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260128.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, January 28, 2026, Vol. 30, No. 28 Headlines 1023 MAPLE: Seeks Chapter 11 Bankruptcy in New York 126 HENRY: Seeks Subchapter V Bankruptcy in New York 12892 MIZNER WAY: U.S. Trustee Unable to Appoint Committee 131 ORIENT AVE: Seeks Chapter 11 Bankruptcy in New Jersey 1993 GREEN: Unsecured Creditors Will Get 100% of Claims in Plan 25350 PLEASANT: Fine-Tunes Plan Documents 4 BY 4 BREWING: Seeks Chapter 11 Bankruptcy to Reorganize Finances 40 FULLER AVE: Seeks Chapter 11 Bankruptcy in New Jersey 40 STARR: Seeks Chapter 11 Bankruptcy in Rhode Island 7220 MAIN ROAD: Seeks Chapter 11 Bankruptcy in New York 811 MAPLE: Seeks Chapter 11 Bankruptcy in New York ABSOLUTE TRUCK: Hires First Coast Tax and Accounting as Accountant ADVANCED REHABILITATION: Cash Collateral Hearing Set for Today AIRX LLC: Gets Final OK to Use Cash Collateral AKTIVATE INC: Gets Final OK to Obtain Post-Petition Financing ALLIED TELECOM: U.S. Trustee Unable to Appoint Committee AMERIGAS PARTNERS: Moody's Alters Outlook on 'B1' CFR to Positive AMPLE INC: Unsecured Creditors Tap Dykema as Co-Counsel in Ch. 11 AQUA RESOLUTION: Robert Handler Named Subchapter V Trustee ARTEMIS GOLD: S&P Assigns 'B' Long-Term ICR, Outlook Stable ASURION LLC: Moody's Rates New $1.66BB Senior Secured Notes 'B3' AURA SYSTEMS: Posts $5.5M Net Income, Seeks Add'l $6MM to Fund FY26 BC BUFFALO: Seeks Chapter 11 Bankruptcy in New York BEVERLY COMMUNITY: Wants to Convert Chapter 11 to Chapter 7 BEYOND AIR: Raises $5MM in Private Placement of Shares, Warrants BIOMARIN PHARMACEUTICAL: S&P Assigns 'BB+' ICR, Outlook Stable BLEND COFFEE 1: Gets Extension to Access Cash Collateral BUCKINGHAM SENIOR: Enlists Focus Healthcare as Buyer for Assets BUDDY MAC TWO: Voluntary Chapter 11 Case Summary BUDDY MAC: Seeks to Sell Store Business at Auction CABS TRUCK: Seeks to Hire Bond Law Office as Bankruptcy Counsel CALDERONE SUBS: Seeks Chapter 11 Bankruptcy in New Jersey CEDAR HAVEN: Seeks Chapter 11 Bankruptcy, Plans Sale of Facility COMMUNITY HEALTH: To Sell Crestwood Medical Center Assets for $450M COMPANION CARE: Amends Unsecured Claims Pay Details COMPASS COFFEE: Caffe Nero Submits $2.9MM Acquisition Bid COMPASS COFFEE: Court OKs Bid Rules for Cafe Biz Sale at Auction COMPASS COFFEE: U.S. Trustee Appoints Creditors' Committee COMPASS GROUP: Moody's Lowers CFR to B3 & Unsecured Notes to Caa1 CREATIVE CONCEPTS: Seeks Chapter 7 Bankruptcy in Illinois CURRY INVESTMENTS: U.S. Trustee Unable to Appoint Committee CURRY INVESTMENTS: Voluntary Chapter 11 Case Summary DALRADA FINANCIAL: CEO Reflects on 2025; Eyes Efficiency in 2026 DAY TRANSLATIONS: Michael Markham Named Subchapter V Trustee DB PROPERTIES: Seeks to Hire BGS Law as General Bankruptcy Counsel DEL MONTE: Creditors Sue Fellow Lenders Over Ch. 11 Loan Treatment EMILIAS CLEANING: Seeks Chapter 7 Bankruptcy in Illinois ENDI PLAZA: Wins Bid to Stay Bankruptcy Case Dismissal EXAMWORKS BIDCO: S&P Rates Proposed $2.439BB Term Loan B 'B' FARMSTEAD HOLDINGS: Bankr. Administrator Unable to Appoint Panel FAT BRANDS: Case Summary & 30 Largest Unsecured Creditors FAT BRANDS: Files for Chapter 11 to Deleverage Balance Sheet FAT BRANDS: Owner Files for Chapter 11 Bankruptcy FLEXSHOPPER INC: Hires Epiq Corporate as Administrative Advisor FLEXSHOPPER INC: Hires Morris Nichols Arsht & Tunnell as Counsel FLEXSHOPPER INC: Hires Two Roads Advisors as Investment Banker FLORIDA GLASS: Can't Use Chapter 11 to Escape Pension Payments FOREST MEADOWS: To Sell College Park Property to Shtar Holdings FRANCESCA'S HOLDINGS: Plans to Shut Down, Start Liquidation GBI SERVICES: Gets Final OK to Obtain Post-Petition Financing GIBRALTAR INDUSTRIES: Moody's Assigns 'Ba3' CFR, Outlook Stable GOOD VIBRATIONS INK: L. Todd Budgen Named Subchapter V Trustee GOOD VIBRATIONS: L. Todd Budgen Named Subchapter V Trustee GRACE LIMOUSINE: Unsecureds Will Get 9.3% of Claims in Plan GREEN TEA: Seeks to Tap Transworld Business Advisors as Broker GRISWORLD ENTERPRISES: Seeks to Hire The Fealy Law Firm as Counsel HARVARD BIOSCIENCE: Reduces Stockholder Meeting Quorum to One-Third J.L.E.T. ENTERPRISES: Seeks Ch. 11 Bankruptcy Due to Rising Debt JUMP PEORIA: Case Summary & Five Unsecured Creditors KARMAN SPACE: S&P Lowers Senior Secured Debt Rating to 'B+' KID TO KID: Seeks to Tap Sheila F. Campbell as Bankruptcy Counsel KIDS FIRST: Seeks to Tap Marshack Hays Wood as General Counsel KOOL AIR: Seeks Approval to Tap Mickler & Mickler as Legal Counsel LEGACY TRADITIONAL: Moody's Upgrades Revenue Bond Rating to Ba1 LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral LIMITLESS ABA: Unsecureds Will Get 100% of Claims over 48 Months M&H ENTERPRISES: Seeks to Tap Rowena N. Nelson as Legal Counsel MEDICAL PROPERTIES: Marks 20 Years With Brand Update, "MPT" Ticker MEN'S WEARHOUSE: $200MM Upsized Loan No Impact on Moody's 'B1' CFR MKS INC: S&P Assigns 'BB-' Rating on New Senior Unsecured Notes MNE HOLDINGS: Seeks Chapter 11 Bankruptcy in New York MOBIVITY HOLDINGS: To Sell Connected Rewards for $5.3MM NAS LOGISTICS: Seeks to Tap Andrew Nichols & Associates as Counsel NASH ENGINEERING: Ch. 7 Trustee Seeks $59.7MM Placeholder Payment NEAR INTELLIGENCE: SEC Charges Ex-CFO, CEO for Alleged Fraud NEW AGE LEASING: Updates Several Secured Claims Pay; Amends Plan NEWFOLD DIGITAL: S&P Upgrades ICR to 'CCC+' on Debt Restructuring NORTH AMERICA: Jerrett McConnell Named Subchapter V Trustee NOSTRUM LABS: Chartwell Entitled to 25% of Recall Costs NOVARIA HOLDINGS: S&P Withdraws 'B' ICR on Acquisition by Arcline OLENOX INDUSTRIES: Engages RBSM LLP to Audit 2025 Financials ORLANDO CITY PLUMBING: Andrew Layden Named Subchapter V Trustee OSMOSIS HOLDINGS: S&P Rates Repriced First-Lien Term Loan B 'B' OSTENDO TECHNOLOGIES: Claims to be Paid from Sale Proceeds PAT MCGRATH: Seeks Chapter 11 Bankruptcy in Florida PAT MCGRATH: Voluntary Chapter 11 Case Summary PG&E CORP: Investor Group Opposes $100MM Wildfire Settlement PPS LAFAYETTE: Seeks to Tap Gabriel Del Virginia as Legal Counsel PRAGA JOYERIA: Seeks Chapter 7 Bankruptcy in Massachusetts PUBLIC PREPARATORY: S&P Withdraws 'CCC+' Issuer Credit Rating RAW BAGELS: Unsecureds to Get $2K per Month for 24 Months ROCK REGIONAL: CBC Derby Wins Bid for Automatic Stay Relief ROCKPOINT GAS: S&P Assigns 'BB' ICR, Outlook Stable RYVYL INC: Regains Nasdaq Compliance Ahead of Roundtable Merger SACRAMENTO CITY UNIFIED SCHOOL: At Risk of Receivership SAFE & GREEN: Rebrands as Olenox Industries Inc, Adopts OLOX Ticker SAKS GLOBAL: Seeks Approval to Hire Stretto Inc. as Noticing Agent SAM'S DINER: Seeks Subchapter V Bankruptcy in Ohio SHAYN REALTY: Section 341(a) Meeting of Creditors on March 2 SHINE-HI LLC: Seeks Chapter 7 Bankruptcy in Illinois SIGNIA LTD: Amends Unsecured Claims Pay Details SOLUNA HOLDINGS: Names Michael Picchi as Chief Financial Officer STEPHENVILLE AIRPORT: Receivership Application Stalled STOLI GROUP: Liquidates Inventory After Struggling in Chapter 11 STORM TEAM: Case Summary & 15 Unsecured Creditors SUNSOURCE BORROWER: Moody's Cuts CFR to B3 & Alters Outlook to Neg. SVB FINANCIAL: Contends FDIC Lacks Setoff Rights in $1.9B Fight TEAM HEALTH: S&P Rates New $945MM Senior Secured Term Loan 'B-' TEAM SERVICES: S&P Alters Outlook to Positive, Affirms 'B-' ICR THOMAS C. STEET: Bankr. Administrator Unable to Appoint Committee TLC OPERATIONS: Janice Seyedin Named Subchapter V Trustee TRINITY AUTO: Seeks Chapter 11 Bankruptcy in New Jersey TRINITY REALTY: Hires Bronson Law Offices as Bankruptcy Counsel TRINSEO PLC: Carol Flaton, Jill Frizzley Appointed to Board TRP BRANDS: Stub Period Rent Allowed as Administrative Expense UNITED AIRLINES: S&P Rates Proposed Senior Unsecured Notes 'BB+' UNITI GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable UPSTREAM NEWCO: S&P Upgrades ICR to 'CCC+' Following Restructuring VEGA CLOUD: Enters Receivership with Millions of Debt VEGAS CUSTOM: To Sell Vehicles to Brad Schafer for $4,500 VILLAGE HOMES: To Sell Texas Properties to Bloomfield & Hark Homes VIP TRANSPORT I: Seeks Chapter 7 Bankruptcy in Illinois VISION CARE: Court Extends Cash Collateral Access to May 16 W.R. GRACE: Moody's Rates New $500MM Senior Secured Notes 'B2' WYTHE BERRY: Court Tosses Schimenti Mechanic's Lien Appeal ********* 1023 MAPLE: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- 1023 Maple CR LLC sought bankruptcy protection on January 21, 2026, filing a voluntary Chapter 11 petition in the Eastern District of New York. The Debtor reports debts totaling between $100,001 and $1,000,000, with 1–49 creditors listed. The case was assigned No. 26-40277. About 1023 Maple CR LLC 1023 Maple CR LLC is a privately held limited liability company. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40277) on January 21, 2026. The filing shows estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The case is before Honorable Jil Mazer-Marino, and the Debtor is represented by Charles Wertman, Esq., of the Law Offices of Charles Wertman P.C. 126 HENRY: Seeks Subchapter V Bankruptcy in New York ---------------------------------------------------- On January 21, 2026, 126 Henry Street Inc. filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About 126 Henry Street Inc. 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. 126 Henry Street Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70291) on January 21, 2026. In its petition, the debtor reports estimated assets of $1 million-$10 million and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The debtor is represented by J. Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. 12892 MIZNER WAY: 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 12892 Mizner Way, LLC, according to court dockets. About 12892 Mizner Way LLC 12892 Mizner Way, LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B). 12892 Mizner Way sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24833) on December 16, 2025. In the petition signed by Menachem Muskal, manager, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge: Erik P Kimball oversees the case. Nicholas B. Bangos, PA serves as the Debtor's legal counsel. 131 ORIENT AVE: Seeks Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- On January 22, 2026, 131 Orient Ave LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About 131 Orient Ave LLC 131 Orient Ave LLC is a limited liability company. 131 Orient Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10710) on January 22, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Vincent F. Papalia handles the case. 1993 GREEN: Unsecured Creditors Will Get 100% of Claims in Plan --------------------------------------------------------------- 1993 Green Valley Road, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Plan of Reorganization and Disclosure Statement dated January 19, 2026. The Debtor owns real property at 1993 Green Valley Road in Alamo, California, which it rents out to tenants unrelated to the Debtor or its Managing Member. The rental income is not sufficient to pay the mortgage and other expenses related to the property, and the Debtor has relied on supplemental payments from the Debtor's Managing Member who is a licensed attorney. In September 2024, the Managing Member became seriously ill and was ultimately required to retire from his law practice. The Managing Member's income was then insufficient to pay the expenses of the property and the Debtor became delinquent in the mortgage payments. When the payments were only one or two months delinquent, the Debtor tried to seek a loan modification with the holder of the mortgage against the property, but the loan servicer refused to even talk to the Managing Member until the loan was more than three months behind. By then, Managing Member's health was such that he was unable to deal with the financial issues of the Debtor and the mortgage holder began foreclosure. This case was filed to give the Debtor an opportunity to modify the loan to allow the Debtor to propose a plan to reinstate the mortgage. The Debtor's Managing Member has renewed his law license and has obtained several employment opportunities which will again allow him to supplement the Debtor's rental income sufficiently to make payments to creditors until the Debtor is in a position to refinance the loan or sell the property. If the Plan is confirmed, the payments promised in the Plan constitute new contractual obligations that replace the Debtor's pre-confirmation debts. Creditors may not seize their collateral or enforce their pre-confirmation debts so long as Debtor performs all obligations under the Plan. If Debtor defaults in performing Plan obligations, any creditor can file a motion to have the case dismissed or converted to a Chapter 7 liquidation, or enforce their non-bankruptcy rights. Class 2(a) consists of Small Claims Unsecured Creditors. This class includes any creditor whose allowed claim is $1,000 or less, and any creditor in Class 2(b) whose allowed claim is larger than $1,000 but agrees to reduce its claim to $1,000. Each creditor will receive on the Effective Date of the Plan a single payment equal to 100% of its allowed claim. This Class includes the unsecured claim of the Office of the US Trustee in the amount of $250.00. Creditors in this class may not take any collection action against Debtor so long as Debtor is not in material default under the Plan (defined in Part 6(c)). Claimants in this class are impaired and are entitled to vote on confirmation of the Plan, unless their claims are paid in full with interest on the Effective Date of the Plan. On the Effective Date, all property of the estate and interests of the Debtor will vest in the reorganized Debtor pursuant to Section 1141(b) of the Bankruptcy Code free and clear of all claims and interests except as provided in this Plan. Except as provided in Part 6(d) and (e), the obligations to creditors that Debtor undertakes in the confirmed Plan replace those obligations to creditors that existed prior to the Effective Date of the Plan. Debtor's obligations under the confirmed Plan constitute binding contractual promises that, if not satisfied through performance of the Plan, create a basis for an action for breach of contract under California law. To the extent a creditor retains a lien under the Plan, that creditor retains all rights provided by such lien under applicable non-Bankruptcy law. A full-text copy of the Combined Plan and Disclosure Statement dated January 19, 2026 is available at https://urlcurt.com/u?l=MYLEr1 from PacerMonitor.com at no charge. The Debtor's Counsel: Ruth Auerbach, Esq. RUTH AUERBACH 236 West Portal Ave., Suite 185 San Francisco, CA 94127 Tel: (415) 722-5596 E-mail: ruth.auerbach.esq@gmail.com About 1993 Green Valley Road LLC 1993 Green Valley Road LLC is a single-asset real estate entity that owns the property at 1993 Green Valley Road in Alamo, California, valued at $3.25 million. 1993 Green Valley Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41404) on Aug.t 4, 2025. In its petition, the Debtor reports total assets of $3,250,000 and total liabilities of $2,600,000. The Debtor is represented by Ruth Auerbach, Esq. 25350 PLEASANT: Fine-Tunes Plan Documents ----------------------------------------- 25350 Pleasant Valley Drive LLC submitted a Fifth Amended Disclosure Statement describing Fourth Amended Plan of Reorganization dated January 20, 2026. The Plan is a plan of reorganization, meaning that the Debtor will continue to operate its business and affairs, as a "Reorganized Debtor," following confirmation of the Plan. The Plan provides for full payment of the claims of the Debtor's administrative, secured and priority claims and for a distribution to unsecured creditors. The Plan provides for no distribution or payment to the holders of equity interests in the Debtor. However, equity will be issued in the Reorganized Debtor to E. Bayramov, B. Bayramov, Rovshan Hamidov, and Anthony Halabi, on account of significant New Value Contributions to be made under the Plan, which are necessary to support the payments called for under the Plan. Pursuant to the terms of the Plan and the forbearance agreements with NWFCU and MainStreet, the Debtor shall have 36 to 48 months to refinance the debts to those creditors. During such time, the Debtor will make payments in accord with the agreements with NWFCU and MainStreet. The Class 5 Unsecured Claim of Epic at Dulles South Condominium Unit Owner's Association consists of the of unpaid condominium fees and costs, required by the Condominium Declaration, and shall be paid the amounts indicated in the Projections. Based upon the Projections, the full amount of fees and costs will be paid. It is estimated that the amount of Epic's Class 5 Claim is approximately $49,787.62. The Class 5 Claim is impaired. The Class 6.1 Unsecured Claim of the SBA represents the unpaid balance of an EIDL Loan to the Debtor. The Class 6.1 Claim is impaired. The Class 7 Unsecured Claim of ACA represents the Debtor's guaranteed obligations of TAF owed to ACA. The current balance owed to ACA is $21,002,955 as set forth in Exhibit 4. 16 The Class 7 Claim is impaired. The Class 8 Unsecured Claim of AFC represents the Debtor's guaranteed obligations of TAF owed to AFC. The current balance owed to AFC is $5,943,409 as set forth in Exhibit 5. 17 The Class 6.3 Claim is impaired. The Class 9 Unsecured Claim of TAF represents TAF's claim against the Debtor. The balance owed to TAF is $0. Class 10 consists of Equity Interest. E. Bayramov and B. Bayramov, the members of the Debtor, will be paid nothing on account of their interests. In exchange for the New Value Contributions (totaling $1,387,000 over the Plan term), E. Bayramov, B. Bayramov, Hamidov and Halabi will receive equity interests in the Reorganized Debtor. The value of the equity in the Debtor, as of the projected confirmation date, is significantly less than the amount of the new value contributions to be made. The obligations of E. Bayramov, B. Bayramov, Hamidov, Halabi, and ADM to make the New Value Contributions will be secured by a Confessed Judgment Promissory Notes. The Class 10 Equity Interest holders are impaired under the Plan. Payments and distributions under the Plan will be funded by (a) rents received from the Debtor's tenants (as set forth in the Projections) of the Debtor's real property, and (b) new-value capital contributions made in exchange for equity interests in the Reorganized Debtor. In total, the New Value Contributions are $1,387,000, consisting of the contributions to be made by E. Baayramov, B. Bayramov, Halabi, and Hamidov as set as "Plan Contributions." As of the date of this Disclosure Statement, approximately $215,000 of the New Value Contributions have been deposited into escrow toward these Plan funding obligations. The Debtor's Plan depends in part on the financial performance and stability of a nondebtor affiliate, ADM, which serves both as a tenant under one of the Debtor's leases and as an equity contributor to the Reorganized Debtor. ADM's contribution consists of (i) indirect newvalue funding through its principals, Hamidov and Halabi, who will each contribute as set forth in Exhibit 1 from their respective ADM salaries and earnings, and (ii) a direct corporate commitment of $200,000. E. Bayramov has committed to provide $658,000 of New Value Contributions in exchange for equity in the Reorganized Debtor. These payments will be funded from his ongoing consulting income through ADM and other automotive-related ventures. Pursuant to a Consulting Agreement dated, January 20, 2024, as amended July 21, 2024, ADM pays Mr. Bayramov a base consulting fee of $8,000 per month, of which $5,000 per month has been allocated to satisfy his New Value Contributions. A full-text copy of the Fifth Amended Disclosure Statement dated January 20, 2026 is available at https://urlcurt.com/u?l=2ILZt0 from PacerMonitor.com at no charge. 25350 Pleasant Valley Drive LLC is represented by: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Telephone: (703) 691-4940 Email: john@forestlawfirm.com About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor tapped John P. Forest, II, as counsel. 4 BY 4 BREWING: Seeks Chapter 11 Bankruptcy to Reorganize Finances ------------------------------------------------------------------ Ryan Collins of Springfield Daily Citizen reports that 4 By 4 Brewing Company, LLC, a craft beer producer located in Springfield, Missouri, has filed for Chapter 11 bankruptcy protection as part of a plan to reorganize its finances amid industry headwinds. The voluntary petition was filed on January 15, 2026, in the U.S. Bankruptcy Court for the Western District of Missouri. According to the company, the Chapter 11 filing is a restructuring move rather than a shutdown — the brewery will remain open during the process, with its store, taproom, and events continuing. The filing also includes requests for financing to support ongoing operations as 4 By 4 works toward a creditor-approved reorganization plan. About 4 By 4 Brewing Company, LLC 4 By 4 Brewing Company, LLC is a craft brewing company based in Springfield, Missouri, that produces and sells beer through brewery taprooms in Fremont Hills and Galloway. The Company operates local brewing facilities and two on-site taprooms, each with 22 taps, serving retail customers with house-brewed beers. 4 by 4 Brewing Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-60027) on January 15, 2026. At the time of the filing, estimated assets and liabilities were not disclosed in the application. Judge Brian T. Fenimore oversees the case. The Desai Law Firm, LLC is proposed as the Debtor's legal counsel. 40 FULLER AVE: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On January 6, 2026, 40 Fuller Ave LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 40 Fuller Ave LLC 40 Fuller Ave LLC is a real estate holding company that owns and manages property at 40 Fuller Avenue in New Jersey, focusing on commercial and residential real estate operations. 40 Fuller Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10112) on January 6, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Robert C. Nisenson, Esq., of Robert C. Nisenson, LLC. 40 STARR: Seeks Chapter 11 Bankruptcy in Rhode Island ----------------------------------------------------- On January 06, 2026, 40 Starr Ln LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Rhode Island. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 40 Starr Ln LLC 40 Starr Ln LLC is a limited liability company. 40 Starr Ln LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.R.I. Case No. 26-10010) on January 06, 2026. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge John A. Dorsey Jr. handles the case. 7220 MAIN ROAD: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On January 23, 2026, 7220 Main Road East Marion LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 7220 Main Road East Marion LLC 7220 Main Road East Marion LLC is a New York-based real estate company engaged in property ownership and management. 7220 Main Road East Marion LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70324) on January 23, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. 811 MAPLE: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On January 21, 2026, 811 Maple CR LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports liabilities between $100,001 and $1,000,000, with assets estimated at $0 to $100,000, and between 1 and 49 creditors. About 811 Maple CR LLC 811 Maple CR LLC is a limited liability company 811 Maple CR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40275). In its petition, the debtor listed estimated assets of $0–$100,000 and liabilities ranging from $100,001 to $1,000,000. The case is overseen by Honorable Bankruptcy Judge Elizabeth S. Stong, and the debtor is represented by Charles Wertman, Esq., of the Law Offices of Charles Wertman P.C. ABSOLUTE TRUCK: Hires First Coast Tax and Accounting as Accountant ------------------------------------------------------------------ Absolute Truck Repair, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ First Coast Tax and Accounting as accountant. The firm will prepare the Debtor's monthly operating reports, payroll (weekly), taxes and general accounting services. The firm will be compensated in the amount of $1,200 for monthly operating reports and other services per month. Patrick Mathews, CPA at First Coast Tax and Accounting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick Mathews First Coast Tax and Accounting 811 State Road 206 E. St. Augustine, FL 32086 Telephone: (904) 217-4462 About Absolute Truck Repair LLC Absolute Truck Repair, LLC is a Florida-based company specializing in commercial truck repair and maintenance services. Absolute Truck Repair filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04758) on December 23, 2025. In its petition, the Debtor listed $100,001 to $1 million in assets and liabilities. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor tapped Bryan K. Mickler, Esq., at Mickler & Mickler as counsel and First Coast Tax and Accounting as accountant. ADVANCED REHABILITATION: Cash Collateral Hearing Set for Today -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing today to consider extending Advanced Rehabilitation Clinics, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral under the court's January 15 interim order expires on January 30. The January 15 order granted protection to Village Bank & Trust, the Debtor's secured creditor, through monthly payments of $2,300 and a replacement lien on all property acquired by the Debtor after its Chapter 11 filing that is similar to the secured creditor's pre-bankruptcy collateral. Village Bank and Trust is the Debtor's only secured creditor, holding a lien on the Debtor's assets for a loan of approximately $111,000. The Debtor asserts that the value of its assets exceeds the amount owed and emphasizes that access to cash collateral is essential to continue business operations and avoid premature liquidation. About Advanced Rehabilitation Clinics Inc. Advanced Rehabilitation Clinics, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16498) on October 27, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Deborah L. Thorne oversees the case. Penelope N. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. Village Bank and Trust, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com AIRX LLC: Gets Final OK to Use Cash Collateral ---------------------------------------------- AirX LLC received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The final order authorized the Debtor to use the cash collateral of its secured creditors to pay the expenses set forth in its budget, subject to a 15% variance. The budget covers the period from the week ending February 6 through the week ending April 3. As adequate protection for the Debtor's use of their cash collateral, Columbia Bank, Kapitus, LLC and the surety companies will receive replacement liens, with the same priority as their pre-bankruptcy liens. As additional protection, Columbia Bank and Kapitus will continue to receive monthly payments of $10,917 and $1,000, respectively. The Debtor's authority to use cash collateral terminates on the earliest of April 3, 2026; a default under the final order; dismissal or conversion of the Debtor's Chapter 11 case; or appointment of a non-Subchapter V trustee. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/cAe52 from PacerMonitor.com. Columbia Bank is represented by: John R. Knapp, Jr., Esq. Miller Nash LLP 605 5th Ave S, Ste 900 Seattle, WA 98104 Tel: (206) 624-8300 Fax: (206) 340-9599 john.knapp@millernash.com About AirX LLC AirX LLC, is a mechanical contractor specializing in HVAC systems and building equipment installation based in Vancouver, Washington. AirX LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-41640) on July 10, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Mary Jo Heston handles the case. The Debtor is represented by: Stephen A. Raher, Esq. Tabor Law Group Tel: 971-634-0190 Email: sraher@pdx-law.com AKTIVATE INC: Gets Final OK to Obtain Post-Petition Financing ------------------------------------------------------------- Aktivate, Inc., doing business as FamX, received final approval from the U.S. Bankruptcy Court for the Eastern District of New York to obtain debtor-in-possession financing to get through bankruptcy. The order, signed by Judge Elizabeth Stong, authorized the Debtor to borrow $1.65 million from the DIP lenders, with $750,000 from MVS 1946 Tech Issuer Limited, and $900,000 from Aktivate Lender I, LLC. The initial advance of $1.4 million (to be funded $750,000 by MVS and $650,000 by ALI), less certain fees in the approved budget, will be immediately available, and the additional $250,000 to be available in March, as set forth in the DIP agreement. As protection, the DIP lenders will be granted perfected, binding and enforceable liens or security interests on assets securing the DIP loans and an allowed superpriority administrative expense claim. Aktivate emphasizes that the financing is critical to preserve operations, maintain enterprise value, and support an orderly restructuring, particularly because it urgently needs liquidity to remit hundreds of thousands of dollars in fundraising proceeds owed to school customers, funds that have been frozen post-petition by the bank. The Debtor describes its business, corporate structure, asset acquisitions, and capital history, including secured debt to Western Alliance Bank and subordinated secured debt to SLS, most convertible and SAFE obligations having converted to equity pre-petition. The Debtor operates the FamX platform, which schools use to manage athletic registrations, compliance, payments, and fundraising. Over time, the Debtor positioned itself as a vertically integrated technology provider for school athletics, emphasizing compliance, transparency, and centralized financial handling as core value propositions. The Debtor's growth strategy relied heavily on acquisitions. It expanded by purchasing complementary businesses in the high school athletics and activities space, including software platforms and service providers that handled registrations, ticketing, fundraising, and compliance. These acquisitions were intended to create a single, unified ecosystem for schools but also introduced integration challenges, overlapping costs, and increased operational complexity. Some acquired entities required continued investment to align technology stacks and business processes, placing ongoing pressure on liquidity. Aktivate's capital structure prior to bankruptcy consisted of a mix of secured debt, subordinated debt, and equity. Western Alliance Bank served as the senior secured lender, holding a first-priority lien on substantially all assets. Summit SLS, LLC held a subordinated secured position. In addition, the Debtor raised capital through SAFEs and convertible notes, most of which converted to equity before the Chapter 11 filing, significantly diluting earlier shareholders but reducing balance-sheet debt. Pre-petition financing also included venture-style equity infusions and bridge funding to support acquisitions and working capital. Despite these efforts, slower-than-expected integration benefits, rising operating costs, and restricted access to cash "particularly funds held on behalf of schools" strained liquidity and ultimately led the Debtor to seek Chapter 11 protection and debtor-in-possession financing. A copy of the court's order is available at https://urlcurt.com/u?l=6S7kr3 from PacerMonitor.com. MVS 1946 Tech Issuer Limited, as DIP lender, is represented by: Thomas A. Draghi, Esq. Alexandra Troiano, Esq. Westerman Ball Ederer Miller Zucker & Sharfstein, LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: 516.622.9200 Fax: 516.622.9212 tdraghi@westermanllp.com atroiano@westermanllp.com About Aktivate Inc. Aktivate, Inc., doing business as FamX, provides a sports and activities management platform primarily for K-12 schools and athletic programs in the US, offering tools for registration, scheduling, communications, fundraising, and fee collection, and digital management of coach certifications and athlete records. Aktivate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-46069) on December 19, 2025. In its petition, the Debtor reported assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ian Braunstein, Esq., at Iemer & Braunstein, LLP. ALLIED TELECOM: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Allied Telecom Group, LLC. About Allied Telecom Group LLC Allied Telecom Group, LLC provides internet access and data transport services to business, nonprofit, educational, and government customers, focusing on last-mile connectivity, wide-area network transport, and cloud and data center interconnection. The Washington, D.C.-based company operates as a local exchange carrier serving the District of Columbia, Maryland, and Virginia, and also offers managed IT and network security services such as firewall protection, intrusion detection, network monitoring, and disaster recovery planning. Allied Telecom Group serves a customer base of about 1,200 organizations across the public and private sectors, including federal, state, and local government agencies and educational institutions. Allied Telecom Group sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-00599) on Dec. 23, 2025, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. Ken Williams, as designated officer, signed the petition. Judge Elizabeth L. Gunn oversees the case. Hunton Andrews Kurth, LLP serves as the Debtor's legal counsel. AMERIGAS PARTNERS: Moody's Alters Outlook on 'B1' CFR to Positive ----------------------------------------------------------------- Moody's Ratings revised AmeriGas Partners, L.P.'s (AmeriGas) outlook to positive from negative. Moody's affirmed AmeriGas' B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B2 ratings for the company's senior unsecured notes. AmeriGas' Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-3. "The revision of AmeriGas' outlook to positive reflects steadying operating performance, continued debt reduction, lower leverage, and Moody's expectations for positive free cash flow and additional debt repayment this year," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE AmeriGas' positive outlook is supported by Moody's expectations that the company will continue to reduce debt and lower leverage, while proactively repaying and refinancing debt maturing in 2027, thereby enhancing financial flexibility and maintaining adequate liquidity. AmeriGas' B1 CFR reflects benefits from the company's large scale in a fragmented and highly competitive industry, its nationwide footprint, and broad customer diversification. AmeriGas is advantaged by its leading market share in US propane distribution. Operating performance stabilized in AmeriGas' fiscal year ended September 2025, alongside further debt reduction. AmeriGas has taken strategic actions to enhance profitability and focus on core operations, including exiting its wholesale business due to limited profitability and divesting its Hawaii propane operations. AmeriGas targets leverage at or below 4.0x, and Moody's expects continued debt repayment in fiscal 2026, strengthening the balance sheet and improving resilience during periods of warmer weather, when propane demand is lower. AmeriGas has not paid distributions to its parent, UGI Corporation (UGI), for several years as it prioritizes deleveraging. The SGL-3 rating reflects Moody's expectations that AmeriGas will maintain adequate liquidity. AmeriGas' ABL revolving credit facility, which matures in 2029, has $300 million in lender commitments and is governed by a borrowing base. It includes a covenant requiring liquidity equal to or greater than the outstanding principal amount of any senior notes maturing within the next 91 days, plus 20% of the maximum revolving advance amount. As of September 30, 2025, the facility had a borrowing base of $128 million, with no borrowings and $2 million in letters of credit outstanding. In addition, AmeriGas held $64 million of cash as of that date, though subsequent to quarter-end, the company used $35 million to repay debt. During fiscal 2025, average daily and peak revolver borrowings were $29 million and $129 million, respectively. The revolver includes a springing minimum fixed charge coverage ratio covenant of 1.0x, which is triggered when undrawn availability falls below the greater of (1) 10% of the lesser of lender commitments and the borrowing base and (2) 7.5% of the lender commitments. AmeriGas' intercompany loan matures in January 2027, and it has senior notes maturing in May 2027. Moody's expects the company to repay some debt with free cash flow and to proactively refinance its debt. AmeriGas' senior unsecured notes are rated B2, one notch below the CFR. The notes are not guaranteed by AmeriGas Propane, L.P., the company's principal operating subsidiary, and are therefore subordinated to AmeriGas Propane, L.P.'s senior secured ABL revolver. The unsecured intercompany loan is subordinated to the senior notes. Neither UGI nor AmeriGas provides guarantees of each other's debt. However, UGI's debt agreements include cross-default provisions triggered if AmeriGas fails to make principal or interest payments on more than $125 million of its debt, creating an element of linkage between the two capital structures. This linkage and large investment in AmeriGas has resulted in UGI being supportive of AmeriGas' deleveraging and refinancing efforts. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include sustained debt/EBITDA below 4.5x, EBITDA/interest above 2.75x, and improvement in financial flexibility. Factors that could lead to a downgrade include debt/EBITDA above 5.5x, EBITDA/interest below 2.0x, or weakening liquidity. AmeriGas, headquartered in King of Prussia, Pennsylvania, is a marketer and distributor of propane in the US and a wholly owned subsidiary of UGI, a publicly traded holding company. 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. AMPLE INC: Unsecured Creditors Tap Dykema as Co-Counsel in Ch. 11 ----------------------------------------------------------------- Dykema has been retained as co-counsel to the Official Committee of Unsecured Creditors in the jointly administered Chapter 11 proceedings of Ample, Inc. and Ample Texas EV, LLC. The Dykema team includes William Hotze, Nick Zugaro, and Dominique Douglas. 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. AQUA RESOLUTION: Robert Handler Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Aqua Resolution, LLC. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel: (312) 845-5001 x221 Email: rhandler@com-rec.com About Aqua Resolution LLC Aqua Resolution, LLC, doing business as RainSoft of Chicago, provides water treatment and filtration systems and related services, operating as an independent RainSoft dealership in Lombard, Illinois, serving residential and commercial customers. Aqua Resolution filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00804) on January 17, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Thomas J Norton, managing member, signed the petition. Judge Michael B. Slade presides over the case. David P. Leibowitz, Esq., at the Law Offices of David P. Leibowitz, LLC represents the Debtor as bankruptcy counsel. ARTEMIS GOLD: S&P Assigns 'B' Long-Term ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issuer credit rating to Canada-based gold and silver producer Artemis Gold Inc. This primarily reflects the company's single-asset operation and small scale, offset by its current strong cost position and long reserve life. S&P said, "We also assigned our 'B+' issue-level rating and '2' recovery rating to the company's proposed C$450 million senior unsecured notes due 2031. "We expect the company will use the majority of the net proceeds from the proposed issuance to repay debt outstanding under its revolving credit facility (RCF). "The stable outlook reflects our view that Artemis will generate increased operating cash flows this year on the first full year of operations at its Blackwater mine amid favorable gold prices and maintain adequate liquidity during a period of large capital spending for Blackwater Phase 2 development. "Artemis is a precious metals producer with limited scale and history. We view Artemis' key business risks as its single-asset exposure, current small scale, and short operating track record. The company achieved commercial production at the Blackwater gold mine in British Columbia (B.C.), Canada, in May 2025. We estimate gold production in the high-200,000 ounces area in 2026, which we view as small relative to that of its globally rated industry peer group. In our view, Artemis' one-asset operation and predominantly gold production profile expose it to unexpected operating disruptions and/or metal price declines, which can contribute to volatility in earnings and cash flows. We believe that in comparison to its peer group, Artemis' limited operating track record since achieving commercial production exposes the company to ramp-up challenges that may include ore variability, plant performance and recoveries, and equipment failures that could lead to operating disruptions and lower production. "However, we believe Artemis is well positioned on the global industry gold cost curve over the next few years, with an estimated unit cash cost of about US$800 per ounce (/oz)–US$900/oz. We believe the company's current cost profile primarily benefits from the mine's low strip ratio and favorable grades as well as the relatively inexpensive power in B.C. We believe the company's favorable cost profile will translate into robust profitability over the near to medium term, especially in the current favorable gold price environment. We believe Artemis' profitability will remain highly sensitive to potential gold price downturns and ensuing earnings volatility, which we incorporate in our business risk assessment. Furthermore, the Blackwater mine's current low strip ratio and relatively high grades will normalize to the life-of-mine average toward the end of the decade, leading to gradually higher cash costs but still well below industry average unit costs. In addition, the long reserve life at the Blackwater mine, with estimated proven and probable reserves of more than 8 million gold ounces, provides production and cash-flow visibility for years to come. "We expect Artemis' debt and leverage will increase over the next few years due to Blackwater Phase 2 development spending. We base our view of the company's financial risk profile on our expectation that debt will increase to fund free operating cash flow (FOCF) deficits through 2028 as the company constructs Phase 2. Under our base case, we estimate the company will incur cumulative FOCF deficits of more than C$400 million in 2026-2027, funded by drawing on the RCF. As a result, we estimate our adjusted debt to EBITDA to increase from the mid-1x area in 2026 to 2.5x in 2027 and about 3.0x in 2028. Our expected increase in leverage in 2027-2028 also reflects our lower expected EBITDA forecast compared with 2026 due to our declining gold price assumptions. "Our adjusted debt calculation includes the company's proposed C$450 million unsecured notes, lease liabilities, tax-adjusted asset retirement obligations, and unamortized deferred revenue liability associated with streaming transactions. We don't net Artemis' cash against debt. Our financial risk assessment also incorporates potential volatility in cash flow and leverage metrics, as we believe Artemis' credit measures will remain highly sensitive to gold price fluctuations." Under stream transactions, a commodity producer sells the right to a share of its future production at a preset price in exchange for an upfront payment, which becomes a liability of the commodity producer. The upfront payment is recognized as a liability because it's related to a future sale. Artemis reports deferred revenue associated with its gold and silver stream transactions with Wheaton Precious Metals Ltd. on its balance sheet. S&P considers the deferred revenue liability as debt-like funding based on the following observations: -- The agreements were done in lieu of debt financing (the upfront deposits were used in the construction of Blackwater mine). -- Wheaton can enforce security, terminate agreements, and demand payments for owed obligations and losses suffered in case of an event of default, including insolvency. -- The agreements grant Wheaton first ranking security for its obligations, subject only to prior ranking permitted encumbrances. The Phase 2 expansion will meaningfully increase production size and scale but presents significant financial risks until completion. S&P said, "We believe Artemis has good growth prospects with its Phase 1A expansion in the near term and, more importantly, Phase 2 in the medium term. Phase 1A is estimated to increase the company's throughput capacity by 33% to 8 million tons per annum (mtpa) by the end of 2026, resulting in higher gold production. In our view, Phase 2 development is transformative and expected to increase throughput capacity to 21 mtpa by the end of 2028, leading to estimated average annual gold production of more than 500,000 ounces for a decade post its completion. We believe that company's staged mine expansion approach increases financial flexibility and reduces the associated financial risks." Phase 2 development is a significant undertaking that will materially improve the company's scale. Estimated capital costs for Phase 2 are C$1.44 billion, with significant additional costs estimated for expanding the mine fleet and associated infrastructure build over the next three years. S&P said, "However, we believe such large capex multi-year mining projects have inherent financial and execution risks, including potential cost overruns and construction delays, which are common across the mining industry. However, we expect the company will follow prudent financial policies over the next few years, including using majority of the excess operating cash flows for planned growth spending and preserving liquidity over this period." S&P said, "The stable outlook reflects our expectation that Artemis will generate increased operating cash flows this year on the first full year of Blackwater operations amid favorable gold prices. We also expect the company will maintain adequate liquidity while capital spending is elevated for Phase 2 development. We estimate S&P Global Ratings-adjusted debt to EBITDA in the mid-1x area in 2026, increasing to the mid-2x area in 2027 on higher debt to fund FOCF deficits stemming from growth-related spending." S&P could downgrade Artemis within the next 12 months if: -- A sharp and persistent drop in gold prices or operational challenges lead to lower production or higher cash costs that result in adjusted debt to EBITDA approaching 4x; or -- Higher-than-expected FOCF deficits from capital costs increase or delays at the Phase 2 expansion lead to a material deterioration in liquidity or incremental