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260130.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, January 30, 2026, Vol. 30, No. 30 Headlines 23ANDME HOLDINGS: Judge OKs Final Class Settlements in Chapter 11 307 COLLISION: Seeks Approval to Hire Clark Stith as Legal Counsel 441 SUMMER: Initiates Chapter 11 Bankruptcy in New Jersey 57 CONCRETE: U.S. Trustee Appoints Creditors' Committee AL NGPL FUND: $31MM Term Loan Add-on No Impact on Moody's 'Ba3' CFR ALGORHYTHM HOLDINGS: 5,758,102 Shares Outstanding as of Jan. 21 ALLURE IMAGE: U.S. Trustee Appoints Tamar Terzian as PCO ALPHA MAIN: Seeks Chapter 7 Bankruptcy in Georgia AMC ENTERTAINMENT: Executes Supplemental Indenture on Muvico Notes ANTHOLOGY INC: Chapter 11 Plan Confirmation Sets Path to Emergence ANTHOLOGY INC: Glenn Agre Secures Settlement for Vector Capital ARCHDIOCESE OF NEW ORLEANS: Not Required Party in Child Sex Abuse ARMAAN TRUCKING: Behrooz Vida Named Subchapter V Trustee ASCENCION MEDICAL: Unsecureds Will Get 100% over 60 Months AVALO ENTERPRISES: U.S. Trustee Unable to Appoint Committee BALTIMORE INTERNATIONAL: Seeks Subchapter V Bankruptcy in Maryland BDD RESTAURANT: Seeks Chapter 11 Bankruptcy in Michigan BJC TRUCKING: Seeks Chapter 7 Bankruptcy in California BLACK STONE HOLDINGS: Commences Chapter 11 Bankruptcy in New Jersey BLUE RIDGE ENTERTAINMENT: Seeks Chapter 7 Bankruptcy in Georgia BLUE SUN: Plan Exclusivity Period Extended to March 31 BRANAVA INC: Employs Murray Law Firm as Legal Counsel BRC GROUP: Amends Credit Deal to Repurchase $25M in Unsecured Notes BRC GROUP: Cuts EVP Severance to Two-Thirds of Base Salary BRC GROUP: Files $735MM Fraud Suit vs Willkie Farr & Kahns BRIDGE TO ADULTHOOD: Seeks to Extend Plan Exclusivity to April 21 CABS TRUCK: Seeks Subchapter V Bankruptcy in Arkansas CAROLINA FITNESS: Case Summary & 17 Unsecured Creditors CEESAY'S TRUCKING: Seeks Subchapter V Bankruptcy in Georgia CENTRAL LOGISTICS: Initiates Chapter 11 Bankruptcy in Tennessee CHANNELVIEW HOTEL: Initiates Chapter 11 Bankruptcy in Texas CPPIB OVM: $50MM Incremental Loan No Impact on Moody's 'B2' CFR CURIS INC: M28 Capital, Marc Elia Hold 4.8% Stake CURRY INVESTMENTS: Hires Sader Law Firm LLC as Legal Counsel DARDEN ENTERPRISES: Taps Lamberth Cifelli Ellis as Legal Counsel DATAVAULT AI: Completes API Media Acquisition for $14 Million DBJ US: Seeks Chapter 11 Bankruptcy in Florida DEL MONTE: Says Ch. 11 Creditor Deal Paves Way for Sale, Plan Path DETROIT PIZZA: Seeks to Tap Maxwell Dunn PLC as Legal Counsel ELECTRIC LAST: Court Orders Jefferies to Defend SPAC Merger Suit ELITE LIMOUSINE: U.S. Trustee Seeks Chapter 11 Trustee Appointment ELLOI ENTERPRISES: Seeks Chapter 7 Bankruptcy in Texas EMPRESS LLC: Commences Chapter 11 Bankruptcy in California EQUALTOX LLC: Court OKs Stanton Property to Nadia Osokin for $2MM EXOTIC COACH: Case Summary & 20 Largest Unsecured Creditors FAIRFIELD HOME: Seeks Chapter 7 Bankruptcy in Ohio FAT BRANDS: Court Grants Interim Cash Collateral Approval in Ch. 11 FIRST BRANDS: Asks Court to Approve $48M from Ford, GM, Polaris FIRST BRANDS: Former Executives Indicted in Fraud Case FIRST FRIENDS: Seeks Chapter 11 Bankruptcy in New Jersey FIRST STUDENT: Term Loan Repricing No Impact on Moody's 'B1' CFR FLOAT ALASKA: Case Summary & 30 Largest Unsecured Creditors FLOAT ALASKA: Files for Ch. 11 Bankruptcy w/ $65.7MM Debt FLOAT ALASKA: New Pacific, Ravn Airlines Owner Seeks Chapter 11 FLOAT ALASKA: Secures First-Day Chapter 11 Approval FRONTIER COMMUNICATIONS: Fitch Hikes LongTerm IDR From 'B+' G&D TRANSMISSION: Seeks Chapter 11 Bankruptcy in New York GAMESTOP CORP: Turker Ali Ehad Holds Less than 5% Stake GEORGIA PROTONCARE: Hires Epiq Corporate as Claims Agent GIBRALTAR INDUSTRIES: Fitch Assigns 'BB' IDR, Outlook Stable GOGO INC: Moody's Downgrades CFR to B2, Outlook Remains Stable GOLD CITY: Seeks to Hire Boyer Terry LL as Legal Counsel GRACE BAPTIST: Unsecureds Will Get 100% of Claims over 60 Months GT TX LLC: Scott Seidel Named Subchapter V Trustee HAUSMANN ENTERPRISES: Seeks Chapter 7 Bankruptcy in Minnesota HOBBS COMPANY: Nathan Smith Named Subchapter V Trustee JAGUAR HEALTH: Issues Pre-Funded Warrants to Iliad, Streeterville JEKYLL BREWING: Seeks Chapter 7 Bankruptcy in Georgia K&D'S SANTA: Amends Live Oak Banking Secured Claim Pay KEESTONE PROPERTIES: PCO Reports Resident Care Complaints LAMUMBA INC: Court Extends Cash Collateral Access to April 10 LENMAR ROBERTSON: Seeks to Hire Ure Law Firm as Counsel LIFESCAN GLOBAL: Fitch Assigns 'B-' LongTerm IDR, Outlook Neg. LIMA DEVELOPMENT: Taps Law Offices of Raymond H. Aver as Counsel LINQTO TEXAS: Recaps Fraud Rationale for Chapter 11 Filing LIVEONE INC: Holds 72.5% Equity Stake in PodcastOne, Inc. LUMINAR TECHNOLOGIES: MicroVision Wins $33 Million Asset Bid LUMINAR TECHNOLOGIES: Nasdaq Finalizes Delisting of Class A Stock MAR & MAR: Seeks Subchapter V Bankruptcy in California MARANATHA FUNDING: Seeks Chapter 7 Bankruptcy in New Jersey MASTERS MAKIT: Seeks Chapter 11 Bankruptcy in New Jersey MATTHEW BRIDWELL: Seeks Approval to Hire BRC Advisors as CPA MEDICAL MANAGEMENT: Seeks to Hire Boyer Terry LLC as Counsel MERAKI C. J: Commences Chapter 7 Bankruptcy in California MICK'S GRASS: Taps Law Office of Elias M. Yazbeck as Co-Counsel MOUNTAIN WEST: Taps Workman Nydegger as General Counsel MULTI-COLOR CORP: Seeks Chapter 11 Bankruptcy w/ $5.9MM Debt NAILOR SERVICES: Greta Brouphy Named Subchapter V Trustee NEWTEKONE INC: Exchange Offer Expires With 8.29% Tendered NIELSEN: Fitch Rates New Secured Notes 'BB-' & Affirms 'B+' IDR NORCOLD LLC: Court Advances Insider Bankruptcy Sale NORTH COUNTRY: Seeks Approval to Hire Forvis Mazars as Accountant OCUGEN INC: Raises $20.85 Million in Registered Direct Offering OFF THE HOOK LLC: Seeks Chapter 7 Bankruptcy in Nevada OFFICE PROPERTIES: Judge Rejects $125MM DIP, Sends Plan for Rework OROVILLE HOSPITAL: U.S. Trustee Appoints Jacob Nathan Rubin as PCO OUACHITA COUNTY MEDICAL: Intends to Seek Chapter 11 Bankruptcy PALADIN CAPITAL: Seeks Chapter 11 Bankruptcy in Tennessee PAT MCGRATH: Files Voluntary Chapter 11 for Long-Term Stability PATELBUI3 LLC: Seeks Chapter 7 Bankruptcy in Arizona PAVMED INC: Regains Nasdaq Compliance With $1 Minimum Bid Price PESCADERIA ENSENADA: Seeks Chapter 7 Bankruptcy in California PHL VARIABLE: Asset Co. Blasts Insurance Chief's Liquidation Plan PLEASANT HEIGHTS: Seeks Chapter 11 Bankruptcy in New Jersey PPF GIN: Seeks to Employ Armanino Advisory as Financial Advisor PPF GIN: Seeks to Hire Tittle Law Firm as Legal Counsel PRECISION TRADES: Lisa Rynard Named Subchapter V Trustee PRECISION TRADES: Seeks Approval to Hire CGA Law Firm as Counsel PULSE STAGE: Seeks Chapter 11 Bankruptcy in New Jersey QHSLAB INC: Extinguishes $470K Debt via Stock Repurchase Agreement QUALITY OFFICE: Gina Klump Named Subchapter V Trustee QUICKWAY TRANSPORTATION: Files Chapter 11 Bankruptcy in Tennessee RAZZOO'S INC: Seeks to Extend Plan Exclusivity to March 30 RED PIGEON: Seeks Chapter 7 Bankruptcy in Rhode Island REVIVA PHARMACEUTICALS: Gets Exception to Meet Bid Price by Mar. 27 SAKS GLOBAL: Amazon, Chanel to Lead Creditors' Committee SAKS GLOBAL: U.S. Trustee Appoints Creditors' Committee SAM'S DINER: Seeks Approval to Hire Diller and Rice as Counsel SHANON WIND: Gets Court OK to Tap Chapter 11 Cash Collateral SOLIMAN PROPERTIES: Seeks Chapter 11 Bankruptcy in New Jersey SONIM TECHNOLOGIES: Streeterville Ceases Beneficial Ownership SUKRAN LLC: Case Summary & Three Unsecured Creditors TAILWIND AIR: Hires Henry & O'Donnell as Legal Counsel TAILWIND AIR: Taps Henry & O'Donnell as Legal Counsel TEAM SERVICES: S&P Rates Proposed $750MM Senior Secured Notes 'B-' TGI FRIDAY'S: Plan Exclusivity Period Extended to February 25 THRILL INTERMEDIATE: Plan Exclusivity Period Extended to May 26 TRANSPORTING CARS: Commences Subchapter V Bankruptcy in California TREEHOUSE FOODS: Fitch Gives FirstTime 'B' IDR, Outlook Stable TWIN HOSPITALITY: Commences Chapter 11 to Deleverage Balance Sheet UNIQUE THIRD: U.S. Trustee Appoints Joseph Tomaino as PCO UNITI GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable US MAGNESIUM: Court to OK $30MM Chapter 11 Site Sale to Utah VARSOBIA HOSPITALITY: Seeks Chapter 7 Bankruptcy in California VILLA CHARDONNAY: Appointment of Chapter 11 Trustee Sought VIMAR STEEL: Seeks Chapter 7 Bankruptcy in Texas VIVAKOR INC: Converts $41,165 Lender Notes Into 9,215,789 Shares VPR HOLDINGS: U.S. Trustee Unable to Appoint Committee WANJOGU LLC: To Sell Georgia Properties to Blacker the Berry WEABER INC: Seeks to Extend Plan Exclusivity to February 28 WHITE WILSON: Seeks to Extend Plan Exclusivity to April 30 WORKFLOW INTEGRATED: Seeks Chapter 7 Bankruptcy in New Jersey XCEL BRANDS: Secures $15M Equity Commitment From White Lion Capital YUNHONG GREEN: Iris Chan Appointed Director, Audit Committee Chair ********* 23ANDME HOLDINGS: Judge OKs Final Class Settlements in Chapter 11 ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Missouri bankruptcy court gave its final blessing on Wednesday, January 28, 2026, to two class action settlements totaling $53.25 million in the Chapter 11 bankruptcy of former DNA testing company 23andMe, overruling several objections from class members. The judge's order allows the settlements to proceed as part of the broader restructuring. The approved settlements aim to resolve competing claims by classes of plaintiffs tied to legal actions surrounding the company's operations, including issues stemming from a widely reported data breach. With objections set aside, the case can now advance toward implementation of the agreements, according to report. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 307 COLLISION: Seeks Approval to Hire Clark Stith as Legal Counsel ------------------------------------------------------------------ 307 Collision Center, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Clark Stith, a professional practicing law, as legal counsel. Mr. Stith will provide these services: (a) preparation of pleadings and applications; (b) advice regarding its rights, duties and obligations as a debtor in possession; (c) performance of legal services incidental to operation of the Debtor's business; and (d) negotiation, preparation and confirmation of a plan of reorganization; and (e) taking other necessary and proper action in the preservation and administration of the bankruptcy estate. Mr. Stith will receive an hourly rate of $400 per hour. Clark Stith is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Telephone: (307) 382-5565 Facsimile: (307) 382-5552 E-mail: clarkstith@yahoo.com About 307 Collision Center, Inc. 307 Collision Center, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20025) on January 21, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Cathleen D. Parker oversees the case. Clark Stith is Debtor's legal counsel. 441 SUMMER: Initiates Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- 441 Summer 2 LLC commenced a voluntary Chapter 11 bankruptcy proceeding on January 20, 2026, in the District of New Jersey. Court records show the Debtor lists liabilities ranging from $10 million to $50 million, involving 1–49 creditors. About 441 Summer 2 LLC 441 Summer 2 LLC is a limited liability company. On January 20, 2026, 441 Summer 2 LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-10605). The filing reflects estimated assets and liabilities each in the range of $10 million to $50 million. The case is assigned to Honorable Vincent F. Papalia, U.S. Bankruptcy Judge. 57 CONCRETE: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 case of 57 Concrete, LLC. The committee members are: 1. Pico Propane and Fuels Attn: Robert W. Chalmers 19206 Huebner, Suite 100 San Antonio, TX 78258 rchalmers@meritumenergy.com 2. Arctic Ice 1, Inc. Attn: Pedro Castorena 3108 N. Sugar Rd Pharr, TX 78577 articiceone@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90818) on December 19, 2025. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez presides over the case. The Debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., at Parkins & Rubio, LLP. AL NGPL FUND: $31MM Term Loan Add-on No Impact on Moody's 'Ba3' CFR ------------------------------------------------------------------- Moody's Ratings said the ratings and outlooks of AL NGPL Holdings LLC (AL NGPL, Ba3 stable) and AL NGPL Fund VIII Funding, LLC (AL NGPL Fund VIII, Ba3 stable) are not affected by the announcements that they will increase the principal balances of their respective term loans and seek to reprice the term loans. AL NGPL will increase its term loan principal by approximately $42 million to raise the total balance to $770 million and AL NGPL Fund VIII will increase its term loan principal by approximately $31 million to raise the total balance to $515 million as of September 30, 2025, on a pro forma basis (before considering any principal repayments in Q4 2025 and Q1 2026). The incremental term loans, which are subject to obtaining lender commitments, will fund distributions to the owners of the companies, funds managed by ArcLight Capital Partners, LLC (ArcLight). The increase in commitments is consistent the companies' past practice of re-levering following growth in earnings, that can support higher debt, as well as term loan principal repayments. The projected credit metrics for both companies are expected to remain supportive of their respective Ba3 Corporate Family Ratings (CFR) and Ba3 term loan ratings. Both firms had a leverage ratio (debt/EBITDA) of 6.3x as of September 30, 2025, (as calculated using a proportionate share of NGPL PipeCo LLC's (NGPL, Baa3 stable) debt plus the holding company debt divided by the holding companies' proportionate share of NGPL's EBITDA). Pro forma for the additional term loan borrowings, leverage increases by a modest ~0.2x, as of September 30, 2025. Moody's expects AL NGPL and AL NGPL Fund VIII to continue to reduce their term loan balances through mandatory amortization payments as well as through payments under their credit agreements' excess cash flow sweep. Distributions to the holding companies will more than cover their debt service requirements as a result of funding NGPL capital projects with debt at NGPL or capital contributions, and future modest growth in distributions from NGPL. AL NGPL Holdings LLC is a holding company established in connection with the March 2021 purchase by funds managed by ArcLight of a 25% equity stake in NGPL PipeCo LLC. The June 2023 acquisition of an additional 12.5% stake brought AL NGPL's ownership in NGPL to 37.5%. AL NGPL Fund VIII Funding, LLC is also a holding company wholly-owned by a fund managed by ArcLight. ArcLight acquired AL NGPL Fund VIII (formerly BIP PipeCo Holdings, LLC) in the second quarter 2025. Following the 2025 purchase transaction, NGPL is owned by two entities controlled by ArcLight - AL NGPL Holdings LLC (37.5% ownership stake) and AL NGPL Fund VIII Funding LLC (25%), as well as Kinder Morgan, Inc. (KMI, Baa2 positive) (37.5%), the operator of the pipeline. NGPL owns one of the largest and geographically broad FERC-regulated natural gas pipeline systems in the US, operating about 9,100 miles of interstate natural gas pipelines and 59 compressor stations. It is also one of the largest natural gas storage operators, having ~288 Bcf of working gas capacity with 12 underground storage reservoirs in eight field locations in four states. ALGORHYTHM HOLDINGS: 5,758,102 Shares Outstanding as of Jan. 21 --------------------------------------------------------------- Algorhythm Holdings, Inc. disclosed in a regulatory filing that as of January 21, 2026, the Company has 5,758,102 shares of common stock, par value $0.01 per share, issued and outstanding. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ALLURE IMAGE: U.S. Trustee Appoints Tamar Terzian as PCO -------------------------------------------------------- Peter Anderson, the U.S. Trustee for Region 17, appointed Tamar Terzian as patient care ombudsman for Allure Image Enhancement, A Medical Corporation. Ms. Terzian will perform the duties required of the ombudsman pursuant to section 333 of the Bankruptcy Code. To the best of her knowledge, Ms. Terzian has no connections with Allure, creditors and any other parties in interest, except as set forth in her verified statement. The ombudsman may be reached at: Tamar Terzian, Esq. Terzian Law Group, a PC 1122 E. Green Street Pasadena, Ca 91106 Telephone: (818) 242-1100 Facsimile: (818) 242-1012 Email: tamar@terzlaw.com About Allure Image Enhancement Allure Image Enhancement, A Medical Corporation operates as a medical spa in Upland, California, offering services in body sculpting, health and wellness, injectables, intimate procedures, laser treatments, regenerative medicine, skin resurfacing, skin tightening, and spa treatments. The Company provides aesthetic and therapeutic treatments at its facility on 188 N. Euclid Avenue, Suite 100, serving clients seeking cosmetic and wellness services in the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-18667) on December 1, 2025, with $621,870 in assets and $1,930,887 in liabilities. Mina Joy Grasso, chief executive officer, signed the petition. Judge Scott H. Yun presides over the case. Matthew D. Resnik, Esq., at RHM Law, LLP represents the Debtor as bankruptcy counsel. ALPHA MAIN: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------- Alpha Main, LLC, commenced a voluntary Chapter 7 bankruptcy proceeding on January 17, 2026, in the Northern District of Georgia. Court records indicate the Debtor owes between $100,001 and $1,000,000 to 1–49 creditors. About Alpha Main, LLC Alpha Main, LLC is a limited liability company. On January 17, 2026, Alpha Main, LLC filed for protection under Chapter 7 of the U.S. Bankruptcy Code (Case No. 26-50749). The filing lists estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to Honorable Bankruptcy Judge. The Debtor is represented by Michael D. Robl, Esq. of Robl Law Group LLC. AMC ENTERTAINMENT: Executes Supplemental Indenture on Muvico Notes ------------------------------------------------------------------ AMC Entertainment Holdings, Inc. disclosed in a regulatory filing that the Company, Muvico, LLC, the other guarantors party thereto and GLAS Trust Company LLC, as trustee and notes collateral agent, entered into a supplemental indenture to the Exchangeable Notes Indenture to effectuate the Amendments. A full text copy of the Supplemental Indenture is available at https://tinyurl.com/2en8f3fj As previously disclosed, on December 22, 2025, AMC and Muvico, and the holders of Muvico's Senior Secured Exchangeable Notes due 2030, agreed to amend the indenture governing the Exchangeable Notes to update, among other things, the definition of "Exchange Rate" and Article IV-B(d)(i) of the Exchangeable Notes Indenture. * the definition of Exchange Rate as follows: "Exchange Rate" means a number of shares of Common Stock per $1,000 principal amount of Notes that is equal to the quotient of (x) $1,000 divided by (y) 87.5% of the Unadjusted Exchange Price; provided that, the Exchange Rate is subject to adjustment as set forth in Section 10.06; provided, further, that whenever this Indenture refers to the Exchange Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Exchange Rate immediately after the Close of Business on such date. * Article IV-B(d)(i) as follows: (i) during the ATM Restricted Period, but no earlier than February 2, 2026, AMC may conduct one or more "at-the-market" offerings of Common Stock for cash, for aggregate net proceeds not in excess of $150,000,000; and The parties agreed to cooperate (including cooperating with the trustee and the notes collateral agent) in good faith to memorialize and effectuate the Indenture Amendments as soon as reasonably practicable. In consideration for the Exchangeable Noteholders' agreement to the Indenture Amendments, AMC will pay the Exchangeable Noteholders a fee of $6,250,000, payable in shares of AMC common stock. The number of shares will be based on the average of the Daily VWAPs (as defined in the Exchangeable Notes Indenture) for the 60 consecutive Trading Days (as defined in the Exchangeable Notes Indenture) commencing December 22, 2025. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all issuers remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). ANTHOLOGY INC: Chapter 11 Plan Confirmation Sets Path to Emergence ------------------------------------------------------------------ Anthology announced on January 23, 2026, that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company's Chapter 11 Plan -- putting Anthology on track to successfully emerge from Chapter 11 in the coming weeks. Anthology has a clear path forward in implementing the final steps of its restructuring and strategic transformation and emerging as a stronger organization. Through the restructuring process, the Company has sharpened its focus on its core Teaching & Learning business (comprised of Blackboard, Ally, Illuminate, and Institutional Effectiveness), positioning it to be rebranded on a stand-alone, debt-free basis as Blackboard upon emergence to better support customers and deliver exceptional outcomes for students. As previously announced and as part of this transformation, the Company has successfully closed the sale of its Enterprise Operations business (comprised of Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy) to Ellucian Company LLC and expects to close the sale of the Lifecycle Engagement business (comprised of Anthology Encompass, Reach, Engage, Advance) and the Student Success business to Encoura LLC at the end of the month, subject to customary closing conditions. "Through this process, we took thoughtful steps to strengthen our business and unlock the value of our solutions," said Bruce Dahlgren, Chief Executive Officer at Anthology. "I'm deeply grateful to our talented team for their focus and resilience, as well as our supporting lenders for their confidence and continued support in our business. We look forward to continuing our focus of maintaining the highest quality of service, reliability, and value for our customers. I am confident that our teammates transitioning to Ellucian and Encoura will continue to thrive and wish them nothing but the best in this next chapter." Anthology has continued to meet its obligations to stakeholders and remains focused on continuity and expects to complete the remaining steps of the restructuring process in the coming weeks. Additional Information Additional information about Anthology's sale and restructuring process is available at https://connect.anthology.com/anthologyrestructuring.com. Bankruptcy Court filings and other information regarding the case can be found at https://cases.stretto.com/Anthology, or by contacting Stretto, Inc., the Company's noticing and claims agent, at (833) 882-2627 (toll-free) and (949) 617-2255 (international). Anthology is advised in this matter by Kirkland & Ellis LLP and Haynes and Boone, LLP as legal counsel, FTI Consulting, Inc. as financial and communications advisor, and PJT Partners LP as investment banker. The ad hoc lender group is advised by Davis Polk & Wardwell LLP as legal counsel and Lazard Frères & Co. LLC as financial advisor. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ANTHOLOGY INC: Glenn Agre Secures Settlement for Vector Capital --------------------------------------------------------------- A Chapter 11 dispute in the closely-watched Anthology bankruptcy has ended with a settlement that could resonate with secured lenders navigating litigation-cost exposure in restructurings. The case highlights how indemnification provisions and litigation reserves are being scrutinized in large Chapter 11s. Glenn Agre Bergman & Fuentes LLP announced that its client, Vector Capital Credit, has reached a settlement in its dispute with education technology company Anthology Inc. over a Chapter 11 plan. Vector had objected to the plan on the grounds that it did not provide for the litigation costs Anthology owed for Vector's anticipated defense costs in a pending state-court lawsuit by Anthology affiliate Astra Acquisition Corp, which amounted to more than $7 million. On Jan. 23, 2026, U.S. Bankruptcy Judge Alfredo R. Perez approved Anthology's reorganization plan, which incorporated a favorable settlement of that pending prepetition litigation against Vector Capital. Attorneys Jed I. Bergman, Shai Schmidt, and Jonathan H. Friedman led the Glenn Agre team with significant contributions from Trevor J. Welch, George L. Santiago, Rich Ramirez, and Esther Hong. The team secured the settlement on behalf of Vector along with co-counsel Ken Green, Aaron M. Guerrero, and Bryan Prentice from Bonds Ellis Eppich Schafer Jones LLP. "We are pleased to have achieved a swift resolution of this matter so all parties can move forward," said Bergman. "Litigation costs can severely impact creditors like Vector, so it is vital that they do not bear unreasonable financial burdens. I am proud of our team for employing their formidable insight as bankruptcy attorneys to win this excellent result for our client." In 2025, Anthology and its affiliates filed for Chapter 11 protections with $1.8 billion in debt and received permission to send an equity-swap reorganization plan to its creditors. On Jan. 20, 2026, Vector filed an objection to the plan, arguing that it should include a $7.3 million reserve to compensate Vector for expenses anticipated to be incurred in defending against Astra’s 2025 pre-petition lawsuit over the terms of its loan agreement. While Anthology claimed that it was not required to indemnify Vector for litigation costs, Vector argued that its loan agreement "unambiguously" extends indemnification to any expenses. In addition to being a pre-petition senior secured lender and holder of first-out debt, Vector participated in Anthology's debtor-in-possession financing. The settlement resolves all outstanding disputes between the parties. About Glenn Agre Glenn Agre Bergman & Fuentes LLP is a premier litigation and trial firm with deep expertise in complex commercial disputes, bankruptcy and restructuring, employment litigation, and white-collar litigation and investigations. Known for handling high stakes matters with rigor and creativity, the firm delivers results that exceed expectations, in and out of the courtroom. On the Web: http://www.glennagre.com/ About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employed about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology Inc. and 26 affiliated debtors commenced filing voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90498) on Sept. 29, 2025, with deals to sell certain of their business units in two sale transactions and reorganizing the remainder of the business. The Debtors listed assets of $1 billion to $10 billion and estimated liabilities of $1 billion to $10 billion as of the bankruptcy filing. As of the Petition Date, the Debtors had funded debt obligations of $1.793 billion (inclusive of interest). Kirkland & Ellis LLP is serving as the Debtors' lead counsel. Haynes And Boone, LLP, is serving as the Debtors' co-counsel. FTI Consulting, Inc., is the Debtors' restructuring advisor. PJT Partners LP is the Debtors' investment banker. Stretto Inc. is the Debtors' claims, noticing, and solicitation agent. The ad hoc group of creditors holding a majority of the first-out term loans and second-out term loans -- led by Oaktree Capital Management, L.P. and Nexus Capital's Gateway HE Loans, LP –- is represented by Davis Polk & Wardwell LLP and Porter Hedges LLP. Lazard Freres & Co. LLC, is the senior lenders' financial advisor. Herbert Smith Freehills Kramer (US) LLP is serving as legal counsel to the Official Committee of Unsecured Creditors, and Vartabedian Hester & Haynes LLP is co-counsel to the Committee. AlixPartners, LLP, is the Committee's financial advisor. ARCHDIOCESE OF NEW ORLEANS: Not Required Party in Child Sex Abuse ----------------------------------------------------------------- In the case captioned as JOHN T.B. DOE VERSUS SALESIANS OF DON BOSCO, ET AL., Case No. 22-cv-00840-RLB (M.D. La.), Magistrate Judge Richard L. Bourgeois, Jr. of the U.S. District Court for the Middle District of Louisiana denied the motion of the Salesians of Don Bosco (a/k/a Salesians of Don Bosco, Canada and Eastern USA) (a/k/a Salesians of Don Bosco, Province of St. Philip the Apostle) (d/b/a Salesian Society, Inc.) ("SSI") to stay proceedings or dismiss for failure to include necessary party. On or about March 31, 2022, John T.B. Doe, initiated this child sex abuse case in the 19th Judicial District Court, East Baton Rouge Parish, Louisiana. Plaintiff seeks recovery from SSI. In his amended pleading, Plaintiff alleges that while he was a freshman at Archbishop Shaw High School from 1974-1975, he was sexually abused by Father Sean Leo Rooney, a Roman Catholic Priest and teacher who was a member of and ordained by SSI. Plaintiff alleges that SSI had actual and/or constructive knowledge of Father Rooney's sexual interest in children. He seeks recovery under Louisiana tort law pursuant to Articles 2315, 2317, and 2320 of the Louisiana Civil Code. The Court notes while these claims would ordinarily be time-barred (i.e., prescribed), recent Louisiana legislation has retroactively revived claims for sexual abuse of minors. SSI filed its first motion to dismiss, arguing that Plaintiff's claims must be dismissed pursuant to Rule 12(b)(6) for failure to state a claim because his claims are prescribed. The Court denied the motion. SSI now seeks relief pursuant to Rule 12(b)(7) and Rule 19 of the Federal Rules of Civil Procedure, arguing that the proceedings must be stayed or dismissed because The Roman Catholic Church for the Archdiocese of New Orleans is a necessary and indispensable party. The Archdiocese initiated a Chapter 11 bankruptcy proceeding on May 1, 2020. There is no dispute that Plaintiff filed a claim in the bankruptcy proceeding. The bankruptcy ended on December 8, 2025 with a $230 million settlement and approval of an Amended Chapter 11 Plan. SSI makes no specific argument in support of a finding that the Court "cannot accord complete relief among existing parties" in the absence of the Archdiocese. In support of a finding that the Archdiocese "is clearly a necessary party," SSI merely asserts that Plaintiff filed a Proof of Claim in the Archdiocese's bankruptcy proceeding, the Archdiocese "owned and operated" the high school at issue, and the Archdiocese employed Father Rooney. While these assertions may serve as defenses or bases for comparative fault, SSI has not set forth any basis for concluding that the Court cannot accord Plaintiff relief based on his theories of recovery. The Court finds SSI has failed to establish that the Archdiocese is a required party pursuant to Rule 19(a). Furthermore, to the extent the Archdiocese is a required party, and its joinder is not feasible in this action, the Court concludes that the action should nevertheless proceed among the existing parties pursuant to Rule 19(b). For these reasons, the Court will deny relief pursuant to Rule 12(b)(7). According to Judge Bourgeois, "There is no basis to conclude that SSI could be exposed to multiple or inconstant obligations if the Archdiocese is not joined. If Plaintiff prevails, then SSI can seek any indemnity or contribution against the Archdiocese to the extent allowed in light of the bankruptcy proceeding. Similarly, if SSI prevails, then it can seek preclusion as to any claim brought against it by the Archdiocese to the extent allowed in light of the bankruptcy proceeding." A copy of the Court's Order dated January 22, 2026, is available at https://urlcurt.com/u?l=greJgJ About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARMAAN TRUCKING: Behrooz Vida Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Armaan Trucking, LLC. