for February 18. At the previous status hearing on January 14, the Debtor's counsel advised that he was hopeful of filing a Plan by the next status date of February 18. Pursuant to Section 1121(b), the Debtor has the exclusive right to file a Plan within 120 days after the order for relief. Since the case was filed on October 6, 2025, the 120-day period expires on February 3, 2026. The Debtor's counsel will be out of town from January 31 to February 8. O & K Alexander's Co. Inc. is represented by: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About O & K Alexander's Co. Inc. O & K Alexander's Co. Inc. is a single assets real estate company. O & K Alexander's Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15355) on October 61, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Joel A. Schechter, Esq., Law Office of Joel A. Schechter. OFF-LOAD MOVING: Seeks Chapter 11 Bankruptcy in Virginia -------------------------------------------------------- On January 20, 2026, Off-Load Moving LLC filed for Chapter 11 protection in the Eastern District of Virginia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Off-Load Moving LLC Off-Load Moving LLC is a Virginia-based moving company providing residential and commercial relocation services. Off-Load Moving LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70147) on January 20, 2026. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Kimberly Ann Kalisz, Esq. of Conway Law Group, PC. OHIO POWER: S&P Rates $325MM Senior Secured Term Loan B 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating and '2' recovery rating to Ohio Power Partners LLC's (Middletown Energy Center; MEC) $325 million senior secured term loan B (TLB). S&P said, "Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of retirements of inefficient and uneconomic units, as well as commodity and capacity pricing, we forecast MEC will achieve an average debt service coverage ratio (DSCR) of about 2.5x during the TLB period. Our minimum DSCR of 1.48x occurs in the refinancing period, when we assume a fully amortizing structure through 2046. "The stable outlook on MEC reflects our expectation that the facility can achieve robust dispatch in the coming years, capture higher spark spreads from improved market fundamentals in the Pennsylvania-New Jersey-Maryland Interconnection (PJM), benefit from sustained high capacity prices, and maintain operating and maintenance (O&M) and capital spending levels such that it can deleverage through its cash flow sweep mechanism. "Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of retirements of inefficient and uneconomic units, as well as commodity and capacity pricing, we forecast MEC will achieve an average debt service coverage ratio (DSCR) of about 2.5x during the TLB period. Our minimum DSCR of 1.48x occurs in the refinancing period, when we assume a fully amortizing structure through 2046. "The stable outlook on MEC reflects our expectation that the facility can achieve robust dispatch in the coming years, capture higher spark spreads from improved market fundamentals in the Pennsylvania-New Jersey-Maryland Interconnection (PJM), benefit from sustained high capacity prices, and maintain operating and maintenance (O&M) and capital spending levels such that it can deleverage through its cash flow sweep mechanism." MEC is a 484-megawatt (MW) CCGT operating in Middletown, Ohio. The project sells energy and capacity into PJM. The plant began operations in 2018 and is composed of one Mitsubishi 501GAC combustion turbine, a Toshiba steam turbine, and one Vogt heat recovery steam generator in a 1x1 configuration. ArcLight indirectly owns 100% of MEC. In July, affiliates of ArcLight Capital Partners LLC entered into a definitive agreement to acquire 100% of the economic interest in Middletown Energy Center, a combined-cycle gas turbine (CCGT), through project company Ohio Power Partners LLC. The transaction received all necessary regulatory approvals and has closed. To fund the acquisition, ArcLight raised a $325 million senior secured term loan B (TLB) and $40 million senior secured revolving credit facility. S&P said, "The final terms of the issuance are commensurate with our 'BB-' rating. The final issuance of $325 million project-finance debt is in line with our expectations when we assigned the preliminary rating in late October, so the rating remains 'BB-'." Other provisions, such as the parameters of the cash flow sweep mechanism, the $25 million incremental debt basket not requiring a ratings reaffirmation, and permitted tax distributions that come after, and thus do not impede, the cash flow sweep, also remain unchanged. The final credit documents provide for a typical project-finance structure, including anti-filing mechanisms. The borrower (Ohio Power Partners, LLC) will have an independent manager whose vote is required for material actions, such as initiating bankruptcy. The plant's minimum DSCR improved to 1.48x from 1.45x as capacity prices cleared higher and the facilities priced more favorably than initially assumed in October. In December, capacity prices in PJM once again cleared at the cap, coming in at $333.44 per megawatt-day (/MW-day) compared with our expectation of $275/MW-day. S&Pbelieve this illustrates the tightness in the PJM capacity market as load, driven by data center expansion, continues to grow against limited supply. Additionally, the TLB priced at SOFR + 275 basis points (bps) versus an initial assumption of SOFR + 325 bps. Together these factors improve the amount of excess cash flow available, with one increasing the amount of cash that can be swept against the TLB due to increased revenue generation and the other via reduced mandatory debt service. This results in a slightly lower debt balance at maturity and ultimately drives the improvement in the minimum DSCR, which occurs during the refinancing period. S&P said, "We note the nature of the sweep mechanism, where the percentage of excess cash flow swept steps down based on predefined leverage levels, drives the marginal improvement in the minimum DSCR despite the material increase in excess cash flow available to be swept. "The stable outlook on MEC reflects our expectation that the facility will be able to achieve robust levels of dispatch in the coming years, capture higher spark spreads engendered by improved market fundamentals in PJM, benefit from sustained high cleared capacity prices, and maintain O&M and capital spending levels such that the project exhibits meaningful deleveraging through its cash flow sweep mechanism. We expect it to achieve an average DSCR of about 2.5x over the TLB period and reach a TLB balance of about $200 million at maturity. Our minimum DSCR of 1.48x occurs during the post-TLB period, when we assume a fully amortizing structure at a relatively higher interest margin." S&P could lower its rating on Middletown's debt if a combination of these factors reduces minimum DSCRs to less than 1.4x on a sustained basis: -- Higher-than-expected operating outages, reduced utilization, and performance penalties. -- Lower-than-expected realized energy margin or weaker demand because of a less favorable market outlook. -- Higher-than-expected operating costs and major maintenance expenses leading to reduced cash flows. It is unlikely that S&P raises the debt rating in the near term due to the single-asset nature of the project and limited operating redundancy. However, S&P could raise the rating if: -- S&P expects the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period; and -- S&P has a qualitative view that the project can be rated in the 'BB' category given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. S&P would expect such outcomes to occur if the project's financial performance and debt repayment well exceed its forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing, leading to lower-than-expected debt outstanding at the time of the TLB's maturity, as well as a track record of decreasing debt per kW. ORIGIN FOOD: Plan Exclusivity Period Extended to March 17 --------------------------------------------------------- Judge Laura T. Beyer of the U.S. Bankruptcy Court for the Western District of North Carolina extended Origin Food Group, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 17, 2026 and May 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the periods are still within the initial 18-month period of the Bankruptcy Case beyond which the debtor's Exclusivity Period may not be extended under section 1121(d)(2)(A). Furthermore, pursuant to Bankruptcy Rule 9006(b)(1), after a sufficient showing of cause, the Court may upon the request of a party enlarge a period of time within which a party is required to act so long as the request is made before the expiration of the period originally prescribed. The Debtor claims that to allow additional needed time for the company to address unique challenges related to the rehabilitation of its business operations that will bear directly on the formulation of a Plan of Reorganization and in order for the Debtor to ascertain and provide the most accurate information for a Disclosure Statement and Plan of Reorganization, the Debtor seeks an extension of the Exclusivity Period. As the time concerning the Exclusivity Period has not yet expired, the relief requested herein is timely. Origin Food Group, LLC is represented by: ESSEX RICHARDS, P.A. John C. Woodman, Esq. 1701 South Boulevard Charlotte, North Carolina 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com About Origin Food Group LLC Origin Food Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-50268) on August 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. ORIGINAL EGGS: Plan Filing Deadline Extended to February 18 ----------------------------------------------------------- Judge Gregory L. Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended The Original Eggs-R-Us, LLC's period to to file its Plan and Disclosure Statement to February 18, 2026. In a court filing, the Debtor explains that it filed a Motion to assume the lease for its business location and to approve a lease amendment. The current lease term ended on December 31, 2025. The amendment provides for the rent payment to remain consistent in 2026 and 2027 and provides for a cure of the lease arrears over a 12-month period. The Debtor claims that the extension of time will allow an order to be entered, and issues related to, to the extent there are any, be resolved. The Debtor believes and avers that a Plan is confirmable. Short 30-day delay would not unduly delay the administration of the case. The Original Eggs-R-Us LLC is represented by: Donald R. Calaiaro, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Tel: (412) 232-0930 Fax: (412) 232-3858 Email: dvalencik@c-vlaw.com About The Original Eggs-R-Us, LLC The Original Eggs-R-Us LLC is a Pittsburgh-based restaurant likely specializing in breakfast and egg dishes. The Original Eggs-R-Us LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21914) on July 23, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Calaiaro Valencik, Esq. ORPHEUS RECORDS: Seeks Chapter 7 Bankruptcy in Virginia ------------------------------------------------------- On January 20, 2026, Orpheus Records, LLC filed a voluntary Chapter 7 petition in the Eastern District of Virginia. The court filing shows liabilities ranging from $100,001 to $1,000,000 owed to 1-49 creditors. About Orpheus Records, LLC ORPHEUS RECORDS, LLC is a recording and music distribution company that works within the entertainment sector. Its operations include producing recorded music, managing releases, and facilitating the commercial distribution of music through retail and digital channels. The company sought bankruptcy relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10128) on January 20, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The Debtor is represented by Kermit A. Rosenberg, Esq. of Washington Global Law Group, PLLC. PADAGIS LLC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings affirmed Padagis LLC's ("Padagis") corporate family rating at B2 and the probability of default rating at B2-PD. Concurrently, Moody's affirmed the rating of Padagis' senior secured first lien credit facility at B2. At the same time, Moody's revised Padagis' outlook to negative from stable. The outlook revision to negative reflects Moody's expectations for ongoing softness in Padagis' topline and profitability in 2026. This reflects ongoing competitive pricing pressure on the company's existing portfolio of products, as well as limited success in launching new drugs. Additionally, Moody's expects that competition-related margin pressures along with elevated investments to expand its manufacturing operations in Minnesota will weigh on company's cash flow generation. RATINGS RATIONALE Padagis' B2 CFR reflects its moderately high financial leverage of 5.1x for the twelve months ended September 30, 2025, on Moody's adjusted basis. The rating is constrained by the company's modest absolute scale in the highly competitive generic drug industry. Earnings improvement and deleveraging will be highly dependent on Padagis' ability to offset the price erosion of existing products with commercial success from its pipeline. Padagis benefits from its focus on smaller niche products, which reduces its exposure to the earnings volatility of more commodity-like generic products. The company also benefits from its position as one of the largest US manufacturers of extended topicals. Moody's expects Padagis' liquidity will remain adequate over the next 12 months. Padagis' reported a modest cash balance of approximately $10 million as of September 30, 2025. Moody's estimates that the company will be modestly free cash flow positive over the next 12 months. However, liquidity will be negatively impacted by an approaching legacy liability payout (related to Perrigo's price fixing litigation), caped for Padagis at $50 million, and which Moody's believes could occur in 2026. Padagis' liquidity profile is supported by a $100 million revolving credit facility due July 2028, which was undrawn as of September 30, 2025. Alternative sources of liquidity are limited as substantially all assets are pledged. Padagis' CIS-4 indicates the rating is lower than it would have been if ESG risk exposures did not exist. This primarily reflects governance risk (G-4) factors including those related to management track record, and financial strategy and risk management, driven by the company's aggressive financial policies vis-à-vis high financial leverage. It also reflects social risk (S-4) exposures associated with demographic and societal trends arising from the highly competitive generic drug industry and pressures on reducing the cost of drugs as well as supply chain challenges. The negative outlook reflects Moody's expectations that competitive pricing pressures will constrain topline growth and profitability over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Padagis is unable to offset base portfolio erosion with new product launches, if margins weaken, or if liquidity erodes. Quantitatively, debt/EBITDA sustained above 5.5x could result in a downgrade. The ratings could be upgraded if Padagis demonstrates a track record of consistently growing sales and earnings while maintaining conservative financial policies and maintains at least good liquidity highlighted by consistently positive free cash flows. Quantitatively, debt/EBITDA sustained below 4.5x could support an upgrade. The principal methodology used in these ratings was Pharmaceuticals published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Padagis LLC, headquartered in Allegan, Michigan, is a manufacturer of generic prescription drugs, with operations primarily in the US and Israel as well. About 15% of sales are generated in Israel. For the twelve months ended September 30, 2025, Padagis reported revenues of approximately $822 million. Padagis is a portfolio company of private equity firm Altaris Capital. PARTNERS PHARMACY: Final DIP Financing Order Extended to Feb. 1 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered a seventh agreed order extending to February 1 the previously issued final order authorizing Partners Pharmacy Services, LLC and its affiliates to obtain post-petition financing and use cash collateral. The original final DIP order permitted the Debtors to borrow up to $6.5 million from CS One, LLC and use cash collateral under approved DIP financing agreements. It also provided adequate protection to pre-bankruptcy secured creditors. Since the expiration of the original budget period, the court has already entered six consecutive agreed orders extending the final DIP order. The Debtors said the extension of the final DIP order will allow continued use of cash collateral pending the closing of the sale, which is expected to occur in early February. The Debtors said they are working with CS One on the documents necessary to effectuate the sale closing. The seventh agreed order is available at https://is.gd/UmP0jO from PacerMonitor.com. A critical development in the Debtors' cases was the court's approval, on November 4, 2025, of the sale of substantially all of their assets to CS One, free and clear of liens and interests. Although the sale has been approved, the closing has not yet occurred. About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Judge Christopher M. Lopez oversees the case. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PATHFINDER AUTO: Seeks Chapter 11 Bankruptcy in Virginia -------------------------------------------------------- On January 19, 2026, Pathfinder Auto Recovery, 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 1 to 49 creditors. About Pathfinder Auto Recovery, LLC Pathfinder Auto Recovery, LLC a Purple Heart Veteran-Owned business based in Portsmouth, Virginia, provides vehicle repossession and asset recovery services, including skip tracing, involuntary repossession, and asset location. The Company serves lenders nationwide and operates 24 hours a day, focusing on locating and recovering collateral. Pathfinder Auto Recovery, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70131) on January 19, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the range of $1 million to $10 million. The debtor is represented by Paul A. Driscoll, Esq. PEDIATRIX MEDICAL: Moody's Ups CFR to Ba2, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded the ratings of Pediatrix Medical Group, Inc. ("Pediatrix" or "the company") including its Corporate Family Rating to Ba2 from Ba3, Probability of Default Rating to Ba2-PD from Ba3-PD, and senior unsecured rating to Ba2 from Ba3. Pediatrix Speculative Grade Liquidity Rating is unchanged at SGL-1. At the same time, Moody's revised Pediatrix outlook to stable from positive. The ratings upgrade reflects a marked improvement in performance following the successful contract portfolio optimization initiated last year. The revision of the outlook to stable reflects Moody's expectations of revenue growth moderation and stable EBITDA margin in 2026 and beyond. RATINGS RATIONALE Pediatrix Medical Group's CFR is supported by the company's moderate financial leverage and improved operating performance. The company benefits from a strong market position, national footprint with presence in 37 US states, favorable healthcare services outsourcing market trends and very good liquidity. Moody's expects that the company will operate with debt/EBITDA at or below 2.5 times in the next 12-18 months. Pediatrix's rating is constrained by underlying demographic trend characterized by falling birth rate, service line concentration on women's and children's health, revenue concentration in select states (~67% revenue from 5 states) and potential challenges from the regulatory and reimbursement environment. The Speculative Grade Liquidity rating of SGL-1 reflects Moody's expectations that Pediatrix will maintain very good liquidity over the next 12-18 months. The company's liquidity is supported by approximately $340 million in cash and full availability under the company's $450 million unsecured revolver (not rated). In addition, Moody's expects the company to generate positive free cash flow in the range of $75-$100 million in the next 12 months. Moody's notes that the company's $450 million unsecured revolving credit facility expires in February 2027 and the $202 million unsecured term loan (both not rated), matures in February 2027. While Pediatrix can use portion of its cash to repay the term loan, Moody's expects the company to refinance the revolving credit facility and term loan in the near future. Pediatrix's revolver and term loan have two financial covenants. The company needs to maintain a maximum consolidated net leverage ratio below 4.5x and the minimum interest coverage ratio above 3.0x to satisfy the credit agreement covenants. The company's unsecured notes do not have any financial maintenance covenants. Moody's expects the company will maintain covenant compliance over the next 12-18 months. Pediatrix's $400 million unsecured notes are rated Ba2, at the same level as the Corporate Family Rating. The capital structure also includes a $450 million unsecured revolving credit facility and $202 million unsecured term loan (both not rated), maturing in February 2027. The company has only one class of debt and all individual debt instruments are pari passu with each other. The stable outlook reflects Moody's expectations of moderated revenue growth and a sustained EBITDA margin through 2026 and beyond. It also factors in execution risk associated with any potential use of the company's sizable cash balance for acquisition activity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Pediatrix expands its scale, diversifies its operations, and sustains growth in earnings and margins while maintaining a very good liquidity profile. Quantitatively, ratings could be upgraded if debt/EBITDA is sustained below 2.0 times on a long-term basis. The ratings could be downgraded if Pediatrix faces reimbursement, volume, or payor mix pressures that will weaken operating performance. A weakening in liquidity or operating margins could also lead to a downgrade. Quantitatively, ratings could be downgraded if debt/EBITDA is sustained above 3.0 times. Based in Sunrise, FL, Pediatrix Medical Group, Inc. is a provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care. The company provides its services through a network of more than 2,300 physicians in 37 US states. Its revenues for LTM period ending 9/30/2025 were approximately $1.9 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Pediatrix's Ba2 CFR is two notches below the Baa3 scorecard-indicated outcome. The difference reflects Moody's expectations that significant portion of the cash balance will be used for acquisitions and share repurchases. The difference also reflects the company smaller scale and niche focus versus similarly rated peers. PETCO HEALTH: S&P Rates proposed $650MM Senior Secured Notes 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to pet retailer Petco Health and Wellness Co. Inc.'s proposed $650 million senior secured notes due 2031. The '3' recovery rating reflects its expectations for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a payment default. S&P said, "We expect the company will use the proceeds from the notes, along with its recently announced term loan B extension and balance sheet cash, to repay its existing term loan B due in 2028. "Our 'B' issuer credit rating and stable outlook are unchanged. We expect Petco will continue to face a difficult operating environment this year with cautious consumer spending and intense competition. However, we expect the company will continue to make progress on its turnaround initiatives, improved its operating efficiency, and margin profile." Issue Ratings--Recovery Analysis Key analytical factors S&P's simulated default contemplates a significant sales decline following a deep economic slowdown that impairs pet owners' willingness to purchase higher-priced, premium, or specialty pet food and supplies. Its scenario also assumes the company faces steep online competition that significantly pressures its pricing. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $255 million -- Implied enterprise value (EV) multiple: 5x -- Estimated gross EV at emergence: $1.28 billion Simplified waterfall -- Net EV (after 5% administrative costs): $1.2 billion -- Valuation split (obligors/nonobligors/unpledged): 100%/0%/0% -- Asset-based loan-related and other priority claims: $297 million -- Total senior secured claims: $1.54 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) PHOENIX MOTOR: J.J. Astor Wants J.S. Held's Stapleton as Receiver ----------------------------------------------------------------- J.J. Astor & Co. filed an emergency motion with the U.S. District Court for the District of Utah, Central Division, seeking the appointment of J.S. Held LLC's David Stapleton as receiver for Phoenix Cars, LLC. J.J. Astor seeks immediate appointment of a receiver to take control of Phoenix Cars' property and prevent irreparable harm to JJA and to preserve the value of its collateral. J.J. Astor holds accelerated, secured debt exceeding $6.5 million that is secured by substantially all assets of Phoenix. J.J. Astor contends an Event of Default under the Loan Agreement has occurred and gives J.J. Astor the contractual right to the appointment of a receiver. This alone makes a receiver appointment appropriate. J.J. Astor further relates Phoenix's leadership has engaged in misconduct, diverting proceeds from secured obligations and misusing restricted employee-benefit funds. Phoenix also lacks liquidity for future payroll, leases, and liability insurance, Traditional remedies, including foreclosure, cannot arrest these losses. Only a receiver can stabilize operations, safeguard cash and assets, and preserve or orderly monetize collateral under the Court's supervision. J.J. Astor is a Utah corporation and the Lender under the Loan Agreement and Notes with Phoenix. Phoenix Motor Inc. is a Delaware corporation engaged in the business of designing, manufacturing, and selling electric buses to municipal and institutional customers. Phoenix Cars, LLC is a Delaware limited liability company and is a guarantor of the Notes. In March 2025, J.J. Astor extended senior secured financing to Phoenix under a Loan Agreement, funding an initial $4,000,000 loan. J.J. Astor subsequently extended a $2,000,000 additional loan. From March 27, 2025 through January 7, 2026, Phoenix remitted $3,639,307.75 -- which included $1,849,307.87 recently remitted to J.J. Astor under the DACA -- but Phoenix did not cure the default. As of January 12, 2026, Phoenix owed at least $6,505,772.25 under the Notes, plus accruing interest and expenses. The Pledge and Security Agreement gives J.J. Astor the right to appointment of a receiver "for all or any part of the Collateral or business of a Debtor" upon an Event of Default, "whether such receivership be incident to a proposed sale or sales of such Collateral or otherwise and without regard to the value of the Collateral or the solvency of any person or persons liable for the payment of the Obligations. According to J.J. Astor, Phoenix engaged in acts of fraud and conversion with respect to the Nine Bus Contract and employee health insurance withholdings. Phoenix also converted employee health-insurance withholdings. Specifically, Phoenix withheld approximately $300,000 from employee paychecks for healthcare coverage, then failed to remit those funds to the insurer, causing claim denials and exposing employees to uncovered medical expenses. J.J. Astor says Phoenix cannibalized the Lender's collateral by removing batteries from buses associated with the Nine Bus Contract, despite J.J. Astor's lien and the express contractual obligation to repay the Additional Note with the proceeds of the Nine Bus Contract. As of January 12, 2026, Phoenix still owed at least $6,505,772.25, exclusive of accruing interest, fees, and expenses. Phoenix also withheld approximately $300,000 from employee paychecks for health coverage and failed to remit those funds to the carrier, resulting in denied claims. Legal remedies cannot prevent the ongoing harm in the short window that matters, according to J.J. Astor. While the Lender can and will pursue foreclosure and money judgments, those processes will take time. Meanwhile, Phoenix's diversion of collateral proceeds, conversion of employee withholdings, and inability to fund basic operations continue to destroy value. J.J. Astor says the proposed receiver is an independent party with substantial experience managing distressed companies, serving as a court-appointed fiduciary, and administering assets in cases of similar complexity. Mr. Stapleton and J.S. Held LLC have overseen numerous court-appointed receiverships and enforcement engagements involving complex supply chains, in-process inventory, and revenue backlogs, including matters requiring immediate cash-management controls. Mr. Stapleton brings deep operational expertise in vendor triage, workforce retention during crisis conditions, and rapid restoration of critical insurance coverages and facility access. He is well-versed in UCC remedies and federal receivership practice, including securing premises, preserving electronically stored information, and implementing orderly asset monetization strategies. The proposed receiver is well-qualified to take control of Phoenix Cars, LLC and the Receiver Property and to preserve their value for the benefit of all creditors. JJA requests the Court's emergency consideration at its earliest available hearing or submission time and the immediate appointment of a receiver. About Phoenix Motor Inc. Phoenix Motor Inc. is a Delaware corporation engaged in the business of design, manufacture, and sale of electric buses to municipal and institutional customers. Phoenix is facing a receivership case captioned as J.J. Astor & Co. v. Phoenix Motor Inc., Phoenix Cars, LLC and Phoenix Motorcars Leasing, LLC, Case No. 2:26-cv-00047 (D. UT), before the Hon. David Barlow. The case was filed on Jan. 16, 2026. Attorneys for J.J. Astor & Co. are: Megan K. Baker, Esq. DORSEY & WHITNEY LLP 111 South Main Street Suite 2100 Salt Lake City, UT 84111-2176 Tel: (801) 933-7360 Email: baker.megan@dorsey.com - and - Mark E. Freedlander, Esq. MCGUIREWOODS LLP Tower Two-Sixty 260 Forbes Avenue, Suite 1800 Pittsburgh, PA 15222 Tel: (412) 667-6000 Fax: (412) 667-6050 Email: mfreedlander@mcguirewoods.com - and - Joseph A. Florczak, Esq. MCGUIREWOODS LLP 77 West Wacker Drive, Suite 4100 Chicago, IL 60601-1818 Tel: (312) 849-8100 Fax: (312) 849-3690 Email: jflorczak@mcguirewoods.com PIEDMONT MUSIC: Seeks Chapter 7 Bankruptcy in Virginia ------------------------------------------------------ On January 20, 2026, Piedmont Music & Gear, LLC filed a voluntary Chapter 7 bankruptcy case in the Eastern District of Virginia. The filing indicates liabilities of up to $100,000 owed to 1-49 creditors. About Piedmont Music & Gear, LLC Piedmont Music & Gear, LLC is a limited liability company. The company filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30218) on January 20, 2026. In its bankruptcy petition, the Debtor reports estimated assets and liabilities both ranging from $0-$100,000. The Debtor is represented by Kevin J. Funk, Esq. of Durrette, Arkema, Gerson & Gill PC. PLEASANT HEIGHTS: Taps Law Offices of Wenarsky as Legal Counsel --------------------------------------------------------------- Pleasant Heights, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Scott J. Goldstein of the Law Offices of Wenarsky and Goldstein, LLC to serve as legal counsel. Mr. Goldstein will provide these services: (a) representation in all aspects of Chapter 11, preparation of a petition and plan; (b) negotiations with creditors; (c) preparation of operating reports; and (d) shepherding the case to confirmation. The firm's rates range from $450 for Scott J. Goldstein and Jenee K. Cicciarelli; law clerks at $225; paralegals at $195 per hour. The Law Offices of Wenarsky and Goldstein, 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: Scott J. Goldstein, Esq. LAW OFFICES OF WENARSKY AND GOLDSTEIN, LLC 410 State Route 10 West, Suite 214 Ledgewood, NJ 07852 Tel: (973) 927-5100 Fax: (973) 927-5252 About Pleasant Heights Inc. Pleasant Heights, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10109) on January 06, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Stacey L. Meisel presides over the case. Scott J. Goldstein, Esq. at the Law Offices Of Wenarsky And Goldstein, LLC represents the Debtor as legal counsel. PPF GIN: Gets Interim OK to Use Cash Collateral ----------------------------------------------- PPF Gin & Warehouse, LLC and its affiliates got the green light from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. At the recent hearing, the court authorized the Debtors' interim use of cash collateral to fund their operations and scheduled a further hearing for February 5. The Debtors lack sufficient unencumbered funds and cannot continue operations, pay ordinary expenses, or preserve asset value without access to cash collateral. The cash collateral at issue is claimed by three secured lenders: Texas Farm Credit Services, Nutrien Ag Solutions, Inc., and the U.S. Small Business Administration. Texas Farm Credit asserts a first-priority lien on all of Gin's assets, including cash, and a second-priority deed of trust on land owned by Pilgrim Land Management, securing approximately $7.85 million in debt. Nutrien asserts a second-priority lien on Gin's assets and a third-priority deed of trust on the land, securing approximately $11.65 million. Meanwhile, the SBA asserts a third-priority lien on Gin's assets securing a $150,000 EIDL loan. To protect the secured lenders, the Debtors offer multiple forms of adequate protection, including preservation of going-concern value through continued operations, automatically perfected post-petition replacement liens on cash and other proceeds of collateral, and superpriority administrative expense claims under section 507(b) to the extent of any diminution in collateral value. These protections would mirror pre-petition lien priorities and be subject to a carveout for professional fees and U.S. Trustee obligations. The Debtors' business is a vertically integrated cotton operation centered around a state-of-the-art cotton gin in Cooper, Texas, capable of producing over 130,000 bales annually and supporting more than 80 local farmers. PPF Farms produces 6,000–9,000 bales per year on approximately 2,700 leased acres, while Pilgrim Land Management owns the underlying farmland, valued at approximately $21 million. The Debtors' financial distress is due to a prolonged and severe decline in cotton prices following a post-COVID