debt. S&P said, "We could upgrade Artemis within the next 12-24 months if the company substantially completes the Phase 2 expansion at the Blackwater mine while increasing production, maintaining a strong cost profile and adjusted debt to EBITDA below 3x. Also, we believe that continued strong gold prices for an extended period could significantly reduce Artemis' need for debt funding for the Blackwater Phase 2 development and lower financial risks, leading to a higher rating at the shorter end of our outlook horizon. In such a scenario, we would expect the company to progress toward the completion of Phase 2 largely on time and on budget." ASURION LLC: Moody's Rates New $1.66BB Senior Secured Notes 'B3' ---------------------------------------------------------------- Moody's Ratings has assigned a B3 rating to $1.66 billion of eight-year second-lien senior secured notes being issued by Asurion, LLC (Asurion) along with Asurion Co-Issuer Inc. Asurion intends to use the net proceeds of the offering to refinance the second-lien senior secured term loan maturing January 2028. The rating outlook for Asurion is unchanged at stable. RATINGS RATIONALE Asurion's ratings reflect its strong market presence in mobile device services, including fulfillment, repair and administration, distributed through wireless carriers in the US, Japan and other selected international markets. Asurion also has a smaller but growing presence in extended warranty, service and replacement subscription plans for consumer electronics and appliances offered through retailers, other partners and its own distribution channels, such as its repair shop network and a remote technician network. In both segments, a growing share of Asurion's revenue comes from comprehensive technical support bundled with other product offerings. Asurion has a record of efficient operations and healthy profit margins. A key credit challenge for Asurion is its business concentration among leading wireless carriers, although Asurion regularly negotiates multiyear contract extensions with the carriers. Another challenge is foreign exchange risk associated with Asurion's large Japanese business, which the company hedges through a range of derivatives that help protect enterprise value but add volatility to reported earnings. In the fourth quarter of 2024 and first quarter of 2025, Asurion successfully extended contracts with some of its largest wireless carrier partners, including two longer-than-average extensions with US carriers. In December 2025, Asurion announced its plans to acquire Domestic & General (D&G), one of the largest appliance care providers across the UK and Europe. The acquisition will help diversify Asurion's presence in appliance care in the UK with a growing position in Europe and the US. Partly offsetting this benefit is Asurion's increase in financial leverage to help fund the transaction. Moody's estimates the acquisition will increase Asurion's pro forma debt-to-EBITDA ratio to around 6.5x (per Moody's calculations, which incorporate adjustments for operating leases, noncontrolling interest expense and foreign exchange hedging). Asurion's (EBITDA - capex) interest coverage will decline below 2x, and its free-cash-flow-to-debt ratio will also decline. Asurion's free cash flow has been lower than historical levels; however, Moody's expects that the company will return these metrics to historical levels through EBITDA growth, along with debt reduction, within 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio below 5x; (ii) (EBITDA - capex) coverage of interest above 3.5x; and (iii) free-cash-flow-to-debt ratio above 8%. Factors that could lead to a downgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio above 6.5x; (ii) (EBITDA - capex) coverage of interest below 2x; (iii) free-cash-flow-to-debt ratio below 4%; or (iv) loss of a major carrier relationship. The principal methodology used in this rating was Insurance Brokers and Service Companies published in February 2024. Based in Nashville, Tennessee, Asurion is a global provider of insurance, repair, replacement, installation and technical support for mobile devices and other consumer electronics and appliances. Asurion generated revenue of $9.2 billion for the 12 months through September 2025. AURA SYSTEMS: Posts $5.5M Net Income, Seeks Add'l $6MM to Fund FY26 ------------------------------------------------------------------- Aura Systems, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025. The Company has not yet generated sufficient revenues to fund operations, has experienced recurring operating losses and relies on debt and equity offerings to generate working capital. Results of Operations: Three months ended November 30, 2025, compared to three months ended November 30, 2024: * Revenues Net revenue was $80,000 for the three months ended November 30, 2025, compared to $nil for the three months ended November 30, 2024. Revenues continue to be negatively impacted due to a generally low level of resources on the Company's legacy products as well as its shift to the development and production of the prototype for its new product line. The Company cannot project with confidence the timing or amount of revenue that it can expect until the prototype is completed, which should be in Fiscal 2026. * Cost of Goods: Cost of goods sold was $nil in the three months ended November 30, 2025, compared to $nil for the three months ended November 30, 2024. * Engineering, Research and Development Engineering, research and development expenses were $459,000 in the three months ended November 30, 2025, compared to $196,000 for the three months ended November 30, 2024. * Selling, General and Administrative Expense Selling, general and administration expenses for the three months ending November 30, 2025, were $466,000 as compared to $673,000 for the three months ending November 30, 2025, a decrease of $207,000 in the three-month period ending November 30, 2025, compared to the three months ended November 30, 2024. * Other Income (Expense) and Interest Expense Interest expense decreased by $121,000 to $358,000 for the three months ended November 30, 2025, as compared to $479,000 for the three months ended November 30, 2024. The Company estimated the fair value of the conversion option derivative liability using a Black-Scholes option pricing model and recorded the change in fair value of the derivative liability of $6,705,000 and $808,000 at November 30, 2025 and November 30, 2024, respectively. * Net Loss The Company recorded a net income of $5,502,000 and net loss of approximately $540,000 for the three months ended November 30, 2025 and 2024, respectively. The decrease in net loss was due to several factors, including the change in fair value of its derivative liability. Nine months ended November 30, 2025, compared to nine months ended November 30, 2024: * Revenues Net revenue was $265,000 for the nine months ended November 30, 2025, compared to $50,000 for the nine months ended November 30, 2024. Revenues continue to be negatively impacted due to a generally low level of resources on the Company's legacy products as well as its shift to the development and production of the prototype for its new product line. The Company cannot project with confidence the timing or amount of revenue that it can expect until the prototype is completed, which should be in Fiscal 2026. * Cost of Goods Cost of goods sold was $25,000 in the nine months ended November 30, 2025, compared to $29,000 for the nine months ended November 30, 2024. * Engineering, Research and Development Engineering, research and development expenses were $1,149,000 in the nine months ended November 30, 2025, compared to $745,000 for the nine months ended November 30, 2024. * Selling, General and Administrative Expense Selling, general and administration expenses for the nine months ending November 30, 2025, were $1,528,000 as compared to $3,302,000 for the nine months ending November 30, 2025, a decreased of $1,774,000 in the nine-month period ending November 30, 2025, compared to the nine months ended November 30, 2024. The decrease was from $1,601,000 of stock-based compensation recorded in the prior year period, which did not occur during the current year period. * Other Income (Expense) and Interest Expense Interest expense increased by $578,000 to $1,621,000 for the nine months ended November 30, 2025, as compared to $1,043,000 for the nine months ended November 30, 2024. During the nine months ended November 30, 2024, the Company recorded a loss on debt extinguishment of $19,324, which did not occur in the current year period. The Company estimated the fair value of the conversion option derivative liability using a Black-Scholes option pricing model and recorded the change in fair value of the derivative liability of $1,954,000 and $2,203,000 at November 30, 2025 and November 30, 2024, respectively. * Net Loss The Company recorded net losses of approximately $2,103,000 and $22,188,000 for the nine months ended November 30, 2025 and 2024, respectively. The decrease in net loss was due to several factors, including the recording of a loss on debt extinguishment to a related party, the prior year recording of stock stock-based compensation, and the change in fair value of its derivative liability. As of November 30, 2025, the Company also has a shareholder deficit of $36,928,000 and notes payable totaling $5,266,000 are also past due. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In addition, the Company's independent registered public accounting firm, in its report on the Company's February 28, 2025, financial statements, raised substantial doubt about the Company's ability to continue as a going concern. Prior to Fiscal 2020, in order to maintain liquidity, the Company relied upon external sources of financing, principally equity financing and private indebtedness. The Company does not have a bank line of credit and will require additional debt or equity financing to fund ongoing operations. Based on a cash flow analysis performed by management, the Company estimates that it will need an additional $6,000,000 to maintain existing operations for Fiscal 2026 and increase the volume of shipments to customers. Aura said, "We cannot assure that additional financing will be available nor that the commercial targets will be met in the amounts required to keep the business operating. The issuance of additional shares of equity in connection with such financing could dilute the interests of our existing stockholders, and such dilution could be substantial. If we cannot raise the funds needed, we will also be forced to make further substantial reductions in our operating expenses, which could adversely affect our ability to implement our current business plan and ultimately our viability as a company." In the event if the Company is unable to generate profits and is unable to obtain financing for its working capital requirements, it may have to curtail its business further or cease business altogether. Substantial additional capital resources will be required to fund continuing expenditures related to our research, development, manufacturing and business development activities. The Company's continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to retain its current financing, to obtain additional financing, and ultimately to attain profitability. A full text copy of the Company's Report on Form 10-Q is available at: https://tinyurl.com/ymr6emwy About Aura Systems Headquartered in Lake Forest, California, Aura Systems, Inc., develops and manufactures electric motors and generators using proprietary axial flux induction technology. The Company offers solutions for commercial, industrial, and military applications under the AuraGen and VIPER brands. It focuses on designing high-efficiency, compact, and magnet-free machines, with ongoing development in electric vehicle systems, mobile power generation, and renewable energy integration. Aura operates primarily in North America with plans for global expansion through partnerships, licensing, and joint ventures. In an audit report dated June 13, 2025, Weinberg & Company, P.A. issued a "going concern" qualification citing that during the year ended Feb. 28, 2025, the Company incurred a net loss of $21 million, used cash in operations of $3 million, and at Feb. 28, 2025, had a stockholders' deficit of $37 million. In addition, at Feb. 28, 2025, notes payable and related accrued interest with an aggregate balance of $5 million have reached maturity and are past due. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of November 30, 2025, the Company had $1,316,000 in total assets, $38,244,000 in total liabilities, and $36,928,000 in total stockholders' deficit. BC BUFFALO: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On January 21, 2026, BC Buffalo LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About BC Buffalo LLC BC Buffalo LLC is a limited liability company. BC Buffalo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40276) on January 21, 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 Jil Mazer-Marino handles the case. The debtor is represented by Charles Wertman, Esq., of Law Offices of Charles Wertman P.C. BEVERLY COMMUNITY: Wants to Convert Chapter 11 to Chapter 7 ----------------------------------------------------------- chapter11cases.com reports that Beverly Community Hospital Association, a nonprofit California hospital system that sold substantially all of its assets during its Chapter 11 case in 2023, is now seeking to convert its bankruptcy proceedings to a Chapter 7 liquidation. The Chapter 11 trustee says the conversion is appropriate after recovering more than $40 million through asset sales, settlements, and litigation, leaving no viable path for reorganization. In a motion filed January 12, 2026, in the U.S. Bankruptcy Court for the Central District of California, the trustee argued that continued administration under Chapter 11 would only erode remaining estate value through professional and administrative costs. With hospital operations sold and most recoveries completed, liquidation under Chapter 7 would allow remaining claims to be resolved more efficiently. The cases began when Beverly Community Hospital Association and Montebello Community Health Services filed for Chapter 11 protection in April 2023. After court approval, the debtors sold substantially all assets to Adventist Health White Memorial, with the transaction closing in September 2023. A Chapter 11 trustee was appointed shortly thereafter following an emergency request by a secured creditor, according to report. Since the sale, the trustee has pursued settlements, preference actions, and litigation that produced significant recoveries, including more than $36 million paid to a secured creditor and additional funds reserved for unsecured creditors. With the final major government program receipts now collected, the trustee maintains that Chapter 7 conversion is the most economical way to conclude the cases, the report relays. About Beverly Community Hospital Association d/b/a Beverly Hospital (A Nonprofit Public Benefit Corporation) Beverly Community Hospital Association and affiliates operate general medical and surgical hospitals. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 23-12359) on April 19, 2023. In the petition signed by its chief executive officer, Alice Cheng, Beverly Community disclosed $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Sandra R. Klein oversees the cases. The Debtors tapped Sheppard, Mullin, Richter and Hampton, LLP as bankruptcy counsel; Orrick, Herrington & Sutcliffe, LLP as special and conflicts counsel; and Triple P RTS, LLC, a wholly owned subsidiary of Portage Point Partners, LLC, as restructuring advisor. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in these Chapter 11 cases. The committee is represented by Tania Moyron, Esq. Tamar Terzian is the patient care ombudsman appointed in the Debtors' Chapter 11 cases. Howard M. Ehrenberg was appointed as trustee appointed in these Chapter 11 cases. The trustee tapped Greenspoon Marder, LLP as counsel and Stretto, Inc. as financial analysis and litigation support services provider. BEYOND AIR: Raises $5MM in Private Placement of Shares, Warrants ---------------------------------------------------------------- Beyond Air, Inc. disclosed in a regulatory filing that the Company entered into a Securities Purchase Agreement with an institutional investor. Pursuant to the Purchase Agreement, the Company agreed to sell to the investor, and the investor agreed to purchase from the Company, in a private placement offering, an aggregate of: (i) 524,990 shares of the Company's common stock, par value $nil.0001 per share, at a purchase price of $1.272 per Share, (ii) pre-funded warrants to purchase up to 3,405,828 shares of Common Stock at a purchase price of $1.2719 per Pre-funded Warrant and (iii) warrants to purchase up to 3,930,818 shares of Common Stock, for aggregate gross proceeds under the Purchase Agreement of $5,000,000. Each Share and each Pre-funded Warrant was sold with an accompanying Common Warrant to purchase one share of Common Stock. The Pre-funded Warrants have an exercise price of $nil.0001 per share, and the Common Warrants have an exercise price of $1.147 per share. The offering closed on January 16, 2026, on satisfaction of customary closing conditions. The Pre-funded Warrants are exercisable immediately upon issuance and shall expire when exercised in full. The Common Warrants are exercisable immediately upon issuance and expire on January 16, 2031, if not fully exercised. The Common Warrants are exercisable on a cashless basis in the event that, at the time of exercise, there is not an effective registration statement for the resale of the shares underlying the Common Warrants. The respective Pre-funded Warrants or Common Warrants may not be exercised to the extent such exercise would cause the holder to beneficially own more than 4.99% of the Company's issued and outstanding Common Stock. The exercise price of the Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events and also upon any distributions of assets, including cash, stock or other property to our stockholders. Pursuant to the Purchase Agreement, for a period commencing upon the signing of the Purchase Agreement, until 90 days after the effective date of the Registration Statement, neither the Company nor any of its subsidiaries shall: (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Stock or common stock equivalents, or (ii) file any registration statement or any amendment or supplement thereto. The restrictions are subject to certain exceptions as described in the Purchase Agreement. Further, for a period of six months following the closing date, Company is also prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction, as defined in the Purchase Agreement. In connection with the Purchase Agreement, on January 14, 2026, the Company also entered into a Registration Rights Agreement with the investor. Pursuant to the Registration Rights Agreement, the Company will be required to file a resale registration statement with the Securities and Exchange Commission to register for resale of the Shares and the shares of common stock underlying the Warrants. The Company agreed to file the Registration Statement by February 4, 2026, and to have such Registration Statement declared effective within 60 days after January 14, 2026, or 90 days after January 14, 2026 in the event of a "full review" by the SEC. The Company will be obligated to pay liquidated damages to the investors if the Company fails to file the Registration Statement when required or fails to cause the Registration Statement to be declared effective by the SEC when required. The Shares, Pre-funded Warrants and Common Warrants (and the shares of Common Stock underlying the Warrants) were not registered under the Securities Act of 1933, as amended (, and were offered pursuant to an exemption from the registration requirements of the Securities Act provided under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. On January 14, 2026, in connection with the private placement offering, the Company entered into a Placement Agency Agreement with Rodman & Renshaw LLC. The Company will pay the placement agent an aggregate cash fee equal to 7.0% of the gross proceeds of the private placement offering and agreed to reimburse the placement agents for all reasonable out-of-pocket expenses, not exceeding $50,000 in aggregate. Full text copies of the Purchase Agreement, Pre-funded Warrants, Common Warrants, Registration Rights Agreement and the Placement Agency Agreement are available at https://tinyurl.com/39w4s3b6, https://tinyurl.com/73p42myv, https://tinyurl.com/32ne7xbj, https://tinyurl.com/ymxfmacm, and https://tinyurl.com/2cw94n2k, respectively. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BIOMARIN PHARMACEUTICAL: S&P Assigns 'BB+' ICR, Outlook Stable -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating to BioMarin Pharmaceutical Inc., a global biotechnology company engaged in the development and commercialization of therapies for rare genetic diseases. S&P said, "We also assigned our 'BBB-' issue rating and '2' recovery rating to BioMarin's proposed $2 billion term loan B and assigned our 'BB' issue rating and '5' recovery rating to the company's proposed $850 million of unsecured notes. "The stable outlook indicates our expectation that BioMarin will continue to deliver robust revenue growth and strong EBITDA margins while integrating Amicus and that leverage will generally remain in the low-2.0x area." BioMarin entered into a definitive agreement to acquire rare disease-focused pharmaceutical company Amicus Therapeutics for $4.8 billion. It intends to fund the acquisition with $1.5 billion in cash on hand, a $800 million term loan A due 2031 (not rated), a $2 billion term loan B due 2033, and $850 million of unsecured notes due 2034. Pro forma for the transaction, S&P expects its S&P Global Ratings-adjusted net leverage will be about 3.0x, declining to about 2.3x by the end of 2026. The Amicus acquisition will strengthen and diversify its rare disease product portfolio and broaden its pipeline. The transaction adds two commercial products to the company's portfolio: Galafold, an oral therapy for Fabry disease, and Pombiliti + Opfolda, a two-component therapy recently launched for Pompe disease. S&P views these additions as a good strategic fit given BioMarin's leadership in the lysosomal storage disorder (LSD) market, where it already maintains a strong position with therapies including Vimizim and Naglazyme. The acquisition diversifies BioMarin's growth beyond its cornerstone achondroplasia treatment, Voxzogo, creating a portfolio characterized by high-margin, recurring revenue streams and a focus on chronic, life-threatening genetic conditions that benefit from high barriers to entry and good pricing power. Furthermore, the acquisition broadens BioMarin's pipeline by adding DMX-200, a phase 3 candidate for focal segmental glomerulosclerosis. S&P forecasts pro forma revenue of $4.1 billion-$4.2 billion in 2026, followed by high-single-digit percent revenue growth in 2027, with its top five products accounting for 91% of pro forma revenue in 2026 and 98% in 2027. S&P said, "We assess the combined entity's business risk profile as fair, reflecting its decent scale, product diversification, and good internal research and development (R&D) and commercialization capabilities, sufficient to sustain and grow the business. We view its product diversification favorably, with eight molecules expected to generate annual sales over $100 million. "However, our view of the company is constrained by its modest size among rated peers, with pro forma revenue of about $4.1 billion for 2026, as well as a narrow focus on genetically defined conditions and a growing revenue contribution from enzyme replacement therapies (ERT). We see risks that longer-term advances in technology could disrupt these relatively narrow niches but also acknowledge BioMarin could be at the forefront of these disruptions. We view its business as broadly comparable with peers Jazz Pharmaceuticals PLC (BB/Stable), Organon & Co. (BB/Negative), and Horizon Therapeutics PLC (no longer rated after it was acquired)." The global expansion of Voxzogo continues to support BioMarin's core business, though the competitive landscape is intensifying. Voxzogo is the only U.S. Food and Drug Administration- and European Medicines Agency-approved therapy to increase linear growth in children with achondroplasia, the most common form of disproportionate short statute, by addressing the underlying genetic cause of the condition. Since launching in 2021, the therapy has become the company's primary growth engine, with estimated revenue of $920 million in 2025 (24% of pro forma revenue). It is currently indicated for pediatric achondroplasia from birth, and the company is aggressively pursuing label expansions to related skeletal conditions. S&P expects pivotal top-line data for hypochondroplasia in the first half of 2026, which could lead to indication expansion in 2027. Still, Voxzogo faces competitive threats from therapies with more convenient dosing profiles. Ascendis Pharma's (not rated) TransCon CNP is a weekly injectable currently under regulatory review, and BridgeBio's (not rated) infigratinib is an oral small molecule in late-stage development. One potential competitor has demonstrated comparable efficacy and safety with Voxzogo, and the other competitor is conducting a Phase 3 study for which the results have not been announced. S&P said, "Because Voxzogo requires a daily subcutaneous injection, these competitors could erode market share by offering more convenient dosing, though we believe this would likely take several years given BioMarin's time in market and global capabilities. In our base-case scenario, we assume continued strong growth of Voxzogo (20% in 2026 and 12% in 2027), primarily through global expansion." BioMarin relies on sound payer relationships across the globe to secure appropriate pricing and formulary access for its rare disease therapies. With a commercial presence in over 80 countries, the company's extensive geographic diversification helps mitigate the risk of adverse, localized reimbursement shifts in any single market. The broad footprint reflects the fact that government-funded health care systems and private payers consistently demonstrate a willingness to provide broad coverage for BioMarin's therapies, recognizing their role as essential treatment for rare, chronic, and often life-threatening genetic conditions that otherwise lack therapeutic alternatives. Furthermore, the company's commercial expertise and infrastructure facilitate engagement with rare disease stakeholders, supporting patient identification through established networks of physicians and advocacy organizations. Still, it remains exposed to evolving global pricing pressures, including the implementation of the U.S. Inflation Reduction Act and increasingly stringent health technology assessments (HTAs) in Europe, which may challenge the company's historical pricing power and increase the importance of price-to-value transparency. For example, the company's recent decision to divest hemophilia A therapy Roctavian stemmed in part from reimbursement hurdles for expensive gene therapies. Nevertheless, the high clinical necessity and orphan status of its portfolio, including the assets acquired from Amicus, generally shield its products from the more aggressive price negotiation initiatives seen in broader therapeutic categories. S&P therefore expects the company's products will be insulated from drug price reform in the U.S. and Europe over the next few years. S&P said, "We forecast its EBITDA margins will decline after the acquisition. We expect S&P Global Ratings-adjusted EBITDA margins will decline by 150 basis points to 35% in 2026 following the Amicus acquisition before recovering to 37.5% in 2027. This primarily reflects the dilutive impact of Amicus's lower-margin product profile and the immediate burden of integration costs. "However, we expect profitability to strengthen in 2027 as the company realizes synergies by leveraging its global commercial infrastructure to expand the reach of its acquired assets and gradually insourcing manufacturing and distribution functions. Although this acquisition is a change from BioMarin's historic focus on organic growth, we believe the company is well positioned for a successful integration given its expertise in rare disease markets. "We believe BioMarin can sustain long-term EBITDA margins in the high-30% area, underpinned by the essential nature of its life-saving therapies and their resilient post-patent revenue profile. Its profitability has recently improved, driven by a pivot to refocus R&D on high-probability programs and operating leverage from growth in its top products." Furthermore, legacy ERT therapies such as Naglazyme and Aldurazyme have faced minimal sales erosion following loss of exclusivity. This is primarily because the high cost and technical complexity of developing biosimilars for niche, low-volume orphan markets often deter competitors from entering. BioMarin has changed its strategy to counter competition and accelerate scale. It's shifted toward a more aggressive business development (BD) strategy and higher leverage. Historically, BioMarin maintained a very conservative financial policy characterized by low leverage and a preference for organic R&D or small-scale acquisitions. S&P believes the appointment of new leadership, particularly CEO Alexander Hardy and Chief Business Officer James Sabry, introduces a more aggressive capital allocation framework aimed at diversifying the company's core franchise through larger acquisitions, particularly as its achondroplasia franchise faces looming competition from late-stage oral rivals. S&P said, "We expect S&P Global Ratings-adjusted net leverage of approximately 3.0x at transaction close before declining to 2.3x by late 2026 and 2.1x in 2027. This deleveraging trajectory is supported by the combined entity's robust free operating cash flow (FOCF) generation, which benefits from the high-margin, recurring revenue of the established LSD portfolio and the realization of efficiencies from its ongoing cost transformation program. "BioMarin's commitment to restoring its financial profile is reflected in its plan to prioritize debt repayment and achieve gross leverage below 2.5x within 24 months of transaction close. We forecast it will allocate substantially all FOCF toward debt reduction during this time, including the repayment of the $600 million convertible note maturing in May 2027. "While we expect a pause in large-scale mergers and acquisitions in the near-term, we anticipate the company will resume a moderate pace of BD once it meets its gross leverage target such that it generally maintains S&P Global Ratings-adjusted net leverage in the low-2x area. That said, we believe it may occasionally and briefly (generally less than 12 months) bring net leverage above 3.0x for acquisitions. "The stable outlook indicates our expectation that BioMarin will continue to deliver robust revenue growth and strong EBITDA margins while integrating Amicus and that leverage will generally remain in the low-2.0x area." S&P could lower the rating if BioMarin's performance deviates from its base case such that the company fails to maintain leverage below 3.0x. This could most likely occur due to: -- Greater-than-expected competitive headwinds to Voxzogo; -- Operational missteps related to the integration of Amicus; or -- A more aggressive financial policy than we anticipate. S&P said, "Although unlikely over the next 12 months, we could raise our ratings on BioMarin if the company successfully integrates Amicus, reduces leverage below 2.0x, and commits to generally maintaining leverage below 2.0x. We could also raise our ratings on BioMarin if the company significantly increases its scale while maintaining conservative levels of leverage, strong EBITDA margins, and a healthy product pipeline." BLEND COFFEE 1: Gets Extension to Access Cash Collateral -------------------------------------------------------- The Blend Coffee 1, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a third interim order extending the Debtors' authority to use cash collateral until February 5. The third interim order signed by Judge Roberta Colton authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor. The interim order granted protections to secured lenders in the form of post-petition replacement liens, continued insurance coverage, and access to the Debtors' books, records, and premises upon reasonable notice. The lenders that may assert an interest in the cash collateral are Timberland Bank/ARF Financial LLC, First Southern Bank, BayFirst National Bank, Securities Settlement Solutions LLC, Sunshine State Economic Development Corporation, Flagship Bank and Paul Mullen and Jamie Mullen as trustees of the Human Fund Revocable Trust U/D/T. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LyPnK from PacerMonitor.com. About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1 and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BUCKINGHAM SENIOR: Enlists Focus Healthcare as Buyer for Assets --------------------------------------------------------------- James Nani of Bloomberg Law reports that bankrupt Buckingham Senior Living Community Inc. has chosen Focus Healthcare Partners LLC, a Chicago-based private equity firm, to acquire its Houston retirement community for $133 million. The transaction represents a major milestone in the company’s Chapter 11 restructuring efforts. The winning proposal, submitted by Focus SH Acquisitions LLC, includes $116.4 million in cash, a planned $20 million in capital improvements over four years, a $750,000 health-care discount initiative, and a $12 million rent rebate fund, according to a January 23, 2026 notice filed in the U.S. Bankruptcy Court for the Northern District of Texas, according to report. Under the agreement, the community would transition fully from an entrance fee model to a rental model, allowing for greater financial flexibility for residents while ensuring continued access to on-site services and long-term care amenities, the report states. About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. BUDDY MAC TWO: Voluntary Chapter 11 Case Summary ------------------------------------------------ Twenty affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Buddy Mac Two, LLC 26-30327 2725 Sherwood Way, Ste 500 San Angelo, TX 76901 Buddy Mac Six, LLC 26-30328 1100 North Highway 491 Gallup, NM 87301 Buddy Mac Six RE, LLC 26-30329 1100 North Highway 491 Gallup, NM 87301 Buddy Mac Eight, LLC 26-30330 1044 Main St., Ne Los Lunas, NM 87031 Buddy Mac Eleven, LLC 26-30331 2330 E. Main Street Farmington, NM 87401 Buddy Mac Twelve, LLC 26-30332 1727 Texoma Pkwy Sherman, TX 75090 Buddy Mac Eighteen, LLC 26-30333 1008 North St., Suite 1 Nacogdoches, TX 75961 Buddy Mac Nineteen, LLC 26-30334 1337 E. Lindsey Norman, OK 73071 BMH-NEW 58, LLC 26-30335 1001 NW Sheridan Road Lawton, OK 73505 BMH-NEW 62, LLC 26-30336 4301 SW 45th Ave., Suite #400 Amarillo, TX 79109 BMH-WF TX 67, LLC 26-30337 2924 Kemp Blvd Wichita Falls, TX 76308 BMH-TB 75, LLC 26-30338 2211 E Hillsborough Ave Tampa, FL 33610 BMH 85 RE Sikeston, LLC 26-30339 1501 E Malone Ave Sikeston, MO 63801 BMH Prime 95, LLC 26-30340 810 W 13th St Caruthersville, MO 63830 BMH Prime 96, LLC 26-30341 103 N Carbon St Marion, IL 62959 BMH Prime 97, LLC 26-30342 1710 West 7th St Joplin, MO 64801 BMH-HR, LLC 26-30343 400 East Centre Park Boulevard Suite 101 DeSoto, TX 75115 MacDonald Capital Corporation 26-30344 218 N. Main St. Seminole, OK 74868 SAM Brownfield, LLC 26-30345 501 W. Main St. Brownfield, TX 79316 SAMPlainview, LLC 26-30346 414 N. Columbia St. Plainview, TX 79072 Business Description: Buddy Mac Two, LLC and its affiliates, which are subsidiaries of Buddy Mac Holdings, LLC, operate 14 rent-to-own retail stores offering furniture, consumer electronics, and household appliances to customers under rent-to-own agreements. Chapter 11 Petition Date: January 25, 2026 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Michelle V Larson Debtors' General Bankrupty Counsel: John J. Kane, Esq. KANE RUSSELL COLEMAN LOGAN PC 901 Main Street Suite 5200 Dallas, TX 75202 Tel: 214-777-4200 Fax: 214-777-4299 Email: jkane@krcl.com Buddy Mac Two's Estimated Assets: $10 million to $50 million Buddy Mac Two's Estimated Liabilities: $10 million to $50 million The petitions were signed by William Ian MacDonald as manager. All the Debtors stated in their petitions that they have no unsecured creditors. Full-text copies of five of the Debtors' petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/BJIZUTQ/Buddy_Mac_Two_LLC__txnbke-26-30327__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/B4AM33Y/Buddy_Mac_Six_LLC__txnbke-26-30328__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GA4NBSA/Buddy_Mac_Six_RE_LLC__txnbke-26-30329__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GUUG4RI/Buddy_Mac_Eight_LLC__txnbke-26-30330__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GZRAH6Q/Buddy_Mac_Eleven_LLC__txnbke-26-30331__0001.0.pdf?mcid=tGE4TAMA Joint Administration Sought The Debtors request that their Chapter 11 cases be jointly administered with the Initial Debtors' Chapter 11 cases, with Buddy Mac Holdings, LLC designated as the lead case (Bankr. N.D. Tex. Case No. 25-34839). BUDDY MAC: Seeks to Sell Store Business at Auction -------------------------------------------------- Buddy Mac Holdings LLC and its debtor subsidiaries and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors' Assets are comprised of operating rent-to-own stores, inventory, equipment, real property, receivables, goodwill, and other valuable assets. The Debtors informally marketed the Purchased Assets prior to the Petition Date and previously engaged in negotiations with the Buyer regarding the Purchased Assets. The Debtors and their financial advisor, Mark Shapiro of GlassRatner, have continued to market the Debtors' assets for sale. The Debtors and their advisors have conferred with numerous parties, including at least four parties who expressed interests in acquiring substantially all, or a material portion, of the Debtors' assets. The Debtors have entered into NDAs with such parties and have provided those parties an opportunity to conduct meaningful diligence. The Debtors will continue to market for sale substantially all of their assets up to the Court's entry of the Final Sale Order. The Debtors are concerned that if the Purchased Assets are not sold quickly, they will decrease in value while the Debtors' financial obligations increase, potentially rendering the Debtors estates administratively insolvent. The Debtors may run out of sufficient cash from operations, and DIP financing, to maintain their businesses as going concerns. Should that occur, the Debtors will likely be forced to shutter stores, terminate employees, and convert to Chapter 7. The proposed sale of store location assets and the assignment of related leases present Buyer an opportunity to re-hire current employees and to continue operations as a going concern, effectively saving jobs and maximizing value. The Debtors have filed three tranches of bankruptcy cases, all now jointly administered under the above styled case. On December 1, 2025, Buddy Mac One, LLC, BMH One RE, LLC, BMH 95 RE Caruthersville, LLC, and BMH 96 RE Marion, LLC each filed voluntary chapter 11 petitions. On December 4, 2025, Buddy Mac Holdings, LLC, BMH RTO, LLC, and 43 subsidiaries of BMH RTO. On December 19, 2025, the United States Trustee for the Northern District of Texas appointed an Official Committee of Unsecured Creditors for the case. The vast majority of the Debtors rent and sell furniture, electronics, appliances, and other merchandise to customers on a rent-to-own basis. Customers sign rent-to-own contracts with the Debtors and make monthly or weekly payments for merchandise throughout the term of the contract, which is typically between twelve and eighteen months. The purchase price is amortized over the term of contract, and the customer owns the merchandise once all payments are made. Alternatively, customers can stop making payments and return the merchandise at any time. The Company operates 46 rent-to-own stores, 32 of which are operated by Debtors and 14 of which are currently operated by non-debtors. Except for the Debtors' Tyler, Texas store, which is operated by Buddy Mac One, LLC, all the Debtor stores are operated by RTO Subsidiaries. BMH RTO, as borrower, and the RTO Subsidiaries, as guarantors, are parties to a prepetition Loan Agreement with INTRUST Bank, N.A. Phonix RBS LLC acquired the loan and took assignment of the Loan Documents from INTRUST Bank on or about September 2, 2025, and asserts liens on substantially all assets of the RTO Debtors pursuant to the Loan Documents. For the avoidance of confusion, the TIC Properties include real property located at: 414 N. Columbia St., Plainview, TX 79072 (Plainview TIC Property); 218 N. Main St., Seminole, OK 74868 (Seminole TIC Property); 1100 North Highway 491, Gallup, NM 87301 (Gallup TIC Property); 501 W. Main St., Brownfield, TX 79316 (Brownfield TIC Property); 1501 E Malone Ave, Sikeston, MO 63801 (Sikeston TIC Property); 810 W 13th St, Caruthersville, MO 63830 (Caruthersville TIC Property); 103 N. Carbon St, Marion, IL 62959 (Marion TIC Property); and 1404 W Gentry Pkwy, Tyler, Texas 75702 (Tyler TIC Property). The Debtors submit that the Buyer's offer represents fair value for the Purchased Assets and that immediate consummation of the Sale is in the best interests of the Debtors, their estates, and other stakeholders. As set forth in the DIP Motion, DIP Credit Agreement, and related documents, Phonix has committed to credit bid for substantially all of the Debtors' assets not otherwise sold. with the exception of the Tyler TIC Property, which will be sold separately by a broker to be retained by the Debtors' estates for that specific purpose, with proceeds paid to creditors in accordance with lien priority. Phonix will also assume all executory contracts identified in the APA at closing, with certain cure costs paid pursuant to the agreed DIP Budget, and shall be authorized, but not obligated, to interview and hire employees at any store location at which Phonix wishes to continue operations. The Debtors seek authority to consummate the proposed Sale on an expedited basis, with the attached bid procedures and an auction, but subject to any higher or better offers received prior to the Court's entry of an order approving the Sale. The Debtors propose the procedures to address any other Cure Costs that may be asserted by contract counterparties, as further set forth in the proposed Sale Order attached to the Bid Procedures. Debtors have budgeted to ensure sufficient funds are available to satisfy anticipated Core Costs that may be owed in connection with the Sale, including amounts for December 2025 rent due under property leases. The Debtors request that the Court enter the attached proposed Bid Procedures Order and approve the Bid Procedures. Debtors request that the Sale Hearing be scheduled on February 19, 2026, at 9:30 am central time, or as soon thereafter as the Court’s calendar permits. The Debtors further request that, following the Sale Hearing, the Court enter an order authorizing the sale of substantially of the Debtors' assets in one or more transactions free and clear of all liens, claims, and encumbrances. The Debtors, in consultation with their professionals, believe that continuing to market the assets for sale prior to entry of a Final Sale Order may generate favorable bids, resulting in greater returns to estate stakeholders. The Debtors assert that the Bid Procedures will promote active bidding from interested parties and will elicit the highest or otherwise best offers available for the Debtors' assets. The Debtors seek authority to enter into the APA with Phonix as Buyer and stalking horse, and to provide certain bid protections, including an initial overbid requirement of $100,000, plus a $350,000 expense reimbursement if Phonix is not the Successful Bidder. To ensure an appropriate benefit to the estates of any other bid, a competing bid must exceed Phonix's bid by $450,000, with bid increments proceeding at $50,000 per round thereafter. . The Debtors request authority to sell their assets to Successful Bidders free and clear of all Encumbrances, with any such liens, claims, rights, interests, charges, and encumbrances to attach to the proceeds of the Sales. The Bid Procedures, if approved, will require that all Bids be submitted in good faith without fraud or collusion in order to be considered a Qualified Bid. The Debtors request authority to sell their assets to Successful Bidders free and clear of all Encumbrances, with any such liens, claims, rights, interests, charges, and encumbrances to attach to the proceeds of the Sales. About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. CABS TRUCK: Seeks to Hire Bond Law Office as Bankruptcy Counsel --------------------------------------------------------------- CABS Truck Leasing, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Bond Law Office to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Stanley Bond, Lead Counsel $375 Kathryn Worlow, Associate Counsel $250 Paraprofessional $125 The firm received to a filing fee of $1,738 and a partial retainer of $10,262 as of the petition date. Mr. Bond disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702 Telephone: (479) 444-0255 Facsimile: (479) 265-2827 Email: attybond@me.com About CABS Truck Leasing, Inc. CABS Truck Leasing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10184) on January 19, 2026, listing up to $500,000 in assets and up to $50,000 in liabilities. The case is assigned to Honorable Richard D. Taylor. The Debtor is represented Stanley V. Bond, Esq., at the Bond Law Office. CALDERONE SUBS: Seeks Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- On January 2, 2026, Calderone Subs LLC commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey. Court records show the Debtor reports $0–$100,000 in liabilities owed to 1–49 creditor About Calderone Subs LLC Calderone Subs LLC is a limited liability company. Calderone Subs LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-10024) on January 2, 2026, listing up to $50,000 in both assets and liabilities. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. Melinda D. Middlebrooks, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. CEDAR HAVEN: Seeks Chapter 11 Bankruptcy, Plans Sale of Facility ---------------------------------------------------------------- LebTown reports that Cedar Haven Acquisition LLC, the operator of the 430-bed Cedar Haven nursing facility in South Lebanon Township, has filed for Chapter 11 protection. The filing on January 16, 2026, follows a January hearing in which the company reached an agreement with property owner 590 South 5th Avenue LLC and the Pennsylvania Department of Human Services (DHS) to maintain operations and pursue a sale while preserving the rights of DHS. The facility has faced financial disputes since October 2025, when 590 South 5th Avenue LLC sued Cedar Haven for $1.4 million in overdue rent, resulting in the appointment of a receiver by Lebanon County Judge Charles Jones. The receiver has been tasked with managing operations, overseeing creditors, and potentially guiding a bankruptcy filing, all while keeping the facility open for residents, according to report. Cedar Haven currently has about 250 residents and 320 employees, with a weekly payroll of roughly $750,000. In its bankruptcy filing, the company is seeking access to cash collateral, approximately $1.3 million, to continue operations and ensure staff and residents are supported. The filing notes that maintaining employee pay and benefits is critical to retaining staff in a highly competitive healthcare market, the report cites. The facility lists debts of $3.59 million to DHS, over $950,000 to Stone Barn Holdings, and more than $1.4 million to the building owner. While the filings show projected monthly losses exceeding $100,000, Cedar Haven Acquisition LLC asserts that it can operate profitably and maximize value from a potential sale, with support from lenders including a $2 million credit line and permission to use cash collateral, the report states. About Cedar Haven Acquisition, LLC Cedar Haven Acquisition, LLC, d/b/a Cedar Haven Healthcare Center, operates a skilled nursing and long-term care facility in Lebanon, Pennsylvania, offering post-acute rehabilitation, memory care, respite and hospice services to patients following hospital stays, surgery, illness or injury. The facility provides around-the-clock nursing and chronic disease management with on-site clinical support. Cedar Haven Acquisition, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00118) on January 16, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq. of CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC. COMMUNITY HEALTH: To Sell Crestwood Medical Center Assets for $450M ------------------------------------------------------------------- Community Health Systems, Inc. disclosed in a regulatory filing that CHS/Community Health Systems, Inc., a wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement with The Health Care Authority of the City of Huntsville, doing business as Huntsville Hospital Health System. Pursuant to the Purchase Agreement, and subject to the terms and conditions set forth therein, Purchaser has agreed to acquire substantially all of the assets, and assume certain liabilities, from certain subsidiaries of CHS related to Crestwood Medical Center in Huntsville, Alabama, and related businesses. The total purchase price payable by Purchaser to CHS at the closing of the Transaction is $450 million, subject to adjustment for net working capital and any finance leases assumed by the Purchaser. The Purchase Agreement contains various representations, warranties and covenants made by the parties. The Purchase Agreement also provides for indemnification by the parties with respect to breaches of representations, warranties and covenants by such parties, as well as with respect to certain other indemnifiable matters specified in the Purchase Agreement. The closing of the Transaction is subject to the satisfaction or waiver of certain closing conditions set forth in the Purchase Agreement. Consummation of the Transaction is currently expected to occur in the second quarter of 2026. The Purchase Agreement may be terminated by either party under certain circumstances set forth in the Purchase Agreement, including if the Transaction is not consummated on or before June 1, 2026. The Purchase Agreement provides that, at closing, the parties, and/or their respective affiliates, would enter into certain ancillary agreements, including one or more transition services agreements under which CHS and/or its affiliate(s) would provide certain information technology and operational transition services to Purchaser for a period of time following the closing. Leerink Partners is acting as exclusive financial advisor to the Company for the transaction. A full text copy of the Purchase Agreement is available at https://tinyurl.com/mkjyjvu2 About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2025, the Company had $13.64 billion in total assets, $14.73 billion in total liabilities, and $1.41 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COMPANION CARE: Amends Unsecured Claims Pay Details --------------------------------------------------- Companion Care Partners, LLC submitted a Sixth Amended Plan of Reorganization dated January 19, 2026. The Debtor has approximately $1,163,111.61 in total debts. Of that amount, $549,242.63 is an EIDL loan from the Small Business Administration secured by the Debtor's vehicles and/or future receivables. Of the total owed, $71,402.91 is secured. The Debtor is current on all pre-petition wages owed to its employees. The Debtor has approximately $1,086,241.65 in general unsecured debt. The Debtor has been able to continue operating its business and continue to generate the level of income as it had before the Cyberhack and anticipates that it will be able to successfully pay it creditors through this plan. Class 2 consists of General Unsecured Claims. Class 2 Creditors are impaired. * PENNSYLVANIA DEPARTMENT OF HUMAN SERVICES shall be paid pro rata. * American Express National Bank shall be paid pro rata. * Capital One, N.A. shall be paid pro rata. * Change Healthcare Operations, LLC shall be paid pro rata. * Headway Capital, LLC shall be paid pro rata. * Independence Blue Cross shall be paid pro rata. * United Concordia shall be paid pro rata. James Grant expects to retain his interest in the reorganized Debtor and will not receive any distributions through this plan. The Debtor will fund its payments under the Plan from its projected disposable income received in the Plan Period. Generally, the Projections consist of expected revenues less normal operating expenses less payments required under the Plan. The Debtor will implement the Plan from its business income pursuant to the projected income attached to this plan directly to the Chapter 11 Subchapter V Trustee for payment to its creditors beginning one month after Confirmation and thereafter Quarterly for sixty months after the Confirmation date. A full-text copy of the Sixth Amended Plan dated January 19, 2026 is available at https://urlcurt.com/u?l=wpbT8i from PacerMonitor.com at no charge. Counsel for the Debtor: Demetrius J. Parrish Jr., Esq. 7715 Crittenden Street, #360 Philadelphia, PA 19118 Telephone: (215) 735-3377 Facsimile: (215) 827-5420 Email: DJPESQ@gmail.com About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. COMPASS COFFEE: Caffe Nero Submits $2.9MM Acquisition Bid --------------------------------------------------------- Randi Love of Bloomberg Law reports that Caffe Nero North America Inc.'s $2.9 million offer has been selected as the opening bid for most of Compass Coffee LLC's assets, the company said following its bankruptcy filing in early January 2026. The bid will serve as the baseline for competitive bidding at the upcoming auction. A January 23, 2026 court filing in the U.S. Bankruptcy Court for the District of Columbia notes that Caffè Nero North America, headquartered in Boston and affiliated with the UK-based Nero Group Ltd., would receive a 4% break-up fee if another bidder tops its offer, according to report. Compass Coffee, based in Washington, D.C., has faced financial difficulties since a drop in customer traffic during the Covid-19 pandemic, leaving the company unable to regain its pre-pandemic sales levels and prompting the bankruptcy filing, the report relays. About Compass Coffee Compass Coffee is a coffee chain founded in Washington, D.C., in the early 2010s. Compass Coffee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00005) on January 6, 2026. In its pettion, the Debtor reports estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jennifer Ellen Wuebker, Esq. of Hunton Andrews Kurth LLP. COMPASS COFFEE: Court OKs Bid Rules for Cafe Biz Sale at Auction ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Columbia has approved Compass Coffee, LLC, to sell Property at Auction, free and clear of liens, claims, interests, and encumbrances. On January 6, 2026, the Debtor filed its voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtor owns and operates 25 cafés in premises it leases in Washington D.C., Maryland, and Northern Virginia. The Debtor filed this Case with the intention of selling substantially all of its assets or otherwise effectuating a value-maximizing transaction. The Debtor is party to numerous executory contracts and unexpired leases in connection with its cafe operations, including, inter alia, leases for its café locations and service and vendor supply agreements needed to support ongoing business operations. Collectively, these contracts and leases are integral parts of the Assets to be marketed for sale in accordance with the Bidding Procedures, and add substantial value to the Debtor's business. The Court has approved the Debtor's Bidding Procedures and determined that the Debtor articulated good and sufficient reasons for, and the best interests of its estate. The Bidding Procedures are fair, reasonable, and appropriate and are designed to maximize value for the benefit of the Debtor and its estate. The Debtor’s proposed Sale Notice is appropriate. Service of the Sale Notice as provided for in the Sale Motion and this Order is reasonably calculated to provide all interested parties with timely and proper notice of the Bidding Procedures, the Auction (if necessary), and the Sale Hearing, and no other or further notice is required. The Debtor is authorized, but not directed, to enter into a Stalking Horse Agreement with a Stalking Horse Purchaser, provided, that the Debtor timely selects a Stalking Horse Purchaser and files the Stalking Horse Selection Notice, and provided further, that no timely objections to the Stalking Horse Selection Notice are filed, or if filed, are resolved by agreement. Subject to the preceding paragraphs, the Stalking Horse Protections are approved, and shall be paid in cash when and as set forth in any Stalking Horse Agreement. The Bidding Procedures shall govern all Bids and bidding procedures relating to the Sale of the Purchased Assets. Any party desiring to submit a Bid shall do so strictly in accordance with the terms of the Bidding Procedures and the Order. Any deposits made by the Stalking Horse Purchaser or other Qualified Bidder shall be held by the Debtor in a reserve in a Debtor account, and shall not become property of the Debtor's bankruptcy estate unless and until released from such account to the Debtor in accordance with the Bidding Procedures. The Bid Deadline shall be February 12, 2026 at 4:00pm (ET). The Debtor, in consultation with the Consultation Parties, shall have the right to determine whether a bid is a Qualified Bid and shall notify all Potential Bidders whether they have been designated as a Qualified Bidder, as promptly as practicable after a Potential Bidder delivers the materials required by the Bidding Procedures. 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. 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. Brookfield Properties Retail Inc. c/o Julie Minnick Bowden, Director of National Bankruptcies 350 N. Orleans St., Suite 300 Chicago, IL 60654 (312) 213-9545 Julie.bowden@ggp.com 3. William P. Gelberg, Inc. c/o James Lerner, President 6511 Chillum Place NW Washington, DC 20012 (202) 882-7733 james@gelbergsigns.com The bankruptcy watchdog previously issued a notice appointing AP DC Tomato’s, LLC and Cafe Imports Fulfillment, LLC, which was withdrawn on January 21. 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. COMPASS GROUP: Moody's Lowers CFR to B3 & Unsecured Notes to Caa1 ----------------------------------------------------------------- Moody's Ratings downgraded Compass Group Diversified Holdings LLC's (CODI) Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, and the rating on the senior unsecured notes to Caa1 from B3. The rating outlook is negative. Previously, the ratings were on review for downgrade. Moody's upgraded the company's speculative grade liquidity (SGL) rating to SGL-3 from SGL-4. This rating action concludes the review for downgrade originally initiated on May 12, 2025 following CODI's disclosure of financing, accounting and inventory irregularities at its subsidiary, Lugano Holdings Inc. (Lugano). Because of these irregularities and the ongoing investigation at Lugano, CODI also disclosed non-reliance of its financial statements and delayed the filing of its quarterly form 10Q in fiscal 2025. Moody's continued the review on May 20, 2025 in connection with a rating action. Lugano filed for chapter 11 bankruptcy protection on November 16, 2025. On December 19, 2025, CODI completed an amendment to its senior secured credit facility that waived events of default related to breaches of financial and other covenants. In addition, the company is now current on its financial reporting. CODI filed restated financial statements for fiscal years 2022, 2023, and 2024 on December 8, 2025, and subsequently filed all forms 10Q for 2025. The company filed the 10Q for the third quarter ended September 2025 period on January 14, 2026. The ratings downgrade reflects CODI's elevated financial leverage based on the restated financials, the uncertainty around the company's ability to reduce leverage and generate sustained and comfortably positive free cash flow over the next 12 months. The company's liquidity is also constrained by the approaching maturity of its credit facility in July 2027, sizable term loan amortization payments in 2026, and stepdown of financial maintenance covenant thresholds. Moody's estimates the company's debt/EBITDA leverage (ratios are Moody's-adjusted unless otherwise stated) is high at around 8.3x (excluding Lugano's negative EBITDA and $37 million of expenses related to the Lugano investigation) as of the last 12-month period (LTM) ending 3Q-2025. CODI's debt balance increased as it funded large investments into now bankrupt Lugano. CODI anticipates its total leverage ratio (as per company's definition that is prior to deduction of corporate overhead expenses) at around 5.3x as of fiscal year end 2025. The December 2025 credit agreement amendment provided the company with some flexibility under financial maintenance covenants. The amendment increased the maximum total leverage ratio covenant to 5.75x from 5.0x and lowered the minimum fixed charge coverage ratio covenant to 1.0x from 1.5x for the 4Q-2025 through 3Q-2026 periods. However, the financial covenants will stepdown to original thresholds by 1Q-2027. The company is also required to pay milestone fees if it is unable to reduce the total leverage ratio below 4.5x or its senior secured leverage ratio below 1.0x commencing on 2Q-2026 through 1Q-2027. The milestone fee starts at $5 million for the 2Q-2026 period and increases by $1.5 million each quarter through 1Q-2027. CODI's remaining eight operating subsidiaries are collectively growing in 2025 and the company is focused on reducing its financial leverage via organic EBITDA growth and debt repayment with excess cash flows. Cash flow generation will benefit from the elimination of common dividend distributions and lower management payments as CODI recovers overpayments related to Lugano. The company is also actively pursuing an asset sale to accelerate deleveraging. However, there is uncertainty around the company's ability to improve free cash flow generation and reduce its financial leverage ahead of the covenant stepdown amid a challenging operating environment with cumulative high inflation and heightened economic uncertainty pressuring discretionary spending, and supply chain disruptions. The company has a good track record of opportunistically divesting subsidiaries. However, the company will need to balance speed of execution with value realization and this could be challenged by macro-economic uncertainty and the approaching maturities. The upgrade to SGL-3 from SGL-4 reflects that the financial statement filings, receipt of waivers and covenant relief improves revolver access and eliminates the overhang of a potential debt acceleration and need to operate under forbearance agreements. The company's adequate liquidity is supported by a cash balance of $61 million and access to a mostly undrawn $100 million revolver as of the end of 3Q-2025, pro forma for the December 2025 amendment that eliminated the $60 million cap on the revolver. Liquidity is also supported by Moody's expectations of positive free cash flow of at least $25 million over the next 12 months. These liquidity sources and the financial covenant relief provide the company with some financial flexibility over the next 12 months. However, the sizable term loan amortization payment requirement of $37.5 million in 2026, and the potential milestone fee payments constrain liquidity. Liquidity will also weaken if the company does not proactively address the approaching maturity of its senior secured credit facility due in July 2027. RATINGS RATIONALE CODI's B3 CFR reflects its sizable scale with revenue of $1.9 billion with solid industry and product diversification resulting from its controlling interest in eight distinct operating businesses, the high financial leverage, and its exposure to cyclical consumer discretionary spending and macroeconomic conditions. Moody's expects the company will focus on deleveraging over the next 12 months, but there is uncertainty around its ability to meaningfully reduce leverage amid a challenging operating economic environment with high cumulative inflation and economic uncertainty pressuring discretionary spending. The financial covenant step downs starting in 3Q-2026 provide limited headroom for weaker operating results. Sustained elevated leverage creates refinancing risks related to the approaching maturity of CODI's secured credit facility due in July 2027. The company has a track record of opportunistically selling businesses and an asset sale could accelerate deleveraging, but the timing and magnitude of a potential sale is uncertain. The company's business strategy includes large debt funded acquisitions that create uncertainty about the asset composition and volatility in credit metrics and acquisition related charges that pressure cash flow generation. The ratings also reflect Moody's expectations that several pending litigation proceedings related to Lugano will not have a material impact on CODI's financial position. The company's adequate liquidity is supported by its cash balance of $61 million and access to a mostly undrawn $100 million revolver expiring July 2027 as of end of 3Q-2025. The sizable term loan amortization of $37.5 million and potential milestone fee payments in 2026 constrain liquidity. The approaching maturity of the senior secured credit facility in July 2027 also poses liquidity risk if not proactively addressed, and sustained elevated leverage would also raise refinancing risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the elevated credit risks related to the uncertainty around CODI's ability to materially reduce leverage and the liquidity risks related to the financial covenant step downs and approaching maturity of its senior secured facility in July 2027. The ratings could be downgraded if CODI is unable to meaningfully and sequentially improve its operating performance, reduce leverage, and generate positive free cash flow, or if there are further adverse financial effects related to Lugano. A deterioration in liquidity including diminished cushion on the financial covenants or failure to proactively address the July 2027 senior secured facility maturity could also result in a ratings downgrade. The ratings could be upgraded if the company's operating earnings meaningfully improves, there is a good track record of strong free cash flow generation, and the company is able to reduce leverage. CODI would also need to improve liquidity including addressing the credit facility maturity and maintaining comfortable compliance with financial covenants to be considered for an upgrade. The principal methodology used in these ratings was Consumer Durables 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. Compass Group Diversified Holdings LLC is a publicly traded company (NYSE: CODI) that holds majority ownership interests in 8 distinct operating subsidiaries in the Branded Consumer segment which includes 5.11 Tactical, Velocity Outdoor (formerly Crosman), Boa, PrimaLoft, and The Honey Pot; and in the Niche Industrial segment which includes Sterno Group, Altor Solutions (formerly Foam Fabricators), and Arnold Magnetics. Revenue for the last 12-month period (LTM) 3Q-2025 was about $1.9 billion. CREATIVE CONCEPTS: Seeks Chapter 7 Bankruptcy in Illinois --------------------------------------------------------- On January 19, 2026, Creative Concepts Construction, Inc. filed for Chapter 7 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Creative Concepts Construction, Inc. Creative Concepts Construction, Inc. is an Illinois-based construction and contracting company specializing in residential and commercial building projects, offering services in general contracting, renovation, and project management. Creative Concepts Construction, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00856) on January 19, 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 Janet S. Baer handles the case. The Debtor is represented by Joseph P. Doyle, Esq., Law Office of Joseph P. Doyle. CURRY INVESTMENTS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 13 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Curry Investments, LLC. About Curry Investments Curry Investments, LLC filed Chapter 11 petition (Bankr. W.D. Mo. Case No. 26-30019) on January 22, 2026, listing between $1 million and $10 million in assets and liabilities. The Debtor is represented by: Bradley McCormack, Esq. Sader Law Firm, LLC 2345 Grand Blvd. Suite 2150 Kansas City, MO 64108 Phone: 816-561-1818 bmccormack@saderlawfirm.com CURRY INVESTMENTS: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Curry Investments LLC 4200 Highway 61 Muscatine, IA 52761 Business Description: Curry Investments LLC is a real estate company engaged in the ownership and management of a single residential asset located at 147 Forest Trace, Sunrise Beach, MO 65079. Chapter 11 Petition Date: January 22, 2026 Court: United States Bankruptcy Court Western District of Missouri Case No.: 26-30019 Debtor's Counsel: Bradley McCormack, Esq. SADER LAW FIRM, LLC 2345 Grand Blvd. Suite 2150 Kansas City, MO 64108 Tel: 816-561-1818 Fax: 816-561-0818 Email: bmccormack@saderlawfirm.com Debtor's Realtor/ Broker: Kristin Stordahl REMAX LAKE OF THE OZARKS Total Assets: $6,600,475 Total Liabilities: $3,000,000 The petition was signed by Jason Curry as president. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P6PLTZA/Curry_Investments_LLC__mowbke-26-30019__0001.0.pdf?mcid=tGE4TAMA DALRADA FINANCIAL: CEO Reflects on 2025; Eyes Efficiency in 2026 ---------------------------------------------------------------- Dalrada Technology Group, Inc.'s Chief Executive Officer and Chairman of the Board, Brian Bonar, issued an open letter to its shareholders. The letter reflects on the Company's 2025 performance, discusses operational progress in its core markets (renewable energy/heat pumps, atmospheric water generators, and semiconductor deposition solutions), highlights recent achievements (including partnerships, installations, and restructuring efforts), and outlines strategic focus and outlook for 2026 and beyond. In the open letter, Brian Bonar stated: "I want to take this moment to speak to our shareholders as we enter a new era as Dalrada Technology Group, Inc. (OTC:DHTI). It is important to reflect on events and lessons we have learned from this past year, whilst continuing our efforts and focus as we streamline the business and drive with vigor, on key deliverables for this year and beyond." "First, I would like to address our shareholders, thank you for your continued patience and support. 2025 was a significant and transformative year for Dalrada in which Dalrada experienced unforeseen events that had a direct effect on our public market. As a result, I want to assure every one of our shareholders that we have worked diligently and effortlessly to correct and shore up our practices and procedures to avoid any similar future events, making some key operational and organizational appointments to strengthen our operation going forward. "As you can ascertain from our Annual Report for the year ended June 30, 2025 our team continued to dig deep, never stopped working, and in some areas we saw operational growth. I was always confident we would, and were successful in, bringing our public market back into current and compliant status, while continuing to grow company operations and we believe these efforts position the Company well for 2026. "Dalrada has spent the last five years acquiring, developing and perfecting several technologies in the renewable energy and semiconductor markets on a global scale. Through 2025, our leadership team carried out intensive market research on our product and service offerings in an effort to align these technologies to current and emerging market growth and develop an intentional and focused strategic plan for 2026 and beyond. The result, a refocused, energized business which is already gaining traction as Dalrada evaluates and executes on numerous and real opportunities, to realize the full potential of all our verticals and maximize our operations and shareholder value. "Dalrada Technology Group's UK facility has made progress and gained traction with our 9kW and 11kW residential heat pumps. In the previous quarter, a targeted sales campaign delivered numerous relationships with local installation company's who have subsequently and enthusiastically engaged with the opportunity to offer Dalrada's line of heat pumps. These efforts are already bearing fruit with initial orders being placed, as are sales of commercial and residential white label heat pumps whilst our production teams have worked to refine processes, procedures, and ramp up inventory of our flagship DCT-1 heat pump. "At home in the United States, we continue to build upon our relationship with Oak Ridge National Lab, a federally funded research and development center with expertise in heat pumps. Last November Dalrada's engineers and Oak Ridge National Lab co-authored a peer reviewed scientific study that was published in the Journal of Building Engineering. We anticipate a growing relationship with Oak Ridge Nation Lab as we continue developing and perfecting our climate technologies. Our Las Vegas facility has commissioned several of our DCT-1 heat pumps that are scheduled to be delivered to our East Coast distributor. With the continued growth of state and municipal laws and mandates requiring the electrification of climate control, we believe Dalrada is positioned to pursue opportunities to supply and service this demand. "Our European location in Spain successfully installed and commissioned an initial four 50kW heat pumps order for a regional nursing facility. We are enthusiastic on entering the $14.2 Billion European heat pump market as Global Market Insights forecasts that market to grow to $82.6 Billion by 2034. This development is the beginning of a larger cooperative effort that establishes our expertise with European contractors, with the goal of pursuing the sale and installation of our technology in other nursing facilities, commercial size laundries and food processing facilities. Dalrada Spain has commenced a targeted marketing campaign for its residential products and the response has been positive. "As a result, we have realized sales and installations for our 9kW and 11kW heat pumps. Dalrada, in collaboration with a French technology firm, has been working for a number of years now to develop a solution to meet the increasing worldwide demand for clean water. In Q1 of 2025, Dalrada Spain was commissioned in the manufacturing of Atmospheric Water generators (AWG's), which is currently a $3.3 Billion global market and expected to reach $12.7 Billion by 2034 according to Market.us. With the first order of six water containers at a sale price of €720,000 we believe we are positioned to address this humanitarian need. We are optimistic about the potential in this area, subject to the risks. "2025 saw our Deposition & Semiconductor Solutions subsidiary restructured from the ground up including the addition of new personnel with the experience and expertise to drive market and opportunities, utilizing the abilities of some of Dalrada's other subsidiary companies to add to its product offerings. Dalrada's Deposition & Semiconductor Solutions will provide not only deposition manufacturing equipment, but also offer tooling, modernization upgrades, service and parts that will be manufactured by Dalrada's Precision Parts manufacturing. "Our transformation and restructuring has already resulted in the successful installation of our deposition technology tools in two countries and the completion of our Novellus C1 Controller Upgrade. This is now available to customers following an extensive test, simulation and demonstration period including at a client test site. In the spirit of continued advancement of our technologies Dalrada has made an investment in building a research and development deposition technology tool at our Livingston facility to continue to push the boundaries and offer our customers additional products. "Looking forward to 2026 Dalrada is already in the process of reducing costs in concert with restructuring operations to be more efficient and profitable as we enter the new year. I anticipate these efforts may contribute to improved operational efficiency and potential value creation, although actual results will depend on numerous factors and are subject to the risks and uncertainties outlined in the Company' forward-looking statements cautionary notice." A full text copy of the letter is available at https://tinyurl.com/yc5768ze About Dalrada Dalrada Financial Corporation accelerates change for current and future generations by harnessing true potential and developing products and services that become transformative innovations. It five business divisions: Genefic, Dalrada Climate Technology, Dalrada Precision Manufacturing, Dalrada Technologies, and Dalrada Corporate. Within each of these divisions, the Company drives transformative innovation while creating solutions that are sustainable, accessible, and affordable. Dalrada's global solutions directly address climate change, gaps in the health care industry, and technology needs that facilitate a new era of human behavior and interaction and ensure a bright future for the world around us. San Diego, California-based CM3 Advisory, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $17,984,117 in total assets, $30,582,753 in total liabilities, and $12,598,636 in total stockholders' deficit. DAY TRANSLATIONS: Michael Markham Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Day Translations, Inc. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Day Translations Inc. Day Translations, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00386) on January 19, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Matthew B. Hale, Esq., at Stichter, Riedel, Blain & Postler represents the Debtor as legal counsel. DB PROPERTIES: Seeks to Hire BGS Law as General Bankruptcy Counsel ------------------------------------------------------------------ DB Properties WH, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ BGS Law, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) prepare, as necessary, legal papers filed by the Debtor; (c) prepare a Disclosure Statement and Plan of Reorganization; and (d) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Attorneys $425 Linda Dorney, Attorney $350 Paralegal $175 Ms. Dorney disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Linda M. Dorney, Esq. BGS Law, LLC 110 N. Washington Street, Suite 404 Rockville, DA 20850 Telephone: (301) 579-3123 Email: linda@bgslawllc.com About DB Properties WH LLC DB Properties WH, LLC is a single-asset real estate company that owns one income-producing property. DB Properties WH filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10586) on January 19, 2025. In the petition signed by Ronald Hernandez, managing member, the Debtor reported up to $10 million in both assets and liabilities. The Debtor is represented by Linda M. Dorney, Esq., at BGS Law, LLC. DEL MONTE: Creditors Sue Fellow Lenders Over Ch. 11 Loan Treatment ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that the holders of senior term loans in Del Monte Foods Corp., including Catalur Capital Management LP, are suing a majority of fellow lenders over the treatment of benefits tied to the company's Chapter 11 bankruptcy financing. The plaintiffs allege that certain lenders withheld payments to which they were contractually entitled. Filed January 23, 2026 in the U.S. Bankruptcy Court for the District of New Jersey, the lawsuit names Fidelity Management & Research Co. LLC and Davidson Kempner Capital Management LP, among others, as defendants. According to the complaint, the lenders violated a "sharing provision" outlined in a 2024 first-out term loan agreement, the report states. The plaintiffs, representing about 6% of the $395 million pre-bankruptcy term loan facility, assert that the defendants' actions breached the agreement and caused financial harm. They are asking the court to enforce the provision and ensure equitable distribution of all benefits among the lenders, according to Bloomberg Law. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. EMILIAS CLEANING: Seeks Chapter 7 Bankruptcy in Illinois -------------------------------------------------------- Emilias Cleaning Inc. commenced a voluntary Chapter 7 bankruptcy proceeding on January 22, 2026, in the Northern District of Illinois. Court records indicate the company lists total liabilities ranging from $100,001 to $1,000,000, with between 1 and 49 creditors. About Emilias Cleaning Inc. Emilias Cleaning Inc. is a cleaning services company that provides residential and commercial janitorial solutions. The company offers routine cleaning, maintenance, and sanitation services tailored to meet the needs of its clients On January 22, 2026, Emilias Cleaning Inc. filed for protection under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01125). The filing reflects estimated assets of $0 to $100,000 and liabilities of $100,001 to $1,000,000. Honorable Janet S. Baer is presiding over the case. The Debtor is represented by Eric G. Zelazny, Esq., of the Law Offices of Eric G. Zelazny. ENDI PLAZA: Wins Bid to Stay Bankruptcy Case Dismissal ------------------------------------------------------ Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted the motion filed by Endi Plaza, LLC, to stay the dismissal of its bankruptcy case pending appeal subject to obtaining a bond. Fannie Mae, a creditor of Endi filed an objection to the motion. The Debtor contends that its due process rights were violated by the Court's dismissal of the case and the imposition of a 12-month bankruptcy filing bar based on alleged bad faith. The Court agrees that there is some basis to argue whether a sufficiently fact-intensive examination of the record was undertaken to justify dismissal and the filing bar. Endi contends that it faces actual, imminent harm if this Court does not stay this matter pending appeal because the Debtor will be faced with foreclosure and receivership. Judge Lane explains, "Fannie Mae is correct that the mere sale of the Debtor's property is remedial in nature and therefore does not, per se, constitute irreparable harm. But an injury will not constitute irreparable harm only where the possibility that adequate compensatory or other corrective relief will be available at a later date, in the ordinary course of litigation exists. Here, dismissal of the case would trigger a transfer of the property to a receiver pursuant to a statute receivership order. In that circumstance, the Debtors would lose control over the property even before consummation of any foreclosure proceeding -- an outcome that demonstrates actual, imminent, and irreparable harm." Endi contends that Fannie Mae would not be harmed if the stay was granted because its asset is producing rent of approximately $370,000.00 per month. Endi states that Fannie Mae's claim is secured with the Debtor's sole asset, and the collateral value has remained intact, leaving Fannie Mae's secured position unimpaired if a stay is entered pending appeal. Fannie Mae argues it would suffer substantial harm due to the continued accrual of interest, lack of payments, and an inability to enforce its rights to foreclose on the property. Over $55,700,000.00 in indebtedness is outstanding, with interest accruing at 0.03% per day, yielding a nominal value of over $15,000.00 per day. The Court concludes that Fannie Mae's concerns as to harm are well founded. The Court concludes a stay should be granted if it is secured by a bond. Given the lack of clarity regarding the location of funds collected from rents, as well as concerns raised by the disbursements to insiders and unsecured creditors, the Court finds that Fannie Mae's request for a bond is reasonable and appropriate. It seeks a bond of no less than $3,300,000.00 -- calculated by applying interest accruing at 0.03% per day over an expected seven-month appeal period as explained by Fannie Mae at the hearing on this Motion. According to the Court, that amount is justified under the law and appropriate given the facts and circumstances of this case, and Movant has not provided any satisfactory explanation as to why such a bond should not be required. A copy of the Court's Order dated January 23, 2026, is available at https://urlcurt.com/u?l=eDlPTV from PacerMonitor.com. Proposed Counsel to the Debtor and Debtor-in-Possession: Drew Hushka, Esq. VOGEL LAW FIRM 218 NP Avenue, Fargo, ND 58102 Email: dhushka@vogellaw.com Counsel for Fannie Mae: Zachary Hemenway, Esq. STINSON LLP 140 Broadway Suite 2330 New York, NY 10005 Email: zachary.hemenway@stinson.com About Endi Plaza LLC Endi Plaza LLC owns a mixed use residential apartment and commercial complex located at 2120 London Road, Duluth, Minnesota, known as "Endi Apartments" containing 142 apartment units and 13,876 square feet of retail space and relating parking. Endi Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-35613) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. The Debtors are represented by GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. EXAMWORKS BIDCO: S&P Rates Proposed $2.439BB Term Loan B 'B' ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '4' recovery rating to ExamWorks BidCo Inc.'s (formerly Electron BidCo Inc.; B/Stable/--) proposed $2.439 billion term loan B due 2033 and $250 million revolving credit facility due 2031. The '4' recovery rating reflects its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. The transaction is part of the company's maturity extension of its existing credit facilities. All its existing ratings on ExamWorks are unchanged. The transaction will be leverage neutral. S&P does not expect any changes to size and expect pricing will be permanently fixed at the lower level of its current leverage-based pricing. S&P said, "The 'B' issuer credit rating and stable outlook reflect our expectation that ExamWorks will increase its revenue in the low-teens percent area and maintain stable S&P Global Ratings-adjusted EBITDA margins in 2025. We view the transaction favorably because it will improve the company's debt maturity profile." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the transaction, ExamWorks' capital structure will comprise a $250 million first-lien revolver and a $2.4 billion first-lien term loan. -- S&P's simulated default scenario contemplates a default occurring in 2029 stemming from a combination of volume contraction and pricing pressure due to increasing competition. It also assumes a weak operating performance from difficulties integrating its acquisitions. -- S&P believes ExamWorks would reorganize in the event of a default given its scale and customer reputation. S&P has valued the company on a going concern basis using a 5.5x multiple of its projected emergence EBITDA. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $201 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.0 billion -- Valuation split (obligors/nonobligors): 65%/35% -- Collateral value available to secured creditors: $921 million -- Secured first-lien debt: $2.60 billion --First-lien recovery expectations: 30%-50% (rounded estimate: 40%) Notes: All debt amounts include six months of prepetition interest. FARMSTEAD HOLDINGS: Bankr. Administrator Unable to Appoint Panel ---------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Farmstead Holdings, LLC. About Farmstead Holdings LLC Farmstead Holdings, LLC, a company in Whiteville, N.C., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04933) on December 11, 2025. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Joseph N. Callaway oversees the case. Gaskins Hancock Tuttle Hash, LLP is the Debtor's legal counsel. FAT BRANDS: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------- Lead Debtor: FAT Brands Inc. 9720 Wilshire Blvd., Suite 500 Beverly Hills California 90212 Business Description: FAT Brands is a multi-brand restaurant company that owns or franchises a portfolio of 18 restaurant brands, including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, and Great American Cookies, offering concepts spanning pizza, burgers, wings, pasta, desserts, and casual dining. The Company's operations include about 2,200 locations open or under construction across the United States and internationally, supported by roughly 7,500 direct employees and approximately 45,000 store-level employees of franchisees. FAT Brands develops and operates co-branded and multi-brand restaurant formats to combine complementary concepts and expand its footprint. Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court Southern District of Texas One Hundred Eighty-Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- FAT Brands Inc. (Lead Case) 26-90126 AFB Dissolution, LLC 26-90134 Barbeque Integrated, Inc. 26-90144 BC Canyon LLC 26-90149 Bonanza Restaurant Company LLC 26-90155 Buffalo's Franchise Concepts Inc. 26-90161 EB Franchises, LLC 26-90170 FAT Brands Fazoli's Native I, LLC 26-90177 FAT Brands GFG Royalty I, LLC 26-90187 FAT Brands Management, LLC 26-90194 FAT Brands Royalty I, LLC 26-90207 FAT GFG Notes I, LLC 26-90214 FAT Royalty Notes I LLC 26-90221 FAT Virtual Restaurants LLC 26-90228 Fatburger North America, Inc. 26-90238 Fazoli's Franchising Systems Canada, LLC 26-90275 Fazoli's Franchising Systems, LLC 26-90278 Fazoli's Group, Inc. 26-90284 Fazoli's Holdings, LLC 26-90287 Fazoli's Joint Venture, Ltd. 26-90290 Fazoli's Promotions, Inc. 26-90293 Fazoli's Restaurant Group, Inc. 26-90294 Fazoli's Systems Management, LLC 26-90281 FB Resid Holdings I, LLC 26-90285 FB SAMO Sepulveda, LLC 26-90132 Fog Cap Acceptance Inc 26-90129 Fog Cap Development LLC 26-90131 Fog Cutter Acquisition LLC 26-90137 GAC Brand and Marketing Fund, LLC 26-90142 GAC Corporate Holdings, LLC 26-90147 GAC Franchise Brands, LLC 26-90151 GAC Franchising, LLC 26-90157 GAC Manufacturing, LLC 26-90163 GAC Supply, LLC 26-90167 GFG Management LLC 26-90179 Global Franchise Group, LLC 26-90184 GMR of Pennsylvania–SB Properties, LLC 26-90193 HDOS Acquisition, LLC 26-90200 HDOS Brand and Marketing Fund, LLC 26-90206 HDOS Franchise Brands, LLC 26-90213 HDOS Franchising, LLC 26-90217 HDOS Showcase, LLC 26-90223 Homestyle Dining LLC 26-90229 Hurricane AMT, LLC 26-90235 Integrated Card Solutions, LLC 26-90240 Johnny Rockets Holding Company 26-90244 Johnny Rockets Licensing Canada, LLC 26-90247 Johnny Rockets Licensing, LLC 26-90250 Marble Slab Brand and Marketing Fund LLC 26-90141 Marble Slab Franchise Brands, LLC 26-90145 Marble Slab Franchising, LLC 26-90150 MSC Corporate Holdings, LLC 26-90168 Native Grill and Wings Franchising, LLC 26-90176 PM Brand and Marketing Fund, LLC 26-90181 PM Corporate Holdings, LLC 26-90186 PM Franchise Brands, LLC 26-90192 PM Franchising, LLC 26-90198 Ponderosa Franchising Company LLC 26-90204 Ponderosa International Development, Inc. 26-90210 PT Brand and Marketing Fund, LLC 26-90220 PT Franchise Brands, LLC 26-90227 PT Franchising, LLC 26-90234 Puerto Rico Ponderosa Inc. 26-90239 Round Table Advertising Fund (C Corp) 26-90245 Round Table Advertising LLC 26-90249 Round Table Development Company 26-90254 Round Table Franchise Corporation 26-90258 Round Table Pizza Nevada, LLC 26-90262 Round Table Pizza, Inc. 26-90266 Seeds of Compassion Fund, Inc. 26-90139 Smokey Bones (Florida), LLC 26-90146 The Johnny Rockets Group, Inc. 26-90153 TP Franchise Austin, LLC 26-90160 TP Franchise Round Rock, LLC 26-90166 TP Franchise Venture I, LLC 26-90175 TP GA, LLC 26-90183 TP Texas Beverages, LLC 26-90199 TPJV2, LLC 26-90212 Twin Hospitality Group Inc. 26-90127 Twin Hospitality I, LLC 26-90219 Twin Peaks Buyer, LLC 26-90225 Twin Restaurant Amarillo Beverage Holding, LLC 26-90231 Twin Restaurant Amarillo Management, LLC 26-90236 Twin Restaurant Amarillo, LLC 26-90242 Twin Restaurant Beverage – Texas, LLC 26-90253 Twin Restaurant Beverage Holding, LLC 26-90257 Twin Restaurant Brandon, LLC 26-90260 Twin Restaurant Broomfield, LLC 26-90264 Twin Restaurant Burleson Beverage Holding, LLC 26-90267 Twin Restaurant Burleson Management, LLC 26-90268 Twin Restaurant Burleson, LLC 26-90271 Twin Restaurant Centennial, LLC 26-90274 Twin Restaurant Chesapeake, LLC 26-90279 Twin Restaurant Citrus Park, LLC 26-90128 Twin Restaurant Denver, LLC 26-90135 Twin Restaurant Denver, LLC 26-90130 Twin Restaurant Development, LLC 26-90125 Twin Restaurant El Paso Beverage Holding, LLC 26-90269 Twin Restaurant El Paso, LLC 26-90140 Twin Restaurant FL Payroll, LLC 26-90152 Twin Restaurant Franchise, LLC 26-90158 Twin Restaurant Frisco, LLC 26-90164 Twin Restaurant Grand Prairie Beverage Holding, LLC 26-90273 Twin Restaurant Grand Prairie Management, LLC 26-90172 Twin Restaurant Grand Prairie, LLC 26-90178 Twin Restaurant Holding, LLC 26-90182 Twin Restaurant International Franchise, LLC 26-90189 Twin Restaurant Investment Company II, LLC 26-90196 Twin Restaurant Investment Company, LLC 26-90201 Twin Restaurant IP, LLC 26-90208 Twin Restaurant JV Holding, LLC 26-90216 Twin Restaurant JV Management, LLC 26-90224 Twin Restaurant Kissimmee, LLC 26-90230 Twin Restaurant Lakeland, LLC 26-90237 Twin Restaurant Lewisville, LLC 26-90243 Twin Restaurant Little Rock, LLC 26-90248 Twin Restaurant Live Oak Beverage Holding, LLC 26-90251 Twin Restaurant Live Oak Management, LLC 26-90256 Twin Restaurant Live Oak RE, LLC 26-90261 Twin Restaurant Live Oak, LLC 26-90265 Twin Restaurant, LLC 26-90252 Twin Restaurant LV-2, LLC 26-30474 Twin Restaurant McKinney Beverage Holding, LLC 26-90272 Twin Restaurant McKinney RE, LLC 26-30475 Twin Restaurant McKinney, LLC 26-30476 Twin Restaurant Midland Beverage Holding, LLC 26-90276 Twin Restaurant Midland, LLC 26-30477 Twin Restaurant N Irving Beverage Holding, LLC 26-90280 Twin Restaurant N Irving, LLC 26-30478 Twin Restaurant New Mexico, LLC 26-30479 Twin Restaurant Newport News, LLC 26-30481 Twin Restaurant Northlake Beverage Holding, LLC 26-90282 Twin Restaurant Northlake RE, LLC 26-30482 Twin Restaurant Northlake, LLC 26-30483 Twin Restaurant Oakbrook, LLC 26-30484 Twin Restaurant Odessa Beverage Holding, LLC 26-30485 Twin Restaurant Odessa, LLC 26-90185 Twin Restaurant Park North Beverage Holding, LLC 26-90286 Twin Restaurant Park North Management, LLC 26-90191 Twin Restaurant Park North, LLC 26-90195 Twin Restaurant Plano Beverage Holding, LLC 26-90202 Twin Restaurant Plano RE, LLC 26-90211 Twin Restaurant Plano, LLC 26-90215 Twin Restaurant RE, LLC 26-90222 Twin Restaurant S Fort Worth, LLC 26-90232 Twin Restaurant S Forth Worth Beverage Holding, LLC 26-90289 Twin Restaurant San Angelo Beverage Holding, LLC 26-90291 Twin Restaurant San Angelo Management, LLC 26-90277 Twin Restaurant San Angelo, LLC 26-90133 Twin Restaurant San Antonio Beverage Holding, LLC 26-90138 Twin Restaurant San Antonio, LLC 26-90143 Twin Restaurant San Marcos Beverage Holding, LLC 26-90148 Twin Restaurant San Marcos Management, LLC 26-90283 Twin Restaurant San Marcos, LLC 26-90154 Twin Restaurant Sarasota RE, LLC 26-90159 Twin Restaurant Sarasota, LLC 26-90165 Twin Restaurant Sunland Park Beverage Holding, LLC 26-90169 Twin Restaurant Sunland Park, LLC 26-90173 Twin Restaurant Terrell Beverage Holding, LLC 26-90288 Twin Restaurant Terrell RE, LLC 26-90180 Twin Restaurant Terrell, LLC 26-90188 Twin Restaurant Tyngsboro, LLC 26-90197 Twin Restaurant Virginia Beach, LLC 26-90203 Twin Restaurant Viva Las Vegas, LLC 26-90209 Twin Restaurant Warrenville, LLC 26-90218 Twin Restaurant Western Center Beverage Holding, LLC 26-90226 Twin Restaurant Western Center, LLC 26-90233 Twin Restaurant Westover Beverage Holding, LLC 26-90241 Twin Restaurant Westover, LLC 26-90246 WBS FB 2023 Holdings LLC 26-90259 Yalla Mediterranean Franchising Company, LLC 26-90292 Yalla Acquisition LLC 26-90263 TP Texas Restaurant Services, LLC 26-90205 TP Texas Beverage Services, LLC 26-90190 Mini Bake By Great American Cookies, LLC 26-90156 GFG Holding, Inc. 26-90171 GFG Intermediate Holding, Inc. 26-90174 LS GFG Holdings Inc. 26-90255 MaggieMoo's Brand and Marketing Fund, LLC 26-90270 MaggieMoo's Franchise Brands, LLC 26-30473 MaggieMoo's Franchising, LLC 26-90136 Mini-Bake by GAC LLC 26-90162 Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Co-Counsel: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com Debtors' Bankruptcy Counsel: Ray C. Schrock, Esq. Natasha Hwangpo, Esq. Randall Carl Weber-Levine, Esq. Ashley Gherlone Pezzi, Esq. Thomas Fafara, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com natasha.hwangpo@lw.com randall.weber-levine@lw.com ashley.pezzi@lw.com thomas.fafara@lw.com - and - Ted A. Dillman, Esq. 10250 Constellation Blvd., Suite 1100 Los Angeles, CA 90067 Tel: (424) 653-5500 Email: ted.dillman@lw.com Debtors' Investment Banker: GLC ADVISORS & CO., LLC Debtors' Financial Advisor: HURON CONSULTING GROUP INC. Debtors' Noticing, Solicitation and Subscription Agent: OMNI AGENT SOLUTIONS, INC. Counsel for the Independent Directors of the Parent Boards: STEPTOE LLP Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis) $1 billion to $10 billion The petitions were signed by John C. DiDonato as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TTZ4H7I/FAT_Brands_Inc__txsbke-26-90126__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Sysco Trade Payables $4,968,934 1290 Enclave Parkway Houston, TX 77077 Email: nancy.pickett@sysco.com gregg.dadowski@sysco.com 2. Enliven, LLC Trade Payables $4,613,117 231 Public Sq Ste 300 Pmb 49 Franklin, TN 37064 3. Stratford Holding LLC Unliquidated $3,980,000 119 West 57th St #906 Litigation New York, NY 10120 4. Gibson, Dunn & Crutcher LLP Trade Payables $2,566,869 333 S. Grand Ave Los Angeles, CA 99071 Tel: 213-229-7333 5. Mintz, Levin, Cohn, Trade Payables $2,483,709 Ferris, Glovsky, And Popeo, P.C One Financial Center Boston, MA 02111 Tel: 617-542-6000 6. Greenberg Traurig, LLP Trade Payables $2,344,298 1840 Century Park East, Ste. 1900 Los Angeles, CA 90067 Tel: 310-586-7700 7. Hueston Hennigan LLP Trade Payables $2,290,817 523 West 6th St Unit 400 Los Angeles, CA 90014 8. Robert G. Rosen Consulting $2,016,666 14 Todd Road Services Katonah, NY 10536 9. Cardlytics, Inc Trade Payables $1,750,846 75 Remittance Dr, Dept 3247 Chicago, IL 60675-3247 10. Dentons US LLP Trade Payables $1,363,746 601 S. Figueroa St., Ste. 2500 Los Angeles, CA 90017-5704 Tel: 213-243-6120 11. Doordash Inc Trade Payables $1,355,890 Po Box 735240 Dallas, TX 75373 12. Iversen Proctor LLP Trade Payables $1,147,660 1325 Palmetto St Los Angeles, CA 90013 Tel: 213-787-7699 13. Bryan Cave Leighton Trade Payables $1,080,179 Paisner LLP Po Box 503089 St. Louis, MO 63150-3089 Tel: 310-576-2100 14. Indiana Capital Consulting LLC Consulting $833,332 1121 Laurelwood Services Carmel, IN 46032 15. Katten Muchin Rosenman LLP Trade Payables $584,644 2900 K St, NW North Tower - Ste 200 Washington, DC 20007-5118 16. Performance Food Group, Inc. Trade Payables $492,759 12500 West Creek Parkway Richmond, VA 23238 17. BDO Trade Payables $459,022 PO Box 642743 Pittsburgh, PA 15264-2743 Tel: 305-381-8000 18. United Service Network LLC Trade Payables $408,378 16414 San Pedro Ave Suite 455 San Antonio, TX 78232 19. Klever Programatic US Inc Trade Payables $405,659 2212 S. Chicksaw Trail Orlando, FL 32825 20. SF Partners LLC Trade Payables $385,759 488 Madison Ave Suite 2103 New York, NY 10022 21. Re Moore Construction Inc Trade Payables $350,852 1817 Blue Granite Ct Marietta, GA 30066 Tel: 770-592-0179 22. Simplifi Holdings, LLC Trade Payables $333,047 128 East Exchange Ave Suite 700 Ft. Worth, TX 76164 23. Iheartmedia Trade Payables $303,534 File #56107 Los Angeles, CA 90074-6107 24. Plusnxt Trade Payables $302,356 800 S Figueroa St Suite 1205 Los Angeles, CA 90017 25. Google Inc. Trade Payables $300,707 PO Box 883654 Los Angeles, CA 9008-3654 26. Punchh Inc Trade Payables $282,726 P.O. Box 536257 Pittsburgh, PA 15253 27. Right Place Media LLC Trade Payables $280,519 437 Lewis Hargett Cir Ste 130 Lexington, KY 40503 28. Loeb And Loeb LLP Trade Payables $278,464 General Account 0100 Santa Monica Blvd Suite 2200 Los Angeles, CA 90067 29. Wynn Las Vegas, LLC Trade Payables $270,824 File 740910 Los Angeles, CA 90074-0910 30. NCR Corporation Trade Payables $254,531 Po Box 198755 Atlanta, GA 30384-8755 FAT BRANDS: Files for Chapter 11 to Deleverage Balance Sheet ------------------------------------------------------------ FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) announced Jan. 26, 2026, it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. FAT Brands plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands. FAT Brands' portfolio of 18 restaurant concepts encompasses more than 2,200 locations worldwide. Iconic brands such as Fatburger, Johnny Rockets, Round Table Pizza, among others, are expected to remain operating as usual during the chapter 11 process, and will continue to provide their signature dining experiences. Trading of FAT Brands' securities on NASDAQ is expected to continue with a "Q" suffix during this period. As of the Petition Date, Debtors have approximately $1.45 billion of funded debt obligations remain outstanding. "Our dynamic portfolio of brands has demonstrated tremendous resilience in a challenging restaurant operating environment over the last few years. We are well positioned for long-term profitability and growth. The chapter 11 process will provide us with the opportunity to strengthen our capital structure to support our concepts and ensure they remain at the forefront of their sectors," said Andy Wiederhorn, CEO of FAT Brands. "We plan to use this process to connect with key stakeholders around a value-maximizing plan and will act prudently to remain steadfast in upholding and protecting stakeholder interests. Our focus in this process remains providing quality service to our customers and supporting our franchise partners and the over 45,000 corporate and franchise employees." Bankruptcy Court filings and other information about the claims process and proceedings can be found at a separate website maintained by the Company's proposed claims and noticing agent, Omni Agent Solutions, Inc., at https://omniagentsolutions.com/FatBrands-TwinHospitality First Day Hearing The Debtors have filed a number of customary motions seeking "first day" relief intended to support operations during the Chapter 11 cases. The Debtors will notice a hearing for January 28, 2026, or such other date as stated on the docket, to seek emergency relief with respect to certain "first day" matters. Two New Independent Directors Fat Brands said in a regulatory filing that effective January 26, 2026, the Board of Directors of the Company increased the size of the Board from 14 to 15 persons and appointed two new independent directors to fill the vacancies on the Board. The new directors are Patrick Bartels and Neal Goldman. The two independent restructuring directors have also been appointed to serve as members on a newly formed two-person Special Committee of the Board to oversee certain restructuring and related matters. Patrick Bartels is the Managing Member of Redan Advisors LLC, a firm that provides fiduciary services, including board of director representation and strategic planning advisory services for domestic and international public and private business entities. Neal Goldman is the Chief Executive Officer and Managing Member of SAGE Capital Investments, LLC, a consulting firm that provides fiduciary services, including board of director representation and strategic planning advisory services. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,200 units worldwide. On the Web: http://www.fatbrands.com/ Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. FAT BRANDS: Owner Files for Chapter 11 Bankruptcy ------------------------------------------------- Eliza Ronalds-Hannon of Bloomberg Law reports that FAT Brands Inc., the parent company behind restaurant chains such as Fatburger, Johnny Rockets and Twin Peaks, has filed for Chapter 11 bankruptcy, becoming the latest casual‑dining operator to seek court protection from creditors. The Beverly Hills‑based franchising company filed the voluntary petition in the U.S. Bankruptcy Court for the Southern District of Texas, citing heavy debt burdens that have overwhelmed its capital structure. Court documents show that FAT Brands has about $1.45 billion in funded debt obligations outstanding, according to a filing by the company’s chief restructuring officer dated January 27, 2026. The bankruptcy follows a missed interest payment in October on roughly $1.2 billion of whole‑business securitization debt, triggering creditor demands for full repayment of that amount and accelerating the company's financial distress. The filing adds FAT Brands to a string of casual‑dining bankruptcies in recent years, as rising costs, inflation and declining demand have pressured once‑stable chains. Management says the Chapter 11 process will allow it to deleverage its balance sheet, pursue a restructuring plan and continue operations across its portfolio of brands. About Fat Brands Inc. Fat Brands Inc. is the operator of Johnny Rockets, Ponderosa Steakhouse, Great American Cookie, and Twin Peaks. Fat Brands Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on January 26, 2026. In its petition, the Debtor reports estimated assets and liabilities more than $1 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Ashley L. Harper, Esq., Ashley L. Harper, Esq., Philip M. Guffy, Esq. of Hunton Andrews Kurth LLP and Timothy Alvin Davidson, II, Esq. of Andrews Kurth LLP, and Ray C. Schrock, Esq. of Latham & Watkins LLP. FLEXSHOPPER INC: Hires Epiq Corporate as Administrative Advisor --------------------------------------------------------------- FlexShopper, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as administrative advisor. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting and other administrative services. The firm received a retainer fee of $25,000 from the Debtors. The firm will seek reimbursement for expenses incurred. Sophie Frodsham, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sophie Frodsham Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLEXSHOPPER INC: Hires Morris Nichols Arsht & Tunnell as Counsel ---------------------------------------------------------------- FlexShopper, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Morris, Nichols, Arsht & Tunnell LLP as counsel. The firm will render these services: (a) perform all necessary services as the Debtors' bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtors' estates during these Chapter 11 cases; (c) prepare or coordinate on behalf of the Debtors, necessary legal papers; (d) counsel the Debtors with regard to their rights and obligations; (e) coordinate with the Debtors' other professionals in representing them in connection with these cases; and (f) perform all other necessary legal services. The firm's hourly rates in 2025 are as follows: Partners $1,005 - $1,895 Associates and Special Counsel $625 - $1,120 Paraprofessionals $395 - $435 Case Clerks $385 The firm's hourly rates in 2026 are as follows: Partners $1,135 - $2,295 Associates and Special Counsel $695 - $1,200 Paraprofessionals $415 - $475 Case Clerks $415 In addition, the firm will seek reimbursement for expenses incurred. The firm held an advance payment balance of $88,717.58 from the Debtors. Robert Dehney, Sr., Esq., an attorney at Morris, Nichols, Arsht & Tunnell, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: As part of its customary practices, Morris Nichols increases the hourly rates of its attorneys beginning January 1 of each year. Otherwise, the material terms of the prepetition engagement are substantially the same. For the work performed for the Debtors in 2025, Morris Nichols' hourly rates are as follows: Partners $1,005 - $1,895 Associates and Special Counsel $625 - $1,120 Paraprofessionals $395 - $435 Case Clerks $385 For the work that will be performed for the Debtors in 2026, Morris Nichols' hourly rates are as follows: Partners $1,135 - $2,295 Associates and Special Counsel $695 - $1,200 Paraprofessionals $415 - $475 Case Clerks $415 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Morris Nichols and the Debtors have agreed on a budget and staffing plan for these Chapter 11 cases. Mr. Dehney disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Dehney, Sr., Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899 Telephone: (302) 658-9200 About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLEXSHOPPER INC: Hires Two Roads Advisors as Investment Banker -------------------------------------------------------------- FlexShopper, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Two Roads Advisors LLC as investment banker. The firm's services include: (a) prepare materials concerning the Debtors that are relevant to the transaction; (b) at the Debtors' request, contact potential transaction parties, distribute relevant materials to such parties, and schedule and organize management meetings, as appropriate; (c) assist the Debtors in reviewing potential terms of a transaction; (d) structure and negotiate a transaction; (e) assist or participate in negotiations with the parties in interest; (f) if requested by the Debtors, participate in hearings either before the United States Bankruptcy Court and provide relevant testimony with respect to Two Roads' services and the matters described herein, as well as issues arising in connection with any proposed Plan in Two Roads' area of expertise concerning a transaction; and (g) any other financial advisory and investment banking services as may be agreed upon by Two Roads and the Debtors. The firm will be compensated under these fees: (a) Retainer -- monthly retainer fee of $100,000 on the Effective Date and on each monthly anniversary of December 11, 2025, which Retainer shall be credited against any Transaction Fee when paid; provided that the total Retainer payments shall not exceed $300,000 and any such credit against the Transaction Fee shall not reduce the Transaction Fee to less than $0. (b) Transaction Fee -- a non-refundable cash fee equal to $300,000, which amount shall not be reduced by any expenses due to Two Roads. (c) Overbid Fee -- non-refundable cash fee equal to the below amount to the extent the amount paid by a Successful Bidder: Overbid Amount Paid by Successful Overbid Fee Paid Bidder Paid to Two Road by the Debtors $250,000 - $999,999 $50,000 $1,000,000 - $2,999,999 $100,000 $3,000,000 - $4,999,999 $150,000 $5,000,000 or Greater $250,000 In addition, the firm will seek reimbursement for expenses incurred. John Fang, a member at Two Roads Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Fang Two Roads Advisors LLC 1001 Avenue Of The Americas 23rd Fl. New York, NY 10018 About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLORIDA GLASS: Can't Use Chapter 11 to Escape Pension Payments -------------------------------------------------------------- Jacklyn Wille of Bloomberg Law reports that Florida Glass of Tampa Bay Inc. cannot use a technicality in bankruptcy law to avoid paying over $1.5 million in withdrawal liability to a multiemployer pension fund, the Fourth Circuit held Monday. The court's decision affirms the pension fund's ability to enforce its claims against the company. The case centered on a proof of claim filed by the International Painters & Allied Trades Industry Pension Fund during Florida Glass's Chapter 11 proceedings. The company argued that the filing constituted a formal notice under federal pension law that triggered the statute of limitations, making the fund’s subsequent lawsuit untimely, the report states. The appellate court disagreed, ruling that the proof of claim did not bar the fund from pursuing its claims. The decision underscores that employers cannot evade multiemployer pension obligations through bankruptcy procedural arguments, according to Bloomberg Law. About Florida Glass of Tampa Bay, Inc. Florida Glass of Tampa Bay, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-06874), on Aug. 9, 2016. The petition was signed by Joseph Muraco, president. The Debtor was represented by Leon A. Williamson, Jr., Esq., at the Law Office of Leon A. Williamson, Jr., P.A. At the time of filing, the Debtor estimated assets at $1 million to $10 million and liabilities at $10 million to $50 million. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-06874.pdf The Office of the U.S. Trustee on Sept. 27, 2016, disclosed in a court filing that no official committee of unsecured creditors had been appointed in the Chapter 11 case of Florida Glass of Tampa Bay, Inc. On July 12, 2017, Florida Glass converted its bankruptcy to Chapter 7. Dawn Carapella is the Chapter 7 Trustee. FOREST MEADOWS: To Sell College Park Property to Shtar Holdings --------------------------------------------------------------- Forest Meadows Holdings, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. On May 5, 2025, Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. Debtor has continued in possession of its property and continues to operate as a debtor-in-possession. The Debtor's Property is located at 746 Garden Walk Boulevard, College Park, Georgia 30349. The Debtor confirmed Second Amended Plan of Liquidation on January 21, 2026, which calls for the sale of the Debtor's property. The Debtor has signed a Purchase and Sale Agreement (PSA) with Shtar Holdings Inc. to purchase the Property at $16,200,000.00. The PSA can be found at https://urlcurt.com/u?l=h0s497 The Sale is set to close on the Effective Date of the Plan which is no later than February 7, 2026. The Plan provides that at the closing of the Sale, the sales proceeds shall first be paid to Debtor's secured lender, Federal Home Mortgage Association to pay Fannie Mae in full. Any remaining sales proceeds with a contribution from the guarantors of the Fannie Mae debt provide for distributions to other creditors as described in the Plan. The Plan provides for the Property to vest with Debtor as the post-confirmation liquidating debtor free and clear of all claims, liens, charges, encumbrances, rights and interests of creditors, except as specifically provided in the Plan and provides for a permanent injunction against any party seeking to collect, offset, or recover any claim provided for in the Plan against the Property except as provided for in the Plan. The Debtor asserts that the sale of the Property pursuant to the PSA will result in significant benefits to Debtor's creditors and allow substantial consummation of the Plan. Without the sale, Fannie Mae will take possession of the Property and no other creditors will receive any distributions under the Plan. The sale has been proposed in good faith, free of any fraud or misconduct, and for value without knowledge of any adverse claim. The Debtor submits that Buyer's proposal in the PSA represents the Buyer's highest and best offer for the Property and believes that providing Buyer with such protection ensures substantial consummation of the Plan on or before February 7, 2026. About Forest Meadows Holdings Forest Meadows Holdings, LLC owns and operates a 196 unit residential apartment project located at 746 Garden Walk Boulevard, College Park, Georgia 30349 commonly known as Forest Meadows (the "Property"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Lisa Ritchey Craig oversees the case. Rountree Leitman Klein & Geer, LLC is Debtor's legal counsel. FRANCESCA'S HOLDINGS: Plans to Shut Down, Start Liquidation ----------------------------------------------------------- Vicki M. Young of WWD reports that the women's retail chain Francesca's is reportedly gearing up for a full shutdown. Merchants were dismissed without warning, and a former buyer indicated that the company intends to sell off all of its inventory. A customer service representative confirmed the plans in an email on Thursday, January 15, 2026, stating, "we are liquidating our inventory and closing soon." Vendors expressed concern that the liquidation may include unpaid goods, with one estimating that Francesca's owes $250 million and has provided no updates or communications regarding payment. The liquidation is expected to begin Friday in stores nationwide, marking the final phase of the retailer's operations. Sources say employees and vendors are facing uncertainty as the company prepares to fully exit the market, the report states. About FHC Holdings Francesca's Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's Holdings had total assets of $264.7 million and total liabilities of $290.5 million as of Nov. 1, 2020. Judge Brendan Linehan Shannon oversees the cases. On May 17, 2021, the Bankruptcy Court authorized the Debtors to change their corporate names to: Old Company Name Case No. New Company Name ---------------- -------- ---------------- Francesca's Holdings Corporation 20-13076 FHC Holdings Corp. Francesca's LLC 20-13077 FHC LLC Francesca's Collections, Inc. 20-13078 FHC Collections Inc. Francesca's Services Corporation 20-13079 FHC Services Corp. The Debtors tapped O'Melveny & Myers LLP and Richards, Layton & Finger P.A. as legal counsel; FTI Capital Advisors LLC as financial advisor and investment banker; A&G Realty Partners as real estate advisor; and KPMG LLP as tax and accounting advisor. Bankruptcy Management Solutions Inc. is the notice, claims and balloting agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' cases. Cole Schotz P.C. and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. GBI SERVICES: Gets Final OK to Obtain Post-Petition Financing ------------------------------------------------------------- GBI Services, LLC and its affiliates received final approval from the U.S. Bankruptcy Court for the District of Delaware to obtain post-petition financing to get through bankruptcy. The final order, signed by Judge Craig Goldblatt, authorized the Debtors to obtain a superpriority, senior secured and priming DIP term loan credit facility from FundNick, LLC in the aggregate principal amount of $17 million. The financing is intended to fund operations and support the sale for all or substantially all of the Debtors' assets given their limited liquidity at filing. Under the final order, the Debtors are permitted to seek up to $2 million in additional incremental financing by submitting a written borrowing request to the DIP lender no later than February 9. Any such incremental borrowing is entirely discretionary, and the DIP lender may approve the request in whole or in part. If approved and funded, the additional amount will be treated as a DIP loan, increasing the outstanding DIP obligations in accordance with the terms of the DIP facility. FundNick will be granted valid, non-avoidable and automatically perfected liens on assets securing the DIP loans and an allowed superpriority administrative expense claim as protection. The bankruptcy court had previously granted the Debtors interim approval to access up to $10 million of the $17 million DIP facility under the terms of an interim order entered on November 26, 2025. Use of Cash Collateral The final order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors FundNick and PMP NICK, LLC. PMP NICK, formerly known as Emigrant GB, LLC, is the lender under a pre-petition junior term credit agreement dated November 14, 2025. As adequate protection, both 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. A copy of the final order is available at https://urlcurt.com/u?l=rcDpUn from PacerMonitor.com. The Debtors have approximately $493 million of outstanding funded indebtedness obligations comprised of approximately (i) $145 million in borrowings under the pre-petition junior term loans and $8.5 million under the pre-petition revolving credit facility, each of which was entered into in connection with the May 2007 transaction, (ii) approximately $307 million of payment-in-kind notes paid to PMP NICK under the pre-petition junior term loans, (iii) $15.6 million payable pursuant to the pre-petition master note and pre-petition aircraft financing facility, (iv) $3.2 million payable under the pre-petition A/R facility, and (v) $3.7 million under the pre-petition priority bridge loan with FundNick. The Debtors have been entangled in multi-year litigation that culminated in a $50 million jury award against them. That judgment, combined with the Debtors' substantial long-term funded debt and ongoing litigation costs, severely strained liquidity. As of the petition date, the Debtors were significantly overleveraged and unable to service their debt obligations or address the litigation, materially limiting their financial flexibility, their ability to invest in and grow the business, and their capacity to convert brand value into meaningful revenue growth. FundNick and PMP NICK are represented by: Michael R. Nestor, Esq. Ryan M. Bartley, Esq. Joshua J. Hall, Esq. Young Conaway Stargatt & Taylor, LLP 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 mnestor@ycst.com rbartley@ycst.com jhall@ycst.com -and- John R. Luze, P.C. Casey McGushin Kirkland & Ellis, LLP 333 West Wolf Point Plaza Chicago, IL 60654 Telephone: (312) 862-3369 john.luze@kirkland.com casey.mcgushin@kirkland.com Joshua Greenblatt, P.C. Margaret Reiney Kirkland & Ellis, LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 josh.greenblatt@kirkland.com margaret.reiney@kirkland.com About GBI Services/Nicklaus Companies GBI Services, LLC's affiliate Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. Nicklaus operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. GBI Services and its affiliates including Nicklaus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12089) on November 21, 2025. In its petition, GBI Services, the lead debtor, reported estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The petitions were signed by Philip D. Cotton as chief executive officer. Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases. The Debtors are represented by the law firms of Richards, Layton & Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North America, LLC serves as financial and restructuring advisor while Cassel Salpeter & Co serves as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent. GIBRALTAR INDUSTRIES: Moody's Assigns 'Ba3' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings assigned a Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 speculative grade liquidity rating (SGL) to Gibraltar Industries, Inc. ("Gibraltar"), a manufacturer and distributor of building products primarily for residential housing, transportation infrastructure and controlled environment agriculture end markets. Concurrently, Moody's have assigned Ba3 instrument ratings to the proposed $500 million senior secured first lien revolving credit facility due 2031, $650 million senior secured first lien term loan A due 2031, and the $650 million senior secured first lien term loan B due 2033, to be borrowed by Gibraltar Industries, Inc. The outlook is stable. Proceeds from the proposed term loans, along with an cash on hand, will be used to finance the acquisition of OmniMax International, LLC ("OmniMax") for a purchase price of $1.335 billion, as well as fees and expenses. Gibraltar's Ba3 CFR reflects Moody's expectations that the company will maintain a solid track record of free cash flow generation and a conservative financial profile after closing the transaction, with leverage to decline to below 4x debt/EBITDA in 2026 and 2027. Governance considerations are material to the rating action. While Moody's expects financial leverage to improve gradually over the next two years, the company may continue an M&A strategy that could increase leverage. Additionally, shareholder returns in the form of share repurchases or dividends is an ongoing governance risk. RATINGS RATIONALE Gibraltar Industries, Inc.'s (Gibraltar) Ba3 CFR is supported by its stable revenue base with significant exposure to the non-discretionary residential roofing repair end market that should support modest organic growth, end market diversification including infrastructure and controlled environment agriculture, consistent positive free cash flow generation, and a strong margin profile with EBITA margins above 12% for the LTM period ending December 31, 2025. The rating is also supported by the scale and business profile advantages from its acquisition of OmniMax International, LLC, with pro forma revenue of $1.7 billion. The acquisition will likely close in Q1 2026. The acquisition enhances Gibraltar's product offering in its residential roofing business and improves its geographic footprint to serve key US markets more efficiently. Additionally, the company's anticipated sale of its Renewables segment, Terrasmart, which is expected to close in 2026, should provide an immediate benefit to the company's margin profile. The rating is constrained by relatively high pro forma leverage following the transaction, which stands at approximately 4.3x debt/EBITDA as of September 30, 2025. Moody's expects leverage to decline to below 4x debt/EBITDA in both 2026 and 2027 as the company integrates the acquisition. Moody's expects interest coverage to remain above 3.5x EBITA/interest expense and positive free cash flow generation going forward. The rating is further constrained by its growth through acquisition strategy, which could raise leverage and present additional integration risks, the cyclicality of the company's residential and non-residential end markets, and exposure to variability in raw material costs. Moody's expects near-term demand softness in the residential repair and remodel end market, which will likely constrain organic revenue growth in 2026. Moody's expects the company will focus on deleveraging immediately following the acquisition and do not anticipate major transformative acquisitions in the near term. Gibraltar's SGL-1 speculative grade liquidity rating indicates a very good liquidity profile, supported by $115 million in cash on the balance sheet as of December 31, 2025, with no expected borrowings on the proposed $500 million revolving credit facility expiring 2031. Moody's also expects the company to generate solid free cash flow in 2026 and 2027. Other liquidity factors considered include the expectation of sufficient cushion under the financial maintenance covenants of the credit facility and no near-term debt maturities. The company intends to use proceeds from the Terrasmart divesture for debt reduction. The Ba3 ratings on Gibraltar's senior secured term loans and revolver, in line with the Ba3 CFR, reflects that this class of debt represents the preponderance of debt in the capital structure. The stable outlook reflects Moody's expectations that the company will maintain disciplined balance sheet management and solid credit metrics, and will generate positive free cash flow as it integrates its recent acquisition. 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 100% closing date EBITDA and 100% TTM EBITDA, plus unused amounts reallocated from the general debt basket, which includes unused amounts reallocated from the general restricted payments basket, employee stock buyback restricted payments basket, restricted payments ratio basket and general restricted debt payment basket, plus unlimited amounts subject to 3.85x first lien net leverage ratio. There is an inside maturity sublimit up to the greater of 100% closing date EBITDA or 100% of TTM EBITDA. A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that contractually subordinate the debt or liens unless such lenders can ratably participate in such priming debt. Amounts up to 100% of unused capacity from the general restricted payments basket, employee stock buyback restricted payments basket, restricted payments ratio basket and general restricted debt payment basket may be reallocated to incur debt. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Governance considerations are material to Gibraltar's rating. Governance factors Moody's considers for Gibraltar include risk of shareholder returns in the form of share repurchases or dividends, and potential for additional M&A that could increase leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if leverage is below 3x debt to EBITDA, interest coverage is above 4.5x EBITA to interest expense, the company preserves very good liquidity, and maintains conservative financial policies. Moody's could downgrade the ratings if leverage is sustained above 4x debt to EBITDA, interest coverage is below 3.5x EBITA to interest expense, the company generates negative free cash flow, or engages in aggressive acquisitions or financial policies. Gibraltar Industries, Inc. (NASDAQ: ROCK), headquartered in Buffalo, NY, is a leading manufacturer and distributor of building products primarily for residential housing, transportation infrastructure and controlled environment agriculture end markets. The company generated $1.1 billion in revenue for the last twelve months ending September 30, 2025. The principal methodology used in these ratings was Manufacturing published in September 2025. Gibraltar's scorecard-indicated outcome of Baa2 for the LTM period ending September 30, 2025 is four notches above the Ba3 CFR, reflecting no debt in the existing capital structure before this transaction. Moody's 12-18 month forward view scorecard-indicated outcome of Ba3 reflects the proposed capital structure post-transaction close. GOOD VIBRATIONS INK: L. Todd Budgen Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Good Vibrations Ink 2, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Good Vibrations Ink 2 LLC Good Vibrations Ink 2, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00194) on January 13, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. GOOD VIBRATIONS: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Good Vibrations Ink, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Good Vibrations Ink LLC Good Vibrations Ink, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00193) on January 13, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. GRACE LIMOUSINE: Unsecureds Will Get 9.3% of Claims in Plan ----------------------------------------------------------- Grace Limousine, LLC filed with the U.S. Bankruptcy Court for the District of New Hampshire a Disclosure Statement with respect to Plan of Reorganization dated January 20, 2026. The Debtor is a Manchester, New Hampshire-based limited liability company founded in 1990 by Ian Campbell, a disabled American veteran. The Debtor specializes in commercial transportation, with a focus on airport transportation, corporate travel, athletic and other team shuttles, weddings, and other transportation related to special occasions. The Debtor's fleet includes luxury sedans, vans, and buses, as well as antique vehicles. The Debtor has performed transportation throughout New Hampshire and Massachusetts. The combination of significant debt, reduced revenue, and rising labor and other costs (including insurance and vehicle prices) strained the Debtor's short- and long-term cash flow. Although the Debtor attempted to work with BankProv and others to manage these issues, the Debtor did not receive the financial accommodations that it needed. Further, the interest rate on the BankProv debt was reset in 2024, which added nearly $10,000/month to the Debtor's loan payments. The Debtor implemented various operational changes, including layoffs, cutting marketing expenses, surrendering unused space in its old Haverhill, Massachusetts, location, and personal loans from its owner and management to cover losses. Ultimately, however, the Debtor determined that this chapter 11 reorganization was required to restructure the Debtor's secured and unsecured liabilities to the benefit of all parties-in-interest. Pursuant to the Plan, the Debtor proposes to effectuate a reorganization and to complete a balance sheet restructuring that will aid in the Debtor's viability. On the Effective Date, except as otherwise set forth in the Plan, the Estate's interest in all Assets shall vest in the Debtor free and clear of any and all Claims, Interests, or defenses with respect to any Claims, whether known or unknown, asserted or unasserted, or contingent or fixed. Allowed Claims shall receive certain distributions discussed in the Plan and summarized in this Disclosure Statement. Class 6 consists of All General Unsecured Claims, which shall include, without limitation, all Allowed Claims of Mollica, BlueVine, and ODK, all deficiency Unsecured Claims of any Holder of an Allowed Secured Claim, and all Allowed Claims arising from the rejection of a Rejected Contract. This Class will receive a distribution of 9.3% of their allowed claims. In full and final satisfaction of the Claims in Class 6, Michael Campbell, in his capacity as the sole Holder of an Interest in the Debtor, shall make a substantial contribution of new value in the form of a one-time cash payment to the Debtor on the Effective Date in the sum of $300,000.00 (the "Campbell New Value Payment"). The Campbell New Value Payment shall be distributed by the Debtor, Pro Rata, to Holders of Allowed General Unsecured Claims, and such Pro Rata payment shall be the only distribution on account of such Allowed General Unsecured Claims under the Plan. For purposes of Class Six, and as further value to the Holders of Allowed General Unsecured Claims, Michael Campbell and his non debtor Affiliates shall gift to the other Holders of Allowed General Unsecured Claims their Pro Rata distribution from the Campbell New Value Payment on account of the following Claims against the Debtor: (i) $208,344.28 Claim held by Michael Campbell; (ii) $172,676 Claim held by JEI Logistics; and (iii) $158,929.78 Claim held by Leopard Properties LLC (collectively, the "Campbell New Value Gift"). The "feasibility" test requires the Bankruptcy Court to find that Confirmation of the Plan is not likely to be followed by liquidation or the need for further reorganization of the Debtor. The Debtor believes that the projections attached hereto as Exhibit A demonstrate that the Debtor is viable, will continue to be viable, and is able to satisfy its obligations under the Plan. A full-text copy of the Disclosure Statement dated January 20, 2026 is available at https://urlcurt.com/u?l=4YdG6i from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew J. Delude, Esq. Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, PA 670 N. Commercial Street, Suite 108 P.O. Box 1120 Manchester, NH 03105 Telephone: (603) 623-8700 Email: mdelude@bernsteinshur.com About Grace Limousine LLC Grace Limousine LLC is a Manchester, New Hampshire-based limited liability company founded in 1990 by Ian Campbell, a disabled American veteran. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10775) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Matthew J. Delude, Esq. of Bernstein, Shur, Sawyer & Nelson, PA. GREEN TEA: Seeks to Tap Transworld Business Advisors as Broker -------------------------------------------------------------- Green Tree, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of llinois to employ Transworld Business Advisors of Deerfield as broker. The Debtor needs a broker to market and sell its property located at 2847 Pfingston Road, Glenview, Illinois. The firm will receive a commission of 12 percent of the total sales price, with a minimum of $15,000. Deborah Kaplan, a broker at Transworld Business Advisors of Deerfield, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Deborah Z. Kaplan Transworld Business Advisors of Deerfield 790 Estate Drive, Suite 200 Deerfield, IL 60015 Telephone: (224) 300-420 About Green Tree LLC Green Tree, LLC, doing business as X-Golf Glenview and X-Golf South Loop, operates indoor golf entertainment venues offering simulator-based golf play, instruction, leagues, and private events, serving customers in Glenview, Illinois, and Chicago, Illinois, and operates within the amusement and recreation services industry. Green Tree filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19313) on December 17, 2025, with $1 million to $10 million in assets and liabilities. James Joeng, member, signed the petition. Judge Michael B. Slade presides over the case. Gregory K. Stern, Esq., at Gregory K. Stern, PC represents the Debtor as counsel. GRISWORLD ENTERPRISES: Seeks to Hire The Fealy Law Firm as Counsel ------------------------------------------------------------------ Griswold Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Fealy Law Firm, PC as counsel. The firm's services include: (a) analyze the financial situation, and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its duties; (c) prepare and file all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; (d) represent the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (f) prepare and file Chapter 11 Plan of Reorganization; and (g) assist the Debtor in any matters relating to or arising out of the captioned case. On December 6, 2025, the Debtor received a retainer of $7,000 from the Debtor. Vicky Fealy, Esq., an attorney at The Fealy Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Vicky M. Fealy, Esq. The Fealy Law Firm, PC 1235 North Loop W., Ste. 1120 Houston, TX 77008 About Griswold Enterprises Griswold Enterprises LLC was founded in 2020, the Debtor runs a Double Dave's Pizzaworks franchise at 7312 Louetta Road, Spring, Texas 77379. The business serves a variety of hand-crafted pizzas, pepperoni rolls, strombolis, salads, and desserts. Griswold Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30707) on February 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Brandon Tittle, Esq., at Tittle Law Group, PLLC. HARVARD BIOSCIENCE: Reduces Stockholder Meeting Quorum to One-Third ------------------------------------------------------------------- Harvard Bioscience, Inc. disclosed in a regulatory filing that the Board of Directors approved an amendment to the Company's Amended and Restated By-laws to reduce the quorum requirement for stockholder meetings from a majority to 1/3 of the shares of capital stock entitled to vote. The By-laws Amendment was effective upon adoption by the Board. A full text copy of the By-laws Amendment is available at https://tinyurl.com/5b22x5tx About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. Hartford, Connecticut-based L J Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. As of September 30, 2025, the Company had $78 million in total assets, $63.9 million in total liabilities, and $14.1 million in total stockholders' equity. J.L.E.T. ENTERPRISES: Seeks Ch. 11 Bankruptcy Due to Rising Debt ---------------------------------------------------------------- Daniel Kline of The Street reports that a Florida pet specialty retailer, J.L.E.T. Enterprises, LLC, sought bankruptcy protection on January 15, 2026, filing for Chapter 11 under Subchapter V in the Middle District of Florida, RK Consultants reported. The company was a franchise operator of the Three Dog Bakery pet retail brand. The company was established in 2016 by Joseph and Lynette Naughton and operated stores in Naples and Sarasota. Its business focused on premium pet products, including fresh-baked dog treats and custom celebration cakes, along with grooming services, with its core operations based at The Shoppes at University Town Center, according to report. About J.L.E.T. Enterprises, LLC J.L.E.T. Enterprises, LLC, doing business as Lucy's Dog Bakery & Spa, Three Dog Bakery & Grooming, and Diversified Services SWF, based in North Port, Florida, operates in the pet care and retail industry, offering dog-focused products including specialty frozen and cooked foods, toys, grooming tools, and accessories. J.L.E.T. Enterprises, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00096) on January 15, 2026. In its petition, the Debtor reports total assets of $51,687 and total liabilities of $1,163,778. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael Dal Lago, Esq. of DAL LAGO LAW. JUMP PEORIA: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Jump Peoria, Inc. d/b/a Urban Air Adventure Park 14000 McAllister Road Conroe, TX 77302 Business Description: Jump Peoria, Inc. operates an indoor adventure and trampoline park under the Urban Air Adventure Park franchise in Peoria. The Company provides family entertainment attractions including trampolines, climbing walls, obstacle courses, and party and event services. It operates in the indoor amusement and family entertainment industry. Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-00706 Judge: Hon. Madeleine C Wanslee Debtor's Counsel: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA 531 East Thomas Road Suite 200 Phoenix, AZ 85012 Tel: 602-307-0837 Fax: 602-307-0838 E-mail: markgiunta@giuntalaw.com Total Assets: $4,046,000 Total Liabilities: $10,584,998 Aubrey Hall signed the petition as president. 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/AHMZLLY/JUMP_PEORIA_INC__azbke-26-00706__0001.0.pdf?mcid=tGE4TAMA KARMAN SPACE: S&P Lowers Senior Secured Debt Rating to 'B+' ----------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Karman Space and Defense's senior secured debt to 'B+' from 'BB-', in line with the issuer credit rating. S&P also revised its recovery rating to '3' (rounded estimate: 65%), down from '2' (rounded estimate: 70%). The '3' recovery rating indicates its view that the lenders could expect meaningful return in an event of a payment default. The stable outlook reflects S&P's expectation that robust defense demand supports EBITDA growth, which will partially offset the effect of higher debt on the company's leverage. On Jan. 21, 2026, Karman Space and Defense entered into a definitive agreement to acquire Seemann Composites LLC and Material Sciences (MSC) for about $225 million. The company proposed to upsize its existing $506 million term loan B (TLB) by up to $220 million, allocating the funds toward the acquisition. The acquisition will delay credit metric improvement over the near term. To fund the acquisitions, Karman has proposed to upsize its existing TLB, up to $220 million. The acquisitions enhance Karman's capabilities as Seemann and MSC specializes in resin and compounds for maritime subsurface and surface systems. They also broaden Karman's presence in niche defense end markets as the U.S. Navy is a long-standing established customer of Seemann and MSC. S&P expects the acquisitions to be consistent with the company's base profit margins as Seemann and MSC hold a sole source position within its market acting as the only supplier for its materials--as well as strong proprietary protections, enabling their margins will align closely with Karman's existing operations. EBITDA contributions from Seemann and MSC will partially offset the effect of the increase TLB on leverage, although transaction and integration costs may drag on margins in 2026. Nonetheless, the company's strong growth outlook will help margin improvement into 2027. S&P said, "Despite the rise in debt, we expect credit metrics to remain consistent with our base-line assumptions, which support the current rating. We expect debt to EBITDA of 3.75x-4.25x in 2026 and 2027, with funds from operations (FFO) to debt of 12%-15%." S&P said, "We expect Karman to benefit from robust defense spending. Karman is a tier 1 supplier to major original equipment manufacturers (OEMs), with sole source positions that major defense and space platforms often work into their designs. It also further diversifies Karman's intellectual property portfolio, adding significant marine content. Furthermore, he company's sole source position and broad IP portfolio serves as a barrier to entry for new market participants, protecting Karman's position. "Due to continued global conflict, military readiness remains a key area of U.S. spending, driving demand for Karman systems, such as missile payload protection and deployment systems, as well as specialized resins and compounds. We expect OEMs to continue to ramp up production across most platforms, benefiting suppliers of critical systems such as Karman. We expect strong near-term demand for defense and space spending with the acquisitions will drive annual revenue growth of 45%-50% in 2026, and 25%-30% in 2027 growth, absent an acquisition as large as Seemann and MSC. "Financial policy will likely remain aggressive, focused on periodic acquisitions. While Karman has been an active participant in the acquisition market, Seemann and MSC will be its largest to date. However, Karmen has successfully integrated smaller entities, so we do not anticipate complications. "Although additional smaller bolt-on targets are possible, we expect the company to fund such acquisitions with cash from operations or its existing revolving credit facility. Additionally, we do not anticipate the company will fund dividends or share repurchases through our forecast. "The stable outlook reflects our expectation that Karman is well-positioned to benefit from sustained robust defense spending across multiple platforms heavy on Karman capabilities, inclusive of those acquired with the Seemann acquisition. We expect the company to maintain its margin profile, protected by its broad IP portfolio, while ramping up production across end markets. We expect S&P Global Ratings-adjusted FFO to debt will remain above 12% over the next two years, while liquidity remains adequate." S&P could lower its rating on Karman if its FFO to debt falls below 12% and S&P expects it to remain at such levels. This could occur if: -- Defense spending priorities shift such that demand moderates for systems that incorporate the company's products; -- EBITDA margins erode due to higher operating costs or changes in government contract terms; or -- The company pursues large debt-financed acquisitions or dividends. S&P said, "We could raise our rating on Karman if the company's scale and diversification expands such that its business risk improves. We could also raise the rating if its FFO to debt comfortably exceeds 20% and its sponsor's equity position diminishes faster than expected." This could occur if: -- The company expands earnings, either organically or through acquisitions, without substantially increasing leverage; -- Karman adheres to a moderate financial policy with no large debt-funded acquisitions or dividends; and -- The sponsor reduces its equity position faster than expected. KID TO KID: Seeks to Tap Sheila F. Campbell as Bankruptcy Counsel ----------------------------------------------------------------- Kid to Kid 1, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ the law firm of Sheila F. Campbell, PA to handle its Chapter 11 case. Sheila F. Campbell, Esq., a partner of the firm, will be paid at her hourly rate of $350. The firm received a filing fee of $869 from the Debtor. Ms. Campbell disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Shiela F. Campbell, Esq. Sheila F. Campbell, PA P.O. Box 939 North Little Rock, AR 72115 Telephone: (501) 347-0700 Facsimile: (501) 372-5375 Email: campbl@sbcglobal.net About Kid To Kid 1 Child Development Center Kid To Kid 1 Child Development Center, Inc. provides early childhood education and child care services, delivering structured learning and developmental activities for children. The company serves families in its community with a focus on early learning and child development. Kid To Kid 1 Child Development Center, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14302) on December 9, 2025. In its petition, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Honorable Bankruptcy Judge Bianca M. Rucker oversees the case. The Debtor is represented by Sheila F. Campbell, Esq., at Sheila Campbell, PA. KIDS FIRST: Seeks to Tap Marshack Hays Wood as General Counsel -------------------------------------------------------------- Kids First Pediatric Therapy Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Marshack Hays Wood LLP as counsel. The firm will render these services: (a) develop and draft the Plan; (b) negotiate with creditors to gain support for the Plan; (c) file motions and applications to protect the Debtor's interests as necessary; (d) assist in any possible liquidation of the Debtor's assets and administer the bankruptcy estate; (e) ensure compliance with the Bankruptcy Code, the Federal Rule Bankruptcy Procedure (FRBP), and the Local Bankruptcy Rules (LBR); (f) review and, if appropriate, objecting to creditor claims; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court and in any action where its rights or the estate may be litigated or affected; and (h) perform any and all other legal services incident and necessary for the smooth administration of this bankruptcy case. The firm's counsel will be paid at these hourly rates: Richard Marshack, Partner $770 D. Edward Hays, Partner $770 David Wood, Partner $670 Aaron de Leest, Partner $670 Kristine Thagard, Of Counsel $670 Matthew Grimshaw, Of Counsel $670 Chad Haes, Of Counsel $670 Laila Rais, Partner $590 Alina Mamlyuk, Of Counsel $570 Tinho Mang, Senior Counsel $570 Bradford Barnhardt, Associate $470 Sarah Hasselberger, Associate $470 Devan de los Reyers, Associate $400 Pamela Kraus, Paralegal $380 Chanel Mendoza, Paralegal $380 Layla Buchanan, Paralegal $380 Cynthia Bastida, Paralegal $380 . Sandra Pineda, Paralegal $380 Laurel Dinkins, Paralegal $380 Chantaal Arnold, Paralegal $380 In addition, the firm will seek reimbursement for expenses incurred. Pre-petition, the firm received from the Debtor a $30,000 retainer on December 22, 2025. Mr. Wood disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David A. Wood, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 Email: dwood@marshackhays.com About Kids First Pediatric Therapy Inc. Kids First Pediatric Therapy, Inc. is a pediatric healthcare company providing therapy services for children, including physical, occupational, and speech therapy. The company is committed to enhancing developmental progress and overall well-being for its patients. Kids First Pediatric Therapy, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21513) on December 22, 2025. In its petition, the Debtor disclosed up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by David Wood, Esq., at Marshack Hays Wood, LLP. KOOL AIR: Seeks Approval to Tap Mickler & Mickler as Legal Counsel ------------------------------------------------------------------ Kool Air, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the Law Offices of Mickler & Mickler, LLP to handle its Chapter 11 case. The firm's hourly rates range from $300 to $400. Bryan Mickler, Esq., an attorney at Mickler & Mickler, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bryan A. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 Email: bkmickler@planlaw.com About Kool Air Kool Air, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00175) on Jan. 16, 2026, listing up to $500,000 in both assets and liabilities. The Debtor tapped Bryan A. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP as counsel. LEGACY TRADITIONAL: Moody's Upgrades Revenue Bond Rating to Ba1 --------------------------------------------------------------- Moody's Ratings has upgraded to Ba1 from Ba2 the revenue bond rating of Legacy Traditional Schools (LTS), AZ. The outlook is revised to stable from positive. The charter school network currently has approximately $491 million in outstanding revenue-backed debt. The upgrade is driven by the charter school network's stable enrollment, substantial revenue base, and improvement to its spendable liquidity. RATINGS RATIONALE The Ba1 rating reflects Legacy Traditional Schools' strong competitive position, characterized by stable student enrollment trends and solid academic performance across its network of schools. Management's demonstrated history of successful opening of new campuses indicates a high likelihood of rapid enrollment growth at its Columbia, SC campus, expected to open in fiscal 2027. Despite this, the network faces some execution risks associated with the opening of the new campus, in addition to other potential expansion plans. The network's financial operations remain robust, having ended fiscal 2025 with 130 days of cash on hand and an annual debt service coverage ratio of 1.4x. The network's debt leverage will remain elevated. The Arizona and Nevada schools each operate under individual charters with their respective state-level authorizing agencies, while the new South Carolina school is authorized by the Charter Institute at Erskine. The risk of charter non-renewal is expected to remain low, given each school's satisfactory standing with its authorizer. RATING OUTLOOK The stable outlook reflects management's demonstrated ability to effectively execute expansion plans, which helps mitigate the execution risk of opening the South Carolina campus. Furthermore, key financial metrics-such as spendable liquidity and annual debt service coverage-are expected to remain aligned with recent performance levels. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Enhancements to the network's competitive position, including additional enrollment gains, a larger student waitlist, and further improvements to academic performance -- Maintenance of liquidity above 150 days cash on hand and annual debt service coverage routinely at or above 1.75x -- Material reduction in long-term debt leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to meet enrollment projections on new and existing schools -- Deterioration to the network's annual days cash, or a material narrowing of operating margins or debt service coverage -- Material decreases to the network's spendable cash and investments to total debt ratio PROFILE Legacy Traditional Schools is a K-8 charter school network consisting of 22 schools in Arizona (Aa1 stable) and 3 in Nevada (Aa1 stable). The network is planning to expand, with a new campus in the City of Columbia (Aa1 stable), South Carolina (Aaa stable), set to open in the fall of 2026. In Arizona, each school operates under an individual charter contract with the Arizona State Board for Charter Schools (ASBCS), while all Nevada schools are managed under a single charter contract with the Nevada State Public Charter School Authority (NSPCSA). The forthcoming South Carolina campus is authorized by the Charter Institute at Erskine. The network currently enrolls approximately 25,860 students across its campuses. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Lilydale Progressive Missionary Baptist Church received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court issued its 12th order authorizing the Debtor to use cash collateral through February 25 to operate and maintain its property in accordance with its budget. The budget shows total monthly operational expenses of $11,212.50 from January 15 to 31 and $31,843.14 for February. As protection for any diminution in value of its collateral, CadleRock III, LLC was granted a replacement lien on the Debtor's accounts and accounts receivables. The replacement lien does not apply to causes of action. In addition, the Debtor will continue its monthly payments to CadleRock in the amount of $10,000 and will remit to CadleRock all revenues for the 30-day period that exceed $45,000. The Debtor will also keep its property insured as further protection. The Debtor's authority to use cash collateral will terminate on February 25; upon entry of a court order modifying or otherwise altering the effectiveness of the eighth interim order; or upon occurrence of an event of default, whichever comes first. A status hearing is set for February 25. Cadlerock is the successor in interest to Park National Bank, the original lender. It has a mortgage on the Debtor's property in Chicago, Ill., which is valued at approximately $2 million. The property generates income through tithes and offerings, which qualify as cash collateral under Section 363(a) of the Bankruptcy Code. As of the petition date, Cadlerock is owed not less than $504,401.05. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com LIMITLESS ABA: Unsecureds Will Get 100% of Claims over 48 Months ---------------------------------------------------------------- Limitless ABA, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated January 19, 2026. The Debtor is engaged in the business of providing ABA therapy to children diagnosed on the autism spectrum. The Debtor first began accepting clients in October, 2021. The Debtor obtained an MCA loan at the end of January, 2025. Due to several unexpected expenses and the high payments required by the first loan, the Debtor borrowed two more loans. The Debtor receives its income from private insurance companies and from the government insurer TriCare. Income from TriCare stopped when the government shut down. Without this income, the Debtor would have been required to shut its doors unless it filed a Chapter 11 petition. Based on the Debtor's actual income and expenses for November and December and its projections through April 30, the Debtor will be able to make its Plan payments of $3,517.16 without the need for further reorganization. This Plan submitted under section 1190 of Subchapter V of Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from future income. The term of the Plan is forty-eight months. Non-priority unsecured creditors holding allowed claims will receive 100% payment. Class 3 consists of claims of all unsecured creditors who timely file a proof of claim by the claims deadline of December 30, 2025, as the same are allowed and ordered paid by the Court. The Debtor's total unsecured debt is approximately $84,063.43. The Debtor will pay all timely filed, allowed unsecured claims in full, with no interest, on a pro rata basis over forty-eight months. Payments will begin on the first day of the month which is three months following the Effective Date of the Plan. There will be a ten-day grace period as to each such payment. The Debtor shall continue to exist as the Reorganized Debtor, doing business under the name Limitless ABA, LLC. Jade Searcey shall continue as the managing member of the Reorganized Debtor. A full-text copy of the Subchapter V Plan dated January 19, 2026 is available at https://urlcurt.com/u?l=u7totn from PacerMonitor.com at no charge. Counsel to the Debtor: Lisa C. Cohen, Esq. RUFF & COHEN, P.A. 4010 Newberry Road, Suite G Gainesville, Florida 32607 Telephone No. (352) 376-3601 Email: lcohen@ruffcohen.com About Limitless ABA LLC Limitless ABA, LLC, is engaged in the business of providing ABA therapy to children diagnosed on the autism spectrum. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03824) on Oct. 21, 2025, with $100,001 to $500,000 in assets and liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. Lisa C. Cohen, Esq., at Ruff & Cohen, PA represents the Debtor as legal counsel. M&H ENTERPRISES: Seeks to Tap Rowena N. Nelson as Legal Counsel --------------------------------------------------------------- M&H Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ the Law Office of Rowena N. Nelson, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) prepare as necessary, legal papers filed by the Debtor; (c) prepare a disclosure statement a disclosure statement and plan of reorganization; (d) perform all other legal services for the Debtor which may be necessary herein; (e) represent the Debtors interest in the bankruptcy proceedings; and (f) obtain confirmation of the Plan of reorganization. Rowena Nelson, Esq., the primary attorney in this representation, will be paid at her hourly rate of $400. Prior to the petition date, the firm received $7,500 from the Debtor. Ms. Nelson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rowena N. Nelson, Esq. Law Office of Rowena N. Nelson, LLC 1801 McCormick Drive, Suite 150 Largo, MD 20774 Telephone: (301) 358-3271 Facsimile: (877) 728-7744 Email: information@rnnlawmd.com About M&H Enterprises LLC M&H Enterprises, LLC is associated with real estate holdings in Maryland and is owned by The Estate of Manijeh Vedadi. The Debtors jointly hold title to a nine-unit residential building located at 8229 Washington Boulevard in Jessup, Maryland. The Estate of Manijeh Vedadi holds additional residential properties in Silver Spring and North Potomac, some of which are used as collateral for the Jessup property while others are classified as inherited property. Combined, the assets are valued at approximately $3 million. M&H Enterprises and The Estate of Manijeh Vedadi sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-20625) on November 12, 2025. At the time of the filing, M&H Enterprises listed between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Robert H. Jacobvitz oversees the case. The Debtor tapped the Law Office of Rowena N. Nelson, LLC as counsel. MEDICAL PROPERTIES: Marks 20 Years With Brand Update, "MPT" Ticker ------------------------------------------------------------------ Medical Properties Trust, Inc. published a letter to shareholders from its Chairman, President, and Chief Executive Officer, Edward K. Aldag, Jr., outlining several key branding initiatives in 2026 as the Company celebrates its 20th year as a publicly traded company. As part of this update to its brand, MPT has changed its ticker symbol from "MPW" to "MPT" on the New York Stock Exchange, effective at the open of trading on Monday, February 2, 2026, and has simplified its web address to "MPT.com" with e-mail addresses to end in mpt.com. The full text of the letter is available on MPT's Investor Relations Website, and copied herein: Celebrating 20-Years as a Publicly Traded Company To my fellow shareholders, When we founded MPT in 2003, we set forth the simple yet ambitious objectives of addressing hospitals' critical need for capital solutions and facilitating healthcare delivery in communities around the world. Our early success enabled us to complete our initial public offering on the NYSE in 2005, solidifying our position in the industry and enabling us to offer thousands of public market investors an opportunity to invest in hospital real estate. Over the past 20-plus years, a few important things have never changed about our business. First and foremost, our unique ability to help hospital operators unlock the full value of their real estate so that they can better focus on patient care. Second, our goal of acquiring high-value real estate that promises an attractive return for our shareholders. And third, our commitment to supporting the communities we serve around the world. With these three principles serving as our north star, we have successfully navigated several challenges, including capital market turbulence, a global pandemic, generationally high inflation, a highly coordinated short-seller attack, and the bankruptcies of two large tenants. Now, as we turn the page on our 20th year as a publicly traded company, we are focused on continuing to evolve our business for the benefit of our shareholders, employees, tenants, and communities. That is why today we are excited to update MPT's brand identity. This refresh consists of a few important developments: 1. First, we are introducing an updated logo. The triangle, cadeusis and MPT lettering retain a familiar yet modern look that we believe effectively conveys our commitment to and understanding of the hospital landscape, in the past and going forward. 2. On February 2, 2026, our shares will begin trading on the NYSE (where they have been trading since our IPO) under a new ticker that corresponds to the name we have come to be known by around the world, MPT. There is no action required by the company's shareholders with respect to the ticker symbol change and its CUSIP will remain unchanged. 3. Finally, we have begun the process of moving our full team to a state-of-the-art, new corporate headquarters here in Birmingham that we began planning for five years ago. Our new address will be 10500 Liberty Parkway, Birmingham, Alabama 35242. We are incredibly proud of this new headquarters as it significantly advances our long-term sustainability objectives by helping preserve the natural environment, fulfilling its own energy and water needs, and creating an environment where our talent can do their best work. We are entering 2026 with a tremendous amount of confidence and conviction in our business model. Our tenants continue to report promising volume and cost trends, and we continue to see robust demand for hospital real estate from sophisticated infrastructure investors. As our new tenants around the United States continue to ramp monthly rental payments, we remain committed to achieving our goal of over $1 billion of annualized cash rent by the end of the calendar year. Over the past two decades, we have repeatedly proven our adaptability, resilience, and commitment to helping hospitals create the capital flexibility to invest where it matters most. We look forward to creating meaningful value for our shareholders in 2026 and beyond. About Medical Properties Trust Medical Properties Trust, Inc. -- https://www.mpt.com/ -- is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at As of September 30, 2025, the Company had $14.9 billion in total assets, $10.3 billion in total liabilities, and $4.7 billion in total stockholders' equity. * * * In Feb. 2025 S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Medical Properties Trust Inc. The outlook is negative. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating to the company's new senior secured notes. S&P also affirmed its 'CCC+' issue-level rating on Medical Properties Trust's senior unsecured notes and revised the recovery rating on the notes to '4' from '3'. MEN'S WEARHOUSE: $200MM Upsized Loan No Impact on Moody's 'B1' CFR ------------------------------------------------------------------ Moody's Ratings said The Men's Wearhouse, LLC's ("Men's Wearhouse") ratings were not impacted by the proposed $200 million upsize to the recently launched $900 million debt financing which was originally split between a $500 million senior secured first lien loan B and $400 million senior secured first lien notes. The term loan is being increased to $650 million and the bonds are being increased to $450 million. The company's B1 corporate family rating, B1-PD probability of default rating, B1 ratings on proposed senior secured term loan and the senior secured notes remain unchanged. The outlook remains stable. Proceeds from the proposed financing and balance sheet cash will be used to repay the $227 million outstanding on the company's existing senior secured term loan B, fund an approximately $920 million dividend to the company's equity owners and pay for fees and expenses. Pro forma for the $1.1 billion debt raise, debt/EBITDA and EBITA/interest coverage still remain strong at about 3.3x and 2.5x, respectively and within Moody's downgrade thresholds of 4.0x and 2.25x, respectively. Moody's expects leverage to improve to about 2.9x and for coverage to remain solid at about 2.5x over the next 12-18 months and for the company to maintain very good liquidity. In addition, Men's Wearhouse has a history of reducing leverage, as evidenced by the payoff of all of its post bankruptcy debt and a material portion of the $550 million term loan raised in February 2024. 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 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. MKS INC: S&P Assigns 'BB-' Rating on New Senior Unsecured Notes --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '5' recovery rating to MKS Inc.'s proposed senior unsecured notes due 2034. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a default. The company will use the proceeds from this issuance to paydown its existing term loans. S&P views the transaction as leverage neutral and anticipate it could provide MKS with modest interest savings. S&P said, "Our 'BB' issuer credit rating on MKS is unchanged. The stable outlook reflects our expectation that the company 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 MKS 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 said, "We value the company on a going-concern basis. In a default scenario, we believe 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. -- While certain material domestic subsidiaries will guarantee the proposed unsecured notes that do not guarantee the company's convertible notes, the proposed unsecured note lenders do not have an advantage over the convertible note lenders in S&P's recovery analysis because all the guarantors' value is allocated to the secured lenders in our scenario. 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%) MNE HOLDINGS: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On January 22, 2026, MNE Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About MNE Holdings LLC MNE Holdings LLC is a New York-based company engaged in diversified business operations and investment management. MNE Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40306) on January 22, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. MOBIVITY HOLDINGS: To Sell Connected Rewards for $5.3MM ------------------------------------------------------- Mobivity Holdings Corp. disclosed in a regulatory filing that it entered into an Asset Purchase Agreement with Mistplay Inc., a company incorporated under the laws of the Province of British Columbia, and Reward Holdings, ULC, an unlimited liability company incorporated under the laws of the Province of British Columbia. The Board of Directors of the Company has approved the Asset Purchase Agreement and the ancillary documents referenced therein by unanimous written consent. Under the Asset Purchase Agreement, the Company has agreed to sell to the Buyer certain assets related to the Company's Connected Rewards, which constitute substantially all of the Company's assets, and the Buyer will assume certain specified liabilities, in each case as set forth in the Asset Purchase Agreement and the related schedules to the Asset Purchase Agreement. The Buyer will not acquire assets other than the Acquired Assets, and will not assume liabilities other than the Assumed Liabilities (as defined in the Asset Purchase Agreement), each as further described in the Asset Purchase Agreement. The aggregate consideration payable to the Company in the Transaction will be an amount equal to the sum of: (i) $5,300,000 (subject to a customary working capital adjustment), of which $300,000 will be awarded by the Company to certain of its employees, plus (ii) 6,328,991 Class B Common Shares of Holdings, plus (iii) the Earn-Out Equity Interests, if any (as defined in the Asset Purchase Agreement and as finally determined in accordance with the terms of the Asset Purchase Agreement). At the closing of the Transaction, the Buyer will place part of the cash price in escrow to cover post-Closing adjustments and indemnification. The escrow will be released as described in the Asset Purchase Agreement. The Transaction includes a buy-side representations and warranties insurance policy, and the Company will pay 50% of the premium and related costs as a transaction expense. The Asset Purchase Agreement contains: * customary indemnification provisions pursuant to which the parties agree to indemnify each other for certain matters, including, among other things, breaches of certain representations, warranties and covenants in connection with the Transaction. * customary provisions in respect of limitations on indemnification and set-off rights against the escrow and any earn-out equity. * customary representations, warranties and covenants of the parties, including, among other things, covenants regarding the conduct of the business between signing and the Closing, delivery of consents and approvals, and employee-related matters. The Closing is subject to customary closing conditions, including the receipt of necessary third-party consents identified in the Asset Purchase Agreement, the absence of any legal restraint prohibiting the transaction, and the satisfaction of other conditions customary for transactions of this nature. The Closing is also subject to the approval of the Transaction by the Company's stockholders. The Asset Purchase Agreement also contains customary termination rights, including the right of either party to terminate the Asset Purchase Agreement if the Closing has not occurred by May 15, 2026, subject to the terms and conditions set forth therein. The Buyer and the Company are required to use their commercially reasonable to consummate the Transaction. The Closing is expected to occur in the first quarter of 2026. About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $3,019,511 in total assets, $27,132,181 in total liabilities, and $24,112,670 in total stockholders' deficit. NAS LOGISTICS: Seeks to Tap Andrew Nichols & Associates as Counsel ------------------------------------------------------------------ NAS Logistics LLC, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Andrew Nichols & Associates, PLLC as counsel. The firm's services include: (a) advise the Debtor as to its rights, duties, and powers; (b) prepare and file any statements, schedules, plans, and other documents or pleadings to be filed by the Debtor in this case; (c) represent the Debtor at all hearings, meetings of creditors, conferences, trials and other proceedings in this case; and (d) perform such other legal services as may be necessary in connection with this case. The firm will be paid at these hourly rates: Andrew Nichols, Attorney $425 Michael Wiss, Of Counsel $425 Paralegal & Legal Assistants $125 The firm received an initial retainer of $5,000. Mr. Nichols disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew B. Nichols, Esq. Andrew Nichols & Associates, PLLC 7920 Belt Line Road, Suite 650 Dallas, TX 75254 Telephone: (214) 999-1313 Facsimile: (214) 853-5889 About NAS Logistics LLC NAS Logistics LLC is a freight transportation company based in Grand Prairie, Texas. It operates as an interstate carrier authorized for hire, primarily hauling general freight. NAS Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41886) on May 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Andrew B. Nichols, Esq., at Andrew Nichols & Associates, PLLC serves as the Debtor's counsel. NASH ENGINEERING: Ch. 7 Trustee Seeks $59.7MM Placeholder Payment ----------------------------------------------------------------- Emily Lever of Law360 reports that Nash Engineering Co.'s Chapter 7 trustee is seeking a $59.7 million placeholder payment from multiple family members and trusts affiliated with the company's owners. The trustee claims the defendants must be stopped from moving or hiding assets that rightfully belong to the bankruptcy estate. The request comes amid concerns that the family and related trusts have engaged in transactions that could jeopardize creditor recoveries. By securing a preliminary payment, the trustee aims to protect the estate and maintain the integrity of the bankruptcy process. About Nash Engineering Co. Nash Engineering Co. is a Connecticut pump manufacturer. Nash Engineering Co. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 21-50644) on Oct. 19, 2021. Bankruptcy Judge Julie A Manning handles the case. NEAR INTELLIGENCE: SEC Charges Ex-CFO, CEO for Alleged Fraud ------------------------------------------------------------ Yash Roy of Bloomberg Law reports that former Near Intelligence CEO Anil Mathews, CFO Rahul Agarwal, and former MobilFuse CEO Kenneth Harlan have been charged by the SEC in connection with an alleged multi-million-dollar fraud. The SEC claims that between May 2021 and September 2023, the executives manipulated invoices to report at least $37.3 million in fictitious revenue. Authorities allege that Mathews diverted $300,000 of company funds for personal use, including the purchase of a luxury home. Harlan is accused of aiding the Near Intelligence executives while MobilFuse, the company's largest client, was implicated in the scheme. The charges follow legal actions against UHY, Near Intelligence's former auditor, linked to its prior SPAC-related bankruptcy, the report states. About Near Intelligence Near Intelligence Inc. -- https://www.near.com -- publicly traded software firm that provides data insights to major companies including Wendy's Co. and Ford Motor Co. Near is a global, privacy-led data intelligence platform curates one of the world's largest sources of intelligence on people and places. Near's patented technology analyzes data to deliver insights on approximately 1.6 billion unique user IDs across 70 million points of interest in more than 44 countries. With a presence in Pasadena, San Francisco, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves enterprises in a diverse spectrum of industries including retail, real estate, restaurant, travel/tourism, telecom, media, and more. Near Intelligence Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11962) on Dec. 8, 2023. In the petition filed by CFO John Faieta, the Debtor estimated assets between $50 million and $100 million and liabilities between $100 million and $500 million. Near is represented by Willkie Farr & Gallagher LLP and Young Conway Stargatt & Taylor, LLP, as counsel, Ernst & Young LLP as restructuring advisor and GLC Advisors & Co., LLC, as restructuring investment banker. Kroll is the claims agent. Blue Torch, as DIP Agent and Lender, is represented by MORRIS, NICHOLS, ARSHT & TUNNELL LLP (Robert J. Dehney, Matthew Harvey, Brenna Dolphin); and KING & SPALDING LLP (Geoffrey M. King, Roger G. Schwartz, Miguel Cadavid). NEW AGE LEASING: Updates Several Secured Claims Pay; Amends Plan ---------------------------------------------------------------- New Age Leasing LLC submitted a Modified Third Amended Disclosure Statement describing Third Amended Plan of Reorganization dated January 20, 2026. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Through the Chapter 11 and proposed Plan, the Debtor intends to surrender more equipment which has no value to the Estate, thereby reducing its current financial obligations. The Debtor maintains that with its remaining fleet, the Debtor will be able to restructure and remain profitable. Class 1(h) consists of the Allowed Secured Claim of Equify Financial LLC. The Debtor shall surrender all collateral of Equify Financial LLC. The remainder of the amount due to Class 1(h) shall be treated and paid as a Class 2 general unsecured claim. The amount of claim in this Class total $159,381.20. Class 1(j) consists of the Allowed Secured Claim of First Business Specialty Finance LLC. The Debtor maintains the value of Class 1(j)'s collateral is $240,350. The Debtor shall pay this amount (the "Allowed First Business Secured Claim") in full over a period of 60 months plus interest at the non-default contract rate (8.040%). Estimated monthly payments to Class 1(j) are $4,160.59 per month. The remainder of the amount due to Class 1(j) shall be treated and paid as a Class 2 general unsecured claim. The amount of claim in this Class total $380,944.84. Like in the prior iteration of the Plan, General NonPriority Unsecured Claims in Class 2 shall be paid pro rata distributions of deferred cash payments aggregating $310,000 from (i) the General Unsecured Creditor Fund in the amount of $300,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $62,000 with the first installment due 6 months following the Effective Date (or June 30, 2026, whichever sooner) and $62,000 payable annually on June 30, 2027, 2028, 2029 and 2030. The principals of the Debtor, Mr. Volodymyr Lynevych and Ms. Alina Mollova, are retaining their respective 50% equity interests in the Debtor. They are jointly contributing the sum of $10,000 toward payment of general unsecured claims under the Plan over a period of 5 years (at $2,000 per year); and (3) they are maintaining and not increasing their respective current salaries of $72,00 per year for the next two years. In light of these new value contributions by the principals, the Debtor maintains that the new value of the shares in the Reorganized Debtor are sufficient and equivalent to the value of those shares. Further, the new value contribution is subject to higher and better offers as set forth in Section IV of the Plan. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non- Priority Claims will be from the continued operations of the Debtor in addition to the new equity contribution by the Debtor's principals. A full-text copy of the Modified Third Amended Disclosure Statement dated January 20, 2026 is available at https://urlcurt.com/u?l=SQGBZo from PacerMonitor.com at no charge. New Age Leasing, LLC is represented by: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About New Age Leasing New Age Leasing, LLC was established in 2020 as an asset holding company to provide equipment to the operating companies, VL Trucking, Inc., and Ace Transportation. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on Dec. 16, 2024, listing under $1 million in both assets and liabilities. Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NEWFOLD DIGITAL: S&P Upgrades ICR to 'CCC+' on Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Newfold Digital Holdings Inc. to 'CCC+' from 'CCC' and removed the rating from CreditWatch, where S&P placed it with positive implications on Dec. 10, 2025. S&P said, "At the same time, we assigned our 'B-' issue-level rating and '2' recovery rating to the company's new first-out first-lien senior secured term loans and notes. The '2' recovery rating indicates our expectation for meaningful (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. We also assigned our 'CCC-' issue-level rating and '6' recovery rating to Newfold's second-out first-lien senior secured term loans and notes. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. "The stable outlook reflects our view that the company has sufficient liquidity to implement its strategic initiatives aimed at stabilizing its subscriber base and profitably increasing its revenue." Newfold Digital Holdings Inc. completed a private debt exchange to address its 2026 revolver maturity that eliminated the potential for a near-term liquidity shortfall, reduced its debt by $254 million, and added roughly $100 million of new cash to its balance sheet. While the transaction has improved the company's liquidity and provided it with time to execute its growth strategy with an extended debt maturity profile, S&P believes its capital structure remains unsustainable given its modest cash flow generation, shrinking subscriber base, and declining revenue trends. The upgrade reflects Newfold's lower near-term refinancing and liquidity risk. The company addressed the immediate liquidity and refinancing risk associated with the February 2026 maturity of its revolving credit facility ($223 million outstanding) through a series of debt exchange transactions that extended its debt maturities to 2029. Newfold also secured a $102 million new money term loan (net cash proceeds of $98.5 million) to bolster its liquidity position and support its growth initiatives. Through the exchange, the company reduced its principal debt outstanding by $254 million, leading to an approximately 0.5x decrease in its leverage. However, this reduction will not likely translate to an improvement in Newfold's cash flow due to the higher interest rates associated with its new debt. Furthermore, the loss of EBITDA stemming from the company's divestiture of MarkMonitor will largely offset the initial reduction in its leverage. That said, S&P anticipates Newfold will use the over $300 million of net proceeds from the MarkMonitor sale to repay existing debt in the first half of 2026, which could improve its cash flow. S&P said, "We view Newfold's capital structure as unsustainable because it is losing subscribers and its organic revenue is declining. We now have a less-favorable view of the company's business risk and competitive position. We believe Newfold's underinvestment in sales and marketing and R&D, as well as its large portfolio of brands, has led to weaker brand recognition and reputation relative to its competitors, such as GoDaddy, Squarespace, and Wix, that have more-focused product offerings. We believe this has caused the company to lose over 1 million subscribers (roughly 17%) since 2023. In addition, Newfold's organic revenue has declined by the low-single-digit percent area annually, which compares with the rapid growth at its competitors, including GoDaddy (7%-9%), Wix (12%-13%), and Shopify (nearly 30%). Squarespace was also expanding its revenue by nearly 20% a year before it was taken private in late 2024." Returning to expansion will be difficult without hurting its margin and cash flow. Newfold worked to integrate the merger of Web.com and Endurance International Group in 2021-2023 and sought to consolidate the platforms in subsequent years. During 2025, it finished consolidating dozens of legacy brands to focus on Bluehost, HostGator, Network Solutions, and two well-performing international brands. S&P said, "We believe this is a credit positive development because it may enable the company to better target its marketing spending and streamline its go-to-market strategy. We also believe Newfold will likely have to spend more on sales and marketing to increase its brand awareness and capture customers earlier in the buying decision process." S&P said, "Still, we believe this increased investment could depress Newfold's EBITDA margins in 2026. The company's prior attempts to accelerate its sales and marketing did not lead to an improvement in its revenue, and this is not the first time the company has pivoted its brand strategy. In 2024, Newfold focused on Web.com as one of its flagship brands but pivoted in June 2025 by combining it into Network Solutions. The Network Solutions brand was well known in the early 1990s as one of the first domain registrars, though we anticipate it will take time for the company to increase its brand awareness as a comprehensive solutions provider. Furthermore, we believe it could take years, or require a significant increase in its investment, for Newfold to return to growth." The competition to provide an online presence for small businesses is intensifying. In recent years, the company's competitors that were traditionally known for website building, such as Squarespace and Wix, began competing in domain registration. In addition, GoDaddy--traditionally a domain registration company--has invested heavily to expand its hosting, website creation, e-commerce, payments, and AI tools. As part of this investment, GoDaddy spent about 18% of its revenue on R&D in fiscal year 2024, which compares with Newfold's R&D spending of only about 8%. There has also been a proliferation of no-code AI-native website builders in the space. This increased competition is driving up customer acquisition costs and providing prospective clients with more options. Newfold has had AI tools for a few years, though their release has not led to an improvement in its bookings, which leads us to believe they lag the appeal of those of other players. S&P anticipates that having an easy-to-use AI website builder will soon be a baseline requirement to effectively compete in the webhosting space. Newfold has high margins and is still one of the largest web presence providers. The company still has 5.8 million subscribers and is one of the largest providers of domain and hosting services. Newfold's margins are in the mid-30% area and it generates a significant amount of unlevered free cash flow. In addition, while the company's market is competitive and somewhat cyclical, having a web presence is a fundamental need for small businesses and usually one of the last expenditures they cut. Following the first year, Newfold's customer retention is high. The company's ability to offer multiple services provides it with an advantage over lower-cost niche providers. S&P said, "We estimate Newfold's average revenue per user (ARPU) is relatively close to that of GoDaddy's (although we expect GoDaddy will expand faster). We believe the company's leverage, currently below 7x, is likely manageable if it increases its revenue and bookings. We also anticipate Newfold may benefit from an improvement in its cash flow if interest rates continue to fall. However, we believe lenders may hesitate to refinance the company's debt before it becomes current in early 2028 unless it can demonstrate sustained revenue growth and continued positive cash flow generation." The stable outlook reflects S&P's view that Newfold has sufficient liquidity to implement its strategic initiatives aimed at stabilizing its subscriber base and profitably increasing its revenue. S&P could lower its ratings on Newfold if it believes there is significant risk of another debt restructuring or default scenario over the next 12 months. This could occur if: -- The company's growth strategy underperforms, leading to ongoing subscriber losses, revenue declines, and EBITDA margin compression that challenges its ability to refinance; or -- Its liquidity becomes constrained or we expect a covenant breach. S&P could raise its rating on Newfold if its revenue growth, profitability, and cash flow generation surpass its expectations and S&P is confident it can sustain these improvements. NORTH AMERICA: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for North America Destinations, Inc. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About North America Destinations Inc. North America Destinations, Inc. operates as a full-service tour operator and destination management company in Windermere, Florida, providing travel solutions including transportation with buses, vans, and SUVs, guided tours, and vacation packages. The company sells tickets and packages for major Florida attractions such as Disney parks, Universal Orlando, SeaWorld, Legoland, Kennedy Space Center, Busch Gardens, Medieval Times, Orlando Icon Park, Brightline, and Disney Cruises. It serves clients in the Orlando area and surrounding regions, focusing on both individual travelers and group tour operations. North America Destinations filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00257) on January 15, 2026, with $18,869 in assets and $1,310,535 in liabilities. John Hulsewe, chief executive officer of North America Destinations, signed the petition. Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NOSTRUM LABS: Chartwell Entitled to 25% of Recall Costs ------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey issued its decision on Nostrum Laboratories, Inc.'s motion for contempt against Chartwell Pharmaceuticals, LLC with respect to the sale of its new drug applications. Nostrum is a bankrupt pharmaceuticals distributor that has sold its assets and is winding up its operations. The asset sales were conducted under a sale process run by Raymond James & Associates, Inc. and an auction occurred on April 1, 2025. Chartwell, a manufacturer and distributer of pharmaceuticals, was the winning bidder for three of Nostrum's ANDAs (including Sucralfate) for $4.625 million. Chartwell alleges that it never intended to continue stability testing for pharmaceutical products that were manufactured and distributed by Nostrum. It also says Nostrum and its representatives were aware of this. Because neither party was willing to maintain the stability testing of Nostrum's drugs that were already sent to market, a recall was necessary under FDA regulations. As the time for closing of the transaction approached, both parties understood the recall was necessary but neither wanted to pay for it. Despite the open issues concerning the inventory shortfall and the costs of the recall, Chartwell paid the entire $4.625 million purchase price into an escrow account set up by Nostrum's counsel (Mr. Neumann). When the ANDAs were delivered to Chartwell, it authorized the release of $4 million to Nostrum with the remaining $625,000 staying in escrow. This partial closing occurred April 25, 2025. The record reflects that after the closing, Nostrum carried out a voluntary recall of Sucralfate in its own name with the assistance of an employee and legal counsel that were paid by Chartwell. Nostrum filed a Motion to enforce a sale order and for contempt against Chartwell. The Motion seeks an order compelling Chartwell to release escrowed proceeds related to its purchase of the Nostrum's ANDAs. Nostrum's sale of ANDAs to Chartwell was governed by an Asset Purchase Agreement and a Sale Order dated April 14, 2025. This Motion was filed because Chartwell sought credits against a portion of the $4.625 million purchase price for: (1) a perceived shortfall in the inventory transferred under the APA, and (2) the costs Chartwell advanced for a recall of Sucralfate, one of the generic drugs produced under an ANDA purchased by Chartwell. The inventory shortfall issue has already been decided in favor of Nostrum. This decision addresses Chartwell's claim to recover the costs of the drug recall that occurred after the sale. The total legal fees and expenses incurred by Chartwell was $220,750.59 as of October 14, 2025. The Court concludes as to the question of financial responsibility, the balance tips slightly in favor of Nostrum based on the following: * Chartwell's use of the "no holdback" and "zero percent holdback" language at the auction coupled with the fact that there was an asset purchase agreement with language covering a holdback escrow for "Recall Claims" in the PAI Holdings, LLC, d/b/a PAI Pharma transaction. Chartwell could have done the same. * After the Court's approval of the Chartwell APA, Chartwell tried to clarify that its Assumed Liabilities did not include the costs of recalls. This should have been done in the original APA. * Chartwell knew or should have known that it had genuine risk of responsibility for the recall due to its ownership of the ANDAs and the language of the Sale Order inserted by the FDA. * Chartwell's emails confirming that it would cover the attorney and employee costs of the recall did not say that Chartwell expected to be reimbursed from the escrow funds. This Court recognizes that Chartwell raised the recall issue before the closing and Nostrum decided to close without a resolution. Nostrum could have insisted on clarity before closing because it was also a potential target of the FDA. Accordingly, the Court finds that Nostrum should bear some financial responsibility for the voluntary Sucralfate recall, but not as much as Chartwell. Therefore, it is ordered that the escrowed proceeds be released to Chartwell in an amount equal to 25% of the costs advanced and/or outstanding for the voluntary recall of Sucralfate. A copy of the Court's decision dated January 23, 2026, is available at https://urlcurt.com/u?l=XjIieS from PacerMonitor.com. About Nostrum Laboratories Inc. Nostrum Laboratories Inc. operates as a pharmaceutical company. The Company offers sucralfate, and theophylline extended release (ER) tablets, as well as piroxicam capsules, and carbamazepine ER capsules. Nostrum Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-19611) on Sept. 30, 2024. In the petition filed by James Grainer, as chief financial officer, the Debtor estimated assets between $50,000 and $100,000 and estimated liabilities between $10 million and $50,000. The Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by David L. Bruck, Esq. at GREENBAUM, ROWE, SMITH & DAVIS LLP, in Iselin, New Jersey. NOVARIA HOLDINGS: S&P Withdraws 'B' ICR on Acquisition by Arcline ----------------------------------------------------------------- S&P Global Ratings withdrew its 'B' issuer credit rating on Novaria Holdings LLC following the close of its acquisition by Arcline Investment Management. At the time of withdrawal, its outlook on the company was stable. OLENOX INDUSTRIES: Engages RBSM LLP to Audit 2025 Financials ------------------------------------------------------------ Olenox Industries Inc., formerly Safe & Green Holdings Corp., disclosed in a regulatory filing that RBSM LLP Certified Public Accountants was appointed to audit the Company's financial statements for the year ended December 31, 2025. During the fiscal years ended 2023 and 2024, and the subsequent interim periods preceding their appointment as independent accountants, neither the Company nor anyone on its behalf consulted RBSM regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered of the Company's consolidated financial statements, nor has RBSM provided to the Company a written report or oral advice regarding such principles or audit opinion, (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K, or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K. About Olenox Industries Olenox Industries Inc. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. ORLANDO CITY PLUMBING: Andrew Layden Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Orlando City Plumbing, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Orlando City Plumbing LLC Orlando City Plumbing, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00248) on January 15, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lori V. Vaughan presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as legal counsel. OSMOSIS HOLDINGS: S&P Rates Repriced First-Lien Term Loan B 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Osmosis Holdings L.P.'s (dba Culligan) repriced first-lien term loan B (TLB) due in July 2028, which includes a $250 million fungible add-on to existing first-lien debt. The '3' recovery rating reflects its expectation of meaningful (50%-70%; rounded estimate 50%) recovery in a default scenario. S&P said, "Our 'B' issuer credit rating on Culligan is unchanged. We view this transaction as leverage-neutral because proceeds from the add-on will be used to repay borrowings under the company's revolving credit facility (RCF). We estimate trailing 12-months debt to EBITDA as of Sept. 30, 2025, remained well above 8x primarily because of the ongoing acquisitions of bolt-on bottle-free cooler businesses, but expect leverage will decline below 8x in the coming quarters as Culligan laps one-time restructuring and acquisitions costs." Although the lower interest rate margin of SOFR + 2.75% (from SOFR + 3%) from this repricing reduces the company's borrowing costs, the added $250 million in debt will likely keep annual interest expense unchanged. Still, for the first time in several years the company should report positive free operating cash flow (FOCF) on a generally accepted accounting principles basis in 2025 and sustain positive FOCF thereafter with fewer large transaction and restructuring costs constraining its FOCF conversion. Based on preliminary reporting, Culligan generated 6% revenue growth in 2025 (3% of which was organic), spurred by continued volume and market share growth in the Americas' commercial drinking water market, which offset weaker performance in the company's more cyclical conditioning (water softeners) business. S&P expects these trends will continue in 2026 as Culligan expands its global footprint and further expands its commercial drinking water businesses organically and through bolt-on acquisitions. Issue Ratings--Recovery Analysis Key analytical factors Following the TLB repricing in January 2026, the company's debt capital structure consists of: -- A $580 million senior secured RCF expiring in June 2029; -- A $4.83 billion senior secured TLB maturing in July 2028; and -- A $250 million senior secured TLB fungible add-on maturing in July 2028. Simulated default assumptions S&P said, "Our simulated default in 2028 considers heightened competitive pressures and generally weak consumer spending. These factors deteriorate EBITDA and cash flow and, eventually, lead to a payment default. "We believe creditors would receive the maximum recovery if Culligan reorganizes rather than liquidates. This is because of its leading position in the water treatment industry, for both residential and commercial customers. Therefore, in evaluating the recovery prospects for its debtholders, we assume Culligan continues as a going concern and arrive at our emergence enterprise value by applying a multiple to our assumed emergence EBITDA." Calculation of EBITDA at emergence: -- Debt service: $349 million (default year interest plus amortization) -- Capital expenditure: $103 million -- Default EBITDA proxy: $462 million -- Cyclicality adjustment: $23 million (5% of default EBITDA proxy) -- Operational adjustment: $24 million (5% of emergence EBITDA) -- Emergence EBITDA: $485 million Note: S&P estimates $3.1 billion of gross emergence enterprise value, which incorporates a 6x multiple to the company's emergence EBITDA. This is in line with multiples it uses for similar peers. Simplified waterfall -- Gross recovery value: $3.1 billion -- Net recovery value for waterfall (after 5% administrative expenses): $2.9 billion -- Obligor/nonobligor valuation split: 64%/36% -- Value available for first-lien claims: $2.5 billion -- Estimated first-lien claims: $5.6 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: All debt amount includes six month of prepetition interest. OSTENDO TECHNOLOGIES: Claims to be Paid from Sale Proceeds ---------------------------------------------------------- Ostendo Technologies, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan dated January 20, 2026. The Debtor was founded in 2005 by Dr. Hussein S. El-Ghoroury and others to develop display technologies and products for commercial, consumer and government markets. Dr. El-Ghoroury served as the Chairman and the Chief Executive Officer of the Debtor from its inception until his termination in September 2024. During the past 20 years, the Debtor raised nearly $300 million in equity and government funding and explored options to go public. The Debtor developed hardware and software technologies including the "Quantum Photonic Imager" core technology and showed early promise in diverse and large markets from augmented reality glasses and holographic displays to solar energy and energy storage. Unfortunately, as a result of what the Debtor's current management believes to be serious mismanagement of the Debtor and its financial and business affairs by the Debtor's former management, including, without limitation, the incurrence of debt obligations without required Board approvals, attempts to transfer assets to third parties without requisite Board approval or corporate authority, using corporate assets for personal purposes and without Board oversight or approval, the failure to renew and protect valuable patents, and the failure to pay employees and other creditors resulting in numerous lawsuits being filed against the Debtor, the Debtor has been forced to cease operations. In September 2024, as a result of such mismanagement, the Board of Directors of the Debtor terminated Dr. El-Ghoroury's employment with the Debtor and appointed Barak Bussel as Interim CEO. Dr. El Ghoroury disputes the Debtor's contentions and filed a declaration in this case on August 19, 2025, setting forth his contentions regarding the events preceding the Debtor's bankruptcy filing and the actions of the Debtor's current management. This bankruptcy case was filed to preserve and to maximize the value of the Debtor's assets (comprised primarily of intellectual property and equipment) for the benefit of creditors, address various pre-petition litigation commenced against the Debtor across multiple venues in a single forum, and monetize the Debtor's assets for the greatest recoveries possible, and reorganize or otherwise wind down the affairs of the Debtor in an orderly and efficient manner. On November 7, 2025, the Court entered an order approving the Debtor's sale of certain of its assets to Rowen, for a purchase price of $2.5 million, $2.4 million of which is allocated to intangible intellectual property assets (the "Intangible Intellectual Property Sale Proceeds") and $100,000 of which is allocated to tangible intellectual property assets (the "Tangible Intellectual Property Sale Proceeds"). That sale closed on November 7, 2025 and the entirety of the purchase price was paid by Rowen by that date. Approximately $2.175 million of the sale proceeds is virtually unencumbered cash because there are only two secured creditors that have a lien against intangible assets of the Debtor, the U.S. Small Business Administration, asserting a claim in the amount of $147,601.38, and Rowen, with a scheduled claim in the amount of $71,738, plus interest. Pursuant to orders of the Court, the Debtor has already paid or is authorized to pay for certain administrative expenses of the estate using the $2.4 million of proceeds from the sale of intangible intellectual property assets. Accordingly, there is available as of the date of the filing of this Disclosure Statement a total of $1,825,973.77 of remaining intangible intellectual property sale proceeds (the "Available Intangible IP Cash"). The Debtor is attempting to sell its equipment assets (the "Equipment") and a hearing on the Debtor's sale of the Equipment is presently scheduled for January 21, 2026. If the Debtor is able to reach an agreement to sell the Equipment, and if the Court approves such sale agreement and such sale closes, the Debtor anticipates that the sale of Equipment will generate additional sale proceeds (together with the Tangible Intellectual Property Sale Proceeds, the "Potential Tangible Personal Property Sale Proceeds"). The Debtor, Mr. Pierce, RAF and NextMed have agreed that sum of the (1) Potential Tangible Personal Property Sale Proceeds plus (2) Moov Equipment Proceeds, less the (a) CarveOut and (b) Moov Equipment Proceeds Carve-Out, respectively (the "Secured Potential Tangible Personal Property Sale Proceeds"), shall be distributed pursuant to the Plan to be filed by the Debtor, subject to Court approval and the consent of the United States Small Business Administration ("SBA") and Rowen. The Plan is a liquidating Plan. On the Effective Date, the Debtor shall create and enter into a liquidating trust (the "Liquidating Trust") for the benefit of creditors. The Liquidating Trust will be organized for the purpose of collecting, distributing, liquidating and otherwise disposing of all of the funds, property, claims, rights and causes of action of the Debtor and its estate which is assigned to the Liquidating Trust pursuant to, and in accordance with, the Plan. Class 8 consists of all non-priority general unsecured claims. The Debtor scheduled a total of $17,722,362.43 of general unsecured debt as set forth on Schedule F of the Debtor's Schedules of Assets and Liabilities, but based on claims filed against the estate, it is possible that the total amount of allowed general unsecured claims against the estate exceeds $30,000,000. In full settlement and satisfaction of allowed class 8 claims, each holder of an allowed class 8 claim will receive a pro rata share of the unencumbered cash remaining in the Liquidating Trust after the payment of all allowed administrative claims (including post-Effective Date administrative claims and fees and expenses, including the fees and costs of the Liquidating Trust), and all allowed priority claims. To the extent funds are available, the Liquidating Trustee will make distributions to holders of allowed class 8 claims on account of such claims at least annually, up to the allowed amount of such class 8 claims. The Debtor estimates that the cash available for the Liquidating Trust/class 8 after taking into account allowed pre-Effective Date administrative claims, and allowed priority claims will be in the range of $122,386.22 to $610,000, depending upon whether asserted priority claims are allowed as asserted, subject to applicable statutory caps, and depending upon whether the Debtor will be required to incur additional clean-up and other costs related to the removal of chemicals from the Debtor's facility in Carlsbad, California. The ultimate amount distributed to holders of allowed class 8 claims will depend upon a number of factors, including whether and to what extent the Liquidating Trust determines to use available funds to pursue claims and causes of action against the estate, and whether and to what extent the Liquidating Trust recovers money in connection with claims and causes of action against the estate. The percentage recovery for holders of allowed class 8 claims will depend on such factors as well as the ultimate total amount of allowed class 8 claims. On the Effective Date, a Liquidating Trust Agreement in a form approved by the Bankruptcy Court at the Plan Confirmation Hearing shall be executed, and all other necessary steps shall be taken to establish the Liquidating Trust and the beneficial interests therein, which shall be for the benefit of all creditors entitled to receive distributions under the Plan from the Liquidating Trust. All cash distributions to be made on or near the Effective Date will be funded from the Cash Collateral, the Remaining Intangible IP Cash, the Carve-Out (if any), the Moov Carve-Out, and the Potential Tangible Personal Property Sale Proceeds, all as provided in the Plan, either by the Debtor, or, if the Liquidating Trust has been established, by the Liquidating Trust. A full-text copy of the Disclosure Statement dated January 20, 2026 is available at https://urlcurt.com/u?l=swobII from PacerMonitor.com at no charge. Ostendo Technologies Inc. is represented by: Ron Bender, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, California 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: rb@lnbyg.com About Ostendo Technologies Inc. Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. It operates in the semiconductor sector and maintains facilities in California. Ostendo Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as restructuring advisor. PAT MCGRATH: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On January 22, 2026, Pat McGrath Cosmetics LLC filed for Chapter 11 protection in the Southern District of Florida. According to court filings, the debtor reports between $50 million and $100 million in debt owed to 200-999 creditors. About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products.[BN] Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million-$100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PAT MCGRATH: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Pat McGrath Cosmetics LLC 29 East 19th Street, 8th Floor New York, NY 10003 Business Description: Pat McGrath Cosmetics LLC develops, manufactures, and distributes high-end cosmetics and beauty products, including makeup, brushes, and applicators, primarily under the Pat McGrath Labs brand. The Company is based in New York, NY, and sells through retail and online channels domestically and internationally. Chapter 11 Petition Date: January 22, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10772 Debtor's General Bankrupty Counsel: Joseph Pack, Esq. PACK LAW 51 Northeast 24th St., Ste. 108 Miami, FL 33137 Tel: (305) 916-4500 Email: joe@packlaw.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Patricia McGrath as founding member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GPMZP2A/Pat_McGrath_Cosmetics_LLC__flsbke-26-10772__0001.0.pdf?mcid=tGE4TAMA PG&E CORP: Investor Group Opposes $100MM Wildfire Settlement ------------------------------------------------------------ Emlyn Cameron of Law360 reports that a subset of investors in the securities class action against Pacific Gas & Electric Co. has filed objections to a proposed settlement in which the utility would resolve claims that it misled investors about its wildfire safety practices. The dissenting class members argue the deal fails to adequately account for the financial harm they suffered as a result of PG&E’s alleged misconduct ahead of catastrophic wildfires in California. In their argument to the California federal court, the objectors assert the settlement undervalues the claims and does not provide sufficient compensation or accountability. They urge the judge to reject the agreement and to push for a resolution that more appropriately reflects the damages alleged in the complaint. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. * * * PG&E Corporation and Pacific Gas and Electric Co. announced July 1, 2020, that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E's Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. For the benefit of fire victims, the Plan provided for a Fire Victim Trust, which was funded with an oft-stated value of $13.5 billion, to be half in cash and half in new company PG&E common stock. The $6.75 billion in cash was paid. With respect to the stock consideration, 478 million shares of PG&E stock were delivered to the Fire Victim Trust in accordance with an agreed-to formula under the Plan. PPS LAFAYETTE: Seeks to Tap Gabriel Del Virginia as Legal Counsel ----------------------------------------------------------------- PPS Lafayette Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ The Law Offices of Gabriel Del Virginia as counsel. The firm's services include: (a) advise the Debtor regarding its authorities and duties in the continued operation of its business and the management of its property and affairs; (b) prepare all necessary legal documents and assist the Debtor and its accounting professionals in preparing monthly reports to the Office of the United States Trustee; and (c) perform any additional legal services to the Debtor which may be necessary and appropriate in the conduct of this case. The firm's attorneys and staff will be paid at these hourly rates: Gabriel Del Virginia, Partner $675 Associate $325 Paralegal $175 The firm was paid the amount of $5,500 as retainer by Eric Brown, the Debtor's sole shareholder. Mr. Del Virginia disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gabriel Del Virginia, Esq. The Law Offices of Gabriel Del Virginia 30 Wall Street, 12th Floor, New York, NY 10005. Telephone: (212) 371-5478 Email: Gabriel.delvirginia@verizon.net About PPS Lafayette Corp. PPS Lafayette Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12588) on November 19, 2025, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Law Offices of Gabriel Del Virginia serves as the Debtor's counsel. PRAGA JOYERIA: Seeks Chapter 7 Bankruptcy in Massachusetts ---------------------------------------------------------- On January 20, 2026, Praga Joyeria LLC filed for Chapter 7 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 to 49 creditors. About Praga Joyeria LLC Praga Joyeria LLC operates as a jewelry retailer. Praga Joyeria LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40053) on January 20, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The debtor is represented by Kenneth Lindauer, Esq., of the Law Offices of Kenneth E. Lindauer. PUBLIC PREPARATORY: S&P Withdraws 'CCC+' Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew its 'CCC+' issuer credit rating Public Preparatory Charter Schools Academies, N.Y., at the issuer's request. As of fiscal 2025, the school had $6.4 million in Equitable Facilities Fund loans outstanding. RAW BAGELS: Unsecureds to Get $2K per Month for 24 Months --------------------------------------------------------- Raw Bagels Inc., d/b/a Highridge Bagel Factory filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated January 19, 2026. The Debtor operates a bagel shop. The Debtor's revenue emanates from sales of bagels and prepared food items. The Debtor's current financial predicament was the result of a decrease in revenue suffered as a result of the Pandemic which restricted its operations. As a result of mandated "lock downs," the Debtor was unable to meet its day-to-day operating expenses. The Debtor fell behind with rent due to the Landlord. The Debtor borrowed funds from the SBA in an effort to meet expenses. The Debtor intends to assume its lease with the Landlord and has made post-petition rent payments. The Debtor has reached out to the Landlord in an effort to reach an agreement on the arrears. Prior to the Debtor's Chapter 11 filing, it undertook steps to increase revenue including (i) expanding business hours which currently span from 6 AM to 4 PM 7 days a week; (ii) offering bagels on a wholesale basis to area delis and cafeterias; (iii) expanding food choices (i.e. bagel flavors, coffee options); (iv) establishing a "Grab and Go" counter which offers healthy pre-made options such as yogurt parfaits, soups, salads, and wraps; and (v) expanding partnerships with third party services such as Grub Hub and Uber Eats. The Debtor projects receiving $70,000.00 a month in revenue. Expenses including rent, insurance, payroll, utilities, and other operating expenses to total $64,000.000 per month. As such, the Debtor has disposable income of $6,000.00 each month to devote to the Plan. It should be noted that a reserve of $1,000.00 is included in the expenses. The Debtor believes that this amount is more than sufficient to cover unanticipated expenses that may be incurred as well meet periodic increases in rent and other costs. The Plan will be funded primarily with the revenue from the business in the amount of $6,000.00 per month. It is anticipated that this will yield a distribution of approximately 10% to Unsecured Creditors. Distributions under the Plan will be made by the Debtor as Disbursing Agent. Class 6 shall consist of all Allowed General Unsecured Claims and includes the Unsecured portion of the SBA claim, the Unsecured portion of the NYS tax claim, Consolidated Edison, On Deck Capital Inc. and Kapitus. The holders of Class 6 Claims are Impaired. Holders of Class 6 Claims consist of Unsecured Claims. The Holders of Class 6 Unsecured Claims will receive distribution on a pro rata basis following the satisfaction of holders of claims in Classes 1, 2, 3, and 4 hereof. The holders of Class 6 claims shall receive $2,000.00 per month for approximately 24 months commencing in the 25th month after the Effective Date. Class 6 General Unsecured Claims shall receive $48,000.00 in the aggregate which shall be distributed among the Class members on a pro rata basis. Class 7 shall consist of Equity Interests. Currently, all Allowed Interests are held by Iaccarino. Iaccarino, the holder of the Allowed Interest, shall retain his Interest in the Debtor and continue to operate it. He is deemed to have accepted the Plan. The Debtor shall take all necessary steps and perform all necessary acts to consummate the terms and conditions of the Plan; and shall comply with all orders of the Court, including funding the Plan. The Confirmation Order shall contain appropriate provisions, consistent with section 1142 of the Bankruptcy Code, directing the Debtor and any other necessary party to execute or deliver or to join in the execution or delivery of any instrument required to effectuate the Plan. The Plan shall be funded by Cash on hand and all payments required to be made under the Plan shall be made by the Disbursing Agent. A full-text copy of the Plan of Reorganization dated January 19, 2026 is available at https://urlcurt.com/u?l=tjHpcU from PacerMonitor.com at no charge. Counsel to the Debtor: Anne Penachio, Esq. Penachio Malara, LLP 245 Main Street-Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 About Raw Bagels Raw Bagels, Inc., which operates a bagel shop, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22997) on Oct. 20, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Kyu Young Paek presides over the case. Anne J. Penachio, at Penachio Malara, LLP, is the Debtor's counsel. ROCK REGIONAL: CBC Derby Wins Bid for Automatic Stay Relief ----------------------------------------------------------- Judge Mitchell L. Herren of the United States Bankruptcy Court for the District of Kansas granted CBC Derby, LLC's motion for an order confirming the absence of the automatic stay, or in the alternative, granting relief from the automatic stay to complete an eviction in the bankruptcy case of Rock Regional Hospital, LLC. The Debtor objected to the motion. CBC Derby, is the landlord of a commercial lease with the Rock Regional Hospital, LLC. Debtor and Landlord executed a build to suit lease agreement on August 28, 2017 (the "Lease"). A First Amendment to the Lease was entered on April 19, 2019, at the time the construction of the building was completed, to set the base rent amount. On April 1, 2022, the parties executed a Second Amendment to the Lease, which would have reduced Debtor's monthly rent obligation. As conditions precedent to the Second Amendment, however, Debtor had to raise an irrevocable infusion of capital of $13 million and had to pay ad valorum taxes. Debtor did not raise the $13 million of capital. On December 15, 2022, Landlord sent a Notice of Default to Debtor, addressing Debtor's rent default and failure to satisfy the recapitalization event required as a condition precedent of the Second Amendment (the "December 2022 Notice of Default"). The December 2022 Notice of Default stated Debtor's rent default at that point, without late payment charges or interest accrual, was $9,367,965.45 and gave Debtor fifteen days to "pay all outstanding rent payment arrearages and get current on the payment of rent." It is undisputed Debtor did not catch up on its rent payments after receiving the December 2022 Notice of Default. On January 10, 2023, Landlord then sent Debtor a "Notice of Lease Termination and Demand for Surrender" (the "January 2023 Termination Letter"). The January 2023 Termination Letter gave Debtor sixty days to wind down operations, although it noted there was no obligation to do so under the Lease. Debtor did not pay the rent backlog, did not wind down operations, and did not surrender. On March 17, 2023, Landlord filed a state court action against Debtor, seeking eviction. On October 18, 2023, the state court entered a Journal Entry of Judgment, ruling for the Landlord and against Debtor (the "October 2023 Judgment"). In the October 2023 Judgment, the state court made conclusions that included the following: * Debtor violated the Lease and was in default; * Debtor failed to cure its default, Landlord had the right to remove Debtor, and Landlord was "entitled to possession of the property;" and * The conditions precedent for the Second Amendment were not fulfilled, and rent had to be calculated under the original Lease terms. The Judgment concluded by stating: "Debtor is in default for non-payment of rent and is ordered evicted forthwith." Landlord was also awarded $15,178,843.35 in unpaid rent, penalties, and fees, and awarded attorneys' fees. After entry of the October 2023 Judgment and resolution of post-judgment motions, Debtor appealed the Judgment. No bond or stay of the October 2023 Judgment was sought or entered by the trial court or the appellate court. On its Schedule E/F, Debtor lists a debt of $23,197,369.84 to Landlord. In an Interim Order granting Debtor's motion for interim use of cash collateral and approving certain financing, Debtor and Landlord agreed Debtor would make weekly rent payments to Landlord of $85,000 during the period governed by the Interim Order, and pay a balloon payment of $108,000 on January 2, 2026, in anticipation of a January 6, 2026 final hearing on cash collateral and an evidentiary hearing on the Landlord's Stay Motion. There is no dispute Landlord did not receive the money on January 2, 2026. The Court is not persuaded of Debtor's ability to operate and stay current on its obligations. The Court finds the lease was terminated prepetition: first, by the January 2023 Termination, and second, by the October 2023 Judgment. As a result, the Court concludes there is no automatic stay in place as to Debtor's interest in the Lease. The automatic stay found in Sec. 362(a) does not apply if the property at issue is not property of the estate. In this case, the Court determines under Sec. 541(b)(2), the Lease is not property of the estate. For this reason, the Court grants the Landlord's Stay Motion. The Court next concludes, even if the automatic stay was in place as to the Lease on the petition date, that the automatic stay terminated by operation of Debtor's failure to comply with the parties' agreement in the Interim Order on cash collateral. Because Landlord did not receive the $108,000 wire transfer on January 2, 2026, by the terms of the Interim Order, any stay in place was automatically lifted. For this additional reason, the Court grants the Landlord's Stay Motion. A copy of the Court's Order dated January 15, 2026, is available at https://urlcurt.com/u?l=pvvvN0 from PacerMonitor.com. About Rock Regional Hospital LLC Rock Regional Hospital, LLC operates an acute-care medical facility in Derby, Kansas, providing emergency services, inpatient and outpatient care, surgical procedures, diagnostic imaging, and laboratory services. The hospital's campus includes operating suites, heart catheterization labs, intensive-care units and private patient rooms supporting a broad range of clinical specialties. It serves communities in south-central Kansas through its healthcare delivery operations. Rock Regional Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-11362) on December 7, 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 Mitchell L. Herren handles the case. The Debtor is represented by David Thomas Prelle Eron, Esq., at Prelle Eron & Bailey, P.A. ROCKPOINT GAS: S&P Assigns 'BB' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned Rockpoint Gas Storage Inc. (RGSI) a 'BB' issuer credit rating. At the same time, S&P maintains its 'BB' issue-level rating on the $1.25 billion term loan B (TLB) with a '3' recovery rating. Simultaneously, S&P withdrew its 'BB' issuer credit rating on RGSP following its replacement by RGSI. RGSI's stable outlook reflects S&P's expectations that leverage will remain below 4.0x in fiscal years 2026 (ending March 31, 2026) and 2027 and short-term contracted volumes will continue to renew at existing levels. S&P said, "The IPO did not affect our view of RGSI's business profile. Our view of the business continues to balance the inherent volatility in the noncontracted portion of the company's gas storage business with its assets' location in key North American natural gas producing and consuming regions. These regions are connected at strategic points on the gas transmission network and provide access to multiple end-user markets. That said, we note RGSI's profitability has relied on the natural gas market and seasonal differentials and is exposed to recontracting risk due to the high proportion of short-term contracts and uncontracted capacity. Further, we consider the limited diversity in RGSI's business despite its facilities in Alberta and California, which we believe have correlated gas storage fundamentals. As a result, there is limited benefit from geographical diversity. "Our view of the company's scale reflects anticipated S&P Global Ratings-adjusted EBITDA of $345 million-$355 million in fiscal 2026, growing to $365 million-$380 million in fiscal 2027. This is supported by its acquisition of Warwick Gas Storage L.P.'s assets, which adds 21.5 billion cubic feet of capacity to RGSI's total capacity and about $15 million in EBITDA. "RGSI's performance showed good growth year-to-date fiscal 2026, like we previously contemplated. For the first half of fiscal 2026 and in line with our forecast under RGSP, RGSI's total revenue grew about 19% year over year to $207.3 million, of which take-or-pay contract revenues represented 56% compared with about 53% in the previous period. This increase was majorly driven by higher fees per unit of storage capacity contracted and higher contracted capacity under take-or-pay contracts. Looking ahead, we believe revenue and EBITDA will continue to expand given the persistence of higher recontacting rates and natural gas price volatility. "Similarly, we expect RGSI's S&P-Global Ratings-adjusted debt to EBITDA to improve to about 3.5x in fiscal 2027 from 3.6x-3.9x expected in fiscal 2026. This is partly due to the expectation that the company will pay down $55 million of borrowings under the newly established revolving line of credit with free operating cash flow that we estimate will be $310 million-$320 million in fiscal 2026." RGSI's new secured revolving credit facility will be credit neutral. The company established a $350 million commitment revolver, available in both U.S and Canadian dollars. The new facility--pari passu with the TLB--replaced the previous $250 million asset-based lending (ABL) facility, the Warwick credit facility, and the $100 million subordinated revolving line of credit. This had no impact on the company's credit profile because we expect the drawn $55 million as of transaction close will be promptly repaid with excess cash flow. S&P said, "Our view of RGSI's relationship with Brookfield remains unchanged. Following the completion of the IPO, RGSI owns approximately 40% of RGSP, with Brookfield Infrastructure Fund II retaining the rest. In total, Brookfield has about 72% voting rights of RGSI and affiliates based on 30.8% Class A and 100% Class B ownership. The remaining 69.2% Class A shares are publicly held. We assess the Brookfield entities as having control of RGSI, and our assessment of the company's relationship to Brookfield is unchanged at moderately strategic, resulting in a one-notch uplift from the stand-alone credit profile of 'bb-'. "The stable outlook reflects our expectations that leverage will remain below 4.0x in fiscal years 2026 and 2027, and that short-term contracted volumes will continue to renew at existing levels." S&P could consider a negative rating action if it expects leverage to sustain above 4.0x. This could occur if: -- Market conditions deteriorate such that rates and volumes decline; -- The borrower is unable to extend existing contracts; or -- The borrower adopts a more aggressive financial policy. Separately, S&P could lower the rating if it deems RGSI to be nonstrategic to BIP S&P could consider a positive rating action if the borrowers: -- Improve existing contract structures such that long-term tenured contracts encompass a majority of expected cash flow; and -- S&P expects leverage to sustain below 3.5x. RYVYL INC: Regains Nasdaq Compliance Ahead of Roundtable Merger --------------------------------------------------------------- RYVYL Inc., in anticipation of its previously announced merger with RTB Digital, Inc., announced that it has received formal written confirmation from The Nasdaq Stock Market, LLC, confirming that the Company has regained compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). As previously disclosed, on June 12, 2025, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC regarding non-compliance with the minimum bid price rule under Nasdaq Listing Rule 5550(a)(2). To regain compliance, RYVYL's common stock was required to maintain a closing bid price of $1.00 or greater for at least 10 consecutive business days. Nasdaq confirmed that RYVYL satisfied this requirement, with a closing bid price at or above $1.00 for ten consecutive business days from January 2, 2026 through January 15, 2026. As a result, Nasdaq has determined that the matter is now closed. In connection with the anticipated merger, RYVYL has filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission. The filing is part of the required regulatory process related to the transaction. No changes to shareholder equity have occurred because of the compliance determination, and the Company's capital structure remains unchanged. All material conditions to the merger have been satisfied, apart from SEC approval of the Form S-4 and related customary closing conditions. The Company expects to provide additional updates as the process progresses. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $23.4 million in total assets, $26.6 million in total liabilities, and a total stockholders' deficit of $3.2 million. SACRAMENTO CITY UNIFIED SCHOOL: At Risk of Receivership ------------------------------------------------------- Sarit Laschinsky and Vicki Gonzalez of capradio reports that Sacramento City Unified School District is facing mounting financial pressure, revisiting challenges that nearly led to insolvency in 2018. At that time, the district was on the verge of state receivership, a scenario that could again become a possibility. The district is working to close an estimated $43 million shortfall this fiscal year. Despite cost-reduction efforts under a fiscal solvency plan, projections indicate the deficit will continue to grow, surpassing $100 million by the 2027–28 fiscal year, according to report. Jennah Pendleton, an education reporter with The Sacramento Bee, discussed the district's financial troubles with Insight host Vicki Gonzalez. Sacramento City Unified declined to participate in the discussion, capradio reports. About Sacramento City Unified School District Sacramento City Unified School District operates as a major public school system in Northern California, serving a diverse student population across Sacramento. The district provides comprehensive educational programming from kindergarten through high school. SAFE & GREEN: Rebrands as Olenox Industries Inc, Adopts OLOX Ticker ------------------------------------------------------------------- Safe & Green Holdings Corp. disclosed in a regulatory filing that the Company changed its name to Olenox Industries Inc. by filing a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware. In addition, on January 14, 2026, the Company changed its Nasdaq ticker symbol to "OLOX". Both the Company's Name Change and New Ticker Symbol became effective as of January 22, 2026. The new name, and ticker symbol elements were introduced to better reflect the Company's position as a leading developer, designer, and fabricator of modular structures. The Company's common stock will continue to trade on the Nasdaq Stock Market under its new ticker symbol "OLOX". Olenox Industries Inc. was founded in 2007 on the principle that our advanced technology could take container construction to the next level. It has since grown and evolved into a modular solutions company that prioritizes sustainability and inventive, state-of-the-art building practices. About Olenox Industries Inc.: Olenox Industries Inc. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. SAKS GLOBAL: Seeks Approval to Hire Stretto Inc. as Noticing Agent ------------------------------------------------------------------ Saks Global Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Stretto, Inc. as claims, noticing, and solicitation agent. The firm will provide these services: a. provide the Company with consulting services regarding (i) legal noticing, maintenance of claims registers, creditor mailing matrices, an electronic platform for filing proofs of claim, plan solicitation, balloting, tabulation of votes, disbursements, and administrative support in preparation of schedules of assets and liabilities and statements of financial affairs ("Claims Administration, Noticing, and Solicitation Services"); and (ii) as may be requested by the Company, crisis communications, claims analysis and reconciliation, preference analysis and recovery, contract review and analysis, case research, public securities, depository management, treasury services, confidential online workspaces or data rooms (publication to which shall not violate the confidentiality provisions of this Agreement), and any other services agreed upon by the parties or otherwise required by applicable law, governmental regulations, or court rules or orders (all such services collectively, the "Services"). b. acknowledges and agrees that Stretto will often take direction from the Company's representatives, employees, agents, and/or professionals (collectively, the "Company Parties") with respect to providing Services hereunder. The parties agree that Stretto may rely upon, and the Company agrees to be bound by, any requests, advice, or information provided by the Company Parties to the same extent as if such requests, advice, or information were provided by the Company. c. agrees and understands that Stretto shall not provide the Company or any other party with legal advice. The firm will be paid at these rates: Analysts Waived Consultants $70 to $200 per hour Director/Managing Director $210 to $250 per hour Solicitation Director $275 per hour Executive Management Waived The firm received an advance retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a Senior Managing Director at Stretto, Inc,, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Senior Managing Director Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 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 CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAM'S DINER: Seeks Subchapter V Bankruptcy in Ohio -------------------------------------------------- On January 13, 2026, Sam's Diner of Maumee, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Ohio. According to court filings, the debtor reports liabilities between $100,001 and $1,000,000 and estimated assets of $0 to $100,000, with 1–49 creditors listed. About Sam's Diner of Maumee, Inc. Sam’s Diner of Maumee, Inc. is a Maumee, Ohio-based dining company specializing in American-style cuisine. The privately held diner offers breakfast, lunch, and dinner to local patrons and travelers, focusing on high-quality meals and customer satisfaction. Sam's Diner of Maumee, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30057) on January 13, 2026. In its petition, the company reported estimated assets of $0–$100,000 and liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Mary Ann Whipple handles the case. The debtor is represented by Eric R. Neuman, Esq. SHAYN REALTY: Section 341(a) Meeting of Creditors on March 2 ------------------------------------------------------------ On January 21, 2026, Shayn Realty LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 3/2/2026 at 11:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About Shayn Realty LLC Shayn Realty LLC is a single asset real estste company. Shayn Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40286) on January 21, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Kevin J. Nash, Esq., of Goldberg Weprin Finkel Goldstein LLP. SHINE-HI LLC: Seeks Chapter 7 Bankruptcy in Illinois ---------------------------------------------------- On January 13, 2026, Shine-Hi LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Illinois. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Shine-Hi LLC Shine-Hi LLC is a limited liability company. Shine-Hi LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30015) on January 13, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The debtor is represented by Joseph C. Pioletti, Esq. of Pioletti Pioletti & Nichols. SIGNIA LTD: Amends Unsecured Claims Pay Details ----------------------------------------------- Signia, Ltd., submitted a Disclosure Statement describing Third Amended Plan of Reorganization dated January 19, 2026. This Plan provides for the reorganization of the bankruptcy estate of the Debtor under Chapter 11 of the Bankruptcy Code. Pursuant to the Plan, the Debtor shall continue operations and make payments to the Holders of Allowed Claims. Class 3 consists of all Allowed Unsecured Claims except those Allowed Unsecured Claims treated under Class 4. The Holders of Allowed Class 3 Claims shall be paid their Pro Rata share of the Reorganized Debtor's Net Profit Fund, on a quarterly basis for 20 quarters beginning after the first full calendar quarter after the effective date. Distributions to Class 3 claimants shall not exceed the amount of the Allowed Unsecured Claims. As of the effective date, Class 3 will consist of 25 Unsecured Non-Insider claims in the total filed and scheduled amount of $4,763,799.50. Of this amount, approximately 94% is attributable to the $4,469,565.48 contested claim of Male Excel Medical P.A. and Male Excel Inc. (together, "Male Excel"). If Male Excel's Claim is reduced as a result of rulings in the Nevada Appeal or Nevada Action to an amount less than what Male Excel received as the Holder of a Class 3 Claim on or within 28 days of such ruling. Male Excel shall return the excess amount to the Reorganized Debtor. The Reorganized Debtor shall distribute such returned funds to the remaining Holders of Allowed Class 3 Claims and, if applicable, Holders of Allowed Class 4 Claims with the next quarterly distribution made hereunder. The Reorganized Debtor shall continue to operate in the ordinary course, and it shall fund its Plan obligations with cash from the Net Profits Fund. Such funds will be sufficient to pay in full all amount due on the effective date, and, as applicable, the Holders of Tax Claims and Priority Claims treated under Article IV. In addition, to address the concerns raised by Male Excel that the Debtor will manipulate its finances to eliminate any Net Profits, the Debtor's current officers Jeffrey Fell and Alfred Trexler (hereinafter, the "Guarantors") will personally guaranty distributions in the amount of $1,000,000 to the Holders of Allowed Class 3 and Class 4 Claims. If the total amount distributed to the Holders of Allowed Class 3 and 4 Claims is less than $1,000,000 as of the 19th quarter after the effective date, Mr. Fell and Mr. Trexler shall deposit the difference between what was distributed and $1,000,000 into the Net Profits Fund, and such amount shall be distributed to the Holders of Allowed Class 3 and Class 4 Claims in the final quarterly distribution under the Plan. A full-text copy of the Third Amended Plan dated January 19, 2026 is available at https://urlcurt.com/u?l=sxWinL from PacerMonitor.com at no charge. Signia, Ltd., is represented by: David V. Wadsworth, Esq. Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: dwadsworth@wgwc-law.com aconrardy@wgwc-law.com About Signia, Ltd. SIGNIA provides the full spectrum of customer service and care from order and payment processing to customer inquiries and timely follow-up to Tier 1 support. Signia, Ltd., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. 24-13438) on June 20, 2024, listing $507,431 in assets and $10,081,009 in liabilities. The petition was signed by Jeffrey Fell as CEO. Judge Thomas B. McNamara presides over the case. David V. Wadsworth, at WADSWORTH GARBER WARNER CONRARDY, P.C., is the Debtor's counsel. SOLUNA HOLDINGS: Names Michael Picchi as Chief Financial Officer ---------------------------------------------------------------- Soluna Holdings, Inc. disclosed in a regulatory filing that Michael Picchi was appointed as the Company's CFO and Treasurer, effective April 1, 2026. Mr. Picchi will begin his employment with the Company on March 9, 2026, or such other date as mutually agreed, in the role of Head of Finance. "Mike is a proven finance leader with deep experience across capital formation, strategic transactions and operational scale," said John Belizaire, CEO of Soluna. "With increasing focus on sustainable computing powered by renewable energy, we are building for the long term. Mike's background will be a strong asset as we execute our strategy and advance our next phase of growth." "I'm excited to join Soluna at a pivotal moment for both the Company and the broader market," Mr. Picchi said. "Soluna's model is compelling: co-locating digital infrastructure with renewable generation to turn surplus clean energy into valuable computing resources. I look forward to partnering with the team to support disciplined scaling and the capital strategy needed to execute." Mr. Picchi, age 59, provides capital markets consulting to data center companies raising debt and equity capital. From May 1, 2025 to February 6, 2026, Mr. Picchi served as an independent consultant to TECFusions, Inc., a data center developer and operator focused on building sustainable, high-density AI infrastructure, and, from February 12, 2024 to April 28, 2025, he Served as CFO of TECFusions. Prior to that, from April 2022 to January 2024, Mr. Picchi served as CFO of GCX Inc., a medical cart device manufacturer, and, from October 2017 to April 2022, he served as CFO of East West Manufacturing. There are no family relationships between Mr. Picchi and any Company director or executive officer, and no arrangements or understandings between Mr. Picchi and any other person pursuant to which he was selected as the Head of Finance and as the CFO and Treasurer. Mr. Picchi is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of Regulation S-K. Compensatory Arrangements: Pursuant to the Offer Letter, dated December 22, 2025 and effective March 9, 2026, Mr. Picchi will serve as CFO of the Company starting on the Effective Date for an indefinite term until Mr. Picchi's employment is terminated. As compensation for his services to the Company, Mr. Picchi will receive a base salary of $375,000 USD per annum, subject to review by the Company from time to time. Mr. Picchi will also be eligible to receive a target annual bonus of 50% of his Base Salary for each calendar year ending during his employment, subject to achieving corporate and/or personal performance objectives approved by the Board of Directors, or the Compensation Committee of the Board. The Offer Letter contemplates granting Mr. Picchi an award of 1,281,850 restricted stock units under an equity incentive plan of the Company, subject to the time-based vesting conditions set forth in the Offer Letter, which award is expected to be granted to Mr. Picchi on March 9, 2026. The Offer Letter also provides that Mr. Picchi may be considered for additional equity awards from time to time. If Mr. Picchi's employment with the Company is terminated for any reason other than a termination without Cause or resignation for Good Reason, the Company's only obligation shall be to provide him with: (i) payment of any accrued and unpaid Base Salary as of such termination date, and (ii) reimbursement of the business expenses incurred but not paid prior to such termination date. If Mr. Picchi is terminated by the Company without "Cause" or Mr. Picchi terminates his employment with the Company for "Good Reason" subject to his executing a general release of claims in a form provided by the Company that becomes effective and irrevocable within 60 days of such termination date, the Company's only obligation shall be to provide him with, in addition to Accrued Obligations: (i) an amount in cash equal to 6 months of his Base Salary, at the rate in effect as of such date of termination, (ii) the Performance Bonus (if any) that is earned but unpaid from the most recently completed Bonus Year preceding such termination date, based on actual attainment of the applicable Key Performance Objectives for such year, (iii) -the Performance Bonus (if any) that is earned for the Bonus Year containing his date of termination based on actual attainment of the applicable Key Performance Objectives for such year, and which will be pro-rated if the applicable Key Performance Objectives were not achieved prior to Mr. Picchi's termination date (iv) a number of RSUs shall vest in an amount equal to the number of RSUs that would have vested during the 6-month period following such termination date, had he remained employed through such date, and (v) subject to his timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, the Company will pay the employer portion of the cost of COBRA continuation coverage payable prior to such date of termination to the same extent previously provided by the Company's group plans for 6 months, or, if earlier, until the earliest of: (A) the date he becomes eligible for group health insurance benefits from another employer, or (B) he is no longer eligible to receive COBRA continuation coverage. In addition, pursuant to the Employee Non-Disclosure, Invention Assignment and Restrictive Covenants Agreement attached as Exhibit A to the Offer Letter, during the term of Mr. Picchi's employment with the Company and for 12 months following the cessation of his employment with the Company, he is prohibited from competing with the Company's business in the Unites States of America. A full text copy of the Offer Letter is available at https://tinyurl.com/35auzr6f Resignation of Officer: In conjunction with the appointment of a new Chief Financial Officer and Treasurer, the Company will accept David Michaels' resignation from his position as interim CFO and Treasurer of the Company, effective immediately upon the effectiveness of the appointment of a new CFO and Treasurer. Mr. Michaels' decision to resign was not a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Soluna Holdings had $152 million in total assets, $78.6 million in total liabilities, and $73.5 million in total stockholders' equity. STEPHENVILLE AIRPORT: Receivership Application Stalled ------------------------------------------------------ Rob Antle and Troy Turner of CBC News report that the efforts to place the Stephenville airport into receivership stalled this week as the presiding judge called for greater disclosure about prior agreements between the parties. Justice Alexander MacDonald said the court must understand what transpired before the receivership application was filed. The application was brought by BTG Capital Inc., which holds a mortgage over the airport after acquiring the right to collect on a judgment against airport owner Carl Dymond. BTG is asking the court to appoint an interim receiver to protect the asset, citing financial distress and operational concerns, the report relays. At the January 20 hearing, the court learned of a previously undisclosed letter of intent between BTG and Dymond's company related to a potential acquisition of the airport. MacDonald said he could not determine its relevance without reviewing it and adjourned the matter to allow time for its submission. While airport officials argue BTG is using receivership to derail a pending sale to a new U.S.-based investor, BTG says the airport's insolvency and deteriorating conditions justify urgent action. The judge acknowledged the seriousness of operating an airport without essential services, calling the decision ahead "an uphill battle" for those opposing receivership, the report states. About Stephenville Airport Stephenville Airport is a regional aviation facility located in Stephenville, Newfoundland and Labrador, serving domestic and international traffic. The airport is owned by 15132738 Canada Inc. and has been positioned as a potential international cargo and commercial hub, though operations have faced financial and infrastructure challenges in recent years. STOLI GROUP: Liquidates Inventory After Struggling in Chapter 11 ---------------------------------------------------------------- Daniella Genovese of Fox Business reports that alcohol producers Stoli Group USA LLC and Kentucky Owl LLC are liquidating their U.S. inventory after failing to successfully reorganize under Chapter 11 bankruptcy. Creditors have lost confidence in the companies' ability to repair their finances while continuing operations, according to court filings obtained by FOX Business. The creditors are now asking the court to convert the Chapter 11 cases to Chapter 7, which would allow the companies' assets to be sold to pay off outstanding debts. Stoli Group is widely recognized in the U.S. for its Stolichnaya vodka, while Kentucky Owl is a premium bourbon label that has struggled with rising costs and declining demand despite industry acclaim, according to report. Stoli Group's U.S. entities filed for bankruptcy in November 2024 in the Northern District of Texas. The companies blamed a cyberattack on their SAP system for financial reporting failures and liquidity problems, but creditors argue the business issues persisted even after the system was restored, casting doubt on the cyberattack explanation, the report states. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. STORM TEAM: Case Summary & 15 Unsecured Creditors ------------------------------------------------- Debtor: Storm Team Construction, Inc. 4054 Vista Parkway Emerald View, #400 West Palm Beach, FL 33411 Business Description: Storm Team Construction, Inc. provides roofing, window, and construction services focused on repairing and rebuilding residential, commercial, and community properties damaged by storms and natural disasters. The Florida-based Company works with homeowners, businesses, churches, and associations, handling roofing, window replacement, and other construction work as well as insurance and administrative processes related to storm recovery. It draws on more than 20 years of roofing and construction experience in hurricane- and tornado-affected areas. Chapter 11 Petition Date: January 25, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10886 Judge: Hon. Mindy A Mora Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA 1401 Forum Way Suite 730 West Palm Beach, FL 33401 Tel: 561-478-2500 E-mail: briankmcmahon@gmail.com Total Assets: $270,884 Total Liabilities: $1,359,411 The petition was signed by Chad Simkins as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T6FWJPY/Storm_Team_Construction_Inc__flsbke-26-10886__0001.0.pdf?mcid=tGE4TAMA SUNSOURCE BORROWER: Moody's Cuts CFR to B3 & Alters Outlook to Neg. ------------------------------------------------------------------- Moody's Ratings downgraded SunSource Borrower, LLC's (SunSource) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. Concurrently, Moody's affirmed the B3 rating on the company's senior secured bank credit facility, consisting of a senior secured first lien term loan maturing in 2031. Moody's also changed the outlook to stable from negative. The downgrades reflect the company's weaker performance, including sustained high financial leverage following end market pressures and a large debt-funded dividend in 2024, and Moody's expectations that a material improvement is unlikely in the near term. Although some end markets are showing signs of stabilizing to improving demand, downside risk remains in the near term. Lingering macroeconomic uncertainty, including shifting US trade and economic policies, will likely continue to drive cautious customer spending for some time. Additionally, SunSource plans to acquire a leading distributor of valves and fund the acquisition partially with an incremental term loan of $465 million. As a result, Moody's estimates pro forma debt-to-EBITDA (including Moody's standard adjustments) at around 7x as of year-end 2025. But Moody's expects the ratio to improve through 2026, albeit toward a still high 6.6x, supported by modest margin expansion and earnings growth. The change in outlook to stable from negative reflects Moody's expectations that credit metrics will improve with a gradual recovery in demand over the next 12-18 months, building on the recent momentum in the company's bookings. This will be aided by ongoing productivity improvements and realization of acquisition synergies. Moody's also expects SunSource to maintain good liquidity. RATINGS RATIONALE SunSource's B3 CFR reflects the company's high financial leverage, modest scale and exposure to cyclical industrial end markets, including oil & gas, construction, transportation and marine. The fragmented and competitive operating landscape makes it likely that acquisitive growth will continue, which creates financial uncertainty and poses execution risks. The company has often funded acquisitions primarily with debt, which has slowed deleveraging. The aforementioned acquisition includes a performance-based earnout provision with a potential sizable payment in 2027, which would significantly reduce cash flow, though Moody's still expect annual free cash flow to remain positive. The company remains exposed to aggressive financial policies with concentrated ownership, including a growth strategy with a tolerance for high leverage. At the same time, the B3 CFR also reflects the company's position as a leading distributor and service provider in its fluid power and conveyance markets, with good diversification by customer and end market though most markets share demand drivers. SunSource's flexible cost structure and value-added engineering capabilities support margins that are moderately higher than for traditional distributors. Moody's expects modest growth in the EBITDA margin (including Moody's standard adjustments) to about 12% through 2026 following a sustained period of contraction from lower industrial production and sizable discretionary salesforce investments. The company's higher than normal backlog of about $400 million provides some revenue visibility. Modest capital spending requirements and an uptick in business activity should support earnings growth and enable SunSource to continue generating positive free cash flow over the next year. In addition, the pending acquisition increases SunSource's scale and product portfolio in its fluid process business. The acquisition fills a gap in pressure relief and control valves used in applications with a high cost of failure and adds technical expertise. Additionally, its overall portfolio is largely complementary to SunSource though there is some overlap in geographic markets. The revenue mix includes 85% of maintenance, repair and overhaul (MRO) services, including about 20% of revenue in the higher margin aftermarket service and repair business. The acquisition positively increases SunSource's MRO/retrofit business to 65% of revenue from 60% currently. The transaction is expected to close in January 2026. The B3 rating on the senior secured first lien term loan, at the same level as the CFR, reflects the preponderance of the term loan in the capital structure, with a first lien on substantially all assets except for a second lien on the priority collateral of the company's ABL facility. The ABL has a first priority claim on the most liquid assets such as accounts receivable and inventory. SunSource's good liquidity is based on Moody's expectations that the cash balance, free cash flow, and ample availability on the company's $500 million ABL facility due 2029 will sufficiently cover cash needs through 2026. Moody's expects the company to generate at least $60-70 million of free cash flow over the next year, assuming no dividend payments. SunSource had $24 million of cash at September 30, 2025 and $341 million of availability under the ABL borrowing base. Moody's anticipates the borrowing base to be higher pro forma for the acquisition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS SunSource's ratings could be upgraded with positive organic growth underpinned by sustainably stronger end market demand and continued EBITDA margin expansion, such that debt-to-EBITDA is expected to remain at or below 5.5x. Reduced leverage from voluntary debt reduction would also be viewed favorably. In addition, the maintenance of good liquidity would be a prerequisite for a ratings upgrade. The ratings could be downgraded if debt-to-EBITDA is sustained above 6.5x, if margins deteriorate or liquidity weakens. Material debt funded acquisitions or shareholder returns that weaken the metrics or liquidity could also result in a downgrade. 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. SunSource Borrower, LLC, based in Addison, Illinois, is a leading independent distributor of fluid power, fluid conveyance, fluid process and motion control products and provider of related solutions. The company is majority-owned by funds affiliated with Clayton Dubilier & Rice, LLC, a private equity firm. Revenue was approximately $2.1 billion for the 12 months ended September 30, 2025, and about $2.7 billion pro forma for the pending acquisition. SVB FINANCIAL: Contends FDIC Lacks Setoff Rights in $1.9B Fight --------------------------------------------------------------- Rick Archer of Law360 reports that on Monday, January 26, 2026, the bankrupt parent of Silicon Valley Bank contended before the Second Circuit that the FDIC has lost the right to pursue setoff claims in a $1.9 billion dispute. The company said the agency failed to raise its setoff arguments during SVB's Chapter 11 bankruptcy case, effectively waiving the right to do so now. The case underscores the ongoing legal disputes stemming from SVB's collapse, as creditors and regulators battle over remaining funds. SVB’s parent argued that permitting the FDIC to assert setoff claims at this stage would disrupt the orderly bankruptcy process and disadvantage other creditors, the report states. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. TEAM HEALTH: S&P Rates New $945MM Senior Secured Term Loan 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to Team Health Holdings Inc.'s (B-/Stable/--) proposed $945 million senior secured term loan due in 2028. The '4' recovery rating indicates its expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a default. The transaction is part of a repricing of the company's $945 million senior secured term loan. Our other ratings on Team Health are unchanged. The transaction will be leverage neutral. Team Health will benefit from about a $5 million reduction in annual cash interest payments. S&P expects the company will generate positive cash flow in 2025 and 2026. While revenue growth will moderate in 2025 due to the exit from underperforming contracts, same-contract revenue improvement remains strong, and profitability should increase. This supports our expectation that Team Health will execute a comprehensive refinancing over the next two years. Still, the payment-in-kind interest on the first- and second-lien notes and relatively near-term maturities (less than three years) constrain upside for the rating. ISSUE RATINGS--RECOVERY ANALYSIS -- Team Health's capital structure comprises a $250 million revolving credit facility due in March 2028, $550 million accounts receivable securitization facility due in November 2027, $945 million senior secured term loan due in 2028, $430 million of senior secured notes due in 2028, $1.176 billion of first-lien senior secured notes due in June 2028, and $158 million of second-lien secured notes due in January 2029. -- The securitization facility has a priority claim on nearly all accounts receivable. -- The first-lien senior secured notes due in 2028 and revolving credit facility have a first-lien priority claim on the residual value of the accounts receivable pledged to support the securitization facility after related claims. These tranches of secured debt also have a first-lien priority claim on the company's revenue cycle management subsidiary. -- The senior secured term loan and notes due in 2028 rank pari passu with the other first-lien senior secured debt on all other collateral outside of the accounts receivable facility and revenue cycle management subsidiary. -- The second-lien secured debt has a secondary claim on any residual accounts receivable value and revenue cycle management subsidiary. It ranks senior to the term loan in terms of that collateral. It also has a second-lien claim on the remaining collateral and ranks junior to all other associated debt. -- S&P's '3' recovery rating on the first-lien senior secured notes due in 2028 indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery. The recovery rating higher than that on the senior secured term loan due in 2028 reflects the notes' enhanced collateral position. -- S&P's '4' recovery rating on the company's senior secured term loan indicates its expectation of average (30%-50%; rounded estimate: 35%) recovery. -- For its recovery analysis, S&P assumes the cash flow revolver is 85% drawn and accounts receivable securitization facility is 100% drawn; mandatory principal amortization is made up to the default year; and six months of accrued and unpaid interest on funded debt. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2028, stemming from higher-than-expected labor costs and reimbursement declines. -- S&P anticipates a payment default when cash flow and liquidity are insufficient to cover fixed-charge obligations, including debt service requirements and minimum capital expenditure. -- Given Team Health's strong reputation and brand recognition, S&P believes it would likely reorganize rather than liquidate in a default. Consequently, it uses an enterprise value methodology to assess its recovery prospects. -- S&P values the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, consistent with the multiples it uses for similar companies. -- Emergence EBITDA: $388 million Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2 billion -- Value of receivables at default: $574 million -- Estimated accounts receivable securitization claim: $564 million -- Residual accounts receivable value available: $10 million -- Value of revenue cycle management subsidiary at default: $405 million -- Value of total collateral carved out for priority debt at default: $415 million -- Remaining collateral available to all senior secured debt: $1.047 billion -- Total senior secured debt claims: $3 billion* --Recovery expectations: 30%-50% (rounded estimate: 35%) -- Total collateral available to priority debt with enhanced collateral package: $970 million -- Priority senior secured debt claims: $1.6 billion* --Recovery expectations: 50%-70% (rounded estimate: 60%) *All debt amounts include six months of prepetition interest. TEAM SERVICES: S&P Alters Outlook to Positive, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to TEAM Services Holding Inc. (doing business as TEAM Services Group and previously known as RMS Holding Co. LLC). S&P said, "At the same time, we assigned a 'B-' issue-level rating to the revolving credit facility and senior secured term loan B; the recovery rating is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. "The positive outlook reflects our view that TEAM could sustain free cash flow after shareholder tax distributions above 3% of debt in 2026 and onwards, with high-single-digit percent organic revenue growth through new partnerships, increased patient volumes, and reimbursement rate increases." TEAM Services has entered into a definitive agreement to be acquired by General Atlantic, with a targeted close--pending regulatory approvals--in first-quarter 2026. The transaction will be financed with a $625 million term loan B and $750 million in other secured debt. All existing debt will be fully repaid. The company is also replacing its current revolver with a new $250 million revolving credit facility due 2031. S&P said, "We expect the transaction will be roughly leverage-neutral, with S&P Global Ratings-adjusted leverage improving to 5.0x in 2026 and 4.1x in 2027 due to strong EBITDA growth. We anticipate revenue and EBITDA growth will result in free operating cash flow (FOCF; after shareholder tax distributions) to debt increasing above 3% 2026. "We expect revenue growth of about 13% in 2026, driven partially by growth from acquisitions. Revenue growth of 60% in 2025 outpaced our expectations of about 35%. This significant revenue increase is primarily attributable to acquisitions completed during the year, the realization of benefits from prior acquisitions, organic member growth supported by industry tailwinds, and favorable reimbursement rate increases. In 2026, growth is expected to remain in the mid-teens percent area as more moderate contributions from acquisitions and continued organic growth are somewhat offset by smaller expected increases in reimbursement rates. "We expect profitability to improve in 2026, contributing to lower leverage and positive cash flow. The company's profitability is expected to improve due to strong revenue growth and operating leverage resulting from increasing scale. We project the S&P Global Ratings-adjusted EBITDA margin will improve to the 10%-11% area in 2026 and 2027 compared with our current full-year 2025 expectation of about 9%. This S&P Global Ratings-adjusted EBITDA margin improvement reflects strong operating leverage gained through the continued increasing scale from its acquisitions and organic growth. "Pro forma for the transaction, we expect S&P Global Ratings-adjusted leverage of 5.0x in 2026, declining to 4.1x in 2027. This deleveraging is being primarily driven by strong EBITDA generation rather than a reduction in debt, as the transaction increases the company's debt by approximately $200 million. We believe the company will continue to supplement revenue growth through acquisitions. We believe the company will utilize its growing free cash flow to fund acquisitions over taking on more debt. In addition, we expect TEAM to generate positive FOCF (after shareholder tax distributions) of about $50 million - $70 million in 2026, which translates to S&P Global Ratings-adjusted FOCF (after shareholder distributions) to debt of about 4% - 5%." TEAM is positioned to benefit from growing demand and favorable reimbursement trends within the expanding at-home personal care sector, driven by an aging population and cost-containment efforts by health care sponsors. While the industry remains competitive and fragmented, with relatively low reimbursement rates reflecting the nature of the services, TEAM's scale--now comparable to that of rated peers following recent acquisitions--provides a key advantage in administrative efficiency and regulatory responsiveness. The Centers for Medicare & Medicaid Services (CMS) rule mandating an 80% allocation of reimbursement to worker compensation will likely pressure margins, although full implementation is not until 2030. TEAM faces competition from established players like Addus HomeCare (not rated) as well as 'B-' rated HAH Group Holding Co. LLC, Pluto Acquisition I Inc., and AccentCare Inc. Despite low barriers to entry and potential competition from staffing and payroll companies, TEAM's focus on low-skill homecare and self-direction (the ability for clients to choose their own known caregivers) offers some operational differentiation and mitigates labor-related challenges. The self-direction model drives higher caregiver and client retention, resulting in more predictable growth. S&P said, "Our positive outlook reflects our view that TEAM could sustain free cash flow after shareholder tax distributions above 3% of debt in 2026 and onwards, with high-single-digit percent organic revenue growth through new partnerships, increased patient volumes, and reimbursement rate increases. "We could revise the outlook to stable if we don't expect the company to generate meaningfully positive cash flow, resulting in free cash flow after shareholder tax distributions below 3% of debt. "We could raise the rating if we expect TEAM to sustain discretionary free cash flow after shareholder tax distributions above 3% of debt. We would also need to believe the financial policy is supportive of sustaining stronger credit metrics." THOMAS C. STEET: Bankr. Administrator Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Thomas C Steet DDS, PA. About Thomas C. Steet DDS PA Thomas C. Steet, DDS PA is a dental practice based in Cary, North Carolina, providing general, cosmetic, and restorative dental services, including porcelain veneers, dental implants, crowns, and bridges. The practice is led by Dr. Thomas C. Steet and serves patients in Cary and surrounding communities from a single location. Thomas C. Steet filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04930) on December 11, 2025, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Thomas C. Steet as owner and manager. Judge Pamela W. Mcafee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. TLC OPERATIONS: Janice Seyedin Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for TLC Operations, LLC. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About TLC Operations LLC TLC Operations, LLC holds multiple residential rental properties located throughout the Chicago metropolitan region. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00760) on January 16, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Luster Lockhart, manager, signed the petition. Judge Timothy A. Barnes presides over the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. TRINITY AUTO: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------- On January 2, 2026, Trinity Auto LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50–99 creditors. About Trinity Auto LLC Trinity Auto LLC, doing business as Trinity Cadillac, operates an automotive dealership in Englewood Cliffs, New Jersey, selling new and pre-owned Cadillac vehicles and offering related services. The Company provides vehicle maintenance and repair, parts, and financing services to customers in the northern New Jersey area. Trinity Auto LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bnakr. D.N.J. Case No. 25-10018) on January 2, 2026, listing $1,549,669 in assets and $14,824,684 in liabilities. The petition was signed by Jose Collado as dealer principal and managing partner. Judge Stacey L Meisel presides over the case. Daniel M. Stolz, Esq. at GENOVA BURNS LLC serves as the Debtor's counsel. TRINITY REALTY: Hires Bronson Law Offices as Bankruptcy Counsel --------------------------------------------------------------- Trinity Realty Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Bronson Law Offices, PC to handle its Chapter 11 case. The firm's hourly rates are as follows: H. Bruce Bronson, Esq., Attorney $550 Paralegal $250 The firm received a retainer in the amount of $15,000 plus the $1,738 filing fee. Mr. Bronson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: H. Bruce Bronson, Esq. Bronson Law Offices, PC 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About Trinity Realty Corp. Trinity Realty Corp. is a real estate investment and management firm focused on enhancing the value of residential and commercial properties. The company provides end-to-end solutions, including property acquisition, redevelopment, leasing, and portfolio management, aiming to deliver consistent returns for investors while maintaining high standards of operational excellence. Trinity Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12690) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1 million. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. TRINSEO PLC: Carol Flaton, Jill Frizzley Appointed to Board ----------------------------------------------------------- Trinseo PLC disclosed in a regulatory filing that the Board of Directors voted to increase the size of the Board to 11 members. The Board also voted to fill the vacancies created by the increase to the size of the Board by appointing two new independent directors, Carol Flaton and Jill Frizzley, to the Board, effective immediately. The Board determined that Ms. Flaton and Ms. Frizzley are independent directors in accordance with applicable New York Stock Exchange listing requirements and rules. In connection with the Company's ongoing discussions with its financial stakeholders regarding its capital structure, the Board believes that Ms. Flaton and Ms. Frizzley will bring valuable expertise to the Board. Ms. Flaton has over 30 years of experience in banking & finance, transformation & restructuring, and governance & risk management. Since her retirement, Ms. Flaton has served as an independent director for multiple public and private companies, and currently serves on the board of QVC Group, Inc. Ms. Frizzley currently serves as the president of Wildrose Partners LLC, an independent consulting company providing governance and related advisory services to multiple corporations. Ms. Frizzley also currently serves as a director for LanzaTechGlobal, Inc. and has previously served as a director on numerous public and private boards. Ms. Frizzley has extensive corporate experience with complex corporate governance, strategic transactions, and business transformations. In connection with their appointments to the Board, on January 12, 2026, Ms. Flaton and Ms. Frizzley each entered into an amendment to an existing consulting agreement with the Company that contemplates payment of a $50,000 monthly fee for their service on the Board, among other things. In light of this monthly fee, the Board suspended the application of the Company's standard director compensation program to Ms. Flaton and Ms. Frizzley. Further, under the terms of the Agreements, Ms. Flaton and Ms. Frizzley are subject to the terms of the Company's standard form of indemnification agreement, available at https://tinyurl.com/3ycbfmkr There are no other arrangements or understandings between Ms. Flaton and Ms. Frizzley and any other persons pursuant to which each was selected as a director. Additionally, neither Ms. Flaton and Ms. Frizzley has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. As of September 30, 2025, the Company had $22.5 million in total assets, $15.7 million in total liabilities, and $6.8 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. Trinseo PLC's operating performance has deteriorated over the first nine months of 2025, causing its credit metrics to weaken to levels S&P views as unsustainable. S&P said, "The negative outlook reflects the at least one-in-three chance we will downgrade Trinseo in the next 12 months if its operating performance continues to deteriorate such that its liquidity weakens or it undertakes a debt restructuring, which we would likely view as distressed. . . The negative outlook on Trinseo reflects the potential that we will lower our rating in the next 12 months if it appears that the likelihood of a default has increased, or if the company is unable to meet its debt obligations or if the company restructures or undertakes a distressed exchange. We currently anticipate the issuer will default absent unforeseen positive developments and expect its credit metrics will remain elevated over the next 12 months. We forecast the company's S&P Global Ratings-adjusted debt to EBITDA will be in the 15x-16x range over the next 12 months. TRP BRANDS: Stub Period Rent Allowed as Administrative Expense -------------------------------------------------------------- Judge David D. Cleary of the United States Bankruptcy Court for the Northern District of Illinois will approve the following applications for allowance of administrative expense claims, including stub period rent: * MJP 1400 LLC Motion for Allowance of Section 503(b)(7) Administrative Expense Claim for Post-Bankruptcy Services (EOD 523); * Amended Application and Request of Broadstone TRP Indiana, LLC for Allowance and Payment of Administrative Expense Claim Pursuant to 11 U.S.C. Secs. 503(a), 503(b)(1)(A) and 365(d)(3) (EOD 531); * Application and Request of Greenwood Place Commons, LP for Allowance and Payment of Administrative Expenses (EOD 538); * Application and Request of Greyhound Plaza Associates, LP for Allowance and Payment of Administrative Expenses (EOD 539); * Application and Request of STORE SPE AVF II 2017-2, LLC for Allowance and Payment of Administrative Expense Claim Pursuant to 11 U.S.C. Secs. 503(a), 503(b)(1) and 365(d)(3) for Stub Rent and Post-Petition Taxes (EOD 664); and * Application of National Shopping Plazas, Inc. for Allowance and Payment of Administrative Expense Claim (EOD 669). The Applications before the Court seek allowance of administrative expense claims as follows: * MJP Claim Amount: Prepetition rent - $42,304.44 Prepetition taxes - $9,303.77 Stub period rent - $42,304.44 Stub period taxes - $9,303.77 Statutory Basis for Claim: 11 U.S.C. Secs. 503(b)(7) and 503(b)(9) * Broadstone Claim Amount: Stub period rent plus interest - $76,292.53 Statutory Basis for Claim: 11 U.S.C. Secs. 503(b)(1)(A) and 507(a)(2) * Greenwood Place Claim Amount: Stub period rent and additional rents - $43,798.34 Unperformed lease obligations - $13,162.44 Credit - $29,515.54 Statutory Basis for Claim: 11 U.S.C. Secs. 503(a), 503(b)(1) and 365(d)(3 * Greyhound Plaza Claim Amount: Stub period rent and additional rents - $19,837.76 Unperformed lease obligations - $16,277.63 Statutory Basis for Claim: 11 U.S.C. Secs. 503(a), 503(b)(1) and 365(d)(3) * STORE Claim Amount: Stub period rent - $45,040.94 Postpetition taxes - $389,001.00 Statutory Basis for Claim: 11 U.S.C. Secs. 503(a), 503(b)(1)(A), 503(b)(1)(B)(i) and 365(d)(3) * National Shopping Claim Amount: Stub period rent - $26,033.30 Other obligations - $30,193.85 Statutory Basis for Claim: 11 U.S.C. Sec. 503(b)(1)(A) The RoomPlace Furniture and Mattress LLC opposed the Applications. RoomPlace does not argue that the Landlords are precluded from asserting a claim for an administrative expense priority for stub period rent. Instead, it contends that to the extent the Applications seek administrative expense priority for stub period rent, the Landlords have not satisfied the requirements for an allowable claim under 11 U.S.C. Sec. 503(b)(1). The elements of an allowable administrative expense claim are that it results from a transaction with the debtor-in-possession and confers a benefit on the estate. In most cases where a claim for administrative priority is based on a failure to pay rent, the debtor's challenge centers on the benefit to the estate. In this case, however, both the Debtor and the Landlords agreed that the second element has been satisfied -- the estate benefited from the use of the leased property. RoomPlace conducted business at each of the locations. Instead, Debtor disputes the existence of the first element. It contends that the stub period rent did not arise from a transaction with the debtor-in-possession In this case, RoomPlace rejects the notion that the debtor-in-possession induced the Landlords to perform. The transactions subject to the claims in the Applications stem from unexpired, commercial leases in which, upon filing the petition, the debtor-in-possession retained a property interest. According to the Court, even though Sec. 365 explicitly acknowledges that an unexpired, nonresidential lease of real property is a transaction with the debtor-in-possession, in this case the Debtor induced the Landlords to continue performing postpetition. By its actions and representations, the Debtors induced the Landlords to continue to allow them to occupy each of the leased premises, without the need for the Landlords to demand or seek rejection, adequate protection or immediate allowance of a Sec. 503(b) claim. The Debtors' position, however, is undercut by the actions it took at the beginning of its bankruptcy case. Less than a week after the Petition Date, RoomPlace filed the First Store Closing Motion. It sought court authority to conduct going-out-of-business sales in several locations, including three of the premises for which a stub period rent claim is sought. Clearly, the Court says the Debtors did more than passively use the leased premises. They actively sought Court authority to use the Landlords' property postpetition for the benefit of the estate. Judge Cleary explains, "The result was that each of the Landlords were induced to continue to allow Debtor to occupy the leased premises. After all, the Landlords had other options. They could have demanded an immediate deadline for rejection of the unexpired leases. They could have sought adequate protection payments or requested allowance of a claim under Sec. 503(b)(1). But instead, relying on the actions and representations of the Debtors that they wished to continue occupying the Locations and to stabilize their operations, the Landlords refrained from taking action. They were induced to participate in a postpetition transaction with the debtors-in-possession." 