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Armaan Trucking LLC Armaan Trucking, LLC operates as a trucking and freight transportation company in Fort Worth, Texas, serving commercial clients. Armaan Trucking filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-40229) on January 17, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq. ASCENCION MEDICAL: Unsecureds Will Get 100% over 60 Months ---------------------------------------------------------- Ascencion Medical Center, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated January 20, 2026. The Debtor operates a general medical center providing general family health care services to the public out of the leased premises located at 1060 SW 67th Avenue, Miami, Florida 33144. Prior to the filing of this case, the Debtor was involved in overzealous collection efforts by two secured creditors, which ended into the entry of two adverse money judgments against the Debtor totaling $413,032.63. In addition, the Debtor has a sizeable debt with Medicare caused by a third-party billing error which, thus far, resulted in overpayments to the Debtor of $754,504.17 to the Petition Date. By this Plan, the Debtor will be restructuring these obligations, such that the Debtor can remain viable as a going concern. Creditors will receive equal monthly payments from the Debtor's cash flow from operations over a period of 60 months. This Plan provides for 4 classes of secured claims, 1 class of general unsecured claims, 1 class for governmental units, and 1 class of equity security holders. General unsecured creditors holding allowed claims will receive distributions of 100%. This Plan also provides for the payment of administrative claims. There are no priority claim. Class 5 consists of all allowed general unsecured claims. There is no insider debt. Class 5 Creditors shall share pro rata in a total distribution in the amount of $29,843.80 over the life of the Plan. Class 5 Creditors shall collectively receive 60 monthly payments totaling $497.40 per payment, with the first payment due on the First Payment Date and continuing on the first day of every month thereafter until fully paid. Unsecured creditors of allowed claims will be receiving a total distribution of 100% of their allowed claim(s), which is an amount in excess of what claimants would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive 0.00%. The allowed unsecured claims total $29,843.80. This Class is unimpaired. Class 6 consists of Medicare general unsecured recoupment claim. There is no insider debt. Medicare shall receive a total distribution in the amount of $264,076.20 over the life of the Plan. Medicare shall receive 60 monthly payments totaling $4,401.27 per payment, with the first payment due on the First Payment Date and continuing on the first day of every month thereafter until fully paid. Medicare's total distribution of 35% of its recoupment claim is an amount in excess of what it would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive 0.00%. Class 7 consists of all allowed equity interests in the Debtor. All Equity Security Holders of the Debtor will retain the same interest(s) in the Debtor as such interest(s) existed prior to the Petition Date, with Mr. Guido Lopez retaining his 100% ownership interest in the Debtor. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of 5 years and Exit Financing. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. The Debtor or the Reorganized Debtor, as applicable, will use the (i) Available Cash on the Effective Date, (ii) the net cash flow generated on and after the Effective Date and (iii) the proceeds from the Exit Financing (as applicable) to operate its business and make all distributions required to be made by the Debtors or the Reorganized Debtors, as applicable, on and after the Effective Date in accordance with the Plans. A full-text copy of the Plan of Reorganization dated January 20, 2026 is available at https://urlcurt.com/u?l=OKq6SD from PacerMonitor.com at no charge. Counsel to the Debtor: Carlos E. Sardi, Esq. Sardi Law, PLLC 114410 N. Kendall Dr., Suite 208 Miami, FL 33176 Telephone: (305) 697-8690 Facsimile: (305) 697-8691 About Ascencion Medical Center Ascencion Medical Center, Inc. operates a general medical center providing general family health care services to the public out of the leased premises located at 1060 SW 67th Avenue, Miami, Florida 33144. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22422) on October 22, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and liabilities. The Debtor tapped Sardi Law, PLLC as counsel and Dinnall Fyne & Company Inc. as accountant. AVALO ENTERPRISES: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Avalo Enterprises, LLC. About Avalo Enterprises LLC Avalo Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24455) on December 8, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Robert A. Mark presides over the case. BALTIMORE INTERNATIONAL: Seeks Subchapter V Bankruptcy in Maryland ------------------------------------------------------------------ On January 22, 2026, Baltimore International Warehousing & Transportation filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Baltimore International Warehousing & Transportation Baltimore International Warehousing & Transportation is a logistics company providing warehousing and transportation services. The company supports domestic and international shipping operations through storage, handling, and freight transportation solutions. Baltimore International Warehousing & Transportation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10737) on January 22, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Chief Bankruptcy Judge David E. Rice. The debtor is represented by Joseph Selba, Esq., of Tydings & Rosenberg, LLP. BDD RESTAURANT: Seeks Chapter 11 Bankruptcy in Michigan ------------------------------------------------------- On January 26, 2026, BDD Restaurant Company, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About BDD Restaurant Company, LLC BDD Restaurant Company, LLC is a limited liability company. BDD Restaurant Company, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40750) on January 26, 2026. In its petition, the debtor reported estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. The case is being handled by Honorable Judge Lisa S. Gretchko. The debtor is represented by Charles D. Bullock, Esq., of Stevenson & Bullock, P.L.C., and Elliot G. Crowder, Esq. BJC TRUCKING: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ BJC Trucking, Inc., voluntarily filed for Chapter 7 bankruptcy on January 23, 2026, in the Central District of California. Court records show the company owes between $100,001 and $1,000,000 to 1 to 49 creditors. About BJC Trucking, Inc. BJC Trucking, Inc. operates in the transportation sector, providing trucking and logistics services to commercial businesses. The company specializes in moving goods efficiently across California. The company filed for Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10614) on January 23, 2026. The petition lists estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The matter is assigned to Judge Neil W. Bason, with legal representation by Young K. Chang, Esq. BLACK STONE HOLDINGS: Commences Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------------- On January 20, 2026, Black Stone Holdings 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 $1 million and $10 million in debt owed to 1–49 creditors. About Black Stone Holdings LLC Black Stone Holdings LLC is a limited liability company. Black Stone Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10606) on January 20, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Vincent F. Papalia handles the case. BLUE RIDGE ENTERTAINMENT: Seeks Chapter 7 Bankruptcy in Georgia --------------------------------------------------------------- On January 16, 2026, Blue Ridge Entertainment Zone LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Blue Ridge Entertainment Zone LLC Blue Ridge Entertainment Zone LLC is a limited liability company. Blue Ridge Entertainment Zone LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20065) on January 16, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the same range. BLUE SUN: Plan Exclusivity Period Extended to March 31 ------------------------------------------------------ Judge David E. Rice of the U.S. Bankruptcy Court for the District of Maryland extended Blue Sun Scientific, LLC and The Innovative Technologies Group & Co, LTD's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 31 and June 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the pendency of the multi-million dollar claims of the Debtors' competitor, KPM, a creditor that is not even a trade creditor, makes this case complex at this stage of the proceedings, although this is not a particularly large case. On the surface, the Debtors' Plans will not be particularly complex as they will dedicate their disposable income to pay the claims of creditors over a period of time. What is complex is the classification of claims and whether, for example, KPM, as a non-trade creditor, would be separately classified from the Debtors' trade creditors. The Debtors acknowledge that a nine-month extension as an initial request is on the longer side of such requests; however, under the facts and circumstances presented in these cases, the Debtors believe that such an extension is appropriate. The length of time that is required is a factor of how long it will take to obtain a decision in the First Circuit. In large part, that time frame is based upon the briefing schedule that will be established in the First Circuit. The Debtors note that KPM is directly responsible for several months of delay in getting to this point. Had KPM consented to relief from the stay and agreed not to object to the Applications to employ Smith Duggan, the parties would have already been well into the briefing period in the First Circuit. Instead, the ill fated actions of KPM have delayed the appellate proceedings by more than two months. The Debtors assert that they do not seek these extensions for the purpose of unduly delaying these proceedings or for any other improper purpose. Rather, the Debtors seek these extensions for the reasons stated in detail and assert that good cause exists to extend the Debtors' Exclusive Periods to file proposed Plans and solicit acceptances thereto. Counsel for Blue Sun Scientific, LLC: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LL 9812 Falls Road, #114-160 Potomac, Maryland 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com Counsel for The Innovative Technologies: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road, Suite 465 Rockville, Maryland 20850 (301) 250-7232 Email: jorenstein@wolawgroup.com About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel, and Smith Duggan Cornell & Gollub LLP as special counsel. BRANAVA INC: Employs Murray Law Firm as Legal Counsel ----------------------------------------------------- Branava, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Christopher L. Murray of Murray Law Firm, P.C. to serve as legal counsel in its Chapter 11 case. Mr. Murray will provide these services: (a) represent the Debtor in the Chapter 11 proceeding; (b) advise the Debtor regarding its rights and obligations under the Bankruptcy Code and applicable rules; (c) prepare and file applications, pleadings, reports, and other legal papers necessary in the administration of the case; and (d) perform all other legal services customarily rendered by bankruptcy counsel in proceedings of this nature. On or about December 11, 2025, the Debtor paid Mr. Murray a retainer in the amount of $7,738.00. Mr. Murray's compensation will be on an hourly basis at a rate of $350, plus reimbursement of any necessary expenses incurred on the Debtor's behalf. According to court filings, Mr. Murray does not hold or represent any interest adverse to the Debtor's estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher L. Murray, Esq. MURRAY LAW FIRM, P.C. 246 Walnut Street, Suite 102 Newton, MA 02460 Telephone: (978) 579-9800 E-mail: Chris@danielmurraylaw.com About Branava, Inc. Branava, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. not provided) on January 22, 2026. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Murray Law Firm, P.C. is the Debtor's legal counsel. BRC GROUP: Amends Credit Deal to Repurchase $25M in Unsecured Notes ------------------------------------------------------------------- BRC Group Holdings, Inc. disclosed in a regulatory filing that the Company and its wholly owned subsidiary BR Financial Holdings, LLC, entered into Amendment No. 4 to the Credit Agreement, dated as of February 26, 2025, by and among the Company, Borrower, each of the lenders party thereto, and Oaktree Fund Administration, LLC, as administrative agent and as collateral agent. The Credit Agreement Amendment added an additional carve-out to Section 6.06 with respect to Limitation on Investments and allows the Company to repurchase unsecured notes by June 30, 2026 in an aggregate outstanding amount not to exceed $25 million. A full text copy of the Credit Agreement Amendment is available at https://tinyurl.com/2whbkfcb About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. BRC GROUP: Cuts EVP Severance to Two-Thirds of Base Salary ---------------------------------------------------------- BRC Group Holdings, Inc. disclosed in a regulatory filing that in connection with the Company's repositioning as a holding company, it is working through various corporate structuring efforts, including the amendment of the Amended and Restated Employment Agreement, dated as of April 11, 2023, by and between the Company and, Alan N. Forman, the Company's Executive Vice President and General Counsel. The Amendment reduces the Executive's severance amount to two thirds times the Executive's base salary. A full text copy of the Amendment is available at https://tinyurl.com/5e8ydmmv About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, the Company had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. BRC GROUP: Files $735MM Fraud Suit vs Willkie Farr & Kahns ---------------------------------------------------------- BRC Group Holdings, Inc., formerly known as B. Riley Financial, Inc., disclosed in a regulatory filing that the Company, along with co-Plaintiffs B. Riley Principal Investments, LLC, B. Riley Private Shares 2023-2 QC, LLC, B. Riley Private Shares 2023-2 QP, LLC, BRF Finance Co., LLC and B. Riley Commercial Capital, LLC, filed a complaint against Willkie Farr & Gallagher LLP, Brian Kahn and Lauren Kahn in the Supreme Court of the State of New York, New York County. The Complaint asserts causes of action against: (i) Willkie for aiding and abetting fraud, civil conspiracy to defraud and breach of fiduciary duty, (ii) Kahn for common law fraud, fraudulent inducement, and civil conspiracy to defraud and (iii) the Kahns for breach of contract, in connection with their activities related to the take-private transaction of Franchise Group, Inc. in August 2023. The Complaint seeks over $735 million in compensatory damages, punitive damages and disgorgement of all fees Willkie received in connection with the Transaction. About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, the Company had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. BRIDGE TO ADULTHOOD: Seeks to Extend Plan Exclusivity to April 21 ----------------------------------------------------------------- Bridge to Adulthood, LLC, asked the U.S. Bankruptcy Court for the Western District of Kentucky to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 21 and June 22, 2026, respectively. The Debtor seeks an extension of its exclusivity period for filing and soliciting acceptances of a plan. Debtor and its professionals need additional time to gather and analyze relevant data for purposes of proposing a feasible and confirmable chapter 11 plan. The Debtor explains that its largest creditor currently holds a judgment which is pending on appeal. The additional time may allow for an adjudication of that appeal which will play a significant role in the allocation of distributions pursuant to a plan. In addition, the Debtor needs additional time to provide detailed allocation information to its counsel regarding expenses and overall net income. Bridge to Adulthood LLC is represented by: Charity S. Bird, Esq. Tyler R. Yeager, Esq. J. Gabriel Dennery, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 E-mail: cbird@kaplanjohnsonlaw.com tyeager@kaplanjohnsonlaw.com gdennery@kaplanjohnsonlaw.com About Bridge to Adulthood LLC Bridge to Adulthood LLC provides residential and community-based support services for individuals with intellectual and developmental disabilities in Kentucky. The Company participates in state Medicaid waiver programs, including the Michelle P. Waiver for children and teenagers and the Supports for Community Living program for adults, offering alternatives to institutional care. Its services include residential care, in-home and community support, and animal therapy, with operations centered at its facility in Allensville. Bridge to Adulthood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-10810) on September 23, 2025. In its petition, the Debtor reports estimated estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joan A. Lloyd handles the case. The Debtor tapped Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP as bankruptcy counsel and Gray Ice Higdon, PLLC as special counsel. CABS TRUCK: Seeks Subchapter V Bankruptcy in Arkansas ----------------------------------------------------- On January 19, 2026, Cabs Truck Leasing, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Cabs Truck Leasing, Inc. Cabs Truck Leasing, Inc. is a transportation services company engaged in the leasing of trucks and commercial vehicles. The company provides equipment solutions to businesses operating in the transportation and logistics sector. CABS Truck Leasing, Inc. sought relief under Subchapter V of 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. CAROLINA FITNESS: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Debtor: Carolina Fitness Equipment, LLC 1000 The Oaks Pkwy Belmont, NC 28012 Business Description: Carolina Fitness Equipment, LLC provides retail sales of new and used commercial and residential fitness equipment, including cardio and strength machines, and offers delivery, installation, and maintenance services. The Company operates from Belmont, North Carolina, serving customers across the Carolinas and surrounding regions. Chapter 11 Petition Date: January 25, 2026 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 26-30091 Judge: Hon. Laura T Beyer Debtor's Counsel: Cole Hayes, Esq. COLE HALES 601 S. Kings Drive Suite F - PMB# 411 Charlotte, NC 28204 E-mail: cole@colehayeslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John David Preble as sole member and manager. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RCDE76I/Carolina_Fitness_Equipment_LLC__ncwbke-26-30091__0001.0.pdf?mcid=tGE4TAMA CEESAY'S TRUCKING: Seeks Subchapter V Bankruptcy in Georgia ----------------------------------------------------------- On January 27, 2026, Ceesay's Trucking & Logistics LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Ceesay's Trucking & Logistics LLC Ceesay's Trucking & Logistics LLC is a Georgia-based transportation company providing freight hauling, logistics management, and supply chain solutions. The company serves regional businesses and commercial clients with delivery and trucking services. Ceesay's Trucking & Logistics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51053) on January 27, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is handled by Honorable Bankruptcy Judge Jeffery W. Cavender. CENTRAL LOGISTICS: Initiates Chapter 11 Bankruptcy in Tennessee --------------------------------------------------------------- On January 26, 2026, Central Logistics, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Central Logistics, Inc. Central Logistics, Inc. is a transportation and logistics company providing freight management, warehousing, and delivery services. The company focuses on supporting businesses with timely and efficient supply chain solutions. Central Logistics, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00331) on January 26, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. The case is handled by Honorable Bankruptcy Judge Charles M. Walker. The debtor is represented by Michael G. Abelow, Esq., of Sherrard Roe Voigt & Harbison, PLC. CHANNELVIEW HOTEL: Initiates Chapter 11 Bankruptcy in Texas ----------------------------------------------------------- On January 5, 2026, Channelview Hotel Group, LP filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Channelview Hotel Group, LP Channelview Hotel Group, LP is a single-asset real estate entity that owns a hotel property in Channelview, Texas, and operates in the real estate services sector. Channelview Hotel Group, LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex., Case No. 26-30098) on January 5, 2026. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. Jason D. Kraus, Esq., at The Kraus Law Firm, represents the Debtor as legal counsel. CPPIB OVM: $50MM Incremental Loan No Impact on Moody's 'B2' CFR --------------------------------------------------------------- Moody's Ratings commented that CPPIB OVM Member US LLC's (CPPIB OVM) ratings, including its B2 Corporate Family Rating and its B2 senior secured bank credit facility rating, and stable outlook are not affected by the proposed repricing and an incremental $50 million to its existing senior secured 1st lien Term Loan B. The proceeds from the proposed incremental debt will be used to fund a shareholder distribution. The incremental term loan will be fungible with the existing Term Loan B, resulting in a pro forma total amount outstanding of almost $820 million. Despite the increased debt burden, Moody's expects CPPIB OVM's pro forma debt/EBITDA as of the end of the third quarter of 2025 to be within the range consistent with Moody's expectations for the rating. CPPIB OVM's B2 CFR reflects its 35% ownership in the Ohio Valley Midstream LLC (OVM) joint venture (JV) with The Williams Companies, Inc. (Williams, Baa2 positive), the JV's well-positioned operations in the Marcellus and Utica shales, as well as its strong contractual rights and expected influence on key decisions of the JV. OVM's commercial arrangements are predominantly structured to limit direct exposure to commodity price fluctuations. While these contracts provide a degree of revenue stability, cash flow performance remains linked to customer activity levels, introducing some sensitivity to throughput variability. The B2 secured term loan rating, consistent with the B2 CFR, reflects its status as the only debt in CPPIB OVM's capital structure. The term loan is secured by a pledge of CPPIB OVM's equity interest in the JV and security interest in substantially all of its assets. The stable rating outlook reflects Moody's expectations that CPPIB OVM will continue to receive sufficient distributions to fund its debt service and will modestly improve its leverage metrics over time. CPPIB OVM Member US LLC owns a 35% interest in Ohio Valley Midstream LLC, that owns natural gas gathering and processing assets in the southwestern Appalachian Basin. CURIS INC: M28 Capital, Marc Elia Hold 4.8% Stake ------------------------------------------------- M28 Capital Management LP, along with Marc Elia as joint filer, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of January 23, 2026, they beneficially own 620,167 shares of Curis, Inc.'s Common Stock (par value $0.01 per share, including 99,108 shares issuable upon exercise of warrants), representing 4.8%, based on 12,928,853 shares outstanding as of November 4, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed November 6, and assuming exercise of the warrants reported herein). M28 Capital Management LP and Marc Elia may be reached through: Christopher M. Taliercio President & Chief Compliance Officer 700 Canal Street Stamford, CT 06902 Tel: 203-516-3730 A full-text copy of M28 Capital Management LP's SEC report is available at: https://tinyurl.com/26suxtrt About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, 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 recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $27.6 million in total assets, $42.3 million in total liabilities, and $14.7 million in total stockholders' deficit. CURRY INVESTMENTS: Hires Sader Law Firm LLC as Legal Counsel ------------------------------------------------------------ Curry Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Sader Law Firm, LLC to serve as legal counsel. The firm will provide these services: (a) advising the Debtor with respect to its rights and obligations as Debtor-In-Possession and regarding other matters of bankruptcy law; (b) preparing and filing of any petition, schedules, motions, statement of affairs, plan of reorganization, or other pleadings and documents that may be required in this proceeding; (c) representing the Debtor at the meeting of creditors, disclosure statement, confirmation and related hearings; (d) representing the Debtor in adversary proceedings and other contested bankruptcy matters; and (e) representing the Debtor in matters arising in connection with the reorganization proceeding and business operations. Sader Law Firm, LLC will bill at an hourly rate of $380 for Bradley D. McCormack and $150 for paralegal services. According to court filings, Sader Law Firm, LLC and its attorneys are disinterested persons within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradley D. McCormack, Esq. SADER LAW FIRM, LLC 2345 Grand Boulevard, Suite 2150 Kansas City, MO 64108 Telephone: (816) 561-1818 Facsimile: (816) 561-0818 E-mail: bmccormack@saderlawfirm.com About Curry Investments, LLC 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. Curry Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-30019-11) on January 22, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Sader Law Firm, LLC serves as the Debtor's legal counsel. DARDEN ENTERPRISES: Taps Lamberth Cifelli Ellis as Legal Counsel ---------------------------------------------------------------- Darden Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Lamberth, Cifelli, Ellis & Nason, P.A., to serve as legal counsel. The firm will provide these services: (a) advise, assist, and represent Debtor with respect to Debtor's rights, powers, duties, and obligations in the administration of the case and the collection, preservation, and administration of assets of the estate; (b) advise, assist, and represent Debtor with regard to claims and causes of action, including preferences, fraudulent conveyances, and other claims or rights to recovery, and to institute adversary proceedings or other litigation; (c) advise, assist, and represent Debtor with respect to executory contracts and unexpired leases, liens and encumbrances, and potential avoidance actions; (d) advise, assist, and represent Debtor in connection with applications, motions, or complaints concerning reclamation, sequestration, relief from stay, and disposition or use of assets of the estate; (e) advise, assist, and represent Debtor in connection with the preparation, drafting, and negotiation of a plan of reorganization or liquidation and any disclosure statement, or the sale or other disposition of estate assets; (f) prepare pleadings, applications, motions, reports, and other papers incidental to administration and conduct examinations pursuant to Fed. R. Bankr. P. 2004; (g) provide support and assistance with respect to the receipt, disbursement, and accounting of estate funds and property; (h) assist in the review of claims against Debtor and the filing and prosecution of objections to claims; and (i) perform all other legal services necessary to the proper administration of the case. The firm charges hourly rates ranging from $425 to $525 for attorneys and $75 to $275 for paralegals. On January 21, 2026, Debtor transmitted a prepetition retainer of $7,500 and filing fees of $1,738. Lamberth, Cifelli, Ellis & Nason, P.A. is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Lamberth, Cifelli, Ellis & Nason, P.A. 6000 Lake Forrest Drive, N.W., Suite 290 Atlanta, GA 30328 Telephone: (404) 262-7373 About Darden Enterprises, LLC Darden Enterprises, LLC provides services related to real estate, including property management, real estate appraisal, and other support services. Darden Enterprises, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50933) on January 22, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Lamberth, Cifelli, Ellis & Nason, P.A. is Debtor's legal counsel. DATAVAULT AI: Completes API Media Acquisition for $14 Million ------------------------------------------------------------- Datavault AI Inc. announced that it has closed its previously announced acquisition of API Media Innovation Inc., a provider of media infrastructure and event technology solutions. As previously disclosed, on October 28, 2025, the Company, entered into a Stock Purchase Agreement with API, David Reese and Frank Tomaino, pursuant to which the Company agreed to purchase from the Sellers all of the outstanding shares of common stock of API for an aggregate purchase price of $14,000,000 in cash. API, headquartered in New Jersey, has a decades-long tradition of providing innovative audio and visual technologies to the world of media, sports, and entertainment. API's clients include some of the most prestigious and sought-after sports venues and events, made possible through a dedicated and customer-first culture cultivated over decades. "We are pleased to complete this acquisition, which marks a decisive next step in our strategy to scale Datavault AI's proprietary data-monetization ecosystem," said Nathaniel Bradley, Chief Executive Officer of Datavault AI. "API Media's iconic brand and expertise in multi-channel engagement, data overlay integration, and clutch on-the-fly automation is expected to strengthen our core platform, intended to enrich our culture, and predicted to enhance the value we deliver to enterprise clients through verified, tokenized data assets. This is a leap forward we wanted, and this is the team we have coveted. It's a dream come true." "I am excited to join the Datavault AI family, which will allow us to bring our clients the most advanced capabilities in AI, analytics, and secure data monetization," said Frank Tomaino, President of API. "Datavault AI's technology stack transforms how organizations manage and monetize information--creating new revenue streams while maintaining transparency and compliance. Together, we seek to redefine what's possible in intelligent marketing and audience development." "I am looking forward to working with Nate and his team at Datavault AI", said David Reese, CEO of API Media. "Looking back at my time as CEO of ACTV, a digital media company which formed synergistic relationships with News Corp, Liberty Media, Motorola and many others, I see the same opportunity to forge similar types of relationships with Datavault AI" added Reese. "API Media brings a strong culture of operational implementation, and I see my role as accelerating the gains that Datavault AI has made in the past year". With the integration of API, Datavault AI is expected to gain expanded expertise in digital media operations, audience intelligence, and revenue analytics--positioning the company to capture increased market share across enterprise data, advertising, and AI-as-a-Service verticals. The acquisition will reinforce Datavault AI's role as a global leader in data monetization, blockchain tokenization, and AI-enabled experiential events. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of September 30, 2025, the Company had $138.7 million in total assets, $39.2 million in total liabilities, and $99.5 million in total stockholders' equity. DBJ US: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------- On January 27, 2026, DBJ US Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About DBJ US Corp. DB USA Corporation operates as a bank holding company. The Company, through its subsidiaries, offers commercial banking services including checking accounts, commercial loans, equipment financing, investment services, foreign exchange services, and other financial services to customers in the United States. [BN] DBJ US Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11015) on January 27, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Robert A. Mark. The debtor is represented by James B. Miller, Esq. DEL MONTE: Says Ch. 11 Creditor Deal Paves Way for Sale, Plan Path ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that in the Chapter 11 proceedings of Del Monte Foods, it urged a New Jersey bankruptcy court Wednesday, January 28, 20256 to approve a settlement with secured and unsecured creditor groups, saying the compromise offers the most viable route for the company's restructuring. According to court filings, the deal sets the framework for advancing both asset sales and plan negotiations in the case. Del Monte told the judge that the agreement reflects input from key creditor constituencies and will help reduce litigation risk and uncertainty that could hamper the business during the sale process. The company said the settlement aligns stakeholders around a shared path toward confirmation of a Chapter 11 plan, according to report. 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. DETROIT PIZZA: Seeks to Tap Maxwell Dunn PLC as Legal Counsel ------------------------------------------------------------- The Detroit Pizza Bar, aka the Detroit Pizza Bar, LLC, seeks approval from the United States Bankruptcy Court for the Eastern District of Michigan to employ Maxwell Dunn, PLC to serve as its legal counsel. Maxwell Dunn, PLC will provide these services: (a) amendment of petition, schedules and statements as necessary to correct and perfect the initial filings; (b) preparation of the Debtor for duties while in a Chapter 11 bankruptcy; (c) attendance at the Initial Debtor Interview scheduled by the Office of the United States Trustee, facilitation of Debtor's requirements for the IDI meeting, attendance at any initial status conference as directed by the Court, and attendance at the Section 341 meeting of creditors; (d) draft and preparation of first day motions, employment applications, and other related pleadings; (e) attendance at the 60-day status conference and all other hearings appurtenant to Subchapter V of Chapter 11; (f) management of the receipt, review, and filing of Monthly Operating Reports and any other documents, reports, or filings required to be submitted by the Debtor; (g) preparation of applications for compensation of Maxwell Dunn, PLC and any other professionals that may be employed by the estate; (h) preparation of pleadings related to sale applications or valuation motions, if any; (i) attendance at hearings and meetings not otherwise designated; (j) negotiations with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; (k) consultations with the Debtor regarding the Chapter 11 proceeding and advising the responsible party regarding various aspects of the matter; (l) consultations with professionals the estate may need to hire; (m) preparation of the Combined Plan and Disclosure Statement and ballots and service upon creditors; (n) filing and representation during any adversary proceedings that may arise; and (o) all other responsibilities and duties of counsel not specified. The firm's hourly rates effective January 1, 2025, are $425 for Ethan Dunn, Owner/Attorney; $355 for Alexander J. Berry-Santoro, Managing Attorney; and $235 for Aaron Witalec, CPA. Maxwell Dunn, PLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The Court entered an Order Authorizing Debtor to Employ Counsel on January 22, 2026. The firm can be reached at: Alexander J. Berry-Santoro, Esq. Ethan D. Dunn, Esq. MAXWELL DUNN, PLC 2937 E. Grand Blvd., Ste. 308 Detroit, MI 48202 Telephone: (248) 246-1166 E-mail: aberrysantoro@maxwelldunnlaw.com About The Detroit Pizza Bar The Detroit Pizza Bar is dedicated to crafting high-quality, handcrafted pizzas with a signature thick, square crust and generous toppings. Since its founding, the restaurant has become known for its distinctive flavor, friendly service, and commitment to local culinary traditions. The Detroit Pizza Bar filed a petition under Subchapter V of Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-53182) on December 31, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Paul R. Hage presides over the case. Akunna Olumba, Esq., at Mischief Managed PLC represents the Debtor as counsel. ELECTRIC LAST: Court Orders Jefferies to Defend SPAC Merger Suit ---------------------------------------------------------------- Mike Leonard of Bloomberg Law reports that a Delaware judge declined to dismiss claims against Jefferies LLC stemming from the SPAC merger that took Electric Last Mile Solutions Inc. public, a deal that unraveled before the electric vehicle startup filed for bankruptcy. Chancellor Kathaleen St. J. McCormick of the Delaware Chancery Court said Tuesday, January 27, 2026, that investors adequately alleged the investment bank’s involvement in the transaction’s structure and disclosures. The decision follows earlier rulings permitting claims against Electric Last Mile’s founders, Jason Luo and James Taylor, who resigned amid allegations of misconduct. McCormick noted that Delaware law imposes a high threshold for aiding-and-abetting claims in merger cases, particularly after recent appellate guidance. Still, she concluded that the complaint contains enough factual detail to keep Jefferies in the case at this stage of the proceedings, according to Bloomberg Law. About Electric Last Mile Solutions Electric Last Mile Solutions, Inc. (Nasdaq: ELMS) has been focused on defining a new era in which commercial vehicles run clean as connected and customized solutions that make businesses more efficient and profitable. ELMS' first vehicle, the Urban Delivery, was anticipated to be the first Class 1 commercial electric vehicle in the U.S. market. On the Web: ttp://www.electriclastmile.com/ Troy, Michigan-based Electric Last Mile Solutions, Inc., wholly owns Electric Last Mile, Inc., the operating subsidiary. Electric Last Mile Solutions and Electric Last Mile Inc. filed for Chapter 7 bankruptcy (Bankr. D. Del. Case No. 22-10537 and 22-10538) on June 14, 2022. Electric Last Mile Inc. estimated $50 million to $100 million in assets and liabilities as of the bankruptcy filing. Electric Last Mile Solutions estimated less than $50,000 in assets and debt. The Debtors' counsel is Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor LLP. ELITE LIMOUSINE: U.S. Trustee Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------------ William Harrington, the U.S. Trustee for Region 2, asked the U.S. Bankruptcy Court for the Eastern District of New York to appoint a Chapter 11 trustee for Elite Limousine Plus, Inc. and Dispatch Support Services, LLC. The U.S. Trustee sought the appointment of an independent trustee to take over the company's bankruptcy case following the failure of the Debtors, under the control of Shafquat Chaudhary, to pursue avoidance claims against Mr. Chaudhary and his affiliated non-debtor companies, despite the central importance of those claims to creditor recoveries. Courts routinely hold that such failures, particularly where a debtor is controlled by the litigation target, constitute gross mismanagement. The U.S. Trustee said that considering the totality of the circumstances, including persistent operating losses, administrative insolvency, failure to propose a feasible plan, and failure to pursue claims against an insider, cause exists under sections 1112(b) and 1104(a). The bankruptcy watchdog argued that appointment of a Chapter 11 trustee, rather than immediate conversion, is in the best interests of creditors and the estate. A neutral third-party fiduciary is needed to assess the going-concern value of the Debtor's business, if any, and the value of the avoidance actions, determine whether reorganization or liquidation will maximize recoveries, negotiate with Mr. Chaudhary at arm's length and oversee a liquidation if necessary. The U.S. Trustee said that if the court determines that a viable path to reorganization likely no longer exists and continued Chapter 11 administration would further diminish estate value, conversion to Chapter 7 would be appropriate. Accordingly, appointment of a Chapter 11 trustee is the preferable remedy if a reorganization is potentially viable, with conversion warranted in the alternative. A court hearing is scheduled for March 4. Objections are due by February 25. A copy of the motion is available for free at https://urlcurt.com/u?l=DLOFC8 from PacerMonitor.com. About Elite Limousine Plus Elite Limousine Plus, Inc., is part of the taxi and limousine service industry. Elite Limousine Plus sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-43088) on Aug. 29, 2023. In the petition signed by Shafquat Chaudhary, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. Salvatore LaMonica, Esq., at Lamonica Herbst & Maniscalco, LLP, is the Debtor's legal counsel. ELLOI ENTERPRISES: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------------ On January 28, 2026, Elloi Enterprises LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Elloi Enterprises LLC Elloi Enterprises LLC is a limited liability company. Elloi Enterprises LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40366) on January 28, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is being handled by Honorable Bankruptcy Judge Edward L. Morris. The debtor is represented by Alvin Q. Malone, Esq., of Law Offices of Al Malone. EMPRESS LLC: Commences Chapter 11 Bankruptcy in California ---------------------------------------------------------- On January 22, 2026, Empress, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $10 million and $50 million in debt owed to 1 to 49 creditors. About Empress, LLC Empress, LLC is a limited liability company. Empress, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30058) on January 22, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities in the same range. The case is being handled by Honorable Bankruptcy Judge David R. Jones. The debtor is represented by Kristhy M. Peguero, Esq., of Jackson Walker LLP. EQUALTOX LLC: Court OKs Stanton Property to Nadia Osokin for $2MM ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, has granted Equaltox, LLC, and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Reorganized Debtors seek to sell the property located at 8100 Electric Ave., Stanton, CA 90680. The net proceeds of the sale of the Property will be deposited with the Disbursing Agent and will be used to pay the professional fees of the Disbursing Agent, reserve for any still-Disputed Claims, and pay off the claim of Anthem. The Property is an approximately 4,861-square-foot industrial office and work warehouse. Masood holds title to the Property; however, Equaltox contends that it is the beneficial owner. Equaltox largely funded the down payment for the acquisition of the Property by reimbursing Masood for advancing that amount and guaranteed the loans associated with the two liens encumbering the Property. The Court has authorized and directed the Reorganized Debtors to sell the Property to Nadia Osokin for $2,000,000. The sale shall be free and clear of any and all liens, and interests. The Buyer is determined to be a good faith purchaser. If the Buyer fails to timely close the sale of the Property, then the Deposit is forfeited to the Reorganized Debtors as provided in the Agreement and the Addendum. The Reorganized Debtors are authorized and directed to pay directly from escrow upon the closing of the sale of the Property the following: a. The Broker's commission to the listing broker, and any cooperating broker as set forth in the Motion; b. The allowed secured claims of First Citizens Bank & Trust, California Statewide CDC, and the County of Orange; c. Taxes, including any capital gains taxes, secured by the Property or due and owing by the Reorganized Debtors upon the sale of the Property; and d. Ordinary costs of sale of the Property from the proceeds of sale. The sale of the Property is "as-is" and "where-is" with all faults and without warranty, representation, or recourse whatsoever. The Reorganized Debtors are authorized and directed to execute any documents and take any actions reasonably necessary to consummate the sale of the Property. About Equaltox, LLC Equaltox, LLC is a full service reference laboratory that can provide almost any type of blood testing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:23-bk-12243) on October 27, 2023. In the petition signed by Sulaiman Masood, member and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Robert S. Marticello, Esq., at Smiley Wang-Ekvall, LLP, represents the Debtor as legal counsel. EXOTIC COACH: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Exotic Coach Lines, LLC 4846 N University Dr Unit 276 Fort Lauderdale, FL 33351 Business Description: Exotic Coach Lines, LLC provides charter bus and transportation services to individuals, corporations, and groups of varying sizes, operating primarily in the United States. The Company offers a fleet that includes luxury motorcoaches, mini coaches, and minibuses, accommodating between 37 and 56 passengers, and serves clients for airport transfers, cruise ship transfers, corporate events, school and sports team transportation, general tours, and special occasions. Exotic Coach Lines employs licensed drivers and maintains its fleet in Fort Lauderdale, Florida. Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10942 Judge: Hon. Scott M Grossman Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Giuseppe Marinelli as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X52N3UQ/Exotic_Coach_Lines_LLC__flsbke-26-10942__0001.0.pdf?mcid=tGE4TAMA FAIRFIELD HOME: Seeks Chapter 7 Bankruptcy in Ohio -------------------------------------------------- Fairfield Home Health Agency Inc. filed a voluntary Chapter 7 bankruptcy petition on January 19, 2026, in the Southern District of Ohio. According to the court filing, the Debtor lists liabilities between $1MM and $10MM and reports having 1–49 creditors. About Fairfield Home Health Agency Inc. Fairfield Home Health Agency Inc. is a home healthcare services provider based in Ohio. The company delivers in-home medical and personal care services designed to support patients who require assistance with daily living, post-acute recovery, or ongoing health management. On January 19, 2026, Fairfield Home Health Agency Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50252). The bankruptcy petition reflects estimated assets of $0–$100,000 and estimated liabilities ranging from $1MM to $10MM. The matter is overseen by Honorable Bankruptcy Judge Mina Nami Khorrami. The Debtor is represented by Sean Stone, Esq. FAT BRANDS: Court Grants Interim Cash Collateral Approval in Ch. 11 ------------------------------------------------------------------- Yun Park of Law360 reports that FAT Brands Inc. secured interim authorization from a Texas bankruptcy court on Wednesday, January 28, 2026, to use cash collateral in its Chapter 11 case, following an agreement with certain noteholders over the structure of the company’s cash collateral budget. The approval provides the owner of Fatburger and Johnny Rockets with near-term liquidity to maintain operations as it works toward a longer-term arrangement with creditors, the report cites. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a 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. FAT Brands franchises and owns over 2,200 units worldwide. 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. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FIRST BRANDS: Asks Court to Approve $48M from Ford, GM, Polaris --------------------------------------------------------------- Emily Lever of Law360 reports that First Brands Group, an embattled auto parts manufacturer, asked a Texas bankruptcy court on Wednesday, January 28, 2026, for approval to access $48 million in customer advances from Ford, GM, Harley-Davidson, and others, saying the cash is necessary to maintain operations after its DIP financing ran dry. Without court approval, the company warned it could face operational disruptions, adding that the advances are essential to stabilizing the business as it works toward a broader restructuring solution, the report relays. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Former Executives Indicted in Fraud Case ------------------------------------------------------ Ben Zigterman of Law360 reports that Patrick James, the founder of the bankrupt auto parts company First Brands Group, and his brother Edward James face federal indictments in New York alleging financial misconduct. Prosecutors claim the pair inflated invoices, pledged the same collateral multiple times, and hid liabilities from lenders, creating a misleading picture of the company's financial health. The indictment adds to the scrutiny surrounding First Brands Group's bankruptcy, which has left numerous creditors exposed. Authorities are seeking to hold the James brothers accountable through criminal prosecution, underscoring the risks executives face when allegedly committing fraud during corporate insolvency, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST FRIENDS: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On January 19, 2026, First Friends Child Development Center 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 First Friends Child Development Center LLC First Friends Child Development Center LLC operates as an early childhood education provider, offering child care and developmental programs for young children. The company focuses on educational enrichment, supervision, and age-appropriate learning services in a structured environment. First Friends Child Development Center LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10561) on January 19, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Andre L. Kydala, Esq. FIRST STUDENT: Term Loan Repricing No Impact on Moody's 'B1' CFR ---------------------------------------------------------------- Moody's Ratings says the ratings of First Student Bidco Inc. (First Student), including its B1 corporate family rating and B1 senior secured rating, are unaffected by the company's senior secured first lien term loan repricing transaction. The outlook remains positive. First Student is seeking to reprice its senior secured first lien term loan B and term loan C. Moody's expects annual interest expense savings resulting from a tighter spread will modestly benefit interest coverage and free cash flow. There are no expected changes in the total amount or maturity of the company's first lien term debt. First Student's ratings are supported by the company's strong competitive position as the largest provider of contracted bus transportation services for school districts in North America. The company, which is more than twice the size of its nearest competitor, benefits from very stable demand for student busing with high contract renewal rates. Favorable contract price increases and better driver retention levels have contributed to improving operating results. Moody's expects solid revenue growth and earnings expansion to continue over the next twelve months. The positive outlook reflects Moody's expectations that consistent earnings growth will translate into sustainable positive free cash flow and support leverage remaining below 5.0x debt/EBITDA (inclusive of the company's term loan C debt). First Student Bidco Inc. is the largest provider of student transportation services in North America through long-term contracts with school districts. The company is owned by EQT Infrastructure. Revenue for the twelve month period ended September 30, 2025 was approximately $4.1 billion. FLOAT ALASKA: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: FLOAT Alaska LLC 4700 Old International Airport Road Anchorage, AK 99502 Business Description: FLOAT Alaska LLC is an Anchorage, Alaska-based holding company that owns and operates regional and planned transpacific airline services through its subsidiaries. Its operations include New Pacific Airlines, Inc., which provides passenger and cargo flights across Alaska and plans broader international routes; Corvus Alaska Holdings Inc. and FLOAT Alaska Holdings LLC, which manage airline operations and corporate assets; FLOAT Alaska IP LLC, which oversees intellectual property and branding; and FlyCoin, Inc., a blockchain-based airline loyalty platform. Float Shuttle Inc., a Southern California urban mobility venture, holds a 5.5% stake in FLOAT Alaska LLC. Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court District of Delaware Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- FLOAT Alaska LLC (Lead Case) 26-10075 Corvus Alaska Holdings Inc. 26-10076 FLOAT Alaska Holdings LLC 26-10077 FLOAT Alaska IP LLC 26-10078 New Pacific Airlines, Inc. 26-10079 FlyCoin, Inc. 26-10080 FLOAT Shuttle Inc. 26-10081 Judge: Hon. Craig T. Goldblatt Debtors' General Bankruptcy Counsel: Paige N. Topper, Esq. Nicholas Smargiass, Esq. SAUL EWING LLP 1201 North Market Street Suite 2300 Wilmington, DE 19801-1125 Tel: 302-421-6800 Email: paige.topper@saul.com nicholas.smargiassi@saul.com - and - Zev M. Shechtman, Esq. 1888 Century Park East, Suite 1500 Los Angeles, CA 90067 Phone: (310) 255-6100 Email: zev.shechtman@saul.com Debtors' Claims/ Noticing Agent: STRETTO, INC. Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $10 million to $50 million Thomas Hsieh signed the petitions as manager. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RXNR4UQ/FLOAT_Alaska_LLC__debke-26-10075__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. VT San Antonio Aerospace, Inc. Trade Debts $1,651,209 9800 John Saunders Road San Antonio, TX 78216 Mellisa Contreras Phone: 210-293-2653 Email: mellisa.contreras@stengg.us 2. Cephas Trust Convertible Note $1,000,000 Address Redacted Peter Chapman Email Address Redacted 3. Lone Star Friends Trust Convertible Note $1,000,000 Address Redacted Stanley Blend Email Address Redacted 4. Intelsat Alliance LP Trade Debts $778,300 111 N Canal Street Chicago, IL 60606 Latoya Vance Phone: 708-682-5528 Email: latoya.vance@ses.com 5. Associated Energy Group, LLC Trade Debts $656,082 8686 New Trails Drive Suite 170 The Woodlands, TX 77381 Matt Suedkamp Phone: 818-388-6378 Email: msuedkamp@aegfuels.com 6. AAR Supply Chain, Inc. Engine Lease $636,820 1100 North Wood Dale Road Wood Dale, IL 60191 Elena Ptouchkina Phone: 630-227-2000 Email: elena.ptouchkina@aarcorp.com 7. Willis Towers Watson Insurance $605,252 Northeast, Inc. 200 Liberty Street New York, NY 10281 Angela Carnes Phone: 303-218-4042 Email: angela.carnes@wtwco.com 8. Barnes & Thornburg LLP Professional $398,597 11 S. Meridian Street Services Indianapolis, IN 46204 Stacey Rice Phone: 424-343-5550 Email: stacey.rice@btlaw.com 9. PASS Charters Charter $375,000 6544 Highland Road Deposit Waterford Township, MI 48327 William Larken Phone: 248-644-1952 Email: blarken@passcharters.com 10. Aertek Ltd Trade Debts $290,000 36 Wallington Shore Road Fareham Hampshire, PO16 8SG UK Pete Smithin Phone: +44 23 9245 4070 Email: pete@aertekltd.com 11. Paul Viboch Convertible $287,000 Address Redacted Note Email Address Redacted 12. Brex Inc. Corporate $260,758 650 S 500 W Credit Card #209 Salt Lake City, UT 84101 Karim Mohamed Phone: 415-423-0223 Email: kmohamed@brex.com 13. Aaron Kusano Convertible $250,000 Address Redacted Note Email Address Redacted 14. Anu Mariampillai Convertible $250,000 Address Redacted Note Email Address Redacted 15. David Lee Murphey Convertible $200,000 Address Redacted Note Email Address Redacted 16. Bischoff Aerospace Trade Debts $200,000 8130 NW 58th Street Doral, FL 33166 Yilian Suarez Yanes Phone: 305-883-4410 Email: accounting@baiengines.com 17. BlackRock/ Engine Lease $195,000 Aviation Holdings III Investments, LLC 55 E. 52nd Street New York, NY 10055 Allie Selnick Phone: 212-810-5708 Email: allie.selnick@blackrock.com 18. Delta Air Lines, Inc. Trade Debts $166,473 1030 Delta Boulevard Atlanta, GA 30354 Ana Maria Cardenas Phone: 1-844-503-2111 Email: artrade.delta@delta.com 19. Timothy J. Kirley, Trustee Convertible $150,000 Address Redacted Note Email Address Redacted 20. Rolls Royce plc Trade Debts $147,887 Kings Place 90 York Way, 3rd Floor London, N1 9FX UK Hazel Wallace Phone: +44 0-7879 155311 Email: hazel.wallace@rolls-royce.com 21. Sheireen Huang Convertible $143,000 Address Redacted Note Email Address Redacted 22. Regent Aerospace Corporation Trade Debts $131,929 28110 W. Harrison Parkway Valencia, CA 91355 Anne Domont Phone: 661-753-4771 Email: adomont@regentaerospace.com 23. Elite Team Logistics, Inc. Trade Debts $108,300 11125 Park Blvd Suite 104-209 Seminole, FL 33772 Shannon R. Norris Phone: 330-730-7238 Email: shannon.norris@eliteteamlogistics.com 24. Xtreme Aviation, LLC Trade Debts $105,074 7200 Corporate Center Drive Suite 305 Miami, FL 33126 Yanet Lledo Phone: 305-526-7400 x121 Email: ylledo@txg.aero 25. The Ayers Family Trust Convertible $100,000 Address Redacted Note Kenneth Ayers Email Address Redacted 26. Delta Professional Trade Debts $94,650 Services, LLC 980 Virginia Avenue Atlanta, GA 30354 Jennifer Leon Phone: 470-834-4036 Email: jennifer.leon@dps.delta.com 27. State of Alaska Department of Trade Debts $90,225 Transportation and Public Facilities - Southcoast Region PO Box 112500 Juneau, AK 99811 Vicky Roberts Phone: 907-465-2619 Email: vicky.roberts@alaska.gov 28. AeroDesign Services LLC Trade Debts $89,800 29561 Costello Drive New Hudson, MI 48165 Brenda Baker Phone: 517-745-8595 Email: brenda.baker@aerodesignservices.com 29. State of Alaska Department of Trade Debt $88,637 Transportation and Public Facilities, Alaska International Airport System Accounts Receivable P.O. Box 196960 Anchorage, AK 99519-6960 Lupe De Soto Phone: 907-266-2416 Email: maria.desoto@alaska.gov 30. Municipality of Anchorage Property Taxes $81,679 Finance Department/ Treasury Division P.O. Box 196040 Anchorage, AK 99519 Treasury Division Phone: 907-343-6650 Email: wwfit@anchorageak.gov FLOAT ALASKA: Files for Ch. 11 Bankruptcy w/ $65.7MM Debt --------------------------------------------------------- Vince Sullivan of Lw360 Bankruptcy Authority reports that the parent company of New Pacific Airlines, FLOAT Alaska LLC, entered Chapter 11 bankruptcy proceedings in Delaware on Monday, January 26, 2026, with several affiliates, citing about $65.7 million in outstanding debt. The company said its Alaskan regional carrier has faced persistent financial headwinds that made continued operations outside of court untenable. Through the Chapter 11 process, the company aims to reorganize its finances and preserve value while continuing service. Court filings indicate the debtors will seek to address liquidity issues and restructure obligations under bankruptcy court supervision, the report states. About FLOAT Alaska LLC FLOAT Alaska LLC is the parent company of New Pacific Airlines and Ravn Alaska. The entity was formed in July 2020 and is engaged in aviation industry ventures that historically included scheduled air service, charter operations and regional connectivity in Alaska and beyond. FLOAT Alaska LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10075) on January 26, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Paige Noelle Topper, Esq. of Saul Ewing LLP. FLOAT ALASKA: New Pacific, Ravn Airlines Owner Seeks Chapter 11 --------------------------------------------------------------- Float Alaska LLC, the Anchorage, Alaska-based owner of defunct New Pacific Airlines and Ravn Alaska, filed for Chapter 11 bankruptcy protection, seeking a sale of its assets. In February 2020, Thomas Hsieh, Rob McKinney, and Hawaiian regional airline, and Josh Jones, launched Float Shuttle to operate a new urban mobility service in Southern California to reduce daily commutes from three plus hour drives to 15-minute flights each way (FLOAT stands for "Fly Over All Traffic"). The business was suspended after the outbreak of COVID-19 in March 2020 as there were nearly no commuters or traffic. Float Shuttle through new entity FLOAT Alaska LLC in August 2020 bought in the bankruptcy case of Ravn Air Group, Inc., et al. (Bankr. D. Del. Lead Case No. 20-10755) the stock of Corvus Airlines Inc. d/b/a Ravn Alaska, which held the FAA 121 certificate operating regional flights throughout Alaska. Float Alaska rehired approximately 350 former Ravn Air Group employees and was able to restart Ravn Alaska's operations. Float Alaska purchased several Boeing 757 aircraft and renamed Corvus Airlines, the holder of the Part 121 certificate, to "Northern Pacific Airways." In the summer of 2023, New Pacific Airlines launched Boeing 757 operations with domestic scheduled service out of Ontario, California (less than 40 miles east of Downtown Los Angeles). The service started with Ontario to Las Vegas, then added Ontario to Reno and then Ontario to Nashville. The Debtors' secured creditor is Josh Jones, which has agreed to provide DIP financing to finance the Chapter 11 case. Prepetition, Josh Jones and his entities, primarily Jones Holding LLC, acquired the rights of lender NFS Capital under a term loan, of which $22.4 million was outstanding as of Jan. 16, 2026. Jones is also owed $11,327,787 for loans made to the Debtors in December 2024 to January 2026. Citing, among other things, Russia's full-scale invasion of Ukraine that hampered flights, the failure of its blockchain based airline loyalty platform with FlyCoin, Inc., and competition with Aleutian Airways, the Debtors said that they were burning cash on both the former Ravn Alaska business and the new Boeing 757 business operated by New Pacific Airlines. Unable to obtain U.S. Department of Transportation ("DOT") for Essential Air Service ("EAS") subsidies in four remaining Alaska communities they still served, the Debtors in August 2025 were forced to cease their regional operations. In early 2024, NPA ceased scheduled operations for the Boeing 757s and pivoted to operating charter flights in an attempt to reduce the losses at New Pacific Airline. The Debtors had an exclusive agreement with Elevate Aviation Group's Private Jet Services (PJS) to fly six NHL teams but the Debtors lost money on every flight under the PJS contract. The Debtors and PJS were unable to reach agreement of new terms. Sale of the Assets in Chapter 11 The Debtors' largest assets are their three Boeings, including four engines. The Debtors filed for chapter 11 to complete a sale of substantially all of their assets free and clear of liabilities under section 363. The Debtors remain hopeful that they may find a buyer interested in a going concern sale that would allow the continued use of the Company's Part 121 certificate. The Debtors have engaged Sage Popovich, Inc. as their sales agent to maximize the recovery from the Aircraft. The Debtors' financial advisor, Sherwood Partners, Inc. will coordinate the sale with respect to all assets and particularly to evaluate potential going concern sales for some or all of the assets in addition, or in the alternative to, sales of the physical assets. Resolution With Lender Jones has agreed to provide postpetition financing of approximately $3,230,000 by the DIP Lender to fund the chapter 11 liquidation process. Until shortly before the Chapter 11 filing, the Boeings were encumbered by a first priority lien in favor of NFS Capital, under which New Pacific Airlines and Float Alaska Holdings are borrowers and Float Alaska is guarantor. Josh Jones was a guarantor of such debt under a deficiency guaranty, limited to the principal amount of debt. NFS Capital asserted various defaults and that the Debtors' secured debt was, as of Jan. 16, 2026, approximately $22.4 million comprised of $14.7 million in principal, $5.6 million in future interest, $1.75 million in prepayment fee, in addition to default interest and other charges. The Debtors disputed the amount of the NFS Capital claim beyond principal and non-default interest. NFS threatened foreclosure on the Boeings. Shortly before the Debtors' bankruptcy filings, the DIP Lender, certain of the Debtors and Jones Holding, the DIP Lender, entered into an agreement with NFS Capital. The material terms of such transaction include an assignment of NFS Capital's loan to the DIP Lender, a sharing arrangement between the DIP Lender and NFS Capital of sale proceeds from the sale of the Boeings, and conclusion of a sale process with respect to the Boeings within the later of 75 days after the Petition Date or 90 days after the execution date of the NFS agreement. The Debtors entered into a side letter agreement with Jones Holding and NFS Capital resolving a dispute concerning the total amount due under the NFS Capital loan document. While NFS threatened foreclosing on the Boeings, the DIP Lender has agreed to forbear from exercising its remedies with respect to the Boeings to allow the Debtors to run a sale process in chapter 11 without the threat of a secured creditor immediately seeking relief from the automatic stay or exercising their rights under section 1110 of the Bankruptcy Code. About FLOAT Alaska Float Alaska LLC is the Anchorage, Alaska-based owner of defunct New Pacific Airlines and Ravn Alaska. On Jan. 26, 2026, FLOAT Alaska LLC and six affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10075). The cases are pending before the Honorable Craig T. Goldbatt. Saul Ewing LLP is the Debtors' general bankruptcy counsel. Stretto is the claims agent. FLOAT ALASKA: Secures First-Day Chapter 11 Approval --------------------------------------------------- Jeff Montgomery of Law360 reports that on Wednesday, January 28, 2026, a bankrupt Alaska commercial carrier won approval of its first Chapter 11 bankruptcy motions from the U.S. Bankruptcy Court, a crucial step in its restructuring process. A lawyer representing the U.S. Trustee’s Office pointed out that the case is unusual, noting that the airline has no operating revenue—a condition that sets it apart from the vast majority of Chapter 11 debtors. The absence of revenue presents distinctive legal and financial hurdles, as courts and trustees generally expect debtors to generate some income during reorganization to support operations and creditor payments. Nevertheless, the court’s endorsements of the airline’s filings allow it to begin addressing immediate needs and to pursue a path forward under Chapter 11, the report states. About FLOAT Alaska LLC FLOAT Alaska LLC is the parent company of New Pacific Airlines and Ravn Alaska. The entity was formed in July 2020 and is engaged in aviation industry ventures that historically included scheduled air service, charter operations and regional connectivity in Alaska and beyond. FLOAT Alaska LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10075) on January 26, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Paige Noelle Topper, Esq. of Saul Ewing LLP. FRONTIER COMMUNICATIONS: Fitch Hikes LongTerm IDR From 'B+' ----------------------------------------------------------- Fitch Ratings has upgraded Frontier Communications Parent, Inc.'s (Frontier parent) and its rated subsidiaries' Long-Term Issuer Default Ratings (IDRs) to 'BBB+' from 'B+' following the completion of the company's acquisition by Verizon Communications Inc. (A-/Stable). The Rating Watch Positives were removed and the Outlook for each entity is Stable. Fitch also upgraded all the company's rated debt to 'BBB+'. The upgrade reflects Fitch's expectation that Frontier's credit profile will strengthen as part of the investment grade parent, with lower notching on Frontier's IDRs reflecting no guarantees in place on its debt. The ratings affect more than $12 billion of outstanding debt, prior to debt paydowns post transaction closing. Fitch will rate the Frontier entities under Verizon Communications in the future. Following the upgrades, Fitch has withdrawn Frontier parent's Long-Term IDR because the rating is no longer relevant to the agency's coverage. Fitch has also withdrawn the ratings on Frontier Communications Holdings, LLC's RCF and term loans, which were terminated and repaid following the closing. Key Rating Drivers Verizon Acquisition Credit Positive: The acquisition by Verizon has positive credit implications for Frontier and will reduce its liquidity and leverage risk. Verizon has a strong balance sheet and generates significant pre-dividend FCF that Fitch projects could range from $18 billion to $21 billion annually in the next few years. This will provide Frontier with significantly more capital access as it scales its fiber network. Verizon also has a much stronger national brand that could benefit Frontier. Fitch expects Verizon will repay or redeem most of Frontier's outstanding debt in the near term. Parent-Subsidiary Relationship: Fitch links the IDRs of Frontier and its subsidiaries to parent Verizon Communications Inc. using its Parent and Subsidiary Linkage Rating Criteria, based on a strong parent/weak subsidiary approach. The linkage incorporates low legal, medium strategic and high operational incentives. This PSL application implies a top down, minus one notching approach. It results in a 'BBB+' IDR, one notch below the 'A-' IDR of its parent. Leverage Benefits from Transaction: Frontier's EBITDA leverage was high before the Verizon transaction, projected in the mid- to high-5.0x range in the next few years. Under its new parent, the company has significantly more financial flexibility that will enable it to scale its fiber network and shift away from copper network and legacy services offerings. Fiber-Focused Capital Allocation: Frontier's capital allocation policy following its April 2021 bankruptcy emergence largely centers on accelerated investment in fiber to the home (FTTH) and targeting fiber deployment to small and medium businesses, enterprises and the wholesale market. Its aggressive investment plan will expand the deployment of fiber to more than 10 million locations, or two-thirds of its current footprint, versus 8.8 million as of September 2025. Combined, Verizon now reaches approximately 30 million fiber passings and projects 35 million-40 million in the future. Fiber Opportunity Mitigates Risks: Growing its fiber-based revenue comes with opportunity and execution risks for Frontier. These risks are mitigated by secular growth, demonstrated through successful additions of fiber customers and several years of consecutive net adds with lower churn rates. Since 2022, broadband fiber churn for consumer/business customers has been in the 1.2%-1.5% range versus 1.7%-2.5% for copper customers. Frontier's potential to capture additional broadband share is underscored by its footprint, with limited competition in approximately 85% of its markets. Deal Solves Negative FCFs: Heavy capital intensity and cash burn related to its fiber build-out were negative for the credit profile historically, although the Verizon acquisition solves its FCF issues. FCF deficits accelerated meaningfully in recent years and Fitch calculates was nearly $7 billion cumulatively in 2021-2025. Nearly all cash flow deterioration is from significantly increased capex spend of $2.7 to more than $3.0 billion annually from 2022-2025 versus low-$1.0 billion in 2019-2020. Verizon's much healthier balance sheet will enable the company to continue to scale. Improving Margins: Accelerated fiber deployments are improving profitability, and the ongoing fiber mix shift could help drive future margin expansion. Reported EBITDA margins increased 230 basis points for the nine months ended September 2025. Management has indicated EBITDA margins could expand to the mid- to high-40% range over time, and Verizon expects synergies from the transaction. Fiber comprised roughly 77% of YTD 2025 EBITDA through September, and the ongoing mix shift to fiber should help profitability, as fiber requires fewer on-site service calls versus copper and lower call volumes generally. Frontier has also been aggressively cutting costs since mid-2021. Competition Intense: Telecom competition is intense and increasingly diverse as more providers and technology solutions have entered Frontier's end markets. This is further evidenced by Verizon's move to bulk up in wireline offerings via its acquisition of Frontier. Frontier has a strong presence within its footprint, but other providers have also been scaling out their own networks and broadband service offerings. Additionally, U.S. wireless companies have now become a viable alternative internet solution with fixed wireless access offerings. Peer Analysis Frontier has higher exposure to the consumer market compared with wireline peers Lumen Technologies, Inc. (CCC+/Watch Positive) and Uniti Group Inc. (B-/Stable). The consumer market faces secular challenges (particularly in voice/video), with legacy revenue declines in older copper-based communication technologies being only somewhat offset by growth in faster, fiber-based technology. Incumbent wireline operators face competition for broadband customers from cable operators, including Comcast Corp. (A-/Stable) and Charter Communications Inc. (BB+/Rating Watch Positive). Frontier also faces emerging broadband competition from 5G wireless operators offering fixed wireless access, including T-Mobile U.S. Inc. (BBB+/Stable). Fitch expects Frontier's aggressive fiber investments to have long-term benefits, which could now accrue to Verizon in the future. RATING SENSITIVITIES Rating sensitivities do not apply because Frontier is now rated as part of its parent, Verizon Communications Inc. Liquidity and Debt Structure Frontier had $336 million of unrestricted cash as of September 2025, undrawn capacity on its $925 million revolving credit facility and warehouse facilities that included a $1.5 billion delayed draw term loan (DDTL) facility. The Verizon acquisition will significantly improve its access to liquidity and capital. Projected negative FCFs over Fitch's ratings horizon, on a standalone basis prior to the Verizon acquisition, are due to the capital-intensive nature of the business in conjunction with an aggressive build-out of fiber across its footprint. Frontier has more than $10 billion of debt outstanding, following repayments at closing. Verizon is expected to repay or redeem most of Frontier's debt in the near-term, with its revolver and term loans repaid and terminated this week following closing. Issuer Profile Frontier was founded in the 1930s and is the fourth-largest U.S. incumbent local exchange carrier. It was acquired by Verizon Communications Inc. in January 2026. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Frontier North Inc. LT IDR BBB+ Upgrade B+ senior unsecured LT BBB+ Upgrade BB+ Frontier Florida LLC LT IDR BBB+ Upgrade B+ senior unsecured LT BBB+ Upgrade BB+ Frontier California, Inc. LT IDR BBB+ Upgrade B+ senior unsecured LT BBB+ Upgrade BB+ Frontier Communications Holdings, LLC LT IDR BBB+ Upgrade B+ senior secured LT WD Withdrawn BB+ senior secured LT BBB+ Upgrade BB+ G&D TRANSMISSION: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------------- On January 26, 2026, G&D Transmission & Fleet Service Inc. filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About G&D Transmission & Fleet Service Inc. G&D Transmission & Fleet Service Inc. is a specialized automotive repair and fleet maintenance company based in Deer Park, New York. The firm provides transmission repair, preventive maintenance, and comprehensive servicing for commercial and private vehicles. G&D Transmission & Fleet Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70352) on January 26, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000, and estimated liabilities in the same range. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Fred S. Kantrow, Esq. of The Kantrow Law Group, PLLC. GAMESTOP CORP: Turker Ali Ehad Holds Less than 5% Stake ------------------------------------------------------- Turker Ali Ehad disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of April 2, 2025, he beneficially owns 269,777 shares of GameStop Corp.'s Class A Common Stock, representing 0.09% of the shares outstanding. Turker Ali Ehad may be reached at: 601 Brickell Key Drive, Suite 700 Miami, FL 33131 A full-text copy of Turker Ali Ehad's SEC report is available at: https://tinyurl.com/3j8ttbsm About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. As of November 1, 2025, GameStop had $10.6 billion in total assets, $5.2 billion in total liabilities, and $5.3 billion in total stockholders' equity. * * * Egan-Jones Ratings Company on January 15, 2025, revised the foreign currency and local currency senior unsecured ratings on debt issued by GameStop Corporation to CCC- from CC. GEORGIA PROTONCARE: Hires Epiq Corporate as Claims Agent -------------------------------------------------------- Georgia ProtonCare Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division to hire Epiq Corporate Restructuring, LLC to serve as claims and noticing agent. Epiq will provide these services: (a) prepare and serve required notices and documents in accordance with the Bankruptcy Code and Bankruptcy Rules, including notice of the commencement of the Chapter 11 case, initial meeting of creditors, claims bar dates, transfers of claims, objections to claims, hearings on disclosure statements and confirmation of plans, notices of effective dates, and all other notices, orders, pleadings, publications, and other necessary documents; (b) maintain an official copy of the Debtor's schedules of assets and liabilities and statement of financial affairs; (c) maintain a list of all potential creditors, equity holders, and other parties in interest, including a core mailing list under Bankruptcy Rules 2002(i), (j), and (k); (d) furnish notice to all potential creditors of the last date for filing proofs of claim and provide forms for filing; (e) maintain a post office box or address to receive claims and returned mail and process all mail received; (f) prepare and file affidavits or certificates of service for all notices, motions, orders, pleadings, or documents served; (g) process all proofs of claim received, check for accuracy, and maintain originals securely; (h) maintain an electronic platform for filing proofs of claim; (i) maintain the official claims register and provide duplicates or certified copies to the Clerk as requested; (j) provide public access to the Claims Register and proofs of claim; (k) implement security measures for the Claims Register and original proofs of claim; (l) record all transfers of claims and provide notices of transfers as required; (m) relocate court-filed proofs of claim to Epiq's offices weekly; (n) turn over copies of the Claims Register to the Clerk upon completion of docketing; (o) monitor the Court's docket for notices of appearance, address changes, and claims-related pleadings and update the Claims Register and mailing lists; (p) identify and correct incomplete or incorrect addresses in mailing or service lists; (q) assist in dissemination of administrative information to the public via case website and/or call center; (r) monitor Court docket for filings with errors and coordinate corrections; (s) contact the Clerk's office within three days if the case is converted to chapter 7; (t) thirty days prior to case closure, request the Debtor to submit a proposed order dismissing Epiq as Claims and Noticing Agent; (u) within seven days of notice of case closure, provide the final Claims Register; (v) within fourteen days of an order dismissing the case or twenty-eight days of a final decree, forward an electronic version of imaged claims, upload creditor mailing list into CM/ECF, and docket a final Claims Register; (w) within fourteen days of conversion or termination order, forward electronic imaged claims, upload mailing list to CM/ECF, and docket final Claims Register. The firm will be paid at these fees: CLAIM ADMINISTRATION HOURLY RATES IT / Programming $65-$85 Case Managers $85-$175 Project Managers/Consultants / Directors $175-$190 Solicitation Consultant $190 Executive Vice President, Solicitation $195 Epiq is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 About Georgia ProtonCare Center Georgia ProtonCare Center Inc. owns and operates the Facility, which is the sole proton therapy treatment center in the state of Georgia, and one of only 47 such facilities operating in the United States. Georgia ProtonCare Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No. 26-50882-JWC) on January 22, 2026. Judge Jeffery W. Cavender presides over the case. The Debtor is being advised by David E. Gordon at Polsinelli PC as legal counsel, BDO as financial advisor, and SOLIC Capital as the investment banker. The Bond Trustee is being advised by Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. as legal counsel and Houlihan Lokey as investment banker. GIBRALTAR INDUSTRIES: Fitch Assigns 'BB' IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has assigned Gibraltar Industries, Inc. a first-time Long-Term Issuer Default Rating (IDR) of 'BB'. Fitch has also assigned a 'BBB-' rating with a Recovery Rating of 'RR1' to the company's proposed offering of $650 million senior secured term loan A, $650 million senior secured term loan B, and $500 million senior secured RCF. Proceeds from the new term loan facilities will be used to fund the acquisition of OmniMax International, LLC (OmniMax) for a total cash