price spike in 2022, which reduced annual revenues from roughly $20 million to about $15 million, near break-even levels. As a result of liquidity shortfalls, the Debtors defaulted on secured loans in mid-2025 and filed for Chapter 11 protection to avoid foreclosure and preserve their going-concern value. About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PRO FARM: PFG Holding Wins Foreclosure Auction for Assets --------------------------------------------------------- PFG Holding Corporation is excited to announce that it was the successful bidder in the foreclosure auction for the assets of Pro Farm Group, Inc. held on January 20th, 2026. The transaction is due to close on February 18th, 2026. Importantly, PFG Holding Corporation does not expect this transaction to affect employees' day-to-day roles or employment status. The new owners also intend to honor Pro Farm's existing commercial contracts and continue operating the business in the ordinary course. "We are excited to be the new owners of Pro Farm and to support the company as it enters a new chapter of continuity, stability, and growth," said Noah Kolatch, Principal at Jasper Lake Ventures One LLC, the majority shareholder of PFG Holding Corporation. "We believe in Pro Farm's potential as a fully integrated innovation and commercial leader in biologicals serving growers globally. Our immediate priority is continuity--maintaining service levels for customers, being a reliable partner to suppliers, and supporting and retaining the talented people who make Pro Farm successful. Following the closing, the business is expected to have a simplified capital structure, and we intend to invest additional resources to support the team, ensure a smooth transition, and build on Pro Farm's strong foundation." About PFG Holding Corporation PFG Holding Corporation is owned by a group of long-term investors with deep experience in agriculture and specialty inputs. The ownership group is committed to providing stability and capital to support Pro Farm's employees and customers and to invest in the company's long-term growth. PROTRADE LOGISTICS: Hires Golding Law as Legal Counsel ------------------------------------------------------ Protrade Logistics Corporation seeks approval from the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division to employ The Golding Law Offices, P.C. to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to the Debtor's rights, powers and duties as Debtor-in-Possession; (b) assist the Debtor in negotiation and formulation and ultimate confirmation of a plan of reorganization that deals with all creditors, including the preparation and dissemination of the disclosure statement; (c) examine and investigate claims asserted against the Debtor; (d) take such actions as may be necessary concerning the claims asserted against the Debtor; (e) investigate, advise and inform the Debtor about and take action as may be necessary to collect and, in accordance with applicable law, recover or sell for the benefit of the estate, the property of the Debtor; (f) prepare, on behalf of the Debtor, all necessary and appropriate applications, motions, pleadings, orders, reports, and other legal papers as may be necessary or required in connection with the case; (g) assist the Debtor in obtaining refinancing of its secured debt from replacement lenders; and (h) perform all other legal services for the Debtor that may be necessary or appropriate in the case. According to the application, compensation will be based upon the firm's customary hourly rates applicable to its clients generally and will be an expense of the estate. Prior to the filing of the Chapter 11 case, the Debtor paid the firm a retainer of $15,000 plus the filing fee of $1,738. The Golding Law Offices is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard N. Golding, Esq. THE GOLDING LAW OFFICES, P.C. 181 W. Madison Street, Suite 4700 Chicago, IL 60602 Telephone: (312) 832-7892 Facsimile: (312) 5232001 E-mail: rgolding@goldinglaw.net About Protrade Logistics Corporation Protrade Logistics Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00518) on January 13, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Timothy A. Barnes presides over the case. Richard N. Golding, Esq., at the Law Offices of Richard N. Golding, P.C. represents the Debtor as bankruptcy counsel. RACHE REALTY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Rache Realty LLC 1060 Ocean Avenue Brooklyn, NY 11226 Business Description: Rache Realty LLC is a single-asset real estate company that owns a 48-unit residential apartment at 320 Ocean Parkway in Brooklyn, New York. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40288 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 124 Park Avenue New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Hertz as manager. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6F7VFNQ/Rache_Realty_LLC__nyebke-26-40288__0001.0.pdf?mcid=tGE4TAMA RED RIVER: Experts Allowed to Testify on J&J Talc Cancer Cases -------------------------------------------------------------- Emily Field of Law360 reports that experts retained by women alleging that Johnson & Johnson's talc products caused their ovarian cancer will be allowed to testify on causation, according to a ruling issued by a special master overseeing the New Jersey federal litigation. The ruling affects tens of thousands of consolidated cases and permits plaintiffs to introduce expert opinions connecting ovarian cancer to talc use, strengthening their evidentiary posture heading into trial proceedings, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RIVERROCK FINE: Seeks Chapter 7 Bankruptcy in Virginia ------------------------------------------------------ On January 20, 2026, RiverRock Fine Guitars, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About RiverRock Fine Guitars, LLC RiverRock Fine Guitars, LLC is a specialty musical instrument company focused on fine guitars and related equipment. RiverRock Fine Guitars, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30219) on January 20, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by Kevin J. Funk, Esq. of Durrette, Arkema, Gerson & Gill PC. RLG HOLDINGS: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings downgraded the RLG Holdings, LLC (RLG) Corporate Family Rating to Caa2 from Caa1, the Probability of Default Rating to Caa2-PD from Caa1-PD, the senior secured first lien bank credit facility due July 2028 to Caa1 from B3, and the senior secured second lien term loan due July 2029 to Ca from Caa3. The outlook was changed to negative from stable. The rating action was prompted by the company's very weak liquidity and distressed credit metrics. Without any additional external liquidity sources, Moody's expects liquidity to be tight over the next 12 months due to negative cash flow from operations, limited cash on balance sheet and a nearly fully drawn revolving credit facility. Leverage is high and execution risk remains high to integrate bolt on acquisitions and realize cost savings, while market conditions challenge volumes. RATINGS RATIONALE RLG's Caa2 CFR reflects the company's distressed credit metrics and very weak liquidity. The company's cash flow from operations remains negative, EBITDA/interest expense is weak at close to 1x and leverage stood at 13x debt/EBITDA at September 30, 2025. While the new management is taking steps to reduce costs, integrate bolt on acquisitions and enhance liquidity, it will take time to fully realize these benefits. The cadence of cash flow benefit realization from bolt on acquisition integration and cost reduction initiatives has been insufficient year to date to offset the impact of challenging market conditions, resulting in deterioration of liquidity and additional downward pressure on credit metrics. Moody's expects RLG's liquidity to remain weak. At September 30, 2025, RLG had $7 million of cash and $28 million available on its $85 million revolving credit facility. Moody's forecasts negative free cash flow in 2025 and 2026, which limits the company's ability to repay revolver borrowings and enhance liquidity. The revolver was extended to expire in July 2028, same as the maturity of the first lien bank credit facility. The second lien term loan matures in July 2029. The Caa1 rating assigned to the first lien senior secured bank credit facility reflects its priority position in the capital structure. The first lien senior secured bank credit facility is unconditionally guaranteed by the borrower and each of its direct and indirect subsidiaries, except Resource Label Group Canada, Inc. The first lien senior secured bank credit facility is secured by a first priority interest in all assets of the guarantors. The Ca rating on the $125 million second lien term loan maturing in 2029 reflects the subordinated lien on the collateral pledged to the first lien senior secured bank credit facility. The negative outlook reflects the company's distressed credit metrics and weak liquidity in challenging market conditions, which exacerbates the risk of a debt restructuring. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company fails to improve its cash flow generation or its liquidity weakens. Increased risk of a debt restructuring could also result in a ratings downgrade. The ratings could be upgraded if the company improves operating performance, generates positive funds from operations, and attains a more sustainable capital structure. An upgrade would also require the company to maintain at least adequate liquidity. RLG is a leader in pressure-sensitive and other high-value label solutions in the fragmented North American labels industry. The company is owned by Ares Management and does not file public financial statements. In the last twelve months ended September 30, 2025, RLG generated sales of $537 million. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ROLLIN' VETS: Case Summary & 12 Unsecured Creditors --------------------------------------------------- Debtor: Rollin' Vets Group, Inc 5757 Holly Street Houston, TX 77074 Business Description: Rollin' Vets Group, Inc. operates a mobile veterinary clinic providing full-service medical care to pets in the greater Houston area, including West Houston, since 2015. The Company delivers examinations, vaccinations, surgical procedures, urgent care, and at-home euthanasia through a fleet of eight mobile units equipped with advanced veterinary technology, offering services in both English and Spanish. Founded by Dr. Katie Eick, Rollin' Vets focuses on convenient, at-home care that accommodates busy pet owners while maintaining the health and well-being of animals in a familiar environment. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30401 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Susan Tran Adams, Esq. TRAN SINGH, LLP 2502 La Branch St. Houston TX 77004 Email: stran@ts-llp.com Total Assets: $3,474,656 Total Liabilities: $521,220 The petition was signed by Dr. Katharine Eick as CEO. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q5C57NI/Rollin_Vets_Group_Inc__txsbke-26-30401__0001.0.pdf?mcid=tGE4TAMA SAKS GLOBAL: Gets Interim OK to Obtain $5.8 Billion Financing ------------------------------------------------------------- Saks Global Enterprises LLC and its affiliated debtors received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to obtain up to $5.8 billion in postpetition financing to fund operations during the bankruptcy cases. The interim order, signed by Judge Alfredo R. Perez, authorized the Debtors to obtain post-petition financing under three separate agreements. The DIP lenders have committed to provide superpriority senior senior secured, DIP term loan financing consisting of: 1. ABL DIP Facility: $1.5 billion asset-based revolving credit facility with the ABL DIP Lenders and Bank of America, N.A., in its capacity as administrative agent and collateral agent; 2. SGUS DIP Facility: Up to $2.56 billion term loan facility with new money and roll-up components with the SGUS DIP Lenders and U.S. Bank Trust Company, National Association, in its capacity as administrative agent and collateral agent. The SGUS DIP Facility consists of: (a) SGUS First Out DIP Loans: $1,000,000,000 in principal amount of new money "first-out" (first in right of payment) term loans; (b) SGUS Second Out DIP Loans: up to $808,128,755 in principal amount of "second-out" term loans, which shall be immediately junior in right of payment to the SGUS First Out DIP Loans, and which shall be used to replace and refinance, on a dollar-for-dollar, cashless basis, Prepetition SGUS Notes issued under the Prepetition SGUS Notes Indenture and held by certain SGUS DIP Lenders that are participating in the SGUS DIP Facility; and (c) SGUS Third Out DIP Loans: up to $751,000,000, in principal amount of "third-out" term loans, which shall be immediately junior in right of payment to the SGUS Second Out DIP Loans, which shall be used to fund Prepetition OpCo Second Out Notes Participations. 3. OpCo DIP Facility: Up to $1.75 billion term loan facility for refinancing existing debt. U.S. Bank serves as administrative agent and collateral agent under the OpCo DIP facility. This loan consists of: (a) up to $1,000,000,000 in principal amount of new money term loans; and (b) $752,465,541 in principal amount of term loans to replace and refinance, on a dollar-for-dollar, cashless basis Prepetition FILO Loans under the Prepetition FILO Credit Agreement and Prepetition NPC Loans under the Prepetition NPC Credit Agreement. The Global Debtors have about $3.4 billion in existing funded debt obligations across various facilities with different maturity dates, primarily maturing in 2026 and 2029. To prevent immediate and irreparable harm to the Global Debtors' Estates, the Global Debtors are expressly authorized and empowered to immediately: (i) borrow, or guarantee, as applicable, and obtain, on a joint and several basis, aggregate principal amount of ABL DIP Loans during the Interim Period up to the ABL DIP Commitments, subject to the terms and conditions of the ABL DIP Credit Agreement and the other ABL DIP Documents; (ii) borrow, or guarantee, as applicable, and obtain, on a joint and several basis, aggregate principal amount of SGUS DIP Loans during the Interim Period in an amount equal to (A) $400,000,000 for funding the OpCo DIP Loans and (B) up to $751,000,000 to consummate Prepetition OpCo Second Out Notes Participations, in each case as required under and in accordance with the applicable DIP Documents; (iii) borrow, or guarantee, as applicable, and obtain, on a joint and several basis, aggregate principal amount of OpCo DIP Loans during the Interim Period in an amount equal to $400,000,000; (iv) incur, on a joint and several basis, all other obligations owing to the applicable DIP Agent and DIP Lenders on the terms and subject to the conditions and limitations set forth in the applicable DIP Documents and this Interim Order; and (v) cause each of the DIP Guarantors to guarantee the applicable DIP Obligations, in each case in accordance with the terms of the applicable DIP Documents and this Interim Order. Immediately upon the entry of the Interim Order, but subject to certain provisions and limitations, the Global Debtors shall be deemed, automatically and without any further action, to incur: (i) up to $359,000,000 in SGUS Second Out DIP Loans incurred to replace and refinance up to $359,000,000 in outstanding Prepetition SGUS Notes; (ii) $395,000,000 in OpCo FILO Roll-Up DIP Loans incurred to replace and refinance $395,000,000 in outstanding Prepetition FILO Loans and $357,465,541 in OpCo NPC Roll-Up DIP Loans incurred to replace and refinance $357,465,541 in Prepetition NPC Loans; and (iii) $498,730,000 in ABL Roll-Up DIP Loans to replace and refinance (A) the outstanding amount of all Prepetition ABL Secured Obligations, other than the Prepetition ABL Revolving Loans, (B) all Prepetition ABL Secured Obligations related to the Prepetition ABL Letters of Credit, and (C) the Prepetition ABL Revolving Loans via the Creeping Roll-Up. As protection, the DIP lenders will be granted valid, binding, enforceable, continuing, non-avoidable, and automatically and properly perfected security interests and liens on assets securing the DIP loans and an allowed superpriority administrative expense claim. The DIP Facilities are scheduled to mature six months after the Closing Date, subject to certain earlier triggering events customary for debtor-in-possession financings. Use of Cash Collateral The interim order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors. As adequate protection, pre-bankruptcy secured creditors will be granted replacement security interest in and lien on the applicable collateral securing the DIP loans, subject and subordinate to the fee carveout and DIP liens. They are also entitled to an allowed administrative expense claim, subject to the carveout and DIP superpriority claims. The Interim Order provides a "Carve Out" of certain statutory fees payable to the Clerk of the Court and the Office of the United States Trustee, all reasonable fees and expenses up to $50,000 incurred by a trustee under section 726(b) of the Bankruptcy Code, and allowed professional fees of the Debtors and any Committee appointed in the Chapter 11 Cases pursuant to section 1103 of the Bankruptcy Code, and a Post-Carve Out Trigger Notice Cap of $15,000,000, as further detailed in the Interim Order. The DIP Order provides a "Challenge Period" which mean earliest to occur of (i) the commencement of a hearing to consider confirmation of a chapter 11 plan, (ii) for any party in interest other than the Committee, no later than the date that is 60 days from entry of the Interim Order, and (iii) for the Committee, no later than 60 days from the appointment of the Committee; provided, however, that if, prior to the end of the Challenge Period, (x) the cases convert to chapter 7, or (y) a chapter 11 trustee is appointed, then, in each such case, the Challenge Period shall be extended for a period ending on the later of 60 days after entry of the Interim Order and 45 days after the date of such conversion or appointment, as applicable, in each case solely with respect to any such trustee. Milestones Among others, the DIP Facilities require Saks Global to obtain confirmation of a Chapter 11 reorganization plan acceptable to the lenders within 140 days following the bankruptcy filing, or June 3, 2026; and exit Chapter 11 20 days later. No later than 50 days after the Petition Date, the Debtors must have delivered a draft business plan to the Specified Ad Hoc Group Advisors; and no later than 60 days after the Petition Date, the Debtors must have delivered an updated business plan that is in form and substance reasonably acceptable to the Required SGUS Lenders. The Debtors must have filed a proposed Plan of Reorganization and corresponding disclosure statement by March 30, which is the 75th day after the Petition Date. Prior to the Petition Date, the Global Debtors provided Epiq Corporate Restructuring LLC a retainer in the amount of $40,000. Epiq will apply these funds in accordance with the Engagement Letter. The Global Debtors are authorized to compensate Epiq for their services as DIP Financing Agent under sections 105(a) and 363(b) of the Bankruptcy Code effective as of the Petition Date. The interim DIP order is available at https://urlcurt.com/u?l=nnl7fW from PacerMonitor.com. A final hearing to approve the DIP facilities is set for Feb. 13. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to the Ad Hoc Group. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank PLC, serves as fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serve as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. SANFORD CONTROLS: Seeks Chapter 11 Bankruptcy in Massachusetts -------------------------------------------------------------- On January 12, 2026, Sanford Controls, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Sanford Controls, LLC Sanford Controls, LLC is engaged in providing industrial control systems and related technical solutions for commercial and industrial applications. Sanford Controls, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10069) on January 12, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Kate E. Nicholson, Esq., and Angelina M. Savoia, Esq., of Nicholson Devine LLC. SHAI CREATES: Seeks Chapter 11 Bankruptcy in Washington ------------------------------------------------------- On January 3, 2026, Shai Creates LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Washington. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Shai Creates LLC Shai Creates LLC is a Washington-based limited liability company. Shai Creates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00003) on January 3, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Frederick P. Corbit handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., of Neeleman Law Group, P.C. SHAYN REALTY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Shayn Realty LLC 1060 Ocean Avenue Brooklyn, NY 11226 Business Description: Shayn Realty LLC is a Brooklyn, New York– based single asset real estate company that owns and manages a residential property at 420 Avenue F in Brooklyn, New York, comprising 55 units. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40286 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Hertz as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZXQPP2A/Shayn_Realty_LLC__nyebke-26-40286__0001.0.pdf?mcid=tGE4TAMA SINCLAIR TELEVISION: Moody's Cuts CFR to 'Caa1', Outlook Stable --------------------------------------------------------------- Moody's Ratings downgraded Sinclair Television Group, Inc.'s ("STG" or the "company") corporate family rating to Caa1 from B3 and affirmed the probability of default rating at Caa1-PD. In connection with this rating action, Moody's downgraded the: (i) $1.43 billion 8.125% backed first-out senior secured first-lien notes due 2033 and $575 million backed first-out senior secured first-lien revolving credit facility (RCF) due 2030 to B3 from B2; (ii) $708 million outstanding backed second-out senior secured first-lien extended term loan B-6 due 2029, $728 million outstanding backed second-out senior secured first-lien extended term loan B-7 due 2030 and $238 million outstanding 4.375% backed second-out senior secured first-lien exchanged notes due 2032 to Caa1 from B3; (iii) $3 million outstanding backed senior secured term loan B-3 due 2028 and $37.5 million backed senior secured RCF due 2027 to Caa3 from Caa2; and (iv) $485 million outstanding 5.5% senior unsecured notes due 2030 and $4 million outstanding 4.125% senior unsecured notes (formerly secured) due 2030 to Ca from Caa3. Moody's affirmed the Caa2 rating on the $432 million outstanding 9.75% backed senior secured second-lien exchanged notes due 2033. STG's Speculative Grade Liquidity rating was upgraded to SGL-2 from SGL-3. The outlook was changed to stable from negative. The downgrade of the CFR reflects Moody's medium to long-term expectation for continued pressure on retransmission revenue due to the high rate of traditional subscriber losses arising from secular cord-cutting trends, as well as ongoing weakness in STG's linear TV core advertising revenue. Moody's acknowledges the company's new focus on debt reduction, however these pressures will continue to weigh on the company's future operating performance leading to two-year average EBITDA declines and debt protection measures consistent with Caa1 CFR issuers. The downgrade also reflects the company's high financial leverage, which was 6.5x total debt to EBITDA at LTM September 30, 2025 (leverage metrics are Moody's adjusted on a two-year average EBITDA basis). While 2026's political ad revenue will boost EBITDA and the company plans to realize cost savings and repay high cost debt with proceeds from the new $375 million A/R securitization facility as well as with free cash flow (FCF) from high margin political revenue, Moody's expects leverage will remain in the 6x-7x area over the rating horizon due to stalled growth in core revenue and insufficient FCF to meaningfully repay debt. Governance risk considerations were a key driver of the rating actions reflecting STG's leveraged balance sheet, which is increasingly becoming untenable, and reflected in the G-5 governance score. While Moody's recognizes that the new financial management team is committed to deleveraging the balance sheet, this will take time given the business challenges. RATINGS RATIONALE In addition to STG's tolerance for high leverage, the Caa1 CFR reflects a history of shareholder-friendly activities at a time when the operating model was experiencing accelerating secular pressures. While Sinclair's share repurchases have ceased since 2024, the preference to return capital to shareholders rather than meaningfully repay debt to reduce leverage weighs on the ratings. STG's revenue model benefits from a mix of recurring retransmission fees that historically helped to offset the inherent volatility of traditional advertising revenue. Over the next several years, however, Moody's expects retransmission revenue will continue to experience pressure as the rate of subscriber losses outpaces annual fee increases, which constrains the rating. Moody's expects net organic retransmission growth over the coming year will be flat to down (excludes JSA/LMA station buy-ins) driven by mid-to-high single digit percentage subscriber declines (comprising traditional MVPDs and vMVPDs) that will exceed annual contractual escalators, even as distributors increasingly bundle streaming services in their pay-TV packages to try to ease cancellations. In even numbered years, revenue benefits from material political advertising spend, especially during presidential election years, which can mask pressure in retransmission revenue, but also boosts EBITDA. However, political revenue is also increasingly shifting to digital media and Moody's expects the company's 2026 political revenue to be 10%-20% lower than in 2024 due to this phenomenon as well as typically lower political spend for mid-term elections compared to presidential elections. Ratings are supported by STG's established brand, scale and significant reach. The company is one of the largest US broadcasters with 179 owned and/or operated television stations. Around 50% of STG's news operations rank #1 or #2 in their respective markets. However, the credit profile is negatively impacted by the industry's ongoing structural decline in linear TV core advertising as non-political TV advertising budgets continue to erode in favor of digital media. Moody's expects STG's linear TV core ad revenue will continue to be pressured, which could worsen during periods of weak CPM (cost per thousand impressions) pricing, depressed TV ratings, deteriorating macroeconomic conditions and/or displacement during election years. To offset these challenges and diversify operations, STG has invested in new technologies (i.e., NextGen TV broadcast), growth businesses (i.e., Ventures) and over-the-top (OTT) digital distribution, however this burdens cash flows and creates operational risk in the short-term until these assets become profitable and can contribute meaningfully to EBITDA. The revision of the outlook to stable reflects Moody's expectations that leverage will remain in the 6x-7x range over the rating horizon and Moody's views that STG's credit metrics will continue to be appropriately positioned within the Caa1 rating given the structural and secular pressures in the business. The outlook acknowledges the company's commitment to de-lever, but Moody's also expects the pace of debt reduction to be slow. Moody's expects STG will maintain good liquidity over the next twelve months, supported by positive FCF and improved cash balances in FY 2026, as reflected in the SGL-2 Speculative Grade Liquidity rating. At LTM September 30, 2025, FCF totaled around $61 million (Moody's adjusted, defined as cash flow from operations less capex less dividend distributions) and cash and cash equivalents were $122 million. Moody's expects FCF in FY 2025 (non-election year) to fall in the range of -$50 to -$150 million due to STG's continued dividend payment to fund overhead/public company costs at its ultimate parent (Sinclair, Inc.) and the one-time cash tax payment associated with the Diamond Sports Group bankruptcy exit. Owing to the influx of political revenue, Moody's expects FCF to be positive in the range of $200 to $250 million in FY 2026, which Moody's projects will be used to repay and/or repurchase debt. While Moody's expects the $575 million RCF due February 2030 and $37.5 million RCF due April 2027 to remain undrawn over the next twelve months, Moody's expects the new $375 million A/R securitization facility due 2028 will be fully utilized. The B3 ratings on the first-out first-lien debt obligations are two notches lower than the implied outcome under Moody's Loss Given Default (LGD) framework to better reflect Moody's views of the ultimate recovery in a default scenario based on an estimated value of the assets relative to the rank and size of these claims in the capital structure given the continuing structural and secular pressures in STG's core revenue. The Ca ratings on the senior unsecured notes are one notch lower than the implied outcome under the LGD framework to reflect the very low anticipated recovery in a distressed scenario given their unsecured junior position relative to a sizeable amount of first-lien, second-lien and third-lien debt ahead of them. STG is a wholly-owned subsidiary of Sinclair Broadcasting Group, LLC ("SBG"), which is the financial reporting Holdco entity providing downstream guarantees on STG's debt obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if STG's total debt to two-year average EBITDA is sustained well below 6x, via debt repayment and/or EBITDA growth, and two-year average FCF to total debt sustained near the mid-single digit percentage range (all metrics are Moody's adjusted). STG would also need to: (i) exhibit organic revenue growth and stable-to-improving EBITDA margins on a two-year average basis; (ii) adhere to conservative financial policies; and (iii) maintain at least good liquidity to be considered for an upgrade. Ratings could be downgraded if Moody's expects total debt to two-year average EBITDA will be sustained above 7x (Moody's adjusted) as a result of weak operating performance or more aggressive financial policies. A downgrade could also arise if two-year average FCF to debt was sustained below 1% (Moody's adjusted), STG experienced deterioration in liquidity or covenant compliance weakness, or Moody's expects STG will pursue a balance sheet restructuring and/or further distressed exchanges. Sinclair Television Group, Inc., headquartered in Hunt Valley, MD and founded in 1986, is a leading US television broadcaster wholly-owned by Sinclair Broadcasting Group, LLC. With 179 owned and/or operated television stations in 81 markets across the US, the station group reaches around 25% of the US population taking into account the UHF discount (38% coverage without). Net revenue at LTM September 30, 2025 was around $3 billion. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SOLANO HOME: Seeks to Use $10,815 in Cash Collateral ---------------------------------------------------- Solano Home Solutions, LLC asks the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral. The cash collateral, which consists primarily of funds in bank accounts, rental income, and other cash receipts, is the Debtor's sole source of operating funds. Without immediate permission to use these funds, the Debtor would be unable to continue business operations. The Debtor proposes using $10,815 per month in cash collateral, including monthly payments of $6,000 to secured creditors John Carl and Carol Bender and payments of routine operating expenses. Solano identifies several creditors holding interests in the cash collateral, including the Benders, county tax collectors, and individual creditors. The Debtor believes that the secured creditors are protected by a substantial equity cushion, noting that total asset value exceeds $3.8 million while secured claims total approximately $1.55 million. As additional protection, the Debtor offers replacement liens and continued monthly payments. A hearing on the matter is set for February 10, at 11 a.m. A copy of the motion is available at https://urlcurt.com/u?l=5BGpQf from PacerMonitor.com. About Solano Home Solutions LLC Solano Home Solutions, LLC is a real estate company classified as a single-asset real estate Debtor. Solano Home Solutions sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-22931) on June 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso. SOUTH FLORIDA PULMONARY: Seeks Court Nod to Use Cash Collateral --------------------------------------------------------------- South Florida Pulmonary & Critical Care, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for authority to use cash collateral. The Debtor seeks immediate access to approximately $6,000 in cash on hand and ongoing receivables to pay critical expenses such as employee wages, payroll, suppliers, and other operational costs. Although no creditor holds a properly perfected security interest in its cash or receivables that would require adequate protection, the Debtor identifies three groups that may assert claims: Pulmonary Physicians of South Florida, LLC, the Debtor's management company; Seacoast Bank; and certain judgment creditors arising from a pre-bankruptcy partnership dispute. To the extent any interest is later found to exist, the Debtor offers to provide adequate protection in the form of a replacement lien on newly generated accounts receivable on an interim basis. The Debtor filed for Chapter 11 relief under Subchapter V on January 7 and has operated as a medical provider for pulmonary and critical care patients in South Florida for approximately 20 years. It employs nine non-physician staff and two experienced pulmonologists and functions as "Care Center 30" within a larger network of care centers managed by PPSF. Under a management services agreement, PPSF controls billing and cash management for the Debtor and may be holding some of the Debtor's cash while also asserting claims for indemnification or employee benefit expenses. Seacoast Bank holds a secured loan against PPSF's assets, and although the Debtor is a guarantor, it did not grant Seacoast a direct security interest, leading the Debtor to dispute any claim Seacoast may assert against its cash. In addition, the Debtor faces judgment creditors owed more than $600,000 in attorney's fees, with approximately $190,984 in pre-bankruptcy receivables subject to their asserted liens, though the Debtor disputes that these liens extend to cash proceeds