11 U.S.C. Sec. 365(d)(3) does not require payment of stub period rent. Nevertheless, stub period rent may be allowed as an administrative expense pursuant to 11 U.S.C. Sec. 503(b)(1)(A). In the matters before the Court, the stub period rent requests submitted in the Applications satisfied the requirements described by the Seventh Circuit to qualify for administrative expense status -- they were the result of transactions with the debtor-in-possession, and they benefited the estate. The Court will enter orders approving the Applications to the extent that they seek administrative expense status for the portion of their claims designated as stub period rent. The only exception is Broadstone, whose claim for stub period rent is barred by claim preclusion. A copy of the Court's Memorandum Opinion dated January 23, 2026, is available at https://urlcurt.com/u?l=YBd6LT from PacerMonitor.com. About TRP Brands LLC TRP Brands, LLC and The RoomPlace Furniture & Mattress, LLC filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 24-01529) on Feb. 2, 2024. Valerie Berman-Knight, president, signed the petitions. At the time of the filing, TRP Brands reported up to $50,000 in assets and $50 million to $100 million in liabilities while RoomPlace reported up to $50,000 in assets and $100 million to $500 million in liabilities. Judge Deborah L. Thorne oversees the cases. E. Philip Groben, Esq., at Gensburg Calandriello & Kanter, P.C., is the Debtors' legal counsel. The U.S. Trustee for Region 11 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped FisherBroyles, LLP as its legal counsel. UNITED AIRLINES: S&P Rates Proposed Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to United Airlines Holdings Inc.'s (UAL) proposed senior unsecured notes due 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in its simulated default scenario. The issue-level rating is the same as its 'BB+' issuer credit rating on the company. The proposed notes will rank pari passu with the company's other senior unsecured debt and subordinated to its rated secured debt, namely United's secured revolving credit facility, term loan, and notes (which are collateralized by certain of its slots, gates and routes {SGRs}). S&P said, "Our ratings on this debt are unchanged at 'BBB-', with a '1' recovery rating (capped). Our enhanced equipment trust certificates (EETC) ratings are also unchanged. We expect the company will use proceeds from the new debt issuances for general corporate purposes, including future debt repayment. Lastly, our issuer credit rating on UAL is unchanged, following our recent outlook revision to positive from stable on Jan. 22, 2026. Completion of the proposed unsecured debt issuance would demonstrate greater financial flexibility, but not to an extent that affects our view of the company's credit profile." Issue Ratings – Recovery Analysis -- S&P has updated its recovery analysis to include UAL's proposed new unsecured debt issuance and the most recently available valuations of its secured debt collateral and unencumbered assets. -- S&P is assigning a '3' recovery rating on the company's proposed new unsecured notes, with meaningful (50%-70%; rounded estimate: 65%) estimated recovery in its simulated default scenario. -- S&P said, "Our recovery rating of '1' (rounded estimate: 95%) on the company's secured SGR revolver, term loan and notes is unchanged. We assume this debt is fully covered in our distressed scenario (the rating is capped at 'BBB-', one notch above our issuer credit rating on UAL). We assume the residual value that remains after these claims is available to unsecured creditors (on a pro rata basis)." Simulated default assumptions -- S&P's analysis reflects UAL's existing capital structure and the proposed unsecured notes. -- S&P values the company on a discrete asset basis. S&P's valuations reflect its estimate of the value of the various assets at default based on net book value for current assets and appraisals for aircraft and SGRs that are adjusted for expected realization rates in a distressed scenario. -- S&P assumes a modest (low-single-digit percentage) annual decline in its secured amortizing debt on the path to its simulated default year in 2029. All other secured debt that matures in or before 2029 is assumed to be refinanced. -- Unsecured debt claims include the proposed notes, the company's payroll support program debt, unfunded pension and other post-employment benefits, assumptions for rejected leases and capacity service agreements, and other residual unsecured claims (that is, secured debt not fully covered in our analysis) that S&P assumes all rank pari passu. -- S&P's simulated default scenario assumes a default in 2029, triggered by adverse industry conditions, combined with a recession or major outside shocks to the aviation industry. S&P expects UAL would seek to reorganize through a Chapter 11 proceeding and emerge from bankruptcy as a going concern. Simplified waterfall -- Net enterprise value (after 5% administrative costs): US$29.2 billion -- Valuation split in % (SGR/aircraft/other (unencumbered) assets): 37%/45%/18% -- Value available to SGR secured revolver, term loan, and secured notes: $10.9 billion -- Estimated total SGR claims at default: $9.2 billion --Recovery expectations for SGR revolver, term loan and notes: 90%-100% (rounded estimate: 95%) -- Secured debt rating: 'BBB-' (capped) -- Value available to senior unsecured creditors: $6.8 billion -- Estimated total unsecured claims at default: $9.9 billion --Recovery expectations for senior unsecured notes: 50%-70% (rounded estimate: 65%) Notes: S&P said, "Debt amounts include six months of accrued interest that we assume will be owed at default. In the event of estimated recovery above 70% on the unsecured notes, the rating would be capped at '3' and 'BB+'. We rate the company's EETCs but under different criteria than this recovery analysis." UNITI GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the Uniti Group Inc. (Uniti) Long-Term Issuer Default Rating (IDR) at 'B-'. The Rating Outlook is Stable. Fitch has also affirmed Uniti Group LLC, Windstream Services LLC and Uniti Fiber Holdings Inc.'s IDRs at 'B-' with a Stable Outlook. Fitch has affirmed the senior secured debt rating at 'BB-' with a Recovery Rating of 'RR1' and the senior unsecured ratings at 'CCC+' with a Recovery Rating of 'RR5'. This follows the announcement of the Kinetic ABS offering and the Windstream Services add-on to the 8.625% senior unsecured notes due 2032. Fitch expects Uniti's acquisition of Windstream to generate significant operating synergies over the medium term. Fitch also expects the continued decline in legacy services and the negative impact of elevated capex over the next four years to result in higher leverage, negative FCF, and reduced interest coverage, highlighting the company's weaker credit profile relative to the rating category. Key Rating Drivers Windstream Acquisition: On May 3, 2024, Uniti announced its acquisition of Windstream. The merger, which closed on Aug. 1, 2025, positions the combined company in Tier II and Tier III markets with significant opportunities to increase its fiber build and drive attractive fiber broadband subscriber growth. Management projects up to $100 million in operating expense and $20 million-$30 million in capex synergies. Fitch expects the merger to provide operating efficiencies as the company brings more traffic on net and targets incremental opportunities within the combined network. The combined company aims to reach 1.9 million subscribers by YE 2025 (up from the original target of about 1.9 million by 2027). Uniti targets an additional 1.5 million homes to be passed by YE 2029. The company's fiber plant passed 37% of its footprint at YE 2024 and plans to pass approximately 42% by YE 2025. Revenue Pressures Continue: Fitch expects the combined company to experience revenue pressure in the near term, particularly in its Uniti Solutions segment due to declining legacy products-related revenue and effects of competition. This pressure should be offset over time with growth in the consumer fiber business as the company passes additional households with fiber, increases penetration, and capitalizes on AI-driven opportunities. Elevated Leverage: Fitch expects the pro forma leverage of the combined company to be in the mid-6x range at YE 2025. Leverage is expected to increase over the next several years due to revenue and EBITDA pressures from Windstream's legacy revenue and high capex for planned Fiber-to-the-Home (FTTH) deployments. Fitch expects EBITDA interest coverage to be weak for the rating over the next several years. Negative FCF: Fitch expects capex needs to result in material cash flow deficits for the next three-plus years due to the elevated capex to fund the FTTH build. Uniti is expected to access the capital markets, including potential ABS funding, to fund expected cash flow shortfalls. However, Fitch expects FCF should start to improve after 2028 as these expenditures decrease and EBITDA shows improvement. Limited Liquidity: As of Sept. 30, 2025, pro forma for completed and announced financings, Uniti had about $1,930 million of liquidity, consisting of about $955 million in cash and revolver availability of about $975 million. The $500 million legacy Uniti revolving facility and the $475 million legacy Windstream revolving facility mature in December 2027. The combined company has limited maturities until 2028. Fitch expects the company to need to raise additional capital to fund the cash flow shortfalls. Parent-Subsidiary Linkage: Windstream Services LLC, Uniti Group LLC, Uniti Fiber Holdings Inc and Uniti Group Inc. have the same IDR because of comprehensive cross-guarantee provisions in long-dated bonds. Peer Analysis Uniti is a hybrid company with characteristics of an incumbent operator through its Kinetic business unit (ILEC business), which operates in smaller urban or rural areas in 18 states. Uniti offers business services through Uniti Solutions (CLEC). The Fiber Infrastructure business provides infrastructure to other communication providers, hyperscalers and wireless towers. Legacy Uniti's network is one of the largest independent U.S. fiber providers, along with Zayo Group Holdings, Inc. Uniti's and Zayo's business models are unlike the wireline business of communications services providers, including AT&T Inc. (BBB+/RWN), Verizon Communications Inc. (A-/Stable) and Lumen Technologies (CCC+/Rating Watch Positive). Uniti and Zayo are infrastructure providers that communications service providers may use to offer retail services including wireless, voice, data and internet. The Windstream acquisition adds 4.3 million Kinetic households. The combined company owns 237,000 national wholesale fiber route miles, with first-mover advantage in Tier II and Tier III markets. Windstream brings an enterprise business similar to AT&T, Verizon and Lumen, although significantly smaller Uniti's business profile is similar to both Frontier Communications Parent, Inc. and Cincinnati Bell Inc. (B/Stable). Uniti has less exposure to the residential market than Frontier. Consumers account for about one-third of Uniti's revenue but over half of Frontier's. Frontier will have a larger scale than the combined company and operates at slightly lower leverage compared to the combined company's expected leverage of about 6x in 2025. Cincinnati Bell is further along in its fiber transition, with its Cincinnati build largely completed and its Hawaii build 60+% complete, and it has lower leverage. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using Fitch's Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b+, Higher).- Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. Recovery Analysis The recovery analysis assumes that Uniti would be considered a going concern in bankruptcy and reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The recovery analysis reflects New Uniti's standalone credit-silo waterfall, and the revolvers are assumed to be fully drawn. The going-concern EBITDA estimate reflects Fitch's view of sustainable, post-reorganization EBITDA, upon which Fitch bases the company's valuation. This results in a post-reorganization EBITDA estimate of $1,240 million. EBITDA pressures could stem from increased competition from cable and fixed wireless access providers, as well as slower-than-expected demand from hyperscalers and other wholesale customers. Post-reorganization valuation applies a 6.0x enterprise value multiple. This multiple reflects the higher asset value of fiber networks as Uniti continues to build out its network. It is in line with the range for telecom companies published in Fitch's "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" report; the most recent edition indicates a median of 5.4x. Other wireline companies that have made significant investments in fiber have traded at enterprise multiples ranging from 8.5x to 14x EBITDA over the past two years. The recovery analysis produces a Recovery Rating of 'RR1' for the secured debt, reflecting strong recovery prospects, and 'RR5' for the senior unsecured debt, reflecting the lower recovery prospects for unsecured creditors given their position in the capital structure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Larger-than-expected FCF deficits, combined with reduced access to capital to fund the company's growth; -- Deterioration in operating profile and market position due to competitive forces; -- EBITDA interest coverage sustained below 1.5x; -- EBITDA leverage exceeding 7.5x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Consistent gains in revenue and EBITDA that provide a clear path toward positive FCF; -- Successful fiber deployment execution, including continued improvement in consumer fiber customer penetration; -- EBITDA leverage sustained below 5.5x. Liquidity and Debt Structure Uniti had approximately $1,930 million of liquidity as of Sept. 30, 2025, pro forma for the completed and announced debt offerings, consisting of unrestricted cash of approximately $955 million and revolver availability of $975 million. The $500 million Uniti revolving facility and the $475 million Windstream revolving facility mature in December 2027. The next maturities for Uniti are the RCFs and 7.5% convertible senior notes due in 2027. Issuer Profile Uniti offers bundled broadband and voice services to consumers primarily in rural areas in 18 states as well as services to Enterprise customers and Wholesale offerings. On Aug. 1, 2025, Uniti completed its re-merger with Windstream. RATING ACTIONS Rating Prior ------ ----- Uniti Group Inc. LT IDR B- Affirmed B- Uniti Fiber Holdings Inc. LT IDR B- Affirmed B- senior unsecured LT CCC+ Affirmed RR5 CCC+ Uniti Group LLC LT IDR B- Affirmed B- senior unsecured LT CCC+ Affirmed RR5 CCC+ Windstream Services, LLC LT IDR B- Affirmed B- senior unsecured LT CCC+ Affirmed RR5 CCC+ senior secured LT BB- Affirmed RR1 BB- senior secured LT BB- Affirmed RR1 BB- UPSTREAM NEWCO: S&P Upgrades ICR to 'CCC+' Following Restructuring ------------------------------------------------------------------ S&P Global Ratings raised the issuer credit rating on to 'CCC+' from 'D' on Upstream Newco Inc. S&P said, "At the same time, we assigned our 'CCC+' issue-level rating to the company's amended and extended first-lien senior secured debt with a recovery rating of '3' (55%). We raised the second-lien senior secured debt issue-level rating to 'CCC-' from 'D'; the '6' (0%) recovery rating is unchanged. We also assigned our 'CCC-' issue-level rating to Upstream Holdco Inc.'s new $80 million second-lien senior secured debt, with a '6' (0%) recovery rating. "We also withdrew our ratings on the company's existing first-lien senior secured debt. "The positive outlook reflects the possibility that we could raise our ratings on Upstream over the next 12 months if the company improves its business and grows EBITDA, leading to sustainable discretionary cash flow (DCF) generation." Upstream recently completed a debt restructuring involving the extension of debt maturities and improving its near-term liquidity. Although S&P expects operating performance improvement in 2025 and 2026, both industry and strategic execution risks remain for the company to achieve and sustain cash flow and deleveraging. Upstream's liquidity and debt-maturity profile have improved following the completion of its distressed debt restructuring. Although the company is still highly leveraged, this transaction materially strengthens its debt profile by extending the maturities of its debt obligations and increasing financial flexibility. The company extended the maturities of its revolving credit facility and first-lien term loans to November 2029, and its second-lien term loan now matures in May 2030. The transaction also included the issuance of $80 million in second-lien senior secured Holdco debt, the proceeds of which were used to repay approximately 75% of the outstanding revolver balance, significantly improving near-term liquidity. Furthermore, the conversion of the second-lien term loan to primarily payment-in-kind (PIK) interest for most of its remaining term--coupled with a three-year amortization-free period for the first-lien term loan--reduces the company's annual cash interest expense, providing greater cash-flow flexibility. S&P believes these improvements provide valuable time for management to execute and achieve its projected operational improvements and cost-optimization programs, which are intended to improve its credit profile and generate sufficient, sustainable cash flow. S&P expects margin improvement in 2025 and 2026. Last year through Sept. 30, Upstream achieved substantial sequential margin improvement, even amid a difficult Medicare reimbursement environment. This improvement is largely attributable to a recovery in the company's net reimbursement rate, supported by a shift in its payer mix. Furthermore, efforts to enhance clinician productivity--including improvements to its scheduling process and the implementation of a centralized patient intake process--are contributing to fewer onboarding delays and clinician downtime. These operational improvements, alongside a cost optimization initiative implemented over the past year, have supported margin expansion. Consequently, S&P now forecasts an S&P Global Ratings-adjusted EBITDA margin of 19.0% in 2025, an increase from our previous forecast of 17.0%. S&P said, "We continue to forecast DCF deficits in 2025 but expect improvements in 2026. For 2025, we expect reported DCF deficits to persist, burdened in the fourth quarter by restructuring-related transaction expenses. Excluding these, we still expect full-year 2025 DCF to be slightly negative. With those expenses now in the past, for 2026 we forecast cash flow to be about breakeven or slightly positive, net of working capital." Key elements driving better cash flow in 2026 are less cash interest through the conversion to PIK on its second-lien term loan and EBITDA margin expansion. S&P said, "The positive outlook reflects the possibility that we could raise our ratings on Upstream over the next 12 months if the company improves its business and grows EBITDA, leading to sustainable DCF generation. "We could take a negative rating action if the company fails to execute its improvement strategy, resulting in continued cash-flow deficits and worsened liquidity, raising the risk of a near-term default or transaction we would deem as distressed. "We could raise our rating on Upstream if the company demonstrates a track record of improvement that we believe is sustainable, such that it drives positive DCF generation in line with our expectations." VEGA CLOUD: Enters Receivership with Millions of Debt ----------------------------------------------------- Todd Bishop of GeekWire reports that Vega Cloud, a tech startup based in Liberty Lake, Washington, has been placed into receivership after reporting it could not satisfy its debts. Among the company's liabilities is a debt of roughly $830,000 to Amazon Web Services, according to court records. Since its founding in 2018, Vega Cloud has raised $12.2 million in venture funding and generated about $7 million in revenue by 2023. The company also made the GeekWire 200, ranking #181, reflecting its recognition as a leading Pacific Northwest startup. CEO Kris Bliesner confirmed the restructuring but declined to provide additional information on the circumstances, according to GeekWire. At the time of the filing on January 15, 2026, Vega Cloud had less than $17,000 in cash and employed approximately 35 staff, down from about 65 two years prior. The receivership, executed through an Assignment for the Benefit of Creditors, allows a neutral party to oversee the company, pause creditor collections, and manage decisions on asset sales and distributions, the report cites. The company specializes in FinOps software, helping mid-sized enterprises manage cloud spending across AWS, Azure, and Google Cloud. Filings list major debts to Sun Mountain Private Credit Fund I, investors, and employees owed commissions and bonuses. The court-appointed receiver now controls the company's assets, intellectual property, and receivables, with authority to maximize value for creditors while deciding the future of Vega Cloud's operations, the report relays. About Vega Cloud Vega Cloud is a tech startup based in Liberty Lake, Washington. After recognizing it could not satisfy its debts, Vega Cloud placed itself into receivership via an Assignment for the Benefit of Creditors (ABC). The company made the filing to facilitate a structured restructuring process. Through an ABC, a business assigns its assets to a court-supervised receiver, pausing creditor claims and managing the sale and distribution of assets. Vega Cloud executed this filing in King County Superior Court in Seattle on January 15, 2026, citing insolvency and outstanding obligations, including about $830,000 owed to Amazon Web Services. VEGAS CUSTOM: To Sell Vehicles to Brad Schafer for $4,500 --------------------------------------------------------- Vegas Custom Glass LLC seeks permission from the U.S. Bankruptcy Court for the District of Nevada, to sell vehicles, free and clear of liens, claims, interests, and encumbrances. The Debtor is engaged in the business of glass and glazing installation and related services in Las Vegas, Nevada. At the time of filing, the Debtor listed several vehicles as assets. On November 11, 2025, the Debtor sold the following three vehicles to Brad Schafer in an arms length transaction, for a total cash consideration of $4,500.00 ($1,500.00 per vehicle): a. Vehicle 1: • Description: White 2007 Chevrolet 2500 Silverado Pick-Up • VIN: 1GBHC24U17E112584 • Sale Price: $1,500.00 cash • Condition: Sold "as is", vehicle was non-operational • Included Equipment: Racks, shelving, and/or other modifications used for glass transport • Liens: None b. Vehicle 2: • Description: White 2006 Chevrolet C2500HD Silverado Pick-Up • VIN: 1GBHC24U16E173447 • Sale Price: $1,500.00 cash • Condition: Sold "as is", vehicle was non-operational • Included Equipment: Racks, shelving, and/or other modifications used for glass transport • Liens: None c. Vehicle 3: • Description: White 2001 Chevrolet 2500 Silverado Pick-Up • VIN: 1GBHC24U81Z265717 • Sale Price: $1,500.00 cash • Condition: Sold "as is", vehicle was non-operational • Included Equipment: Racks, shelving, and/or other modifications used for glass transport • Liens: None 8. According to Schedule A/B filed with the Debtor's bankruptcy petition, the Debtor valued these vehicles as follows: • 2007 Chevrolet Silverado 2500: $6,500.00 • 2006 Chevrolet Silverado 2500: $5,500.00 • 2001 Chevrolet Silverado 2500: $15,000.00 The total scheduled value of the three vehicles was $27,000.00. None of the three vehicles were subject to any liens or security interests at the time of sale, nor were any of the vehicles operational. The Debtor sold these vehicles out of immediate necessity to generate cash flow for ongoing business operations during the Chapter 11 case. The Debtor was experiencing severe liquidity constraints and needed immediate funds to meet operational expenses and continue serving customers. The Debtor determined that it would not have another opportunity to sell the specialized glass transport racks, shelving, and modifications installed on these vehicles, which added value to the sale. The Debtor believed that selling the vehicles with the equipment intact would maximize the value received, as opposed to removing and storing the equipment separately. Especially since debtor was already facing storage issues and had an immediate need for cash to sustain operations. The Debtor acted in good faith in selling the vehicles to address immediate cash flow needs critical to the continued operation of the business. The Debtor's glass and glazing business requires ongoing operational funds to purchase materials, pay subcontractors, and meet payroll obligations. Without the immediate infusion of $4,500.00 in cash, the Debtor would have faced significant operational disruptions that could have jeopardized the reorganization effort. The decision to sell the vehicles was made based on sound business judgment and was necessary to preserve the estate's value. While the aggregate sale price of $4,500.00 represents approximately 16.7% of the scheduled value of $27,000.00, several factors support the reasonableness of the price: The vehicles were older models (ranging from 18 to 24 years old at the time of sale). The sales were conducted on an "as is" basis and the vehicles were all non-operational. The Debtor needed immediate cash and did not have time to market the vehicles more extensively. The Debtor submits that under the exigent circumstances, the consideration received was fair and reasonable. The proceeds of the sales ($4,500.00 cash) were used for legitimate business expenses to maintain operations and preserve the value of the estate. The vehicles have been transferred to a good faith purchaser for value. About Vegas Custom Glass Vegas Custom Glass, LLC provides glass and mirror services in Las Vegas, Nevada. The Company offers custom showers, frameless shower doors, storefront glass, glass repairs, and wine room enclosures for residential and commercial clients. It is licensed, bonded, insured, and accredited by the Better Business Bureau. Vegas Custom Glass, LLC in Las Vegas, NV, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 25-13929) on July 9, 2025, listing $298,039 in assets and $1,205,768 in liabilities. Vincent Regala as owner, signed the petition. LEAVITT LEGAL SERVICES, P.C. serve as the Debtor's legal counsel. VILLAGE HOMES: To Sell Texas Properties to Bloomfield & Hark Homes ------------------------------------------------------------------ Village Homes LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. On October 1, 2025, the Debtor filed a voluntary petition under chapter 11 of title 11 of United States Code commencing the above captioned chapter 11 case. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's operations are spread across various subdivisions in Tarrant and Parker Counties, Texas. In or about April 6, 2022, the Debtor as purchaser entered into the Lot Purchase Contract (POA Contract) with Seller, the developer of the Parks of Aledo, Lakes, an addition to the City of Aledo, Parker County, Texas. Pursuant to the POA Contract, the Debtor is obligated to purchase a total of 50 vacant lots in the POA Lakes Addition from Seller at the rate of five Option Lots per quarter. Upon execution of the POA Contract, the Debtor paid an earnest money deposit for the 50 Option Lots. The POA Contract provides a procedure pursuant to which the earnest money deposit would be credited to the Debtor as lots are taken down. As of the Petition Date, there are five Option Lots remaining available for purchase under the POA Contract. As of the Petition Date, there remains $100,000.00 in earnest money deposit held by Seller. Under the POA Contract, the Debtor was due to take down the final five Option Lots by January 17, 2026. The Debtor does not have the financial wherewithal to pay the Seller to take down the five remaining Option Lots. Consequently, by this Motion the Debtor seeks the authority to assign the rights to take down the five remaining Option Lots to two parties as follows: (1) the right to take down one Option Lot to Bloomfield, and (2) the right to take down four Option Lots to Hark Homes. Seller consents to the proposed assignments. In October 2024, the Debtor entered into a Real Estate Sales Contract with Olerio Development, LLC, now known as VilHom FW Holdings LLC. Pursuant to the terms of the Asset Sale Contract, VilHom was to close the Asset Sale Transaction by the end of February 2025. VilHom did not close by the scheduled closing date. As a result, on March 7, 2025, the Debtor terminated the Asset Sale Contract in writing delivered to VilHom's counsel. To be clear, the Debtor asserts that VilHom defaulted on the Asset Sale Contract and the Debtor validly terminated the Asset Sale Contract before the Petition Date. The Debtor filed the Motion to Assume seeking to assume the POA Contract. Pursuant to the POA Contract, the Debtor was due to take down the five remaining Option Lots under the POA Contract by January 17, 2026. Upon the Court approving the Motion to Assume authorizing the Debtor to assume the POA Contract, the Debtor is obligated to perform under that contract. At this time, however, the Debtor is without the financial wherewithal to take down the five remaining Option Lots. Instead, by this Motion, with the consent of Seller, the Debtor seeks to assign its rights to take down the Option Lots to Bloomfield and Hark Homes. The Debtor seeks approval from the Court to assign the right to take down the Option Lot with the street address of 620 Finch Avenue to Bloomfield Homes LP. The Debtor seeks the approval from the Court to assign the right to take down the other four remaining Option Lots to Hark Homes LLC, identified by the street address below: -- 730 Blackbird Drive; -- 615 Hummingbird Drive; -- 327 Scissor Trail Drive; and, -- 323 Scissor Trail Drive. 730 Blackbird, 615 Hummingbird, 327 Scissor and 323 Scissor are collectively referred to as the "HH Lots." The proposed assignments to Bloomfield and Hark Homes benefit the Debtor's estate as the earnest money deposit paid by the Debtor and held by Seller totaling $100,000.00 will be returned to the Debtor upon the closing of the Bloomfield Lot by Bloomfield and closing of all four HH Lots by Hark Homes. In the event Bloomfield or Hark Homes fails to close any of the Option Lots it is assigned the right to take down, under the POA Contract, Seller's remedy would be to retain the Debtor's earnest money deposit and be free to offer the Option Lots not taken down by Bloomfield or Hark Homes to other buyers. There will be no additional out of pocket damages owed by the Debtor to Seller. The Seller consents to the assignment of the right to purchase the Bloomfield Lot to Bloomfield and the rights to purchase the HH Lots to Hark Homes. Attached as Exhibit B is a copy of the Assignment of Contract for the proposed assignment of the Bloomfield Lot to Bloomfield that has been signed by the Seller, the Debtor, and Bloomfield (Bloomfield AC). Attached as Exhibit C is a copy of the Assignment of Contract for the proposed assignment of the HH Lots to Hark Homes that has been signed by the Seller, the Debtor, and Hark Homes (Hark Homes AC). The effectiveness of each the Bloomfield AC and the Hark Homes AC is conditioned upon entry of an order of the Bankruptcy Court approving the assignment and that each respective assignment is made free and clear of liens, claims and interests. https://urlcurt.com/u?l=wfIxfB To the best of the Debtor's knowledge, no party holds liens against and security interests in the POA Contract and the Debtor's rights. The assignments of the Bloomfield Lot to Bloomfield and the HH Lots to Hark Homes are free and clear of any claims, liens and interest. The Debtor does not have the financial wherewithal to take down the Bloomfield Lot and the HH Lots. The assignments proposed herein allow the Debtor to recoup its earnest money deposit totaling $100,000.00. The Debtor believes the assignments of the right to take down the Bloomfield Lot to Bloomfield and the right to take down the HH Lots to Hark Homes as proposed herein are in the best interest of the Debtor’s estate and its creditors. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIP TRANSPORT I: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------------- On January 5, 2026, VIP Transport I Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $0 and $100,000 in debt, owed to 1 to 49 creditors. About VIP Transport I Inc. VIP Transport I Inc. is a transportation services provider in Illinois. VIP Transport I Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00053) on January 5, 2026. In its petition, the debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities in the range of $0 to $100,000. Honorable Bankruptcy Judge Janet S. Baer handles the case. The debtor is represented by David Freydin, Esq., of the Law Offices of David Freydin Ltd. VISION CARE: Court Extends Cash Collateral Access to May 16 ----------------------------------------------------------- Tanya Sambatakos, the Chapter 11 trustee for Vision Care of Maine, LLC, received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The use of cash collateral is necessary to fund the Debtor's ongoing operations and to meet the deadline for filing a reorganization plan, according to the trustee. The order extended the bankruptcy trustee's authority to use cash collateral through May 16 to pay the expenses set forth in the budget. The Debtor's budget shows total cash disbursements of $3,822,347 for the period from the week ending January 10 through the week ending April 4. The bankruptcy trustee must continue compliance with U.S. trustee obligations, including reporting and fee payments. The terms of the order remain binding and effective even if the Debtor's Chapter 11 case is converted, dismissed or transferred. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/q4lY7 from PacerMonitor.com. About Vision Care of Maine Vision Care of Maine, LLC is a medical group practice located in Bangor, ME that specializes in Ophthalmology and Optometry offering vision care services including glasses, contacts, surgeries for cataracts, retina disease and cornea disease and glaucoma. Vision Care of Maine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5, 2024. In the petition signed by Curt Young, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals & Rosenthal, PA as legal counsel and Opus Consulting Partners, LLC as financial consultant. Tanya Sambatakos is the Chapter 11 trustee appointed in the Debtor's case. W.R. GRACE: Moody's Rates New $500MM Senior Secured Notes 'B2' -------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to W.R. Grace Holdings LLC's (Grace) proposed $500 million backed senior secured notes due 2033. Proceeds from this issuance will be used to refinance its senior secured notes due 2027. The B2 rating on its senior secured notes due 2027 has been withdrawn upon the refinancing of the debt. Grace's B3 Corporate Family Rating ("CFR"), B3-PD Probability of Default rating ("PDR"), B2 revolving credit facility, B2 backed senior secured term loan B due 2032, B2 backed senior secured notes due 2031, B2 backed senior secured notes due 2032 and Caa2 senior unsecured notes rating remains unchanged. The outlook is stable. RATINGS RATIONALE W.R. Grace Holdings LLC's (Grace) credit profile reflects its strong market positions in several key end markets, including leading in the global polyolefin catalyst industry, fluid catalytic cracking (FCC) catalysts, and specialty silica gels. Its business profile benefits from high barriers to entry, a good operating track record which helps to support EBITDA margins. Standard Industries' equity contribution helped stabilize Grace's capital structure and reduce interest payments. Grace's adequate liquidity also supports the credit profile. Grace's credit profile is constrained by its still leveraged capital structure and negative free cash flows with a significant amount of debt compared to EBITDA. The credit profile reflects the company's aggressive financial policy under its owner. The rating also factors its modest business diversity with an emphasis on catalysts, partly mitigated by the diversification from its Materials Technologies business. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely at this time, but Moody's could upgrade the rating with expectations for adjusted financial leverage sustained below 5.5x (Debt/EBITDA), retained cash flow-to-debt sustained above 10% (RCF/Debt) and more balanced financial policies that include gross debt reduction and a commitment from its owners to a more conservative financial policy. An upgrade would also assume a reduction in event risk such that the size of future acquisitions would not raise pro forma leverage meaningfully above 5.5x for a sustained period. Moody's could downgrade the rating with expectations of adjusted financial leverage to remain above 6.5x through the cycle, a significant deterioration in the company's liquidity position, or a large debt-financed acquisition or dividend to shareholders. LIQUIDITY The company maintains adequate liquidity which is an important consideration for its credit profile. The company has a cash balance of $173 million at the end of Q3 2025. The company had $365 million available under their $425 million revolving credit facility as well as $62 million available under non-US credit facilities as of September 30, 2025. Moody's expects Grace will need to draw additional funds from the revolver to cover its modest negative free cash flows in next 12 months. STRUCTURAL CONSIDERATIONS Grace's debt capital structure is comprised of a first lien term loan, first lien senior secured revolving credit facility, senior secured notes and senior unsecured notes. The B2 ratings on the first lien term loan, revolving credit facility and senior secured notes, are one notch above the B3 CFR and reflect a first lien position on substantially all assets and priority ranking in the event of default. The Caa2 rating of the senior unsecured notes, two notches below the CFR, indicates their deep subordination as a result of the significant amount of first lien debt in the capital structure. Headquartered in Columbia, MD, W.R. Grace Holdings LLC, a Standard Industries company, is a leading global manufacturer of specialty chemicals and materials operating and/or selling in over 60 countries. The company has two reporting segments: Performance Catalyst Solutions and Materials Technologies. Performance Catalyst Solutions is a globally diversified business that includes refining, polyolefin and chemicals catalysts. Materials Technologies includes specialty materials such as silica-based and silica-alumina-based materials used in consumer/pharmaceutical, chemical processes and coatings applications. On April 26, 2021, W.R. Grace agreed to be acquired by Standard Industries Inc. (formerly Standard Industries Holdings Inc.) for $7.0 billion. Grace generated approximately $2.2 billion of sales for the last twelve months ended September 30, 2025. Standard Industries Inc. is the parent of Standard Building Solutions Inc. (Ba3 stable), a leading manufacturer and marketer of roofing products and accessories with operations primarily in North America and Europe. The company manufactures and sells residential and commercial roofing and waterproofing products, insulation products, aggregates, specialty construction and other products. The principal methodology used in these ratings was Chemicals published in October 2023. WYTHE BERRY: Court Tosses Schimenti Mechanic's Lien Appeal ---------------------------------------------------------- Judge Jennifer L. Rochon of the United States District Court for the Southern District of New York affirmed the decision of the United States Bankruptcy Court for the Southern District of New York that sustained Wythe Berry Fee Owner LLC's objection to a mechanic's lien filed by Schimenti Construction Company LLC. Wythe Berry Fee Owner LLC ("WBFO" or "Appellee"), was the owner in fee of certain commercial property in Brooklyn, New York (the "Property"). WBFO leased the Property to Wythe Berry LLC ("WB LLC"), and WB LLC subleased it to HealthQuarters, Inc. ("HQ"). HQ then hired Schimenti Construction Company LLC ("Schimenti" or "Appellant") to make improvements to the Property. After HQ defaulted on its payments to Schimenti, Schimenti filed a mechanic's lien against the Property and, later, a claim in WBFO's bankruptcy proceedings for the same amount. WBFO objected to that claim. In a written decision on July 7, 2025, the bankruptcy court ruled that WBFO was the owner of the Property, and that neither WBFO nor any agent acting on its behalf had consented to Schimenti's work. The bankruptcy court therefore sustained WBFO's objection to, and expunged, Schimenti's claim. Schimenti does not contest on appeal the bankruptcy court's determination of the first question presented to it, namely its finding that WBFO -- and not Weiss -- was the fee owner of the Property. Instead, the appeal challenges the bankruptcy court's determination that WBFO did not consent to Schimenti's work, either in its own capacity or through an agent. Schimenti argues that WBFO consented to its work in multiple ways. First, Schimenti contends that Weiss or WB LLC had either actual, apparent, or implied authority as WBFO's agent and consented on WBFO's behalf. Next, Schimenti argues that WBFO itself implicitly consented through certain lease terms and through its acceptance of the improvements Schimenti made on the Property. Schimenti lastly argues, in connection with both contentions, that the doctrines of judicial estoppel and judicial admission bar WBFO from taking the position that it and WB LLC are distinct entities. The District Court agrees with the bankruptcy court and finds that neither WB LLC nor Weiss had actual authority to consent to Schimenti's work on the Property or to bind WBFO to its lien. The District Court agrees with the bankruptcy court and finds that Weiss and WB LLC did not have apparent authority to consent to Schimenti's work or bind WBFO to its lien. According to the District Court, Schimenti fails to establish that WBFO (the principal) made any representations to Schimenti (the third party) to create apparent authority in Weiss or WB LLC (the alleged agents). Schimenti does not succeed in arguing that WBFO had constructive knowledge of its work on the Property, and that WBFO's failure to object to that work is "an important fact" showing its consent. The District Court finds Schimenti has furnished no evidence of WBFO's involvement on that level, or at all, in its improvements, and the bankruptcy court did not err in holding against Schimenti on that point. The District Court concludes the bankruptcy court did not abuse its discretion or otherwise err in rejecting Schimenti's arguments as to judicial estoppel and judicial admissions. A copy of the Court's Opinion and Order dated January 23, 2026, is available at https://urlcurt.com/u?l=xQyI7i from PacerMonitor.com. About Wythe Berry Fee Owner Wythe Berry Fee Owner LLC is the titular owner of a commercial real property complex located in Brooklyn, New York, that includes The William Vale Hotel, one of Brooklyn's few luxury hotels. Wythe Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV LLC, a wholly owned, direct subsidiary of All Year Holdings Limited, which is a debtor in a chapter 11 case also pending before Judge Martin Glenn. Weiss and YGWV each hold 50% of the membership interests in Member LLC, which, in turn, is the direct parent, and sole member, of Wythe Berry Fee Owner. YGWV purports to be the designated managing member of Member LLC and, thus, purports to control Wythe Berry Fee Owner. A group of noteholders, Mishmeret Trust Company Ltd., solely in its capacity as Trustee for the Series C Notes; Yelin Lapidot Provident Funds Management Ltd.; The Phoenix Insurance Company Limited; and Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11 bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr. S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022. The creditors are represented by Michael Friedman, Esq., at Chapman and Cutler LLP. Bankruptcy Judge Martin Glenn, who presides over the case, entered an Order for Relief in January 2023, allowing the bankruptcy proceedings against Wythe Berry Fee Owner LLC to proceed. Judge Glenn denied a request by hotel operator Zelig Weiss to dismiss the involuntary petition. Wythe Berry Fee Owner LLC is represented by law firm Herrick, Feinstein LLP. All Year Holdings Limited filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021, and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal & Manges LLP. Weiss is represented by lawyers at Paul Hastings LLP. * * * On May 29, 2024, Chief Bankruptcy Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York issued opinions confirming the Chapter 11 plans of Wythe Berry Fee Owner LLC and approving a related settlement that was part of the plan, clearing the way for them to complete the sale of the William Vale Hotel and complex in Brooklyn to an affiliate of EOS Hospitality for $177 million. The Chapter 11 plan was declared effective on June 18, 2024. ********* 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. 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