consideration of $1.335 billion. The Rating Outlook is Stable. Gibraltar's rating reflects its increased scale and market position in residential roofing and accessories, conservative financial policy, and strong profitability metrics. The rating also incorporates the company's moderate leverage following the acquisition of OmniMax. The rating is constrained by the company's limited product offering and scale relative to building product peers. Key Rating Drivers Strategic Expansion via OmniMax Acquisition: Gibraltar has signed a definitive agreement to acquire OmniMax for $1.335 billion in cash. Fitch views the acquisition positively, as it significantly increases Gibraltar's scale and provides it with complementary products, while diversifying into new sales channels. OmniMax is a leader in residential roofing accessories and rainware solutions. The transaction values OmniMax at 12.1x multiple, based on projected 2025 EBITDA of $110 million, excluding management's estimates for any synergies and tax benefits. Gradual Deleveraging to Moderate Levels: Fitch estimates pro forma leverage of 4.4x for 2025, excluding synergies. Fitch forecasts EBITDA leverage will decline to 3.4x in 2026, assuming a full year of OmniMax and $16 million of cost synergies. Fitch projects EBITDA leverage to decline to about 2.9x in 2027 and 2.5x in 2028, driven by EBITDA growth and debt reduction. Fitch's rating case forecast assumes (CFO-capex)/debt of 17%-21% in 2025 and 2026. Management has committed to a 2.0x-2.5x EBITDA net leverage range within 24 months post-acquisition close, which Fitch projects the company will achieve. Fitch views integration risk as manageable and expects Gibraltar to delever within a reasonable time frame. Conservative Financial Policy: Fitch views Gibraltar's financial policy as conservative, underpinned by historically very low to negative EBITDA net leverage and the absence of regular dividends. Management prioritizes organic investment and disciplined M&A that enhances earnings, typically funded with cash generated from operations, consistent with publicly stated capital allocation priorities. Management's current priority is to delever the balance sheet. Fitch's rating case forecast does not assume meaningful share repurchases until the company reaches its deleveraging target. Favorable End-Market Exposure: Fitch expects Gibraltar's pro forma revenue mix to be more concentrated in residential repair and-remodel and new construction, with exposure to roofing accessories and rainware that exhibit resilient, replacement-driven demand. Fitch expects the residential segment to account for over 80% of pro forma revenues, with a significant majority tied to the replacement market, which is expected to provide more stable earnings given its less cyclical, non-discretionary nature. Gibraltar maintains minority exposure to the more cyclical new home construction market. Strong Profitability and Cash Flow: Fitch views Gibraltar's EBITDA and FCF margins as strong for the 'BB' IDR and in line with investment-grade peers. Fitch projects Gibraltar's post-acquisition EBITDA margins in the high teens, driven by OmniMax's higher EBITDA margin profile and synergies. Fitch's rating case forecast assumes cost synergies of $16 million in 2026 and $24 million in 2028, below management's estimate of around $20 million in year one and $27 million in year two. Fitch projects FCF margins will be between 9.5% and 10.5% in 2026 and 2027. Strong FCF provides Gibraltar flexibility to reduce debt beyond required amortization. Enhanced Leadership Position: Fitch views Gibraltar as having a leadership position in the roofing accessories and mailboxes segments and anticipates the addition of OmniMax will support its leadership position with additional products. However, the company's scale is still considered relatively small compared to investment-grade building products manufacturers within Fitch's coverage. Gibraltar's product offering is primarily focused on residential roofing accessories, rainware and mailboxes, which Fitch ultimately considers a relatively concentrated product portfolio. Peer Analysis Gibraltar's credit metrics, including pro forma EBITDA leverage of 3.4x at YE 2026 and FCF margin in the high-single digits to low-double digits, are stronger than 'BB' category building products peers, including Standard Building Solutions (BB/Stable) and MIWD Holding Company (BB-/Stable). Gibraltar's pro forma EBITDA margins are similar to these peers. However, both peers are substantially larger than Gibraltar. Gibraltar has modestly higher pro forma EBITDA margins than Installed Building Products (BB+/Stable), however Installed Building Products' EBITDA leverage and EBITDA interest coverage are stronger. Fitch's Key Rating-Case Assumptions -- OmniMax acquisition closes in 2026 and is immediately accretive to operating results; -- Reported revenues increase to approximately $1.7 billion in 2026 (on a pro forma basis assuming full year contribution from OmniMax) and grow 5.0%-6.0% in 2027; -- The addition of OmniMax's higher margin business and realization of cost synergies drive EBITDA margin expansion to approximately 18.5%-19.0% by 2026 and an incremental 25-50bps expansion by 2027; -- Capex of approximately 2.8%-3.3% of sales in 2026 and 2027; -- FCF allocated to voluntary pay down term loan facilities by $75 million in 2026 and $50 million in 2027; -- Net proceeds from the sale of the renewables segment allocated towards debt paydown. Corporate Rating Tool Inputs and Scores Fitch scored Gibraltar as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): --The business and financial profile factors are assessed (in the format of the 'assessment', followed by relative importance) as follows: Management ('bbb', moderate), Sector Characteristics ('bbb-', low), Market & Competitive Positioning ('bb+', moderate), Diversification and Asset Quality ('b+', high), Company Operational Characteristics ('bb+', moderate), Profitability ('a', moderate), Financial Structure ('bb+', high), and Financial Flexibility ('bbb', moderate). -- The quantitative financial subfactors are based on custom financial period parameters of 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. -- The governance assessment of 'Good' results in no adjustment. -- The operating environment assessment of 'aa-' results in no adjustment. -- The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch's expectation that EBITDA leverage will sustain above 4.0x; -- (CFO-capex)/debt sustained below 7.5%; -- Prioritization of shareholder favored capital allocation activities over debt paydown while leverage is above management's target. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Fitch's expectation that EBITDA leverage will sustain below 3.0x; -- The company increases its size or expands its product portfolio while maintaining a majority of sales to the replacement market; -- (CFO-capex)/debt sustained above 11%. Liquidity and Debt Structure Gibraltar has approximately $90 million of cash and $395 million of availability under its RCF as of Sept. 30, 2025. As part of the proposed transaction, Gibraltar will have access to an upsized $500 million revolver. The RCF and term loan A each mature five years from the closing date, while term loan B carries a seven-year tenor from the closing date. Collectively, these extended debt maturities limit near-term refinancing risk. Fitch forecasts EBITDA interest coverage of around 5.0x, providing sufficient headroom under the financial covenants. Issuer Profile Gibraltar Industries, Inc. is a diversified manufacturer of building products and engineered solutions serving residential, Agtech, and infrastructure end-markets across North America. The pending acquisition of OmniMax adds complementary products, including roofing accessories and rainware products. GOGO INC: Moody's Downgrades CFR to B2, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings downgraded Gogo Inc.'s (Gogo) corporate family rating to B2 from B1 and the company's probability of default rating to B2-PD from B1-PD. Moody's also downgraded the ratings on Gogo Intermediate Holdings LLC's backed senior secured bank credit facilities to B2 from B1. Gogo's speculative grade liquidity (SGL) rating remains unchanged at SGL-1. The outlooks on both Gogo and Gogo Intermediate Holdings LLC are stable. Gogo's downgrade reflects higher than anticipated competitive intensity in the company's business jet in-flight connectivity end markets and execution risks under an evolving global business strategy targeting business and military/government customers. The downgrade also reflects Gogo's governance weaknesses given high debt leverage (Moody's adjusted) for the current credit profile and limited visibility into the pace of deleveraging. RATINGS RATIONALE Gogo's B2 CFR reflects the growing competitive intensity in the company's market as it transitions to operating as a multi-orbit, multi-band in-flight connectivity provider for global aviation markets serving business and military/government customers. Gogo, currently the leading provider of broadband connectivity services for the business aviation market, benefits from steady growth in private business and other jet usage, increasing demand for in-flight broadband connectivity in underserved and underpenetrated end markets and a good liquidity profile with positive free cash flow expected over the next 12-18 months. The company has undertaken transformative strategic investments, including its December 2024 acquisition of Satcom Direct, Inc. (Satcom), a geostationary (GEO) satellite in-flight connectivity provider serving business aviation and military/government sectors globally. Commercial launches of new and higher speed in-flight connectivity products continue to ramp, including Gogo 5G, a North America-based 5G air-to-ground (ATG) network which launched in December 2025, and Gogo Galileo low-earth-orbit (LEO) services which launched in March 2025 via access to Eutelsat SA's (Eutelsat, Ba3 stable) OneWeb LEO constellation and its 600-plus LEO satellites. Offsetting this is Gogo's small scale and focus on niche end markets with pro forma revenue for the last 12 months ended September 30, 2025 of $890 million. In early December 2025 and highlighting what Moody's views as both an unexpected and marked shift in industry competitive intensity, Gogo disclosed the loss of a sizable portion of potential future in-flight connectivity business on large, North American-based business jets with NetJets Inc. (NetJets, unrated) due to aggressive competition from Starlink Services, LLC (Starlink, unrated), a highly-resourced and vertically-integrated satellite internet constellation operated by Space Exploration Technologies Corp (SpaceX, unrated). NetJets, a subsidiary of Berkshire Hathaway Inc. (Berkshire, Aa2 stable), provides aviation services through fractional ownership and charter services, allowing its customers to buy shares in or flight hours on its 1,000-plus private jet fleet. The company has stated its contract and existing business with NetJets currently remain fully in place. While Moody's notes Gogo has won, in a bid against Starlink, Gogo Galileo business with Vista Global Holding Ltd. (Vista Global, B3 stable), the holding company of a leading global business aviation provider serving corporate customers and high net worth individuals with a fleet of over 270 jets, the upside with NetJets was a sizable missed opportunity and a clear sign of a change in the competitive regime in the company's targeted end markets. However, Moody's continues to believe Gogo is likely more competitively positioned currently to retain and win new business over Starlink on smaller jets going forward with NetJets in North America due to the comparative advantages and lower costs of Gogo 5G services over its upgraded ATG network, as well as that service's smaller antenna size which is easier to install. Moody's anticipates rising competitive intensity across global business in-flight connectivity end markets and believe the company's Gogo Galileo offering will face heightened competition for LEO-based services on larger business jets both in and outside of North America given Starlink's persistent encroachment and capacity for competitive disruption. Given its well-regarded and high level of customer service and agnostic, multi-band approach to the market, Moody's believes Gogo is better-equipped to compete in the smaller and significantly underpenetrated military/government in-flight connectivity end market globally. Given its small scale, Gogo remains vulnerable to less predictable risks tied mainly to volatile air travel demand due to potential increases in fuel prices, general economic weakness and geopolitical uncertainties. Gogo's pro forma debt/EBITDA leverage (Moody's adjusted) for the last 12 months period ended September 30, 2025 of 4.4x is mainly due to the debt-funded portion of its acquisition of Satcom, but also reflects higher operating costs tied to technology investments and weakening equipment margins versus historical levels. While Moody's had previously expected debt/EBITDA (Moody's adjusted) to decline to below 4.0x by year-end 2026 tied to recent strategic initiatives, Moody's now anticipate rising execution risks and a slower deleveraging path. Limited visibility into operating trends informs Moody's current debt leverage (Moody's adjusted) forecast of around 4.2x at year-end 2026. Gogo's SGL-1 speculative grade liquidity rating reflects Gogo's very good liquidity profile, including around $134 million in cash on hand as of September 30, 2025. In addition, the company retains a fully undrawn $122 million revolving credit facility due December 2029. Moody's expects Gogo to generate positive free cash flow of around $100 million in 2026 as capital spending slows following the recent ATG 5G network buildout. The revolver contains a net leverage covenant set at 7.5x which is only tested when utilization exceeds 35%. The stable outlook reflects Moody's expectations that Gogo's debt/EBITDA (Moody's adjusted) will remain above 4.0x in 2026 but that its pipeline and aftermarket install trends will steadily improve for both ATG 5G and Gogo Galileo services such that ramping revenue and EBITDA growth in 2027 will materially aid deleveraging by year-end 2027. Given intensifying and potentially disruptive competition, the outlook also anticipates that the company will suspend the use of discretionary free cash flow for share buybacks and will instead adopt a financial policy that prioritizes debt paydowns over the next 18 months. The B2 rating on Gogo's senior secured credit facilities reflects the probability of default of the company as reflected in the B2-PD probability of default rating, an average expected recovery rate of 50% at default and the loss given default assessment of the debt instruments in the capital structure based on a priority of claims. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure will remain constrained by the company's small scale, rising competitive intensity and still fairly limited total addressable market despite expanding market reach into the global business aviation in-flight connectivity market with Gogo Galileo LEO satellite connectivity services. However, Gogo's ratings could be upgraded if the company were to significantly increase its scale while also diversifying its end market revenue sources. An upgrade would also require Gogo to demonstrate a consistent and prudent financial policy translating into debt/EBITDA below 3.0x and free cash flow to debt above 10%, both on a sustained and Moody's adjusted basis. Downward rating pressure could develop should competition further intensify and new customer wins and upgrades fail to grow steadily in 2026 such that revenue and EBITDA growth expectations in 2027 are impaired. In addition, if debt/EBITDA (Moody's adjusted) were to be sustained above 4.0x or if there were a weakening in Gogo's margins or liquidity or if competitive intensity materially worsens, existing ratings could also be pressured. 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. With headquarters in Broomfield, Colorado, Gogo is a global leader in providing broadband connectivity solutions to the business and military/government aviation industry. After divesting its commercial aviation in-flight connectivity business in 2020, the company operates solely in these niche aviation in-flight connectivity end markets following its late 2024 acquisition of Satcom. As of September 30, 2025, Gogo had 6,529 ATG broadband connected aircraft online and 1,343 GEO broadband connected aircraft online and generated $890 million of pro forma revenue for the last 12 months ended September 30, 2025. GOLD CITY: Seeks to Hire Boyer Terry LL as Legal Counsel -------------------------------------------------------- Gold City Health & Rehab, LLC seeks approval from the United States Bankruptcy Court for the Middle District of Georgia to employ Boyer Terry LLC of Macon, Georgia as its attorneys. The firm will provide the following services: (a) give Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (b) prepare on behalf of Debtor, as Debtor-in-Possession, necessary applications, motions, answers, reports, and other legal papers; (c) continue existing litigation to which Debtor-in-Possession may be a party, and to conduct examinations incidental to the administration of Debtor's estate; (d) take any and all necessary action for the proper preservation and administration of the estate; (e) assist Debtor-in-Possession with the preparation and filing of a Statement of Financial Affairs and schedules and lists as are appropriate; (f) take whatever action is necessary with reference to the use by Debtor of its property pledged as collateral, including cash collateral; (g) assert, as directed by Debtor, claims that Debtor may have against others; (h) assist Debtor in connection with claims for taxes made by governmental units; and (i) perform other legal services for Debtor, as Debtor-in-Possession, which may be necessary. Under the proposed terms of employment, attorneys and other professional personnel within Boyer Terry LLC will undertake the representation at a flat-fee rate, which includes the filing fee and all travel time. The Debtor remains responsible for out-of-pocket expenses. According to court filings, neither Boyer Terry LLC nor any partner or employee of the firm holds or represents any interest adverse to the Debtor, the Debtor's estate, creditors, or other parties-in-interest. Boyer Terry LLC is therefore a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Telephone: (478) 742-6481 E-mail: Wes@BoyerTerry.com About Gold City Health & Rehab LLC Gold City Health & Rehab, LLC operates a skilled nursing facility providing short- term rehabilitation and long-term nursing care services, serving patients requiring post-acute and custodial care. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-52006) on December 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael E. Winget, Sr., manager, signed the petition. Honorable Judge Austin E. Carter oversees the case. Wesley J. Boyer, Esq. at BOYER TERRY LLC represents the Debtor as legal counsel. GRACE BAPTIST: Unsecureds Will Get 100% of Claims over 60 Months ---------------------------------------------------------------- Grace Baptist Church St. Lucie, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated January 20, 2026. The Debtor is a Baptist church located at 1750 SE Lennard Road, Port St. Lucie, Florida. More specifically, it is a Florida Not for Profit Corporation incorporated in 2017 with the State of Florida. The Debtor has been in Port St. Lucie since 2017; and at its current location since 2020. It was in 2020 that the Debtor purchased its current location at 1750 SE Lennard Road, Port St. Lucie, Florida. It financed the foregoing purchase with a mortgage from Self Help Credit Union. It currently has 250 to 300 members. The Debtor was adversely affected by the COVID-19 pandemic with physical Church attendance being slow to return to pre-pandemic figures. Nevertheless, Port Saint Lucie is a growing county with families moving into the area thereby fueling a projected increase in Church attendance. Class 2 consists of General Unsecured Claims. This Class shall receive a monthly payment of $405.83 for 60 months. Total Claim Amount in Class $24,349.45. The Debtor may prepay this amount. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. Class 3 consists of General Unsecured Class – Insiders (Grace Baptist Church Inc., William F. Richardson III, and W. Franklyn Richardson). This Class shall receive a monthly payment of $2,826.67 for 60 months. Payments to this insider class will be subordinated and will not be paid until all other allowed claims are paid in full. This Class will receive a distribution of 100% of their allowed claims. This Plan will be implemented i.e. funded from the continued operations of the Debtor. The Debtor anticipates obtaining refinancing or other funding to pay off in full the underlying mortgage within the 5-year life of the plan. In the event of a plan default, any party in interest may seek the dismissal or conversion of this case. Furthermore, in the event the Debtor is not able to pay off the underlying mortgage within the 5-year life of the plan, the Debtor agrees to market and sell the underlying real property to effectuate the pay off in full of the underlying mortgage. The Debtor's financial projections show that the Debtor will have sufficient aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes. The final Plan payment is expected to be paid within 60 months of the Effective Date. A full-text copy of the Plan of Reorganization dated January 20, 2026 is available at https://urlcurt.com/u?l=PK0zF9 from PacerMonitor.com at no charge. The firm can be reached at: Tarek K. Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 Fax: (561) 763-7355 Email: tarek@kiemlaw.com About Grace Baptist Church St. Lucie, Inc. Grace Baptist Church St. Lucie Inc., based on SE Lennard Road in Port Saint Lucie, Florida, delivers religious services and community-focused programs for a diverse, multi-generational congregation, including worship services, Bible studies, and children's activities, and functions within the U.S. religious institutions sector. Grace Baptist Church St. Lucie Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22641) on Oct. 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Tarek K Kiem, of KIEM LAW PLLC. GT TX LLC: Scott Seidel Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for GT TX, LLC. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About GT TX LLC GT TX, LLC owns and operates GameTime, a family entertainment center offering bowling, arcade games, laser tag, bumper cars, and event hosting services. The company manages its facility at 1201 W Airport Freeway, in Euless, Texas, providing recreational and amusement services to local families and groups. GT TX filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40168) on January 13, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael Abecassis, chief executive officer, signed the petition. Judge Edward L. Morris presides over the case. Sarah M. Cox, Esq., at Spector & Cox, PLLC represents the Debtor as legal counsel. HAUSMANN ENTERPRISES: Seeks Chapter 7 Bankruptcy in Minnesota ------------------------------------------------------------- On January 9, 2026, Hausmann Enterprises, LLC filed for Chapter 7 protection in the District of Minnesota Bankruptcy Court. According to court filing, the Debtor reports between $1MM and $10MM in debt owed to 50–99 creditors. About Hausmann Enterprises, LLC Hausmann Enterprises, LLC is a limited liability company. Hausmann Enterprises, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30075) on January 9, 2026. In its petition, the Debtor reports estimated assets in the range of $1MM–$10MM and estimated liabilities in the range of $1MM–$10MM. Honorable Bankruptcy Judge Katherine A. Constantine handles the case. The Debtor is represented by Robert J. Haupt, Esq. of Haupt Law PC and Erika E. Mortensen, Esq., of Lathrop GPM LLP. HOBBS COMPANY: Nathan Smith Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Hobbs Company Limited, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Hobbs Company Limited LLC Hobbs Company Limited, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-50054) on January 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Stephen R. Harris, Esq., at Harris Law Practice LLC represents the Debtor as bankruptcy counsel. JAGUAR HEALTH: Issues Pre-Funded Warrants to Iliad, Streeterville ----------------------------------------------------------------- Jaguar Health, Inc. disclosed in a regulatory filing that the Company entered into a series of exchange transactions with Iliad Research and Trading, L.P. and Streeterville Capital, LLC, exchanging certain royalty interests and preferred stock into pre-funded common stock purchase warrants. Royalty Interest Exchange Transactions: As previously disclosed, on October 8, 2020, the Company sold to Iliad a royalty interest in the original principal amount of $12 million. On January 16, 2026, the Company entered into a privately negotiated exchange agreement with Iliad. Pursuant to this agreement, the Company issued a pre-funded common stock purchase warrant to purchase 1,553,844 shares of Common Stock to Iliad in exchange for a $1,187,914.07 reduction in the outstanding balance of the October 2020 Royalty Interest. The Iliad Royalty Interest Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. Also, as previously disclosed, on August 24, 2022, the Company sold to Streeterville a royalty interest in the original principal amount of $12 million. The Company entered into a privately negotiated exchange agreement with Streeterville on January 16, 2026, pursuant to which, the Company issued a pre-funded common stock purchase warrant to purchase 1,111,837 shares of Common Stock to Streeterville in exchange for a $850,000 reduction in the outstanding balance of the August 2022 Royalty Interest. The Streeterville Royalty Interest Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. Series L Preferred Stock Exchange Transactions: As previously disclosed, on May 14, 2025, the Company entered into a privately negotiated exchange agreement with Iliad, pursuant to which the Company issued 22 shares of Series L Perpetual Preferred Stock to Iliad. On January 16, 2026, the Company entered into a privately negotiated exchange agreement with Iliad, pursuant to which the Company issued a pre-funded common stock purchase warrant to purchase 719,424 shares of Common Stock to Iliad in exchange for 22 shares of Series L Preferred Stock held by Iliad. Upon completion of the exchange, such 22 shares of Series L Preferred Stock were cancelled and retired. The Iliad Series L Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. The Company entered into a similar privately negotiated exchange agreement with Streeterville on May 14, 2025, pursuant to which the Company issued 99.3822 shares of Series L Preferred Stock to Streeterville. On January 16, 2026, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued a pre-funded common stock purchase warrant to purchase 3,249,908 shares of Common Stock to Streeterville in exchange for 99.3822 shares of Series L Preferred Stock held by Streeterville. Upon completion of the exchange, such 99.3822 shares of Series L Preferred Stock were cancelled and retired. The Streeterville Series L Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. Series M Preferred Stock Exchange Transactions: As previously disclosed, on June 27, 2025, the Company entered into a privately negotiated exchange agreement with Iliad, pursuant to which the Company issued 170 shares of Series M Perpetual Preferred Stock to Iliad. On January 16, 2026, the Company entered into a privately negotiated exchange agreement with Iliad, pursuant to which the Company issued a pre-funded common stock purchase warrant to purchase 2,870,503 shares of Common Stock to Iliad in exchange for 87.78 shares of Series M Preferred Stock held by Iliad. Upon completion of the exchange, such 87.78 shares of Series M Preferred Stock were cancelled and retired. The Iliad Series M Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. Also as previously disclosed, on June 27, 2025, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued 90 shares of Series M Preferred Stock to Streeterville. On January 16, 2026, the Company entered into a privately negotiated exchange agreement with Streeterville, pursuant to which the Company issued a pre-funded common stock purchase warrant to purchase 2,270,765 shares of Common Stock (the "Sixth Pre-Funded Warrant") to Streeterville in exchange for 69.44 shares of Series M Preferred Stock held by Streeterville. Upon completion of the exchange, such 69.44 shares of Series M Preferred Stock were cancelled and retired. The Streeterville Series M Exchange Agreement includes representations, warranties, and covenants customary for a transaction of this type. Each of the First Pre-Funded Warrant, the Second Pre-Funded Warrant, the Third Pre-Funded Warrant, the Fourth Pre-Funded Warrant, the Fifth Pre-Funded Warrant, and the Sixth Pre-Funded Warrant is exercisable in part or in full immediately at an exercise price of $0.001 per share, and may be exercised at any time until such Pre-Funded Warrant is exercised in full. The Pre-Funded Warrants provide that the number of shares that may be exercised shall be limited to ensure that, following such exercise, the number of shares of Common Stock beneficially owned by the holder, together with its affiliates and certain related parties, does not exceed 9.99% of the total number of shares of Common Stock then issued and outstanding. Full text copies of the Pre-Funded Warrants and the Iliad Royalty Interest Exchange Agreement, the Streeterville Royalty Interest Exchange Agreement, the Iliad Series L Exchange Agreement, the Streeterville Series L Exchange Agreement, the Iliad Series M Exchange Agreement, and Streeterville Series M Exchange Agreement are available at https://tinyurl.com/24355mmm, https://tinyurl.com/n9wbmx6f, https://tinyurl.com/mxwy365k, https://tinyurl.com/4nesw77z, https://tinyurl.com/29s25suj, https://tinyurl.com/2x2582pu and https://tinyurl.com/2a8y6buc, respectively. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, 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 an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of September 30, 2025, the Company had $49.5 million in total assets, $45.1 million in total liabilities, $4.4 million in total stockholders' equity. JEKYLL BREWING: Seeks Chapter 7 Bankruptcy in Georgia ----------------------------------------------------- On January 17, 2026, Jekyll Brewing City Center, LLC, filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Jekyll Brewing City Center, LLC Jekyll Brewing City Center, LLC is a brewery and hospitality company that offers craft beer production, tasting events, and food services. The company serves patrons through both its on-site operations and special events. Jekyll Brewing City Center, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50748) on January 17, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jeffery W. Cavender handles the case. The Debtor is represented by Michael D. Robl, Esq. of Robl Law Group LLC. K&D'S SANTA: Amends Live Oak Banking Secured Claim Pay ------------------------------------------------------ K&D's Santa Cruz Tire and Auto, Inc., submitted an Amended Plan of Reorganization for Small Business dated January 20, 2026. The Debtor's financial projections show that the Debtor will have projected disposable income of $1,545,480. The final Plan payment is expected to be paid on March 2029 which is anticipated to be 36 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 30 cents on the dollar, consistent with the liquidation analysis in Exhibit A and projected disposable income in Exhibit B. This Plan also provides for the payment of administrative and priority claims. Class 1 consists of the Secured Claim of Live Oak Banking Co. The Debtor shall pay the Class 1 claimant in full by making the regular contractual payments to the Class 1 creditor [in the present amount of $25,126.28] pursuant to the terms of the note, including any adjustments from time to time as set forth in the loan documents [next adjustment not until June 2028] Debtor will cure all post petition arrears (representing the difference between the contractual payment and the adequate protection payment of $18,008.29) in the estimated amount of $36,735 together with interest at 10% per annum from the due date of each defaulted post-petition payment on the Effective Date. Except for the cure of post-petition payments set forth in the prior sentence, the claim will be unimpaired and any default under the loan documents, other than a payment default, remain unaffected by the plan and order. This includes but is not limited to all insurance required by the loan agreement, including any life insurance to be maintained by any guarantor. The attorneys' fees and costs incurred by Creditor in this case shall be paid by Debtor pursuant to the loan documents. Like in the prior iteration of the Plan, general unsecured creditors in Class 3 shall receive a pro-rata share of a pot of $144,586 disbursed in monthly payments of $4,016.28 over 36 months distributed prorata commencing on the first day of the month after the Effective Date of the Plan and continuing on the first day of the month each and every month thereafter for 35 additional months. Mr. Ryan and Mrs. Ryan will continue to serve as directors and officers of Debtor and continue with day to day management and operations. Debtor may employ a business consultant to assist with streamlining operations and for business promotions. Debtor has more than sufficient cash to pay administrative claims and priority claims on the Effective Date and to provide for a buffer for any slow months. A full-text copy of the Amended Plan dated January 20, 2026 is available at https://urlcurt.com/u?l=D0W0U5 from PacerMonitor.com at no charge. Counsel to the Debtor: Lars T. Fuller, Esq. THE FULLER LAW FIRM, PC 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 Email: admin@fullerlawfirm.net About K&D's Santa Cruz Tire and Auto K&D's Santa Cruz Tire and Auto, Inc., doing business as Santa Cruz Tire and Auto Care, provides automotive repair and maintenance services including brakes, engine and suspension repair, wheel alignments, smog checks, and air conditioning service. The company also sells and installs tires from brands such as Pirelli and Firestone and offers related services such as towing, financing, and a vehicle shuttle program. It operates from its location in Santa Cruz, California, serving customers in the surrounding area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51258) on August 15, 2025, with $1,754,537 in assets and $2,350,343 in liabilities. Karl Ryan, CEO, signed the petition. Judge M. Elaine Hammond presides over the case. Lars Fuller, Esq., at The Fuller Law Firm, PC, is the Debtor's bankruptcy counsel. KEESTONE PROPERTIES: PCO Reports Resident Care Complaints --------------------------------------------------------- Teresa Teeple, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee her second report regarding the quality of patient care provided by Keestone Properties of TN, LLC and its affiliates. The PCO directed increased monitoring by District Ombudsman Terri Pickford, who conducted three visits -- two routine and one in response to a resident complaint that was satisfactorily resolved with staff. The PCO observed improvements in cleanliness and pest control at the facility, and found food service to be adequate, with appropriate portions and additional servings available upon request. In addition, residents are generally well-groomed, though occasional issues with stained clothing and uncombed hair were noted. The PCO noted complaints regarding laundry services, delayed bedding changes, general care concerns, and limited activities at times. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=OofKcp from PacerMonitor.com. About Keestone Properties of TN Keestone Properties of TN, LLC, a company in Loretto, Tenn., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03769) on September 8, 2025, listing $1 million to $10 million in both assets and liabilities. Judge Charles M. Walker oversees the case. Dunham Hildebrand Payne Waldron, PLLC serves as the Debtor's legal counsel. Teresa Teeple is the patient care ombudsman appointed in the Debtor's case. LAMUMBA INC: Court Extends Cash Collateral Access to April 10 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California granted Lamumba Inc. interim authority to use cash collateral through April 10. As a condition of use, the Debtor must make monthly adequate protection payments to secured creditor Tellone Mortgage Fund: $25,000 by February 15 and $25,000 on the 15th of each month thereafter. In addition, Tellone's pre-bankruptcy liens attach to all receivables collected from the petition date through April 10. The order required the Debtor to execute a binding letter of intent to sell the real property located at 410 14th Street, Oakland, California, at a price sufficient to pay Tellone in full. The sale must close, or Tellone must be paid in full, within 90 days after January 13. If the Debtor defaults on any term, Tellone may issue a notice of default. If not cured within 10 days, Tellone may seek an order terminating cash collateral use and granting relief from the automatic stay. The Debtor is limited to a 5-day response, solely on whether a default occurred. A continued hearing is scheduled for April 8. About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its petition, the Debtor report ED estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices Of Michael Jay Berger. LENMAR ROBERTSON: Seeks to Hire Ure Law Firm as Counsel ------------------------------------------------------- Lenmar Robertson, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division to hire Thomas B. Ure of Ure Law Firm to serve as general bankruptcy counsel. Mr. Ure will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of the case and operation of the Debtor's estate as a debtor-in-possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of accounts receivable and other claims and resolve claims against the estate; (h) provide advice concerning the claims of secured and unsecured creditors, including prosecution and/or defense of actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. Mr. Ure shall receive an hourly rate of $495. Associates will bill at $295 per hour, paralegals at $195 per hour, and law clerks at $95 per hour. According to court filings, Mr. Ure is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Telephone: (213) 202-6070 Facsimile: (213) 202-6075 E-mail: tom@urelawfirm.com About Lenmar Robertson, LLC Lenmar Robertson, LLC is engaged in real estate ownership and investment activities. The company manages property assets and related operations, including leasing and administrative oversight. Lenmar Robertson, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21079) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. The Debtor is represented by Thomas B. Ure of the Ure Law Firm. LIFESCAN GLOBAL: Fitch Assigns 'B-' LongTerm IDR, Outlook Neg. -------------------------------------------------------------- Fitch Ratings has assigned LFSN HoldCo I LLC (dba LifeScan Global Corporation) a first-time 'B-' Long-Term Issuer Default Rating (IDR). Fitch has also assigned its $185 million post-emergence first lien secured term loan a 'B+' rating with a Recovery Rating of 'RR2'. The Rating Outlook is Negative. The 'B-' IDR and Negative Outlook reflect LifeScan's manageable capital structure following Chapter 11 emergence. They also capture risks associated with headwinds to its core product and uncertainty about launching new products successfully. Fitch expects the company to repay term loan debt by YE 2028 via FCF from its blood glucose monitoring (BGM) products. However, weaker-than-expected BGM earnings or higher-than-forecast costs from bringing a continuous glucose monitor (CGM) product to market could slow debt repayment. The Outlook reflects the declining BGM end market and uncertain CGM business success. Key Rating Drivers Manageable Post-emergence Capital Structure: Fitch views LifeScan's post-emergence capital structure as manageable. It includes an undrawn $45 million ABL facility, a $185 million first lien secured term loan, approximately $133 million of forecasted cash at YE 2025, and an approximately neutral working capital position. This compares to the YE 2024 capital structure comprised of approximately $1.2 billion of term loan debt and $600 million of accrued rebate liabilities. Fitch forecasts 2025 Fitch-adjusted EBITDA of $192 million, which implies approximately 1.0x EBITDA leverage and is strong for the rating. Fitch's Ratings Case assumes LifeScan's earnings will continue to decline over the next several years. Fitch expects the company to still generate sufficient FCF to repay all term loan debt over the next three years. A faster-than-assumed EBITDA decline could limit the company's ability to repay term loan debt ahead of the 2030 maturity. Given the company's limited financial access and history of earnings declines, extension of maturities or refinancing could be challenging in a stress scenario where material debt remains outstanding. High Execution Risk: Fitch believes a successful launch of LifeScan-branded CGM products is critical to stabilizing revenue and earnings. The company's product portfolio is principally comprised of BGM products that have experienced steady volume and sales declines over the past several years, as CGMs gained share in diabetes testing. Fitch's rating case assumes a -11% sales CAGR on BGM products from 2024 to 2028, driven by industry-wide declines and lost formulary placement during Chapter 11 proceedings. Fitch views successful entry into the CGM market as uncertain. Market-entry timing and the ability of a LifeScan-branded product to gain substantial share against large, well-capitalized peers are unknown. Management attempted to enter the market with a manufacturing partner prior to Chapter 11 proceedings, but it did not materialize. Narrow Product Portfolio: LifeScan has historically been a leading player in the global BGM market, a subset of the diabetes testing market. The company has historically maintained strong market share with about 29% global BGM volume share, which translates to approximately 10% global diabetes testing volume share as of September 2025. Fitch expects LifeScan's global diabetes testing market share to continue to decline as industry-wide BGM sales fall. The concentrated portfolio in a declining subsector is a key factor to the credit profile, offsetting low leverage. Consistent Earnings Declines: LifeScan's earnings have declined meaningfully over the past several years alongside overall declines in global BGM sales and strip pricing. Revenue and Fitch-adjusted EBITDA each declined by about 35% from 2021 to 2025 forecast levels. Management has preserved EBITDA margins through significant SG&A restructuring initiatives over this period. Fitch forecasts sales to decline at a 10% CAGR from 2025 to 2028 and EBITDA to decline at a 26% CAGR due to worsening operating leverage and SG&A investment in the potential CGM business. Geographically Diversified with Modest Scale: LifeScan has modest scale currently with a well-recognized brand in the BGM market. Total forecasted 2025 revenue is $672 million and Fitch-adjusted EBITDA is $192 million. Fitch expects overall scale and market position to worsen over the next few years as BGM sales continue to decline and costs associated with potential CGM SG&A investment weigh on cash flows. The company has a well-diversified global footprint across key developed and emerging economies worldwide. In 2024, approximately 45% of net sales were generated in North America, 34% in EMEA, 17% in APAC, and 4% in LATAM. Peer Analysis Fitch rates LifeScan using its Medical Devices, Diagnostics and Products Navigator Framework. LifeScan's rating is constrained by its highly concentrated product portfolio within a declining subsegment of the diabetes testing market. It has lower financial leverage and historically has generated more consistent FCF than publicly rated 'B'-category peers, such as LGC Science Group Holdings Limited (B/Stable), but has a deteriorating long-term business outlook given declining BGM sales and uncertainty surrounding the successful launch of new products. LifeScan currently has EBITDA margin of around 25%-30% which is similar to higher rated medical device peers, reflecting its strong position within the blood glucose monitoring market and significant restructuring initiatives. However, these investment-grade peers have substantially greater scale and product diversity with more consistently positive sales and earnings growth, supporting their ratings. Fitch's Key Rating-Case Assumptions -- Total revenue declines at approximately 9% CAGR annually from 2024 to 2028, driven by the continued decline in BGM sales industry-wide combined with loss of U.S. PBM relationships during Chapter 11 proceedings. -- Fitch-adjusted EBITDA margins decline steadily from 28.5% in 2025 during the rating horizon. EBITDA margins decline by about 500bps annually due to lower operating leverage associated with sales declines and SG&A investment in the potential CGM business. -- Annual cash taxes of approximately $10 million-$20 million. -- Annual capex of approximately 2%-3% of sales. -- FCF of $83 million in 2026, $62 million in 2027, and $20 million in 2028. -- Substantially all FCF and excess cash used for term loan debt reduction. -- Adequate liquidity during the rating horizon, supported by forecasted YE 2025 cash of $133 million and ABL availability of $45 million. -- Term loan fully repaid by YE 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Lower), Sector Characteristics (ccc, Higher), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (ccc+, Moderate), Company Operational Characteristics (b-, Moderate), Profitability (bb+, Moderate), Financial Structure (aa+, Moderate), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in Fitch's analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'b-'. Recovery Analysis Key Recovery Assumptions -- The recovery analysis assumes that LFSN HoldCo I LLC would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. -- Fitch applies a $50 million GC EBITDA assumption and 4.0x enterprise value (EV) multiple for a total EV of $200 million. Recoverable value is reduced to $180 million after assuming 10% administrative claims in bankruptcy. -- Fitch then deducts expected claims on the ABL securitization facility of $40 million from the total EV, translating to $140 million in recoverable value for first lien term loan creditors. GC EBITDA rationale Fitch applies a $50 million GC EBITDA assumption to the recovery analysis, which reflects Fitch's view of a post-reorganization EBITDA level upon which Fitch bases the enterprise value. The GC EBITDA assumption is below 2025 forecasted EBITDA of $192 million and 2026 forecasted EBITDA of $122 million. This reflects Fitch's view that a future recovery scenario would occur after considerable EBITDA deterioration versus 2025 levels with no material revenue or positive EBITDA contribution from CGM products. Fitch expects BGM-only EBITDA under its rating case to be approximately $90 million in 2028, where distress would likely occur as ABL and term loan maturities approach. The $50 million GC EBITDA assumption reflects further stress than expected in Fitch's rating case plus loss of additional customers or geographies in a bankruptcy scenario, which would be used to inform the total EV of the company. EV Multiple rationale The GC multiple of 4.0x reflects the secular decline in the company's sole product offering and recent valuation in Chapter 11 proceedings. The company was recently assigned an enterprise value range of $504 million - $600 million (midpoint $552 million) compared to 2026 and 2027 forecasted EBITDA in bankruptcy filings of $149 million and $119 million, respectively, translating to 3.7x 2026 EBITDA and 4.6x 2027 EBITDA. Recovery Waterfall Fitch assumes the $200 million GC EV would be reduced by 10% for administrative claims, leaving $180 million of recoverable value. The company has a $45 million ABL facility, which Fitch assumes would have $40 million drawn ahead of bankruptcy. This reflects Fitch's assumption that the ABL borrowing base would decline alongside revenue and the full availability under the borrowing base would be drawn leading up to filing. Fitch assumes this $40 million ABL claim would have prior-ranking claims to the $185 million term loan in the recovery analysis and is deducted from term loan recoverable value. After deducting administrative claims and ABL claims, the first lien term loan receives remaining recoverable value of $140 million, translating to a 'B+'/'RR2' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Further profitability erosion than anticipated leading to lower FCF generation than forecast. In assessing negative rating action, Fitch will monitor if future FCF generating capacity declines such that the company's ability to repay outstanding indebtedness becomes questionable. -- Indication that successful launch of LifeScan-branded CGM products will be highly unlikely or impossible over the next several years in combination with continued erosion in BGM sales. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Successful launch of LifeScan-branded CGM products, as evidenced by flat to increasing revenue and EBITDA while maintaining positive FCF. -- The company repays all term loan debt outstanding while maintaining a satisfactory liquidity position. Liquidity and Debt Structure LifeScan has a manageable capital structure and sufficient liquidity following Chapter 11 emergence on Dec. 8, 2025. Fitch expects liquidity to be supported by availability under the $45 million ABL facility that expires in June 2029 and readily available cash of approximately $133 million at YE 2025. Fitch expects substantially all FCF generated in the rating case to be applied to term loan debt reduction, such that total liquidity does not exceed $150 million. Under Fitch's rating case, debt repayment and refinancing risk is manageable as FCF and cash on hand is sufficient to repay term loan borrowings outstanding by YE 2028. However, if FCF were to underperform Fitch's rating case due to BGM earnings underperformance, higher CGM start-up costs than forecast, or foreign exchange volatility, among other factors, then internally generated cash may be insufficient to repay term loan borrowings ahead of the 2030 maturity. In this scenario, maturity extension or refinancing to avoid a default could be challenging due to the company's limited financial market access and shrinking earnings base. Issuer Profile LifeScan is a leading global manufacturer of blood glucose monitors used for testing blood glucose sugar levels for individuals with diabetes. LIMA DEVELOPMENT: Taps Law Offices of Raymond H. Aver as Counsel ---------------------------------------------------------------- LIMA Development LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Raymond H. Aver, A Professional Corporation, to serve as general insolvency counsel. Mr. Aver will provide these services: (a) provide general insolvency and bankruptcy-related legal services to the Debtor and Debtor In Possession; (b) represent the Debtor in connection with its Chapter 11 proceedings; (c) prepare and file applications, pleadings, motions, Professional Fee Statements, and other necessary legal papers; and (d) perform all other legal services necessary to assist the Debtor in the administration of its Chapter 11 case. The Debtor agreed to pay a retainer to the Aver Firm in the amount of $45,000, inclusive of the filing fee. It made a prepetition retainer payment of $10,000, inclusive of the $1,738 filing fee. After deductions for prepetition services and costs, $6,452.40 remained on deposit as of the Petition Date. The balance of the retainer is to be paid postpetition in installments of $25,000 and $10,000, with employment conditioned upon payment of the retainer balance. The Aver Firm represented that it is a disinterested person and that no facts exist that would create non-disinterestedness, an actual conflict, or an impermissible potential conflict of interest, according to court filings. The firm can be reached at: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER, A Professional Corporation 11849 West Olympic Boulevard, Suite 204 Los Angeles, CA 90064 Telephone: (310) 571-3511 E-mail: ray@averlaw.com About Lima Development LLC Lima Development LLC is engaged in real estate acquisition, development, and management. The company's portfolio includes commercial and residential properties, and its operations encompass construction oversight, asset management, and leasing. Lima Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21153) on December 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Barry Russell. The Debtor is represented by Raymond H. Aver, Esq., of the Law Offices of Raymond H. Aver, A Professional Corporation. LINQTO TEXAS: Recaps Fraud Rationale for Chapter 11 Filing ---------------------------------------------------------- Linqto, Inc. re-released a detailed account of the rationale for filing for Chapter 11 bankruptcy protection, reviewing the serious fraud and misconduct committed by William (Bill) Sarris, Linqto's former Chief Executive Officer and founder and the prior management. The Company shared new information connected to the fraudulent behavior that occurred under Mr. Sarris' leadership, reiterated the timeline of events, and restated the facts previously submitted by Linqto to the United States Bankruptcy Court for the Southern District of Texas in the Company's First Day Declaration. "As we approach the confirmation of the Plan of Reorganization, our priority is delivering the greatest possible return to customers in the shortest time, and the baselessness of Mr. Sarris' objections only serves to undermine this priority," said Dan Siciliano, Linqto Chief Executive Officer. "As repeatedly stated in court, this is a fraud case, pure and simple. Mr. Sarris' actions during his time as CEO of Linqto directly contributed to the destruction of the business. Mr. Sarris tragically rigged the platform to take advantage of more than 13,000 innocent customers who simply wanted access to private market investing. Mr. Sarris' unfounded and last-minute legal objections are costly to customers and a desperate attempt to shift attention from his misdeeds. It's also worth noting that the Enforcement Division of the Securities and Exchange Commission continue their investigation into Mr. Sarris and have filed multiple claims for recovery." Years of Misconduct: Serious Accounting Irregularities Occurred Under Previous Management -- Previous management's claims of a 56-month streak of profitability are not supported by financial records. -- New management's internal review identified significant account discrepancies and undisclosed losses. -- Certain investor share transactions raise serious questions regarding prior financial controls and reporting practices. Unaccredited Customers Were Lied to Repeatedly and Mistreated -- New management discovered that Linqto failed to verify the accredited status of its customers with respect to offerings available only to accredited investors, allowing unaccredited investors to illegally participate in offerings. -- This improper structure created potential rescission claims from unaccredited investors of millions of dollars. -- As a result of misinformation provided to customers and Linqto's improper operating structure, the Company faced significant potential liabilities, and these liabilities risked exceeding the Company's assets, which would render Linqto insolvent. "Finfluencers" Were Paid to Promote Linqto Without Consistent Proper Disclosure -- Throughout Mr. Sarris' tenure, Linqto paid social media influencers over $2.45 million dollars to promote Linqto through aggressive marketing tactics including driving FOMO (fear of missing out). -- The payments were given in multiple forms including cash, "Linqto Bucks", crypto airdrops, gifted units of private market securities, and other price discounts. -- Many influencers that received free units of private market securities would frequently avoid required FTC disclosures. -- Linqto did not