requiring adequate protection. About South Florida Pulmonary & Critical Care South Florida Pulmonary & Critical Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10131) on January 7, 2026, listing between $1 million and $10 million in assets and liabilities. Carol Fox of GlassRatner as Subchapter V trustee. Judge Corali Lopez-Castro presides over the case. Megan W. Murray, Esq., at Underwood Murray, P.A. represents the Debtor as legal counsel. STEALTH CONTROL: Seeks Chapter 11 Bankruptcy in Massachusetts ------------------------------------------------------------- On January 12, 2026, Stealth Control Systems, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Stealth Control Systems, LLC Stealth Control Systems, LLC provides industrial control systems and automation solutions for commercial and industrial clients. Stealth Control Systems, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10070) on January 12, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Kate E. Nicholson, Esq., of Nicholson Devine LLC. STG LOGISTICS: Gets Interim OK for DIP Financing ------------------------------------------------ STG Logistics, Inc. and its affiliates got the green light from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The court issued an interim order authorizing the Debtors to borrow, and the DIP guarantors to guarantee borrowings, up to an aggregate principal amount of $182,750,000 of the DIP loans (inclusive of the roll-up DIP loans), of which $85,000,000 of the new money DIP loans will be available immediately. The DIP facility was negotiated with an ad hoc group of term lenders holding majorities of the Debtors' existing debt. The DIP facility is due and payable in full in cash or reorganized equity, as applicable, in accordance with the Restructuring Term Sheet, on the date of the earliest to occur of: (i) six months from the date the interim order is entered (as such date may be extended with the prior written consent of the DIP lenders); (ii) the date of consummation of a sale of all or substantially all of the Debtors' assets; (iii) the effective date of a Chapter 11 plan; and (iv) the date the DIP loans become due and payable in full under the DIP documents whether by acceleration or otherwise. The financing is paired with continued use of cash collateral, consented to by controlling lenders, and is designed to reassure customers, vendors, and employees that the business is adequately capitalized to operate in the ordinary course. Wilmington Savings Fund Society, FSB, serves as agent under the DIP facility. The Debtors also obtained authority to grant liens, superpriority administrative claims, adequate protection for pre-petition secured parties, and related protections. The Debtors said that the DIP facility and related use of cash collateral are essential to maintain liquidity, preserve vendor and customer confidence, fund operations, and provide a path to a consensual and value-maximizing exit from Chapter 11. The final hearing will be held on February 10. The interim DIP order is available at https://is.gd/vFgFRx from PacerMonitor.com. The Debtors, one of North America's largest providers of integrated port-to-door logistics and supply chain solutions, including intermodal transportation, drayage, transloading, warehousing, over-the-road, and less-than-truckload services, operate approximately 60 locations nationwide and employ about 1,170 full-time workers. They entered bankruptcy with approximately $34 million in cash, well below their minimum liquidity threshold of $50 million, needed to cover roughly two weeks of average disbursements. Their constrained liquidity position results from severe industry headwinds, including a historic freight recession, sharply higher interest rates, inflation, ongoing supply chain disruptions, and the burden of complex litigation. Despite prior equity injections and loan restructurings in 2024 that temporarily extended their runway, the Debtors require additional capital to stabilize operations and execute a value-maximizing restructuring under a Restructuring Support Agreement. As of the petition date, the Debtors have approximately $1.159 billion in total outstanding funded debt obligations. The STG Distribution, LLC debt includes $209 million in FLFO Term Loans, $25 million in STG Distribution RCF, $669 million in FLSO Term Loans, $101 million in FLTO Term Loans, and $2 million in capital leases or equipment financing, totaling approximately $1.005 billion. Reception Purchaser, LLC debt includes $2 million in the Reception Purchaser RCF, $56 million in the Reception Purchaser Term Loan Facility, and $96 million in capital leases or equipment financing, totaling $154 million. To finance its acquisition of XPO Intermodal, Reception Purchaser entered into a credit agreement in March 2022 providing the RCF and Term Loan Facility, secured by substantially all assets of the Reception Purchaser Loan Parties. In October 2024, the Debtors executed a refinancing to address liquidity needs, which included the creation of STG Distribution, LLC and STG Distribution Holdings, and the transfer of collateral from Reception Purchaser to these entities. The STG Distribution Credit Agreement provides for the STG Distribution RCF, with approximately $25 million in issued and undrawn letters of credit, and a three-tranche term loan facility secured by substantially all STG Distribution and Reception Purchaser assets, with outstanding balances as of the Petition Date of $205 million (FLFO Term Loans), $658 million (FLSO Term Loans), and $99 million (FLTO Term Loans). Intercompany term loans were also established on similar secured, first-lien terms. Equipment financings, covering approximately 11,500 leased intermodal containers, forklifts, trucks, racking, and other warehousing equipment, total roughly $98 million. The Debtors' equity structure includes preferred equity units and common equity units. As of the Petition Date, Reception Holdings had 533,200 Class A preferred units, 30,000 Class A-1 units, and 50,000 Class A-2 units, largely held by Consenting Sponsors in connection with prior equity contributions and recapitalizations. Common equity includes approximately 11,000,000 Class B units and 1,300,000 Class C incentive units, with additional Class D, E, and F units issued for management incentives and sales bonuses. About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STONEPEAK TAURUS: S&P Downgrades ICR to 'B-', Outlook Stable ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Stonepeak Taurus Lower Holdings LLC (operating as TRAC Intermodal) to 'B-' from 'B'. S&P also lowered the issue-level rating on the company's second-lien notes to 'B' from 'B+'. The stable outlook reflects S&P's expectation that TRAC will maintain steady operating performance and adequate liquidity to meet its operational needs over the next 12 months. The financial metrics of TRAC deteriorated in 2025 as a result of lower import volumes and pool fleet utilization. TRAC's credit profile weakened in 2025 as operating performance deteriorated amid a decline in fleet utilization. Revenue for the first nine months fell 8.9%, driven by lower pool volumes and a sustained drop in utilization to 60%–65%--well below the levels in 2021–2022. The operating environment suffered from tariff-related uncertainty, which dampened imports, and truckers increasingly using chassis that they own, which reduced demand within TRAC's domestic pool segment. As a result, import volumes and billable usage declined year over year, causing forecasted full-year revenue to contract about 7%. S&P said, "We expect TRAC's operating environment to stabilize somewhat in 2026. We anticipate a moderate recovery in import volumes, even as uncertainty around tariff and trade policy continues to constrain demand. Industry indicators from the Global Port Tracker and National Retail Federation point to January marking the first month‑over‑month increase in import activity in six months, suggesting early signs of normalization. That said, the industry indicators still project that imports will remain down year over year in the first quarter, underscoring the uneven nature of the recovery and the potential for continued volatility in TRAC's addressable market. "We believe a gradual rebound in volumes would support utilization and cash flow generation, but the pace of recovery remains unclear." Sustained weakness in early‑year imports could delay improvement in fleet utilization, prolong pressure on revenue, and limit the company's ability to rebuild coverage and leverage metrics. Weaker top‑line performance, partially offset by modest expense reductions, compressed operating margins and eroded cash flow generation. As a result, EBIT interest coverage and funds from operations (FFO) to debt have both fallen below our downside thresholds for the rating. S&P expects credit metrics to remain weak through 2026 given persistently low utilization levels, with full‑year 2025 EBIT interest coverage forecast at roughly 0.5x and FFO to debt near 10%. Earnings have deteriorated while debt balances have remained broadly stable, placing sustained pressure on leverage and coverage metrics. Macroeconomic uncertainty throughout 2025--driven largely by tariff‑related volatility--weighed on revenue and margin expectations. S&P said, "While we forecast a 7% decrease in revenue in 2025, the company reduced operating costs (excluding one-time items associated with fleet repositioning in the Midwest) by 6% and selling, general, and administrative expenses by 5% to partially offset revenue declines from reduced activity and pricing pressure. We now project EBIT margins to decline to about 8% in 2025 before gradually recovering in 2026 and 2027." S&P said, "We expect capital expenditure (capex) to total $85 million-$90 million in 2026, with the majority directed toward the South Atlantic Chassis Pool 3.0 (SACP 3.0). We view capex as somewhat discretionary, given the company's strategy of refurbishing existing chassis rather than purchasing new units." TRAC's capital structure comprises an asset-backed loan (ABL) facility and second‑lien notes, both of which carry floating‑rate exposure. The company employs interest rate swaps to mitigate a portion of this risk, providing improved stability and visibility into annual interest expense. S&P said, "We view TRAC's liquidity as adequate. Despite having minimal cash on the balance sheet, TRAC has more than $350 million in availability under its ABL facility. Additionally, we expect the company to generate FFO of approximately $85 million over the next 12 months. Uses of liquidity over the next 12 months primarily relate to capex and moderate working capital needs. In July 2025, the company extended the maturity on its ABL to September 2030, which was previously due this year. "We continue to view Stonepeak's financial policy as aggressive. We view Stonepeak Infrastructure Partners, TRAC's owner since early 2020, as a financial sponsor. Since March 2021, the company has paid over $870 million in dividends to Stonepeak, including the proceeds of the $350 million second-lien term loan B issued in January 2022. The company stopped dividend payouts in mid-2023 amid weaker market conditions, and there were no distributions in 2024 or 2025. We do not expect the company to pay any dividends in 2026. "The stable outlook reflects our expectation that TRAC, over the next 12 months, will maintain its market position, steady operating performance, and adequate liquidity to meet its operational needs. We expect FFO to debt to remain below 12% and EBIT interest coverage to remain below 1.1x in 2026 and 2027. "We could lower our rating if we believe TRAC is unable to meet its future liquidity needs. This could occur because of lower utilization rates and pricing pressure from low shipping volumes, further unfavorable macroeconomic conditions, or slower turn times. "We could raise our rating on TRAC if we expect the company's EBIT interest coverage to increase above 1.1x or FFO to debt to exceed 12% on a sustained basis, and we expect financial policy to remain supportive of those metrics." TENASKA PENNSYLVANIA: S&P Rates New $400MM Term Loan B Prelim 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' preliminary rating and '1+' recovery rating to Tenaska Pennsylvania Partners LLC's (TPP) proposed $400 million term loan B (TLB). TPP will use the proceeds to refinance existing debt, pay transaction fees, and make a distribution. TPP has very low starting leverage of $410 per kilowatt (/kW) and low leverage at maturity. At the same time, the sweep structure is very modest and the project lacks cashflow visibility. S&P's '1+' recovery rating indicates its expectation for full (100%) recovery in a default scenario. S&P said, "The stable outlook reflects our expectations that TPP will realize robust capacity factors and spark spreads, while maintaining exceptional operational performance with minimal forced outages. We expect the project will repay about $180 million of its debt and maintain a minimum debt service coverage ratio (DSCR) above 2.0x during the project life." TPP is a 980-megawatt (MW) combined-cycle, natural gas-fired generator in Westmoreland, Pa. It reached commercial operation date in 2018 and participates in the PJM energy, capacity, and ancillary services market. The project is in the PJM West energy hub, with direct access to both the Texas Eastern Transmission Pipeline (TETCO) and Eastern Gas Transmission and Storage (EGTS) gas pipeline systems. The project is owned by J-POWER Westmoreland LLC (25%), Tenaska Pennsylvania Holdings LLC (25%), and DGC Westmoreland LLC (50%). Solid operational performance and supportive market dynamics lead to high capacity factors and robust sparks. S&P said, "TPP has a proven robust operational track record and is well positioned to capitalize on improving market conditions in PJM, leading to our forecast capacity factors of 60%-70% over the project life. TPP has shown a high level of dispatch from 2021-2025e with capacity factors at about 70%-80% and average spark spreads of about $20 per megawatt hour (/MWh), while achieving an average EFORd of less than 0.5%. Availability at around 85%-90% is less robust than other 'bb' category projects we rate, where we see closer to 95%. We expect the project will continue to capitalize on increased demand and power prices in the region due in large part to data center growth. At the same time, we forecast lower long-term capacity factors stemming from increased supply that is currently in the queue and will enter the supply stack around 2030 and beyond. In addition, TPP and other natural gas generators will face increasing competition from nuclear, batteries, and new combined-cycle gas turbines (CCGTs), which will result in lower power prices. Currently there are about 9.3 gigawatts of projects in the queue, of which 90% should be online by 2030 and the rest in 2031. We expect TPP will operate the project with high availability and low EFORd in order to realize expected capacity factors. The sponsor is a proven operator with a solid operating track record, and we expect the project to have an asset life through 2048." TPP has low leverage for a baseload asset in PJM, partially offset by a weak sweep structure. TPP's starting leverage of $410/kW is low for a baseload CCGT in PJM. S&P said, "However, the sweep structure of only 25% for leverage above 2.0x is one of the weakest among projects we rate. We expect the project to sweep 35% of the initial TLB balance, which is less than what we see for typical sweep structures. At the same time, we forecast relatively low leverage at maturity, leading to continued robust DSCRs in the post-refinancing period. We forecast DSCRs above 2.0x during the project life, with a median of 2.33x. The low leverage is supportive of the 'BB' preliminary rating." The project is fully merchant without any energy margin locked in, but benefits from solid capacity prices. The project is a merchant CCGT and does not have any hedges or contracts in place, but benefits from high near-term capacity prices. This means that it lacks cash flow visibility on energy margin. S&P said, "This leaves the project fully exposed to market risks, which is less credit supportive than projects with near-term hedges in place that we rate. At the same time, the project does have visibility on cleared capacity though delivery year 2028, and capacity revenues account for about 40% of gross margin for the TLB period. Longer term (2030/2031 and beyond), we forecast capacity prices of $175 per megawatt-day (/MW-day), escalating with inflation and representing an increasing proportion of revenues as energy margin decreases. In addition, we do not expect the project to realize ancillary revenues, as reactive power payments are no longer permitted." S&P said, "The stable outlook reflects our expectation that TPP will realize robust capacity factors and spark spreads, while maintaining exceptional operational performance with minimal forced outages. We expect the project will repay about $180 million of its debt and maintain a minimum DSCR above 2.0x for the project life." S&P would consider a negative rating action if TPP is unable to sustain DSCRs above 1.8x. This could occur if: -- Economic factors lead to lower capacity prices, capacity factors, or spark spreads than S&P forecasts; -- The project experiences higher forced outages, resulting in lower generation or penalties; and -- Excess cash flows don't lead to debt repayment, resulting in a TLB balance of more than $270 million at maturity absent mitigating factors. Although unlikely, S&P could raise the rating if: -- S&P expects that TPP will realize a minimum DSCR above 3.0x on a sustained basis for the life of the project; and -- S&P believes qualitative factors support a 'BB+' rating, given the operational and market risks inherent in a single-asset plant. TODOPLAY LLC: Moody's Withdraws 'B2' Corporate Family Rating ------------------------------------------------------------ Moody's Ratings has withdrawn the B2 corporate family rating of Todoplay LLC ("Todoplay"). Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). Based in Delaware, US, Todoplay LLC is a leading multichannel sporting goods retailer and wholesaler operating in Chile, Peru, Ecuador and Bolivia. The company is privately owned and controlled by members of the Ribadeneira family. It is the main distributor of NIKE, Inc. 's (A2 stable) products in each of its territories, and it also sells other recognized international sports brands and its own private-label brands for sporting goods. As of September 2024, Todoplay operated 243 stores, out of which 168 were multibrand retail stores, including 64 of its own banner Marathon and 75 mono-brand retail stores focused on specific international brands. For the 12 months that ended September 30, 2024, the company had $718 million in revenue. TONOPAH SOLAR: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Tonopah Solar Energy, LLC 11 Gabbs Pole Line Road Tonopah NV 89049 Business Description: Tonopah Solar Energy, LLC owns and operates a utility-scale concentrated solar power plant located in Tonopah, Nye County, Nevada, with a net generating capacity of approximately 110 megawatts, designed to produce electricity by concentrating sunlight to heat molten salt and converting the resulting thermal energy into steam-driven power generation. Developed by SolarReserve, Inc. and also known as the Crescent Dunes Solar Energy Project, the facility integrates molten salt thermal energy storage, allowing heat to be stored in insulated tanks and used to generate electricity independent of real-time solar conditions. The plant is capable of producing electricity during nighttime hours, addressing the intermittency typically associated with solar energy generation and distinguishing it from photovoltaic-only facilities. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10060 Judge: Hon. J Kate Stickles Debtor's General Bankruptcy Counsel: Aaron S. Applebaum, Esq. DLA PIPER LLP (US) 1201 North Market Street, Suite 2100 Wilmington DE 19801 Tel: 302-468-5662 Email: aaron.applebaum@us.dlapiper.com Debtor's Investment Banker: SSG ADVISORS, LLC Debtor's Claims & Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $100 million to $500 million The petition was signed by Yale S. Bogen as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZZ6WEDI/Tonopah_Solar_Energy_LLC__debke-26-10060__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Crescent Dunes Finance, Inc. Lender Unknown 11 Gabbs Pole Line Road, Box 1071 Tonopah, NV 89049 NAME: Raul Garcia Diaz PHONE: +34 91 703 81 48 EMAIL: rgarciad@dragados.com 2. Bureau of Land Management Lease Unknown 1553 South Main Street Obligations P.O. Box 911 Tonopah, NV 89049 NAME: Perry B. Wickham PHONE: (775) 482-7800 EMAIL: blm_nv_bmdowebmail@blm.gov 3. CMB Infrastructure Litigation Unknown Investment Group IX, LP, et al. 7819 42nd Street West Rock Island, IL 61201 NAME: John Poulos, Esq. PHONE: (916) 564-5400 EMAIL: john.poulos@lewisbrisbois.com TREEHOUSE FOODS: S&P Affirms 'B' ICR on Proposed Acquisition ------------------------------------------------------------ S&P Global Ratings affirmed our 'B' issuer credit rating on Brook, Ill.-based TreeHouse Foods Inc. S&P said, "We also assigned a 'B' issuer credit rating to Industrial F&B Investments III Inc., the proposed borrower of the new debt facilities. Upon the close of the transaction, Industrial F&B Investments III Inc. will be absorbed by TreeHouse through a reverse merger, and the new debt facilities will be pushed down to TreeHouse. After the transaction closes, we will withdraw the issuer credit rating on Industrial F&B Investments III Inc. "We also assigned a 'B' issue-level rating and '3' recovery rating to the proposed $1.25 billion senior secured term loan. The '3' recovery rating reflects our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a default. All ratings are based on preliminary terms and subject to review of final documentation. We will withdraw our issue-level ratings on Treehouse when the transaction closes and the existing debt is repaid. "The stable outlook reflects our expectation that TreeHouse's operating performance will continue to benefit from productivity initiatives and consumers trading down to private-label products such that leverage remains below 7x." Financial sponsor Investindustrial has agreed to acquire Oak Brook, Ill.-based TreeHouse Foods Inc. for a total consideration of $2.9 billion. S&P expects the acquisition will close in the first quarter of 2026 and that all existing debt at TreeHouse will be repaid. The proposed transaction financing includes an undrawn five-year $400 million asset-based lending (ABL) revolving credit facility, a seven-year $1.25 billion first-lien term loan, $550 million of other secured debt (the terms of which the company will announce subsequently), and $1.2 billion of common equity from the financial sponsors. S&P said, "Pro forma for the transaction, we estimate leverage was 5.7x for the 12 months ended Sept. 30, 2025. We expect profit growth will enable the company to deleverage to the low-5x area by the end of fiscal 2026. "The 'B' rating reflects our expectation of pro forma leverage of about 5.7x with gradual deleveraging over time. On Nov. 10, 2025, Investindustrial signed a definitive agreement to acquire TreeHouse. The acquisition will be funded by a new $1.25 billion first-lien term loan due 2033, $550 million of other secured debt, and a $1.2 billion common equity contribution by financial sponsor Investindustrial. Upon the close of the transaction, TreeHouse will become the borrower of the credit facilities, which will also include a new $400 million first-lien ABL due in 2031 that isn't expected to be drawn at close. We estimate S&P Global Ratings-adjusted pro forma leverage of about 5.7x as of Sept. 30, 2025, compared to about 5.2x prior to the transaction. While pro forma leverage is higher than our previous expectations, we forecast leverage to decline to the low-5x area by the end of fiscal 2026 due to EBITDA growth. The company has demonstrated modest EBITDA growth over the past four quarters, and we expect EBITDA to continue to increase. However, its new financial policy and capital structure under financial sponsor ownership limits any potential upside for the rating. "While we believe private label trends are generally favorable, TreeHouse' topline growth is expected to remain challenged in fiscal 2026. TreeHouse's sales growth has lagged private-label industry growth historically due to the company's outsized mix exposure to slower-growing center-of-store categories. Volumes declined 11.6% in the third quarter of fiscal 2025 after decreasing 6.3% and 8.3% in the second and first quarters, respectively. The company has been unable to improve its growth profile, even after a series of divestitures and acquisitions over the last five years aimed at simplifying its business and increasing its depth in high-growth categories. We believe this is partly due to a historical lack of strategic discipline to operate selectively in a few categories, underinvestment in innovation, and inconsistent commercial execution. The company currently operates in 16 categories with over 9,000 stock-keeping units and some complex manufacturing processes. It's not clear at this time if the new management under Investindustrial's ownership plans to make any significant changes to the company's business. "We forecast the weak macroeconomic backdrop--combined with national grocers' focus on increasing store brand offerings--will continue to drive steady demand for private-label products. However, we expect TreeHouse's volumes will remain under pressure in 2026 due to demand softness in its categories as well as the exit of the ready-to-drink business. This will be partially offset by higher growth in its griddle and broth categories as their production facilities recover from disruptions related to product recalls and return to normalized production levels. We forecast revenues to remain flat in fiscal 2026, with continued volumes declines offset by price/mix improvements. "Despite having executed a substantial cost-savings program, we believe the company has room to unlock additional efficiencies. At its investor day in 2023, TreeHouse unveiled a large cost-savings plan aimed at improving supply-chain efficiencies. Over the last two years, the company achieved more than $100 million of cost savings from procurement renegotiations, continuous improvement initiatives, and distribution network optimization. However, one-time costs associated with product recalls, restructuring programs, and its margin-improvement activities overshadowed most of the improvement. Financial sponsor Investindustrial and new CEO Eric Beringause have plans to optimize costs further through procurement savings, automation, manufacturing footprint consolidation, headcount reduction, and insourcing of production. They expect to realize about $130 million of cost savings by fiscal 2028. We believe new management has a credible action plan to rightsize the company's cost structure, but realizing these savings could take more time than anticipated and require incremental investments. We believe the company can achieve S&P Global Ratings-adjusted EBITDA margins in the mid-teens percent area--compared to about 11% currently--once the synergies are realized and restructuring costs roll off in a couple of years. "We forecast depressed cash flows compared to historical levels as TreeHouse services a higher interest burden and funds higher levels of capital expenditures (capex) and working-capital requirements. Under the new capital structure, we forecast the company's annual free cash flow generation will decline by about 65%-70% in fiscal 2026 compared to fiscal 2025. This is partly because the annual interest expense will increase by about $50 million. We also expect capital expenditures to remain elevated over the next three years to support investments to improve operating efficiency. In addition, we forecast the company will require roughly $5 million-$10 million in cash usage annually for working-capital purposes over the next two years related to higher raw materials costs and increased inventory requirements to support revenue growth. The company plans to repay the outstanding balance of about $222 million on its existing receivables securitization facility as part of this transaction. Going forward, TreeHouse intends to minimize the utilization of the securitization facility and primarily rely on its ABL facility for its working-capital needs. "Financial sponsor ownership and acquisition strategy will likely keep S&P Global Ratings-adjusted debt to EBITDA over 5x. TreeHouse has a history of being acquisitive and sustaining leverage over 5x as a public company. We expect Investindustrial to maintain an aggressive approach to leverage and we believe it could pursue additional debt-funded transactions. We believe the company's acquisition strategy and its financial sponsor ownership could prevent S&P Global Ratings-adjusted leverage from declining below 5x over the longer term. We expect TreeHouse and its financial sponsor to prioritize investment in the business to expand capacity, capabilities, and geographic presence. We believe it will use excess cash flow and debt capacity to support acquisitions and possibly shareholder distributions. "The stable outlook reflects our expectation for leverage to decline to the low-5x area over the next 12 months given that we anticipate EBITDA growth and positive free cash generation, as operating improvements and cost savings more than offset higher interest expenses, working-capital requirements, and capital expenditures." S&P could lower its rating on TreeHouse if it expects leverage to increase and stay above 7x or if S&P expects a substantial free cash flow decline. This could occur if: -- The company experiences significant volume declines because of inflationary pressures or market-share losses; -- Operating issues (including supply chain, labor, or product recalls) cause profit and cash flow to degrade materially; or -- The company adopts a more aggressive financial policy by funding large, debt-financed acquisitions or dividends. S&P could raise the rating if TreeHouse reduces and sustains leverage below 5x. This could occur if it: -- Delivers sustained low-single-digit percent organic revenue growth and an EBITDA margin of more than 10% from gaining market share and new customers; -- Applies discretionary cash flow toward debt repayment; and -- Demonstrates less-aggressive financial policies and commits to maintaining leverage below these levels. UNITED SITE: Court Appoints Ret. Judge Robert Drain as Mediator --------------------------------------------------------------- The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey appointed Judge Robert Drain (Ret.) as mediator in bankruptcy case of United Site Services Inc. and its affiliated debtors. The mediator is authorized and directed to conduct the mediation with the parties involved regarding all disputes arising from or related to the 2024 recapitalization and the Debtors' proposed Joint Prepackaged Plan of Reorganization. The mediator will be entitled to reasonable fees as compensation for his services, as well as reimbursement for reasonable costs, in each case without further order of the Court. The Debtor and the estates will be responsible for 2/3 of the mediation fees. CastleKnight will be responsible for one-third (1/3) of the mediation fees. A copy of the Court's Order dated January 12, 2026, is available at https://urlcurt.com/u?l=2FXEKu from PacerMonitor.com. About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging between $1 billion and $10 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped Milbank LLP and Cole Schotz PC as counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. US MAGNESIUM: Plan Exclusivity Period Extended to March 9 --------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware extended US Magnesium LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 9 and May 8, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has paid undisputed administrative expenses as they come due and will work to continue to do so. The Debtor continues to monitor its liquidity position closely and is confident that sufficient cash will be available to satisfy their post-petition payment obligations during the requested extension of the Exclusive Periods. In sum, the Chapter 11 Case is moving towards a successful conclusion as the Debtor diligently works towards consummation of a sale of substantially all of its assets. The Debtor claims that the requested extension of the Exclusive Periods will allow this process to continue in an efficient manner, preserve enterprise value, and provide the Debtor with a fair and reasonable opportunity to liquidate their business for the benefit of all stakeholders. Under these circumstances, the Debtor submits that ample cause exists to grant the reasonable extension of the Exclusive Periods requested herein. US Magnesium LLC is represented by: Michael Busenkell, Esq. Margaret M. Manning, Esq. Michael Van Gorder, Esq. Gellert Seitz Busenkell & Brown, LLC 1201 North Orange Street, Suite 300 Wilmington, Delaware 19801 Telephone: (302) 425-5800 Facsimile: (302) 425-5814 Email: mbusenkell@gsbblaw.com About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VALVES AND CONTROLS: Plan Exclusivity Period Extended to March 24 ----------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Valves and Controls US, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 24 and May 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that extending the Exclusive Periods will give the Debtor the opportunity to complete the negotiation process with the UCC on the terms of a chapter 11 plan that ensures the fair and equitable treatment of the Asbestos Claims, as well as engage in discussions with the UCC, Weir, and First Reserve regarding the settlement of the Debtor's potential causes of action against such parties in exchange for a contribution to the Debtor's estate to fund distributions under a chapter 11 plan. The Debtor explains that it has been in frequent and active communications with the UCC (since its appointment), Weir, and First Reserve throughout this chapter 11 case. The Debtor expects these discussions to continue to progress in good faith and the Debtor is hopeful that they may lead to a consensual chapter 11 plan and potentially a settlement that will result in a contribution to the Debtor's estate that could enhance creditor recoveries under a plan. The Debtor requests this extension of the Exclusive Periods to allow for these negotiations to continue without the distraction of competing chapter 11 plans, not to pressure the creditors to agree to the Debtor's requests in regard to the terms. The Debtor believes an extension will allow the Debtor and its creditor constituents the necessary time to continue to discuss the best possible terms, working towards a consensual plan that will benefit all stakeholders. Moreover, failure to extend the Exclusive Periods as requested herein would defeat the very purpose of section 1121 of the Bankruptcy Code, which is to provide the Debtor with a meaningful and reasonable opportunity to propose a confirmable chapter 11 plan. Valves and Controls US Inc. is represented by: COLE SCHOTZ P.C. Patrick J. Reilley, Esq. Michael E. Fitzpatrick, Esq. Melissa M. Hartlipp, Esq. 500 Delaware Avenue Suite 600 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: preilley@coleschotz.com mfitzpatrick@coleschotz.com mhartlipp@coleschotz.com -and- WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Ronit J. Berkovich, Esq. Lauren Tauro, Esq. Alejandro Bascoy, Esq. 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 E-mail: matt.barr@weil.com ronit.berkovich@weil.com lauren.tauro@weil.com alejandro.bascoy@weil.com About Valves and Controls US, Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Patrick J. Reilley, Esq. at Cole Schotz P.C. WEBSTER UNIVERSITY: Moody's Affirms 'B1' Issuer & Rev. Bond Ratings ------------------------------------------------------------------- Moody's Ratings has affirmed Webster University's (MO) B1 issuer and revenue bond ratings. The university had total outstanding debt of $106 million at fiscal end 2025. The outlook has been revised to stable from negative. The revision of the outlook to stable from negative reflects recent traction on a detailed strategic plan resulting in a year of positive EBIDA margins following a going-concern and financial distressed designation in fiscal 2023 and ongoing deficts in fiscal 2024. Further, recent direct debt restructuring reduces near-term risks with the elimination of financial covenants. RATINGS RATIONALE The affirmation of the B1 issuer rating reflects EBIDA volatility but also acknowledges strengthened student demand and improving net tuition revenue. These gains stem from a multifaceted strategic plan that has yielded short-term incremental improvements, although challenges related to margin and enrollment improvements persist in the higher education environment. Operationally, the university ended fiscal 2025 free cash flow positive without relying on endowment support. Sustained enrollment growth, particularly at the Webster Groves campus, and continued operating improvements remain key to long term stability. Further, another year of clean audit opinion, following the going concern designation in fiscal 2023, and the resolving all of the Department of Education and HLC issues will support the rating level. The university refinanced the $19.6 million Series 2015 bonds, eliminating all financial covenants, and extended its line of credit through October 2028, providing some near-term reduction in debt structure risk. The university, however, remains heavily reliant on its lines of credit, which require maintaining at least $35.5 million in pledged investment collateral. The affirmation of the university's B1 debt ratings reflect the issuer rating and the general obligation characteristics of the bonds. RATING OUTLOOK The stable outlook incorporates expectation that the university will continue to generate momentum in its multi-faceted strategic plan, improving FTE enrollment, net tuition, wealth and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained strengthening in operating performance and growth of FTE -- Significant improvement in liquidity profile and elimination of reliance on lines of credit for operation FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to sustain positive student demand momentum and growth in net student revenue -- Reduction in wealth or liquidity -- Increase in debt PROFILE Originally founded in 1915, Webster is a private non-profit university with its main residential campus just outside of St. Louis, with campuses in Texas and South Carolina, and international locations across 10 countries and two continents (Europe and Asia), as well as partnerships with dozens of other non-profit universities that allow students to study in every continent except Antartica. Webster offers a diverse mix of undergraduate, graduate, and certificate programs and has extensive online programming. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. WELLPATH HOLDINGS: Cooper's 3rd Party Release Opt-Out Deemed Timely ------------------------------------------------------------------- Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas granted the motion filed by Mathew Cooper for an order acknowledging his decision to opt out of the third-party release in the bankruptcy case of Wellpath. The Court deems the filing by Mr. Cooper to be a timely opt out of the third-party releases contained in the plan. A copy of the Court's Order dated January 21, 2026, is available at https://urlcurt.com/u?l=feDaqu from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WESTCOAST EVOLUTION: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- WestCoast Evolutions, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget pending further order. As adequate protection, BayFirst National Bank will receive monthly payments of $2,475.43, representing amortization of a secured claim in the amount of $131,174.91 over 60 months at an interest rate of 5.00%. As additional protection, BayFirst will be granted a replacement lien on all post-petition assets of the Debtor, with the same validity, priority and extent as its pre-bankruptcy lien, subject to the rights of the Subchapter V trustee and any permitted carveouts. WestCoast operates four automotive customization stores in the Sacramento area, providing services such as window tinting, vehicle wraps, paint protection films, audio and electronics installation, and security enhancements, and currently employs 13 W-2 employees and one contractor. The Debtor filed for bankruptcy on January 11 to address significant UCC liens, SBA-backed loans, tax obligations, and other liabilities arising largely from a premature expansion to a fourth store in Gold River in late 2024, which sharply increased operating costs without corresponding revenue growth. To stabilize operations and preserve jobs, the owner has reduced his personal compensation and may reduce it further to support plan feasibility. The Debtor's assets total approximately $131,175, while liabilities exceed $1.47 million, including over $1.16 million in SBA loans held by BayFirst and additional merchant cash advance and credit card debt. Multiple UCC-1 liens encumber substantially all assets, rendering most secured claims undersecured. About WestCoast Evolutions LLC WestCoast Evolutions, LLC is a veteran-owned business, provides automotive customization and protection services in Sacramento, Elk Grove, West Sacramento, and Gold River, California, specializing in window tinting, vehicle wraps, paint protection films and coatings, audio and electronics installations, and safety and security enhancements. WestCoast Evolutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20120) on January 11, 2026, listing $131,174 in total assets and $1,476,218 in total liabilities. Paolo A. Melendez, chief executive officer of WestCoast Evolutions, signed the petition. Judge Christopher M. Klein oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as bankruptcy counsel. WHITE ROCK: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------- Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- White Rock Medical Center, LLC 26-90115 Doctors Hospital at White Rock Pipeline East Dallas City Hospital at Whiter Rock Baylor Scott and White at White Rock City Hospital Emergency Care Center 1917 Ashland Street Houston TX 77008 Heights Healthcare of Houston, LLC 26-90116 1917 Ashland Street Houston TX 77008 Heights Healthcare of Texas, LLC 26-90117 9440 Poppy Drive Dallas, TX 75218 Ashland Healthcare, LLC 26-90120 1917 Ashland Street Houston TX 77008 City Hospital Physician Group 26- National Payroll Services LLC 26-90121 1917 Ashland Street Houston TX 77008 NCP Management, LLC 26-90122 1917 Ashland Street Houston TX 77008 North Houston Surgical Hospital, LLC 26-90123 1917 Ashland Street Houston TX 77008 Business Description: The Debtors are Texas-based limited liability companies operating in the healthcare and hospital management sectors, providing medical services, physician management, surgical care, and administrative support across the Houston and Spring, TX areas. The entities offer services ranging from acute hospital care and surgical procedures to physician group administration, payroll, and healthcare management consulting. Chapter 11 Petition Date: January 20, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' General Bankruptcy Counsel: Omar Alaniz, Esq. REED SMITH 2850 N. Harwood St. Suite 1500 Dallas TX 75201 Tel: (469) 680-4292 Email: Oalaniz@reedsmith.com Debtors' Financial Advisor: HMP ADVISORY HOLDINGS, LLC DBA HARNEY PARTNERS Debtors' Claims, Noticing & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC White Rock Medical's Estimated Assets: $10 million to $50 million White Rock Medical's Estimated Liabilities: $50 million to $100 million The petitions were signed by Mirza Baig as managing member. A full-text copy of White Rock Medical Center, LLC's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CLKKWMA/White_Rock_Medical_Center_LLC__txsbke-26-90115__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. REILS Inc. GAP Financing $17,000,000 990 Biscayne Blvd Office 501 Miami, FL 33132 Contact: Frank Kimball Phone: 305-990-0076 Email: kimball@reils.com 2. Dallas County Hospital District Delinquent $12,736,870 D/B/A Parkland Health System Payments To 5200 Harry Hines Blvd. LPPF Dallas, TX 75235 Contact: James Blasingame Phone: 214-590-4174 Email: james.blasingame@phhs.org 3. Strategic Management And Promissory $5,000,000 Capital LLC Note 778 Liberty Rd Suite B Flowood, MS 39232 Contact: Terry Thornton Phone: 601-594-4392 Emai:L: tthornton@strategicsolutionsco.com 4. Internal Revenue Services Tax Claim $3,811,891 Centralized Insolvency Operation Po Box 7346 Philadelphia, PA 19101-7346 Phone: 800-973-0424 5. 9330 Poppy Dr LLC Lease $2,895,083 4500 Dorr St. Obligations Toledo, OH 43615 Contact: Cheryl L Surgo Phone: 214-810-4331 Email: lakewoodprimarycarewellness@gmail.com 6. GMR East Dallas Land LLC Lease $2,695,968 2 Bethesda Metro Ctr Ste 440 Obligations Bethesda, MD 20814 7. Altera Digital Health Inc Trade Debt $2,045,592 Po Box 735183 Chicago, IL 60673-5183 Contact: Mia Avena Email: mia.avena@alterahealth.com 8. Texas Health And Human Recoupment $2,009,513 Services P.O. Box 13247 Austin, TX 78711-3247 Phone: 512-424-6500 Email: dhhs.mailbox@hhs.texas.gov 9. Abbott Laboratories Inc. Trade Debt $924,168 100 Abbott Park Road Abbott Park, IL 60064-6400 Phone: 224-667-6100 Email: adcmailjo@abbott.com 10. Wright Medical Technology Trade Debt $480,400 1023 Cherry Road Memphis, TN 38117 Phone: 901-867-9971 11. Mckesson Trade Debt $436,974 6555 North State Highway 161 Irving, TX 75039-2402 Phone: 972-446-4800 Email: boardchair@mckesson.com 12. Strategic Solutions, LLC Trade Debt $388,206 Contact: Terry Thornton Phone: 601-594-4392 Email: tthornton@strategicsolutionsco.com 13. California Healthcare Litigation Undetermined Insurance CO, Inc. 9229 Sierra College Boulevard Roseville, CA 95661 Phone: 916-773-3992 14. Cigna Health And Life Litigation/ Undetermined Insurance Company And/Or Claim Affiliated Cigna Entities 900 Cottage Grove Road Bloomfield, CT 06002 Phone: 800-997-1654 15. Constellation NewEnergy, Inc. Litigation Undetermined 1310 Point Street Baltimore, MD 21231 Phone: 844-636-3749 Email: home@constellation.com 16. Dallas County Litigation Undetermined 411 Elm Street, Suite 300 Dallas, TX 75202 Contact: Felicia Pitre Phone: 214-653-7949 Email: fpitre@dallascounty.org 17. Department Of Treasury Litigation Undetermined U.S. Department Of The Treasury Bureau Of The Fiscal Service Po Box 830794 Birmingham, AL 35283-0794 18. Direct Energy Business, LLC Litigation Undetermined 803 Carnegie Center Princeton, NJ 08540 Contact: Joyce Jones Phone: 888-925-9115 Email: joyce.jones@directenergy.com 19. Finthrive Revenue Systems, LLC Litigation Undetermined 7950 Legacy Drive, Suite 900 Plano, TX 75024 Phone: 800-390-7459 Email: notices@finthrive.com 20. Flores, Maria (Individually And Litigation Undetermined As Next Friend VF And AS) Contact: Robert Painter, General Counsel Phone: 281-580-8800 21. Haswah, Muin Litigation Undetermined C/O Hansen & Associates 1101-A N Little School Rd Arlington, TX 76017 Contact: Jeffrey E. Hansen Phone: 817-429-0956 22. Healthcare Network Texas Inc. Litigation Undetermined Po Box 809088 Attn Tax Dept Dallas, TX 75380-9088 Email: wcnet@tdi.texas.gov 23. HHS Facilities Management LLC Litigation Undetermined 12495 Silver Creek Rd Dripping Springs, TX 78620-5584 Email: info@hsmanage.com 24. Newman & Haswah Litigation Undetermined Contact: Adam S. Greenfield, Of Counsel Phone: 817-415-3529 Email: adam.greenfield@uwlaw.com 25. Orthofix Medical Inc Litigation Undetermined (Successor By Name Change) 3451 Plano Parkway Lewisville, TX 75056 Contact: Julie Dewey Phone: 214-937-2000 Email: juliedewey@orthofix.com 26. Spring Surgical Hospital Litigation Undetermined Partners LLC 10857 Kuykendahl Rd Ste 200 The Woodlands, TX 77382-2936 Contact: Tom Pisula Phone: 888-826-3127 27. Star Md Of Arlington & Star Ed Litigation Undetermined Of Arlington 2201 Long Prairie Rd, Pmb 300 Flower Mound, TX 75022 Contact: Srikanth Jyothinagaram Phone: 214-324-6100 Email: info@starmd.org 28. Valley Medical Staffing, Inc. Litigation Undetermined 1100 Moraga Way, Suite 108 Moraga, CA 94556 Phone: 925-297-6200 Email: tmorrow@vmstaffing.com 29. Village Emergency Room LLC Litigation Undetermined 2320 S Shepherd Dr Houston, TX 77019-7014 Contact: Hortencia Luna Phone: 832-978-6353 Email: ccer3725@gmail.com 30. Xobiologix LLC Litigation Undetermined 609 Castle Ridge Rd Ste 400 Austin, TX 78746-5126 Contact: Maya Hiles Phone: 512-351-9123 Email: maya@xobiologix.com YELLOW CORP: Defends Pension Fund Deals Despite Objection --------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that bankrupt trucking company Yellow Corp. has urged a Delaware bankruptcy court to approve its settlements with 15 multi-employer pension funds, which would resolve about $7.4 billion in withdrawal liability claims stemming from its exit from the trucking industry. The company said objections lodged by major shareholders fail to account for the litigation risks Yellow faced and warned that rejecting the agreements could jeopardize recoveries for creditors and complicate the Chapter 11 process, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. ZEVH REALTY: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Zevh Realty LLC 1060 Ocean Avenue Brooklyn, NY 11226 Business Description: Zevh Realty LLC is a single-asset real estate company that owns a residential apartment building at 2302 85th Street in Brooklyn, New York, with 42 units. Chapter 11 Petition Date: January 21, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40287 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Hertz as manager. 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/Z6L6P4Q/Zevh_Realty_LLC__nyebke-26-40287__0001.0.pdf?mcid=tGE4TAMA ZYNEX INC: Ex-Executives Indicted Amid Chapter 11 Case ------------------------------------------------------ Zynex, Inc. issued the following statement regarding the federal indictments of two former executives, on Jan. 22, 2026 "Zynex, Inc. is aware of the federal indictments of two former executives," said John Bibb, Chief Legal Officer. The individuals named in the indictment are no longer employed by Zynex and play no role in Zynex's current operations. Following the indictment, the Board of Directors removed Thomas Sandgaard as director and Chair of the Board. The company has not been charged in any criminal or civil enforcement matters. "Over the last six months, Zynex has executed a complete overhaul of its leadership, compliance program, billing practices, and operational controls," Bibb added. "Under entirely new leadership, we have delivered on our commitment to the highest integrity in our business practices and implemented rigorous compliance oversight." Zynex has cooperated extensively with the Department of Justice and other regulators and continues to seek a long-term resolution of ongoing investigations while the company is currently reorganizing under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. Bibb concluded, "As we create a new future for Zynex, we are committed to building trust through transparency, integrity, and compliance while we fulfill our mission to improve the quality of life for patients suffering from debilitating pain and other conditions." About Zynex Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. [] Algon Group Adds Witko & Kratzman to Restructuring Team ---------------------------------------------------------- The Algon Group, a specialized financial advisory firm with expansive expertise in the real estate sector and in guiding stakeholders in troubled companies, announces the addition of two highly regarded restructuring professionals to its team. Elizabeth M.K. Witko has joined as Director, based in Philadelphia, and E.A. Kratzman III has joined as Senior Managing Director, based in New York City. The dual appointments reflect Algon's continued growth and the increasingly complex restructuring landscape, facing both the real estate market and operating companies today. Witko brings 15 years of experience in consulting on and managing complex, distressed, and high-pressure situations at firms including Armanino Advisory, Drucker & Scaccetti, School Power, Glacial Energy, and Wells Fargo. Her leadership in a significant multi-asset -- 363 sale led her team to win the 2024 Turnaround Management Association "Transaction of the Year," highlighting her skill in creating value under challenging circumstances. She has overseen projects in special situations advisory and distressed M&A, completing over 30 client engagements across industries such as industrials, real estate, and construction, with specialized knowledge in technology and life sciences. Witko received her M.S. in Finance from The John Hopkins University's Carey Business School and her B.S. from Pennsylvania State University's Schreyer Honors College. Kratzman is a senior restructuring and real estate advisory professional with extensive experience across distressed credit, bankruptcy, special situations, and large-scale asset repositioning. He has advised lenders, sponsors, government entities, and financial institutions for more than two decades, with expertise spanning real estate, industrial operations, power generation, infrastructure, retail, and logistics. Among his notable engagements, Kratzman played a central role advising the Puerto Rico Industrial Development Corporation (PRIDCO) during the Commonwealth of Puerto Rico's bankruptcy, overseeing accounting, leasing, and alternative-use strategies for 23 million square feet of industrial and commercial assets. He has also served as a lead advisor and steering committee member in numerous complex Chapter 11 and out-of-court situations. Kratzman joins Algon Group from his own real estate and financial services consultancy. Previously, he was a Vice President, Senior Workout Specialist at Mitsubishi UFJ Financial Group and a Managing Director at Ankura Consulting Group. Kratzman received his M.B.A. from Rutgers Business School and his B.A. from William and Hobart Smith Colleges. "The demand for sophisticated restructuring advisory services for troubled companies and the real estate industry continues to accelerate as they navigate an increasingly complex financial environment," stated Troy Taylor, President of the Algon Group. "Elizabeth and E.A. bring exceptional expertise and track records of delivering results in the most challenging situations. Their additions strengthen our ability to serve clients facing difficult distressed scenarios." About the Algon Group The Algon Group, founded in 2002, is a specialized financial advisory firm that provides sophisticated financial advisory services to stakeholders dealing with a variety of difficult issues. Its expertise lies in our ability to effectively guide clients through complex, challenging, and/or financially distressed situations. Its professionals each have decades of investment banking and industry experience, with a particular focus in the energy and real estate sectors and have advised on over $8 billion of restructurings and/or financings. Noteworthy assignments have included The Related Group, Four Seasons Peninsula Papagayo Resort, BrightSource (Solar) Energy, Inc., Its Sugar, Tradition Land Company, Dressbarn and One Bal Harbour. www.algongroup.com. [] Carl Marks Advisors Rebrands to CMA -------------------------------------- Carl Marks Advisors, a provider of investment banking and turnaround & restructuring services, announced that it is rebranding as CMA. "This new identity brings clarity to who we are today and how we serve the market," said Evan Tomaskovic, Managing Partner of CMA. "It unifies our capabilities under a single name while honoring the heritage, experience, and values that have long defined our firm. As former owners and operators, we pair seasoned judgment with top-notch execution needed to move companies forward." CMA offers a full suite of Investment Banking and Turnaround & Restructuring services through an expanded, integrated advisory platform. The firm delivers comprehensive valuation and market insight to identify strategic alternatives, uncover a company's full potential, and connect clients with the right buyers, partners, or capital providers. With deep expertise in transaction execution, deal structuring, financial and operational advisory, and special situations investment banking, CMA supports clients across complex, high-stakes situations, helping them stabilize performance, navigate change, and maximize enterprise value. The refreshed brand introduces a new logo, color palette, and visual identity designed to bring greater cohesion and clarity across the firm's public platforms. CMA has also launched a redesigned website that offers a more intuitive user experience and more clearly presents the full breadth of the firm's advisory capabilities. About CMA CMA is a New York–based advisory firm serving middle-market companies, providing integrated Investment Banking and Turnaround & Restructuring services. Formerly known as Carl Marks Advisors, CMA brings decades of transaction, financial, and operational experience to complex and transformative situations. CMA's Investment Banking group advises clients on mergers and acquisitions, capital advisory, and other strategic transactions, while its Turnaround & Restructuring team works closely with management and stakeholders to address operational and financial challenges, preserve value, and support long-term outcomes. For more information, visit thecmagroup.com. [] Turnaround and Restructuring Expert Weinhoffer Joins J.S. Held ----------------------------------------------------------------- Global consulting firm J.S. Held announced on Jan. 22, 2026, that David Weinhoffer has joined its Strategic Advisory team. Based in Houston, Texas, David brings deep local knowledge that enhances the team's ability to provide support on engagements in the region, further strengthening J.S. Held's coast-to-coast solutions for businesses facing complex financial and operational challenges. Commenting on the move to J.S. Held, David Weinhoffer shares, "This new chapter gives me the opportunity to collaborate with an exceptional team of more than 80 restructuring, turnaround, and operational performance improvement professionals nationwide, providing solutions to middle-market enterprise clients across 50+ industries." Core Expertise: As a trusted advisor to distressed businesses, their lenders, investors, and attorneys, David delivers pragmatic solutions to lead restructurings across diverse industries. He serves in interim leadership and fiduciary roles to guide organizations through critical transitions and brings extensive experience providing expert services in complex litigation, arbitration, and mediation. Fiduciary Experience: David's fiduciary oversight spans multi--billion--dollar estates and trusts, directing litigation, claims reconciliation, creditor distributions, and securities clawbacks in disputes exceeding $100 million. Transactional Experience: David's extensive transactional expertise includes managing domestic and international asset sales and Section 363 transactions totaling over $1 billion, serving as Chief Restructuring Officer and CEO across multiple jurisdictions, including the Southern District of Texas and the Fifth Circuit, overseeing Chapter 11 and Chapter 7 proceedings, structured dismissals, and post--confirmation matters. Sector Experience: David leads projects in maritime, energy, and heavy industrial sectors, and holds certifications in mediation, arbitration, project management, and maritime law. He has also served as Liquidating Trustee for pharmaceutical estates with more than $1.5B in claims, as well as reviving and selling a $100 million retail energy provider within Chapter 7 proceedings and executing a landmark $650M Section 363 sale of a semi--submersible drilling rig, for which he was awarded American Bankruptcy Institute Asset Sale of the Year. Strategic Impact: Michael Jacoby, Strategic Advisory practice lead, shares, "Drawing on extensive hands-on experience managing distressed and nonperforming assets across multiple sectors, David brings deep real-world insight and operational expertise to his work." Stephanie Giammarco, who leads Disputes, Valuations, and Financial Advisory services for J.S. Held, adds, "His dual expertise creates a powerful synergy: operational experience and industry knowledge inform his expert opinions, while his litigation background guides asset management decisions." From strategy to execution, J.S. Held experts help clients overcome complex enterprise challenges and realize long-term, sustainable business value. About J.S. Held J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations. More than 1,500 professionals serve organizations across six continents, including 84% of the Global 200 Law Firms, 75% of the Forbes Top 20 Insurance Companies (90% of the NAIC Top 50 Property & Casualty Insurers), and 71% of Fortune 100 Companies. J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. All rights reserved. [^] BOOK REVIEW: To Protect Their Interests ------------------------------------------- The Invention and Exploitation of Corporate Bankruptcy Author: Stephen J. Lubben Publisher: Columbia University Press Published Jan. 20, 2026. 408 pages. Hardcover $130 · Softcover $32 · Kindle $17.27 Available at https://cup.columbia.edu/book/to-protect-their-interests/9780231213103/ Prof. Stephen J. Lubben traces the development of modern chapter 11 reorganization practice across more than a century of corporate and legal experimentation in To Protect Their Interests. Prof. Lubben describes a system built not from sweeping legislative breakthroughs but from incremental innovations. He identifies techniques borrowed, adapted, and repurposed by lawyers, judges, and financiers working in an era when corporate law was forming simultaneously. In the decades following the Civil War, sprawling capital-intensive railroad companies posed an unprecedented challenge. They crossed state lines, owed money to investors scattered across the country and abroad, and operated infrastructure too valuable to dismantle through ordinary liquidation. The traditional foreclosure remedy was too blunt for enterprises dependent on continuous operation. Insolvency practitioners turned to receivership, a device imported from English equity practice. Originally designed to hold assets during litigation, receivership evolved into a mechanism to keep trains running while investors negotiated new capital structures. By the 1870s, creditors' bills were filed in coordinated fashion across multiple jurisdictions. Federal circuit judges, empowered to sit across districts, issued receivership orders in several states on the same day. Senior management often served as receivers, overseeing operations while bondholders and other investors debated what a reconstituted enterprise might look like. In many cases, the railroad never stopped running even as its ownership and obligations were dismantled and rebuilt. Railroads, operated in an environment shaped by state land grants, speculative financing, and federal ambitions for transcontinental routes, provided especially fertile ground for these emerging techniques. They became an early laboratory for reorganization practice, and here Jay Gould enters the story. When Texas and Pacific Railroad entered receivership on Dec. 15, 1885 (obligated to pay bondholders 5% until their bonds matured in the year 2000), Gould applied a coordinated set of existing restructuring tools at a scale not seen before. Prof. Lubben highlights this case as a moment when the components of modern reorganization -- negotiated plans, multi-jurisdictional filings, investor committees, and the use of a new corporate shell -- appeared together in a unified form. Gould didn't invent these techniques, but this receivership demonstrated a large, multi-state corporation could be reorganized without liquidation. This case served as a template others would refine and replicate, including J.P. Morgan in the following decade. Prof. Lubben recounts how reorganizations reshaped corporate ownership during this period. Shareholders typically retained their interests only by paying assessments. Those who couldn't or wouldn't contribute were diluted or excluded. Bondholders who cooperated with reorganization committees traded their defaulted bonds for new securities. Unsecured creditors who didn't participate were left with claims against the old corporation, which no longer held operating assets. Public skepticism accompanied these developments. An 1882 political cartoon reproduced in Prof. Lubben's work shows receivers hauling away bags of "fees" from a sinking ship while policyholders struggle in the water -- evidence these procedures had already developed a reputation for complexity and high transaction costs. Yet the system kept railroads operating. Reorganization preserved going-concern value, maintained transportation links across vast regions, and allowed companies to function while their financial structures were rebuilt. It also normalized the idea that creditors and investors could negotiate their rights through a court-supervised process that didn't depend solely on statutory instructions. By the time Congress enacted the modern Bankruptcy Code in 1978, many of the central features of chapter 11 were already long established. The automatic stay, debtor-in-possession operation, court-supervised plan negotiations, binding treatment of dissenting creditors, and the creation of new corporate entities under judicial protection all had predecessors in nineteenth century railroad reorganizations. Statutory developments played a role. New York's early reorganization statute and the New Deal-era Chandler Act's corporate bankruptcy provisions introduced oversight and formal structure. But practice frequently led the way. When statutes were too rigid, parties worked around them; when they aligned with emerging norms, they codified techniques already in use. The history Prof. Lubben reconstructs also resonates with the structure of the modern profession. In later chapters, he shows how major corporate reorganizations drew in attorneys from prominent law firms. The W. T. Grant case files, for example, show Wachtell, Lipton, Rosen & Katz stepping in as company counsel, while a young associate -- Richard Krasnow of Weil Gotshal -- recorded minutes of creditors' committee meetings. Prof. Lubben also notes a former attorney from Sullivan & Cromwell who later chaired the Grand Union Company, and documents the involvement of Cravath, Swaine & Moore as the preferred counsel to the great investment houses. Archived interviews with Harvey Miller and Leonard Rosen, which Prof. Lubben cites, illustrate how techniques developed in nineteenth-century receiverships flowed into the sophisticated restructuring industry handling the nation's largest bankruptcies today. Prof. Lubben's account shows corporate bankruptcy as the product of continuous adaptation among courts, corporations, financiers, and legislators. The Texas railroads, the Gould receiverships, and the later Morgan reorganizations didn't create a new system from scratch. They refined and demonstrated a set of tools that eventually coalesced into the chapter 11 process now used to restructure large enterprises. Today, Prof. Lubben observes, Kirkland & Ellis "dominates the representation of large corporate debtors," extending this lineage into the twenty-first century. He credits Kirkland with helping establish Houston as a premier venue for chapter 11 (and a similar migration to New Jersey), illustrating how the institutional power once concentrated in railroad financiers now resides in a national restructuring bar adept at steering the forum, pace, and terms of modern reorganizations. Prof. Lubben isn't complimentary about private equity's role in modern restructuring cases. Sponsors often "run a company until it falls down and then use the reorganization system to impose most of the costs of failure on smaller parties," Prof. Lubben says, citing Steward Health Care where Cerberus Capital "split off its ownership of the hospitals in a transaction . . . to extract millions of dollars," leaving behind "a hospital operator without hospitals." In Caesars Entertainment's collapse, he says, Apollo Global Management and TPG Capital engaged in "machinations" including asset shifting and selective payments, pushing a plan to allow them "to retain ownership and obtain releases for their prior behavior." Other sponsors, like Bain Capital and Ares Management, Prof. Lubben continues, appear in transactions where companies "borrowed enthusiastically to fund the deal" and then faced liability-management maneuvers "designed to gain 'runway' . . . but most often . . . used to set up a subsequent chapter 11 case in a way that benefits the debtor's private equity owner." Private equity-owned debtors, Prof. Lubben concludes, "act much as Jay Gould or J. P. Morgan did a century ago, deferring to those with power and ignoring those without. ********* 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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