disclose any of these payments to customers, thereby creating a significant conflict of interest. -- Of the companies heavily promoted by influencers, many resulted in losses, most notably PolySign. -- Notable influencers and the approximate effective compensation they received from Linqto: 1. John Peak received more than $650,000 2. Brad Kimes received more than $550,000 3. Linda P. Jones received more than $325,000 4. Barry Spencer received more than $180,000 5. Ray Fuentes received more than $25,000 Timeline of Events Leading to the Bankruptcy Filing: -- On October 7, 2024, Linqto's former Chief Revenue Officer, Gene Zawrotny, filed a lawsuit against Linqto, Mr. Sarris and Joe Endoso, previously President of Linqto, alleging serious compliance failures and retaliation. This lawsuit is still pending. -- Later in October 2024, the Securities Exchange Commission's (SEC) Division of Enforcement notified Linqto of an investigation to determine if violations of the federal securities laws had occurred. Linqto is fully cooperating with this ongoing investigation. The SEC also filed four claims in the Bankruptcy proceedings. -- In December 2024, Financial Industry Regulatory Authority (FINRA) conducted an examination of Linqto Capital, Linqto's broker-dealer affiliate, and referred the matter to FINRA Enforcement. Linqto is fully cooperating with this ongoing investigation. -- Throughout 2024, Linqto conducted a months-long search to hire a new chief executive officer to succeed Mr. Sarris. The Board appointed Dan Siciliano as CEO on January 2, 2025. -- After Mr. Siciliano assumed leadership, he uncovered serious securities law violations dating back to 2020, along with a culture of systematic wrongdoing. -- Following the discovery of these violations, Linqto fired several senior executives involved in the wrongdoing and began an investigation into the Company's business operations and compliance issues in hopes of remedying the situation. -- New management also discovered that Linqto's prior management failed to maintain an effective system for verifying the accredited status of its customers with respect to offerings that should have been available to accredited investors only. -- In February of 2025, Linqto hired Sullivan & Cromwell LLP (S&C) to facilitate full cooperation with the SEC investigation and other regulatory investigations. -- Also in February of 2025, Linqto paused operation of the trading platform while it determined the extent of the non-compliance issues. -- On March 13, 2025, the Company determined, based on the severity of the compliance issues and regulatory violations, that it could not resume operations and made the necessary action of indefinitely suspending the trading platform. -- After consulting with its professionals, Linqto determined that the only path forward that would protect customers' assets was to file for Chapter 11 bankruptcy on July 8, 2025. -- On July 9, 2025, Linqto creditor John Deaton filed a class-action lawsuit on behalf of approximately 4,000 customers alleging that Mr. Sarris misled investors about the nature of their investments. This lawsuit is ongoing. "When I stepped into this role at the beginning of 2025, I quickly learned that Mr. Sarris and others at Linqto had committed serious securities violations, were responsible for egregious regulatory failures, and had built a business model that relied on manufactured hype and schemes to the detriment of customers," Siciliano continues. "After uncovering the extent of that misconduct and exploring every possible alternative, it became clear that Chapter 11 was the only viable path to protect customers and preserve the original benefit of the bargain. While this is not an outcome anyone wanted, the bankruptcy process is working exactly as it should. If the plan currently under consideration is approved, Linqto's customers are expected to recover nearly all their assets in as little as seven months -- an unheard-of outcome in bankruptcy." About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com - and - Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com - and - Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Tel: (612) 766-7000 Fax: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: (310) 600-3980 Office: (212) 444-7200 LIVEONE INC: Holds 72.5% Equity Stake in PodcastOne, Inc. --------------------------------------------------------- LiveOne, Inc., disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of January 22, 2026, it beneficially owns 20,294,991 shares of PodcastOne, Inc.'s Common Stock ($0.00001 par value per share), consisting of: (i) 19,194,991 shares of common stock directly owned and (ii) 1,100,000 shares underlying Bridge Warrants directly owned (exercisable at $3.00 per share). This represents 72.5%, based on 26,910,733 shares outstanding as of November 12, 2025, as reported in the PodcastOne's Quarterly Report on Form 10-Q filed November 14, plus the shares underlying the warrants. LiveOne, Inc. may be reached through: Robert S. Ellin LiveOne, Inc. 269 South Beverly Dr., Suite #1450 Beverly Hills, CA 90212 Tel: (310) 601-2505 A full-text copy of LiveOne, Inc.'s SEC report is available at: https://tinyurl.com/bdrwcyk8 About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $53,820,000 in total assets, $61,828,000 in total liabilities, and $8,008,000 in total stockholders' deficit. LUMINAR TECHNOLOGIES: MicroVision Wins $33 Million Asset Bid ------------------------------------------------------------ MicroVision, Inc. (NASDAQ:MVIS), a technology pioneer delivering advanced perception solutions in autonomy and mobility, announced on January 27, 2026, that it had entered into an agreement to acquire certain assets from Luminar Technologies, Inc., including IP and inventory related to the Iris and Halo lidar sensors, key engineering and operations talent, and certain commercial contracts and orders. MicroVision was selected as the winning bidder at a competitive auction conducted by Luminar under Section 363 of the U.S. Bankruptcy Code with a cash purchase price of $33 million for certain assets, employees, and contracts associated with Luminar's lidar business. "We are thrilled with this opportunity to strategically accelerate MicroVision's commercial objectives and to further progress the unique products developed by the Luminar team," said Glen DeVos, MicroVision's Chief Executive Officer. "Having already proven our ability to identify strategic opportunities to advance our business priorities and effectively integrate unique assets and talent into the MicroVision family, we intend to very efficiently integrate the acquired business with an intense focus on streamlining operations and managing costs." "It's no secret that the lidar market has been ripe for disruption and in need of further consolidation," continued DeVos. "Building on our proven executive leadership in automotive, our history of developing and delivering products in defense, and now an even more expansive portfolio of technologically diverse lidar sensors and advanced perception solutions, we believe MicroVision is ready to upend the industry, enabling widespread commercial adoption and significantly increased safety." The closing of the acquisition is subject to customary conditions, including approval by the bankruptcy court. A hearing to seek court approval is scheduled for January 27, 2026 and the acquisition is expected to be completed on or shortly after February 2, 2026. The Company expects to provide additional information regarding the acquisition at its next regularly scheduled earnings call. About MicroVision MicroVision is at the forefront of driving the global adoption of innovative perception solutions, with the goal of making mobility and autonomy safer. Its engineering excellence, based in Washington State, Washington D.C., as well as Hamburg and Ulm, Germany, enables us to develop and supply integrated lidar hardware and perception software solutions. Its proprietary technologies enhance safety and automation across various industrial applications, including robotics, automated warehouses, and agriculture, and are instrumental in the development of autonomous systems. MicroVision's core technology, initially developed for the automotive industry, continues to accelerate advanced driver-assistance systems (ADAS) and autonomous driving. Building on its history of providing technology to the military segment, our target offerings include semi- and fully autonomous airborne and terrestrial sensor systems. With its solid-state lidar technologies, encompassing MEMS-based long-range lidar and flash-based short-range lidar, integrated with its onboard perception software, MicroVision possesses the expertise to deliver safe mobility at the speed of life. About Luminar Technologies Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. LUMINAR TECHNOLOGIES: Nasdaq Finalizes Delisting of Class A Stock ----------------------------------------------------------------- The Nasdaq Stock Market LLC (the Exchange) has determined to remove from listing the Class A Common Stock of Luminar Technologies, Inc. effective at the opening of the trading session on February 2, 2026. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rules 5101, 5110(b), and IM-5101-1. The Company was notified of the Staff determination on December 18, 2025. The Company did not appeal Staff's Delist Determination Letter. The Company Class A Common Stock was suspended on December 24, 2025, and the Staff determination to delist the common stock became final on the same day. About Luminar Technologies, Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Wilson Sonsini Goodrich & Rosati Professional Corporation. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. MAR & MAR: Seeks Subchapter V Bankruptcy in California ------------------------------------------------------ On January 28, 2026, Mar & Mar, Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Mar & Mar, Corp. Mar-Mar Corporation was founded in 2005. The Company's line of business includes the retail sale of new and used motorcycles. Mar & Mar, Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10257) on January 28, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is being handled by Honorable Bankruptcy Judge Scott C. Clarkson. The debtor is represented by Steven E. Cowen, Esq., of S.E. Cowen Law. MARANATHA FUNDING: Seeks Chapter 7 Bankruptcy in New Jersey ----------------------------------------------------------- On January 13, 2026, Maranatha Funding Corp. filed for Chapter 7 protection in the District of New Jersey Bankruptcy Court. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Maranatha Funding Corp. Maranatha Funding Corp. is a New Jersey corporation involved in funding and financial services activities. The company functions as a financing entity, managing funding arrangements and related financial obligations. Maranatha Funding Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10375) on January 13, 2026. In its petition, the Debtor reports estimated assets in the range of $0–$100,000 and estimated liabilities in the range of $0–$100,000. The Debtor is represented by David L. Stevens, Esq., of Scura, Wigfield, Heyer & Stevens. MASTERS MAKIT: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On January 15, 2026, Masters Makit Home Realty, LLC filed for Chapter 11 protection in the District of New Jersey Bankruptcy Court. According to court filing, the Debtor reports between $1MM and $10MM in debt owed to 1–49 creditors. About Masters Makit Home Realty, LLC Masters Makit Home Realty, LLC is a real estate company engaged in residential property sales, acquisitions, and related real estate services. Masters Makit Home Realty, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10448) on January 15, 2026. In its petition, the Debtor reports estimated assets in the range of $1MM–$10MM and estimated liabilities in the range of $1MM–$10MM. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. MATTHEW BRIDWELL: Seeks Approval to Hire BRC Advisors as CPA ------------------------------------------------------------ Matthew Bridwell dba Kanis Dental seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Daniel Morrison, CPA, to serve as Certified Public Accountant. Ms. Morrison will provide these services: (a) complete on behalf of Debtor, all necessary financial reports, monthly financial reports, quarterly summary reports, reconciliations, and any other reports, compilations or documents relating thereto so that the Debtor can provide accurate information to the Court, the U.S. Trustee, the Subchapter V Trustee, and other parties, as may be necessary; and (b) perform all other accounting services for Debtor that may be necessary. Ms. Morrison will charge her standard hourly rate at $200. According to court filings, Ms. Morrison is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not represent any creditors or adverse parties in this proceeding. The professional can be reached at: Daniel Morrison, CPA BRC Advisors, LLC, an Archer Lewis Firm 1701 Centerview Dr, Ste 314 Little Rock, AR 72211 About Matthew Bridwell DDS PA Matthew Bridwell DDS PA, doing business as Kanis Dental, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13477) on October 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Phyllis M. Jones presides over the case. Vanessa Cash Adams, Esq. at the Law Office of Vanessa Cash Adams, Inc. represents the Debtor as legal counsel. MEDICAL MANAGEMENT: Seeks to Hire Boyer Terry LLC as Counsel ------------------------------------------------------------ Medical Management Health and Rehab Center, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Boyer Terry LLC to serve as legal counsel. Boyer Terry LLC will provide these services: (a) prepare on behalf of Debtor, as Debtor-in-Possession, necessary applications, motions, answers, reports, and other legal papers; (b) continue existing litigation to which Debtor-in-Possession may be a party, and conduct examinations incidental to the administration of Debtor's estate; (c) take any and all necessary action for the proper preservation and administration of the estate; (d) assist Debtor-in-Possession with the preparation and filing of a Statement of Financial Affairs and schedules and lists as are appropriate; (e) take whatever action is necessary with reference to the use by Debtor of its property pledged as collateral, including cash collateral, to preserve the same for the benefit of Debtor and secured creditors in accordance with the requirements of the Bankruptcy Code; (f) assert, as directed by Debtor, claims that Debtor may have against others; (g) assist Debtor in connection with claims for taxes made by governmental units; and (h) perform other legal services for Debtor, as Debtor-in-Possession, which may be necessary. The firm will undertake the representation at a flat-fee rate, which includes the filing fee and all travel time, with Debtor remaining responsible for out-of-pocket expenses. According to court filings, neither Boyer Terry LLC nor any partner or employee of the firm holds or represents any interest adverse to the Debtor, the Debtor's estate, creditors, or any party-in-interest, and Boyer Terry LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Telephone: (478) 742-6481 E-mail: Wes@BoyerTerry.com About Medical Management Health and Rehab Center Medical Management Health and Rehab Center, LLC, registered in Bolingbroke, Georgia, operates a skilled nursing facility in Macon, Georgia, providing long-term care, short-term rehabilitation, and skilled nursing services. The Company is Medicare and Medicaid certified and maintains approximately 100 licensed beds. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-52007) on December 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael E. Winget, Sr., manager, signed the petition. Honorable Judge Austin E. Carter oversees the case. Wesley J. Boyer, Esq. at BOYER TERRY LLC represents the Debtor as legal counsel. MERAKI C. J: Commences Chapter 7 Bankruptcy in California --------------------------------------------------------- On January 23, 2026, Meraki C. J LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Meraki C. J LLC Meraki C. J LLC is a limited liability company. Meraki C. J LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10185) on January 23, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is handled by Honorable Bankruptcy Judge Scott C. Clarkson. The debtor is represented by Robert P. Goe, Esq., of Goe Forsythe & Hodges LLP. MICK'S GRASS: Taps Law Office of Elias M. Yazbeck as Co-Counsel --------------------------------------------------------------- Mick's Grass & Sod Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Elias M. Yazbeck of The Law Office of Elias M. Yazbeck, PLLC to serve as general bankruptcy co-counsel. Mr. Yazbeck will provide these services: (a) advising and representing the Debtor during the bankruptcy process; (b) representing the Debtor in any negotiations and discussion with third parties; (c) representing the Debtor in any meetings, hearings, and conferences including the 341 meeting of creditors; (d) preparing pleadings, including any motions and applications necessary to facilitate the administration of this case; (e) taking all actions needed to preserve the value of Debtor and its assets as a going concern for the benefit of creditors; (f) facilitating the plan confirmation process; and (g) performing all other acts and services necessary to assist the Debtor during its Chapter 11 reorganization. Mr. Yazbeck will be compensated at an hourly rate of $330. The Law Office of Elias M. Yazbeck, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Elias M. Yazbeck, Esq. THE LAW OFFICE OF ELIAS M. YAZBECK, PLLC 4119 Montrose Blvd., Suite 470 Houston, TX 77006 Telephone: (281) 755-7320 E-mail: elias@yazbecklaw.com About Mick's Grass & Sod Service, Inc. Mick's Grass & Sod Service, Inc. operates as a landscaping and sod service provider offering grass installation and related services. Mickâ€™s Grass & Sod Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30192) on January 8, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Elias Marwan Yazbeck, Esq., of The Law Office of Elias M. Yazbeck, PLLC. MOUNTAIN WEST: Taps Workman Nydegger as General Counsel ------------------------------------------------------- Mountain West Medical Clinic LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Workman Nydegger, a professional practicing law, to serve as general counsel. Workman Nydegger will provide these services: (a) advise the Debtor regarding all aspects of its Chapter 11 case; and (b) advise the Debtor on all matters pertinent to this pending Chapter 11 case. Workman Nydegger will be compensated at the firm's customary hourly rates, as they may increase from time to time, noting that T. Edward Cundick's current hourly rate is $435. Workman Nydegger does not hold or represent any interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: T. Edward Cundick, Esq. WORKMAN NYDEGGER 60 East South Temple, Suite 1000 Salt Lake City, UT 84111 Telephone: (801) 533-9800 Facsimile: (801) 328-1707 E-mail: tcundick@wnlaw.com About Mountain West Medical Clinic LLC Mountain West Medical Clinic, LLC sought protection under Chapter\ 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-20238) on January 15, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Michael F. Thomson presides over the case. MULTI-COLOR CORP: Seeks Chapter 11 Bankruptcy w/ $5.9MM Debt ------------------------------------------------------------ Rick Archer of Law360 reports that Multi-Color Corp., a Georgia-based manufacturer of retail product labels, filed for Chapter 11 protection in New Jersey on Thursday. The company entered bankruptcy with a prearranged restructuring agreement that would cut roughly $3.9 billion from its $5.9 billion debt load, aiming to stabilize its financial position and support ongoing operations. The Chapter 11 filing allows Multi-Color Corp. to execute the debt reduction plan while continuing to supply labels to global consumer brands. Company officials said the pre-negotiated agreement with lenders should enable a faster, smoother restructuring process, according to report. About Multi-Color Corp. Multi-Color Corp. is a Georgia-based global retail product label maker. Multi-Color Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10910) on January 29, 2026. In its petition, the Debtor reports estimated assets between $1 billion and $10 billion and estimated liabilities of $5.9 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. NAILOR SERVICES: Greta Brouphy Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq., at Heller Draper & Horn, LLC as Subchapter V trustee for Nailor Services, LLC. Ms. Brouphy will be paid an hourly fee of $425 for her services as Subchapter V trustee and an hourly fee of $125 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Brouphy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Greta M. Brouphy Heller Draper & Horn, LLC 650 Poydras St., Ste. 2500 New Orleans, LA 70130-6175 Telephone: 504-299-3300-; Fax 504-299-33 Email: gbrouphy@hellerdraper.com About Nailor Services LLC Nailor Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 26-10127) on January 21, 2026, with up to $50,000 in assets and liabilities. Judge Meredith S. Grabill presides over the case. Edwin M. Shorty, Jr., Esq., represents the Debtor as legal counsel. NEWTEKONE INC: Exchange Offer Expires With 8.29% Tendered --------------------------------------------------------- NewtekOne, Inc. announced on Jan. 23, 2026, that its previously announced offer to exchange any and all of its 5.50% Notes due 2026 for its newly issued 8.50% Fixed Rate Senior Notes due 2031 had expired as of 5:00 p.m., Eastern time on January 23, 2026. According to the information received from U.S. Bank Trust Company, National Association, the exchange agent for the Exchange Offer, $7,877,200 in aggregate principal amount of outstanding 5.50% Notes due 2026 representing approximately 8.29% of the $95.0 million outstanding principal amount of the Old Notes, were validly tendered and not validly withdrawn as of the Expiration Date. Further, NewtekOne announced that it has waived the condition that at least 10% of the outstanding aggregate principal amount of the Old Notes be validly tendered and not validly withdrawn and that it has accepted for exchange all Old Notes that were validly tendered and not validly withdrawn prior to the Expiration Date. The settlement of the Exchange Offer will occur promptly following the Expiration Date, and is occurs on January 28, 2026. Upon settlement of the Exchange Offer, holders who validly tendered their Old Notes prior to Expiration Date and did not validly withdraw their tendered Old Notes prior to the Expiration Date shall receive, subject to the terms and conditions of the Exchange Offer, an equal principal amount of New Notes. Following the consummation of the Exchange Offer on the Settlement Date, NewtekOne expects the remaining aggregate principal amount of Old Notes outstanding to be $87,122,800, which remaining aggregate amount of Old Notes will be repaid by NewtekOne on the February 1, 2026 maturity date. Exchange Agent, Information Agent and Dealer Manager: U.S. Bank Trust Company, National Association is serving as the Exchange Agent for the Exchange Offer. Alliance Advisors is serving as Information Agent for the Exchange Offer. Lucid Capital Markets, LLC is serving as the Dealer Manager for the Exchange Offer. Important Information This press release is for informational purposes only and is neither an offer to buy or sell nor a solicitation of an offer to buy or sell any Old Notes or New Notes. The Exchange Offer is being made only pursuant to the Exchange Offer prospectus, which is being distributed to holders of the Old Notes and has been filed with the SEC as part of the Company's Registration Statement on Form S-4 (File No. 333-291615), which was declared effective on November 28, 2025. Copies of the prospectus and the other Exchange Offer documents may be obtained from the Information Agent: Attn: Tyler Herka Alliance Advisors The Overlook Corporate Center 150 Clove Road Suite 400 Little Falls Township, NJ 07424 Telephone: 1-855-206-1406 Email: NEWT@AllianceAdvisors.com About NewtekOne, Inc. NewtekOne(R), Your Business Solutions Company(R), is a financial holding company, which along with its bank and non-bank consolidated subsidiaries, provides a wide range of business and financial solutions under the Newtek(R) brand to independent business owners. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to independent business owners across all 50 states to help them grow their sales, control their expenses, and reduce their risk. NewtekOne's and its subsidiaries' business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Accounts Receivable Financing & Inventory Financing, Insurance Solutions and Payroll and Benefits Solutions. In addition, NewtekOne offers its clients the Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting and Web Services) provided by Intelligent Protection Management Corp. (IPM.com) Newtek(R), NewtekOne(R) , Newtek Bank(R) , National Association, Your Business Solutions Company(R), One Solution for All Your Business Needs(R) and Newtek Advantage(R) are registered trademarks of NewtekOne, Inc. NIELSEN: Fitch Rates New Secured Notes 'BB-' & Affirms 'B+' IDR --------------------------------------------------------------- Fitch Ratings has assigned Neptune Bidco US Inc.'s (dba Nielsen) new secured notes 'BB-' with a Recovery Rating of 'RR3.' Fitch has also affirmed Neptune Bidco and Neptune Intermediate LLC's Long-Term Issuer Default Ratings (IDR) at 'B+' and affirmed the other secured debt at 'BB-'/ 'RR3.' The Outlook on the IDR is Stable. Nielsen is issuing additional first lien debt to reduce its interest burden. The company will use the proceeds to pay down its second lien debt and pay down a portion of its term loan A. Nielsen is also reducing leverage with cash from the balance sheet, which is a credit positive. The ratings reflect Nielsen's leading market position and scale, as well as its significant cash flow potential over the forecast horizon. The ratings are constrained by leverage above 5.0x and interest coverage below 2.0x. Fitch expects both metrics to improve during 2026. Key Rating Drivers Levered Financial Structure: Nielsen has reduced its total debt since the LBO, using divestiture proceeds and cash from the balance sheet. The reduction in debt is a credit positive, but Fitch expects leverage to remain above 5.0x for the next 12-18 months. This is slightly higher than management's calculation due to fewer EBITDA addbacks in Fitch's approach. High interest rates and low interest coverage continue to weigh on the ratings, with cash interest above $900 million annually. Financial flexibility is constrained by high debt service, limiting the rating to the single 'B' category while this persists. Cost Cutting and Margin Expansion: Nielsen's savings and efficiency programs over the past several years have exceeded expectations, generating significant margin expansion. EBITDA margin for full-year 2025 was above Fitch's previous base case. Strong EBITDA margins support the ratings, and more earnings should convert to cash as restructuring and other one-time items cease to be a use of cash. FCF Improving: Fitch expects adjusted FCF margins in the low double digits over the forecast horizon, assuming the company can maintain its current run-rate results and one-time EBITDA adjustments taper. Working capital improvements have also contributed to cash over the past 18 months, but this benefit will likely moderate in the future. High FCF potential is a strength of the company that mitigates the levered financial structure. Global Scale and Brand: Nielsen is a leader in the media measurement business, and its measurements determine the value of programming and advertising in over 30 countries, including the U.S. TV advertising marketplace. The company's scale and entrenched nature of the business provides strong credit protection and a stable base to service its capital structure while it adapts to the changing media landscape. Evolving Media Environment: Nielsen's recent contract wins indicate that its transition to the new media environment, away from traditional TV, is going well. The company is investing in its platforms as media digitizes and clients seek measurement for streaming services and other online media. Nielsen measures audiences for Roku, Amazon, sports leagues, and streaming services. Nielsen is capturing share and is well positioned as media evolves, although a single cross-media winner is unlikely given the complexity and variables outside its control. Peer Analysis The closest Fitch-rated peer from a credit-metric standpoint is Project Boost Purchaser, LLC (dba J.D. Power; B/Stable), a provider of data and analytics solutions for the automotive industry. Although J.D. Power is not a direct competitor to Nielsen, it operates with a similar data and analytics business model. Compared with J.D. Power, Nielsen has better scale, lower leverage, and a historically better market position. Fitch notes that these factors justify a higher rating for Nielsen relative to J.D. Power. Greenwich Bidco Limited (Kantar Media) (B/Positive) is also a rated peer in Fitch's data, analytics and processing services portfolio. Nielsen has fairly similar EBITDA leverage to Kantar, in the mid-5.0x range but materially lower EBITDA margins in the low-20% range while FCF is also projected to be meaningfully lower in the next few years. Kantar is also materially smaller than Nielsen in terms of revenue and EBITDA. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (a, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Higher), Financial Structure (b-, Higher), and Financial Flexibility (ccc, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'b+'. To derive the IDR: B+ Recovery Analysis For entities rated 'B+' and below, where default risk is higher and recovery prospects hold more significance for investors, Fitch undertakes a bespoke analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. The recovery analysis assumes the company would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch envisions a hypothetical situation in which linear TV revenue erodes materially, and Nielsen fails to capture market share in the online measurement sector. This would result in substantial revenue contraction combined with EBITDA margin erosion, leading the company to renegotiate its debt. This results in an estimated GC EBITDA of $1.1 billion, which is unchanged from Fitch's previous analysis. Fitch uses a multiple of 7.0x to estimate a value for Nielsen, supported by the company's industry leading brand recognition, high degree of recurring revenue, strong margin profile, and overall favorable reorganization prospects. The choice of this multiple considered the following factors: -- Sector: DAP sector includes a high proportion of recurring revenues, contractual rights to proprietary data and the inherent leverage in the business model; -- Recent acquisitions: DAP M&A occurs at attractive multiples in the range of 10x-20x+. Current EV multiples of public data analytics companies trade in the 20x-30x range; -- Comparable Reorg Multiples: median TMT multiples have historically been 5.9x (per TMT bankruptcy case studies). Using a 7.0x multiple results in an EV of about $7 billion after allowing for administrative claims and recovery of 'RR3' for the senior-secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Loss of market share or failure to generate positive organic revenue growth; -- Interest coverage sustained below 2.0x; -- EBITDA leverage sustained above 6.5x; -- (CFO - capex)/debt sustained below 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Demonstrated success in its cross-media measurement goals and modernization of its operations, leading to sustained revenue growth and continued strong competitive positioning; -- Interest coverage sustained above 3.5x; -- EBITDA leverage sustained below 5.0x; -- (CFO - capex)/debt sustained above 5%. Liquidity and Debt Structure At YE 2025, the company had more than $500 million of cash on the balance sheet and approximately $630 million capacity on its revolver, net of letters of credit. Fitch expects the issuer to remain in compliance with its covenants over the forecast period. The earliest material maturity is in 2028, and the company is reducing that debt in this transaction. Nielsen has a significant maturity wall in 2029, but Fitch expects the company to continue to proactively reduce leverage. After this transaction is complete, the debt stack will include fixed-rate notes and first lien loans, which are variable rate, but the company hedges the interest rate risk. Issuer Profile Nielsen has a long history of measuring TV and advertising viewership. Nielsen is now measuring audiences across other media types, especially streaming services. NORCOLD LLC: Court Advances Insider Bankruptcy Sale --------------------------------------------------- Jarek Rutz of Law360 reports that in the Norcold LLC Chapter 11 bankruptcy case, a Delaware bankruptcy judge indicated Wednesday, January 28, 2026, that he will deliver an oral ruling in the next few days after hearing extended and heated arguments. The dispute centers on Norcold’s request to sell its assets in an insider sale outside of a formal Chapter 11 plan, a proposal that has drawn robust objections from creditors and the U.S. Trustee’s Office. Opponents contend that the insider sale would effectively wipe out important litigation claims that could benefit the estate and could result in administrative insolvency, leaving insufficient assets to cover priority claims and administrative expenses. The court’s impending decision will be pivotal in determining whether Norcold may proceed with the contested sale structure or if creditors’ concerns will prevail. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH COUNTRY: Seeks Approval to Hire Forvis Mazars as Accountant ----------------------------------------------------------------- North Country Health Care Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Forvis Mazars, LLP to serve as its accountant. Forvis will prepare and complete the Debtor's 2025 Medicare Cost Report, including any associated audits and reporting. Forvis will provide these services at its standard hourly rates: Student $190 Senior Consultant $270 Manager/Senior Manager $420-435 Director $515 Partner $680 Forvis Mazars, LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to the Verified Statement of Scott Gold in support of the Application. The firm can be reached at: Scott Gold Forvis Mazars, LLP 999 E Playa Del Norte Dr, Suite 410 Tempe, AZ 85288 Phone: (480) 834-6030 About North Country Health Care Inc. North Country HealthCare, Inc. is a federally qualified community health center in Flagstaff, Ariz., which provides comprehensive primary and preventive healthcare services, including medical, dental, behavioral health, and specialty care, to patients across Northern Arizona. The organization operates clinics in 11 communities along the I-40 corridor and surrounding rural and underserved areas, offering services such as family medicine, pediatrics, obstetrics and gynecology, telemedicine, and health screenings. Founded in 1991 as the Flagstaff Community Free Clinic, it has since expanded into the region's primary community health center. North Country HealthCare also supports education and clinical training for healthcare students. North Country Health Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12293) on December 19, 2025, listing between $10 million and $50 million in both assets and liabilities. Judge Daniel P. Collins oversees the case. The Debtor is represented by Philip J. Giles, Esq., at Allen, Jones & Giles, PLC. OCUGEN INC: Raises $20.85 Million in Registered Direct Offering --------------------------------------------------------------- Ocugen, Inc. announced the closing of its previously announced underwritten registered direct offering of 15,000,000 shares of its common stock at an offering price of $1.50 per share of common stock for net proceeds of $20.85 million, after deducting commissions and other estimated offering expenses payable. The offering was conducted pursuant to an Underwriting Agreement entered into on January 20, 2026, with Oppenheimer & Co. Inc. The financing was led by RTW Investments, with additional participation from new and existing investors. A full text copy of the Underwriting Agreement is available at https://tinyurl.com/398za6ej Ocugen intends to use the net proceeds from the offering for general corporate purposes, capital expenditures, working capital, and general and administrative expenses and anticipates that the net proceeds will extend the company's cash runway into the fourth quarter of 2026. Oppenheimer & Co. acted as the sole book-running manager for the offering. The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-278774) previously filed with the Securities and Exchange Commission on April 18, 2024, which became effective on May 1, 2024. The offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A prospectus supplement relating to and describing the terms of the offering is available at https://tinyurl.com/53xtbhuu Copies of the prospectus supplement and the accompanying base prospectus relating to the offering, may be obtained by visiting the SEC's website at www.sec.gov or by contacting Oppenheimer & Co. Inc. through: Syndicate Prospectus Department 85 Broad Street, 26th Floor New York, NY 10004, Tel: (212) 667-8055 Email: EquityProspectus@opco.com. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $57.6 million in total assets, $54.1 million in total liabilities, and $3.5 million in total stockholders' equity. OFF THE HOOK LLC: Seeks Chapter 7 Bankruptcy in Nevada ------------------------------------------------------ On January 27, 2026, Off the Hook, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Off the Hook, LLC Off the Hook, LLC is a limited liability company. Off the Hook, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10499) on January 27, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities in the same range. The case is being handled by Honorable Bankruptcy Judge Natalie M. Cox. The debtor is represented by Janet Trost, Esq. OFFICE PROPERTIES: Judge Rejects $125MM DIP, Sends Plan for Rework ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Wednesday, January 28, 2026, refused to approve a Massachusetts-based REIT's, Office Properties Income Trust, request for final authorization of $125 million in DIP financing, saying the deal would give lenders too much leverage over the debtor’s restructuring. The decision forces the debtor to revisit the financing terms as it continues its Chapter 11 case, with the court emphasizing the need for a more balanced proposal, the report states. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OROVILLE HOSPITAL: U.S. Trustee Appoints Jacob Nathan Rubin as PCO ------------------------------------------------------------------ Peter Anderson, the U.S. Trustee for Region 17, appointed Jacob Nathan Rubin as patient care ombudsman for Oroville Hospital and Orohealth Corporation: A Nonprofit Healthcare System. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Eastern District of California on January 15. Mr. Rubin disclosed in a court filing that he is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. As PCO, Mr. Rubin is tasked to: * Monitor the quality of care provided to patients of the Debtors, to the extent necessary under the circumstances, including, to the extent necessary, interviewing patients, physicians, and other appropriate interested parties; * Report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of care provided to patients of the Debtors not later than 60 days after the date of appointment, and not less frequently than at 60-day intervals thereafter; and * In the event that the PCO determines that the quality of care provided to patients of the Debtors are declining significantly or are otherwise being materially compromised, file with the Court a motion or a written report with notice to the parties in interest immediately upon making such determination; * Maintain any information obtained by such ombudsman under section 333 of the Bankruptcy Code that relates to patients (including information related to patient records) as confidential information. Such ombudsman may not review confidential patient records unless the Court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. The ombudsman may be reached at: Jacob Nathan Rubin, M.D., F.A.C.C. 4940 Van Nuys Blvd. #200 Sherman Oaks, CA 91403 Bus. Tel.: (818) 501-1455 About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor tapped Nicholas A. Koffroth, Esq., at Fox Rothschild, LLP as bankruptcy counsel; Greenberg Glusker Fields Claman & Machtinger, LLP as conflict counsel; Hooper, Lundy & Bookman, P.C. as special healthcare counsel; Force Ten Partners, LLC as financial advisor; and Cain Brothers, a division of KeyBanc Capital Markets Inc., as investment banker. Epiq Corporate Restructuring, LLC serves as claims and noticing agent. OUACHITA COUNTY MEDICAL: Intends to Seek Chapter 11 Bankruptcy -------------------------------------------------------------- Kelly Gooch of Becker's Hospital Review reports that Ouachita County Medical Center in Camden, Ark., plans to file for Chapter 11 bankruptcy protection in late January or early February 2026, CEO Glenda Harper said. The hospital aims to use the restructuring process to address mounting debt while remaining open. Arkansas Business reported the hospital has accumulated about $8 million in liabilities, which has led many primary vendors to cut off service. Harper said the hospital has been forced to rely on costlier secondary suppliers, though limited prepayment agreements with some vendors have allowed the facility to continue operating. The hospital recently closed its labor and delivery department due to low utilization and financial losses. As part of its turnaround strategy, the facility plans to roll out new programs, including pulmonary rehabilitation and a three-bed sleep lab, and has applied for CMS rural emergency hospital designation to maintain around-the-clock emergency services without inpatient beds, the report states. About Ouachita County Medical Center Ouachita County Medical Center is a rural acute care hospital based in Camden, Arkansas. The medical center provides emergency care, general patient services, and select specialty programs, serving as a primary health care resource for Ouachita County residents and underserved communities nearby. PALADIN CAPITAL: Seeks Chapter 11 Bankruptcy in Tennessee --------------------------------------------------------- On January 26, 2026, Paladin Capital, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filings, the debtor reports between $100 million and $500 million in debt owed to 1 to 49 creditors. About Paladin Capital, Inc. Paladin Capital, Inc. is a Tennessee-based investment firm providing private equity, asset management, and financial advisory services. The company focuses on managing large-scale investment portfolios and delivering strategic capital solutions to corporate clients. Paladin Capital, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00316) on January 26, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $100 million to $500 million. The case is handled by Honorable Bankruptcy Judge Charles M. Walker. The debtor is represented by Michael G. Abelow, Esq., of Sherrard Roe Voigt & Harbison, PLC. PAT MCGRATH: Files Voluntary Chapter 11 for Long-Term Stability --------------------------------------------------------------- Pat McGrath Cosmetics LLC, globally known for its cutting-edge "Pat McGrath Labs" makeup products, designed and curated by the renowned Dame Pat McGrath, has announced that, on January 22, 2026, it filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the Southern District of Florida. The Chapter 11 Case will allow Pat McGrath Cosmetics to strategically reorganize its legacy capital structure and improve its long-term outlook amid liquidity constraints brought on by a toughening global marketplace, supply chain disruption, and oppressive obligations to certain of its lenders and investors. An auction of the Company assets was commenced by the Company's secured lender, but the Company's Chapter 11 filing terminated those efforts. "This Chapter 11 will enable me to remain in the driver's seat and keep the Company's vision focused," said McGrath. "For several months, I have acted at the behest of my lenders but now it's time to reset, start fresh, and get back on mission of bringing the highest quality makeup to the marketplace." The Company expects to utilize Chapter 11 to simplify its capital structure, reduce its debt load, and unlock the potential of this brand. The path ultimately chosen for the Company to pave a solid foundation for future Company success may entail a fresh investment in the Company, a financial restructuring, a sale of the company, or a combination of the foregoing. Pat McGrath Cosmetics to Continue to Operate In the Ordinary Course Pat McGrath Cosmetics' management team will continue to run the business and intends to pay vendors and partners under customary terms for goods and services received on or after the commencement of the case and to pay employees in the usual manner while continuing to provide their primary benefits. The Company remains committed to its community, customers, partners and stakeholders as it continues delivering its signature, high-quality products and culture-defining artistry and innovation. Advisors and Additional Information: New York-based Gordian Group (www.gordiangroup.com) is acting as the Company's investment banker, and Florida-based Pack Law (www.packlaw.com) is acting as legal advisor to the Company. Additional information, including court filings and other documents related to the court-supervised process, is available via request through PACER or by contacting one of the Company's professional restructuring advisors. 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. PATELBUI3 LLC: Seeks Chapter 7 Bankruptcy in Arizona ---------------------------------------------------- On January 27, 2026, Patelbui3, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Patelbui3, LLC Patelbui3, LLC is a limited liability company. Patelbui3, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00772) on January 27, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is being handled by Honorable Bankruptcy Judge Scott H. Gan. The debtor is represented by William E. Markov, Esq., of Hartley Markov Law. PAVMED INC: Regains Nasdaq Compliance With $1 Minimum Bid Price --------------------------------------------------------------- PAVmed Inc. disclosed in a regulatory filing that it received a notification letter from the Listing Qualifications department of The Nasdaq Stock Market LLC stating that the Company had regained compliance with the $1 minimum bid price requirement for continued listing on the Nasdaq Capital Market. As previously reported, on January 23, 2025, the Company had received a notification letter from the Listing Qualifications department stating that, for the prior 30 consecutive business days (through January 22, 2025), the closing bid price of the Company's common stock had been below the minimum of $1 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). Subsequently, Nasdaq determined that, from January 2, 2026 to January 19, 2026, the closing bid price of the Company's common stock had been at $1 per share or greater. Accordingly, the Company had regained compliance with Nasdaq Listing Rule 5550(a)(2). About PAVmed Headquartered in New York, N.Y., PAVmed Inc. -- http://www.pavmed.com-- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $38.1 million in total assets, $12.3 million in total liabilities, and $22.5 million in total stockholders' equity. PESCADERIA ENSENADA: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------- On January 19, 2026, Pescaderia Ensenada filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Pescaderia Ensenada Pescaderia Ensenada is a California-based seafood business offering a range of fresh and prepared seafood products. The company serves local customers through retail and food service channels, focusing on traditional seafood offerings. Pescaderia Ensenada sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10433) on January 19, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is being handled by Honorable Bankruptcy Judge Sheri Bluebond. The debtor is represented by Christopher J. Lauria, Esq. PHL VARIABLE: Asset Co. Blasts Insurance Chief's Liquidation Plan ----------------------------------------------------------------- Hope Patti of Law360 Bankruptcy Authority reports that an asset manager asked a Connecticut state judge for permission to intervene in the ongoing rehabilitation of PHL Variable Insurance Co., objecting to the insurance commissioner's "surprise" proposal to place the struggling insurer into liquidation. The firm contended that liquidation is premature and would harm interested parties, asserting that other options should be explored before winding down the company, according to report. About PHL Variable Insurance Co. PHL Variable Insurance Company provides life insurance and annuity products to affluent and middle market consumers in the United States. It offers universal life, variable universal life, and other life insurance products; and deferred, fixed, and variable annuities with various death benefit and guaranteed living benefit options. PLEASANT HEIGHTS: Seeks Chapter 11 Bankruptcy in New Jersey ----------------------------------------------------------- On January 6, 2026, Pleasant Heights, Inc., filed for Chapter 11 protection in the District of New Jersey Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Pleasant Heights Inc. Pleasant Heights, Inc. operates as a real estate lessor in the state of New Jersey, focusing on acquiring, managing, and leasing property assets. The company’s activities include tenant relations, property upkeep, and lease administration to support sustainable rental revenue across its holdings. Pleasant Heights, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10109) on January 06, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Stacey L. Meisel presides over the case. Scott J. Goldstein, Esq., at the Law Offices of Wenarsky and Goldstein, LLC represents the Debtor as legal counsel. PPF GIN: Seeks to Employ Armanino Advisory as Financial Advisor --------------------------------------------------------------- PPF Gin & Warehouse, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Armanino Advisory, LLC to serve as financial advisor for the Debtors. Armanino Advisory will provide these services: (a) assistance in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; (b) assistance with the assessment and monitoring of the Debtors' short-term cash flow, liquidity, and operating results; (c) assistance with the review of the Debtors' potential disposition or liquidation of both core and non-core assets (if applicable); (d) assistance with review of any tax issues associated with, but not limited to, claims, preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and assets sales; (e) assistance in the review of the claims reconciliation and estimation process; (f) assistance in the review of other financial information prepared by the Debtors, including but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; (g) attendance at meetings and assistance in discussions with the Debtors, banks, other secured lenders, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; (h) assistance in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in this Chapter 11 Cases; (i) assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; and (j) render such other general business consulting or such other assistance as the Debtors or their counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. Armanino Advisory seeks to be compensated on an hourly fee basis, plus reimbursement of actual and necessary expenses incurred by Armanino Advisory. The customer hourly rates, subject to periodic adjustments, charged by Armanino Advisory professionals anticipated to be assigned to this case are as follows: Partners $495 - $695 Senior of Managing Director $440 - $595 Directors $390 - $495 Managers $250 - $395 Consultants and Staff $195 - $275 Armanino Advisory is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Armanino Advisory, LLC 15950 N. Dallas Parkway, Suite 600 Dallas, TX 75248 Telephone: (972) 661-1843 About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PPF GIN: Seeks to Hire Tittle Law Firm as Legal Counsel ------------------------------------------------------- PPF Gin & Warehouse, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Tittle Law Firm, PLLC to serve as lead bankruptcy counsel in their jointly administered Chapter 11 cases. Tittle Law Firm, PLLC will provide these services: (a) provide legal advice with respect to the Debtors' powers and duties as Debtor-in-possession in the continued operation of their businesses and the management of their properties; (b) take all necessary action to protect and preserve the Debtors' estates; (c) prepare on behalf of the Debtors necessary motions, answers, orders, reports, and other legal papers in connection with the administration of their estates; (d) assist the Debtors in preparing for and filing a consolidated plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtors in connection with the Debtors' Chapter 11 Cases; and (f) perform such legal services as the Debtors may request with respect to any matter, including, but not limited to, corporate finance and governance, contracts, labor, and tax. The customer hourly rates, subject to periodic adjustments, charged by Armanino Advisory professionals anticipated to be assigned to this case are as follows: Partners $495 - $695 Senior of Managing Director $440 - $595 Directors $390 - $495 Managers $250 - $395 Consultants and Staff $195 - $275 The firm received a $50,000 retainer on or about January 2, 2026. Prior to the Petition Date, the firm incurred $20,796 in fees and expenses and drew down that amount from the retainer. According to court filings, Tittle Law Firm, PLLC is a "disinterested person" within the meaning of Sections 101(14) and 327(a) of the Bankruptcy Code. The firm can be reached at: Brandon J. Tittle, Esq. TITTLE LAW FIRM, PLLC 13155 Noel Drive, Suite 900 Dallas, TX 75240 Telephone: (972) 213-2316 E-mail: btittle@tittlelawpllc.com About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PRECISION TRADES: Lisa Rynard Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Lisa Rynard, Esq., at the Law Office of Lisa A. Rynard as Subchapter V trustee for Precision Trades & Service, LLC. Ms. Rynard will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Rynard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lisa A. Rynard, Esq. Law Office of Lisa A. Rynard 240 Broad Street Montoursville, PA 17754 Phone: (570) 505-3289 Email: larynard@larynardlaw.com About Precision Trades & Service LLC Precision Trades & Service, LLC provides residential and commercial renovation and improvement services, including roofing, siding, gutters, interior remodels, flooring and tile installation, decks, pergolas, windows, doors, and custom additions. It operates as a general contractor in Pennsylvania, Maryland, and West Virginia, serving multiple counties in each state. Precision Trades & Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00174) on January 22, 2026, with $369,655 in assets and $1,751,467 in liabilities. Jacob Plank, managing member, signed the petition. Lawrence V. Young, Esq., at CGA Law Firm represents the Debtor as bankruptcy counsel. PRECISION TRADES: Seeks Approval to Hire CGA Law Firm as Counsel ---------------------------------------------------------------- Precision Trades & Services, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Lawrence V. Young, Esquire of CGA Law Firm to serve as its bankruptcy counsel. Mr. Young will provide these services: (a) represent the Debtor in Possession with respect to all legal matters relating to the Chapter 11 proceedings; and (b) provide legal services customarily rendered by bankruptcy counsel in Chapter 11 cases. All partners, associates, and paralegals of CGA Law Firm shall be compensated at their appropriate hourly rates based upon experience and seniority. Lawrence V. Young, Esquire will be compensated at an hourly rate of $500; E. Haley Rohrbaugh, Esquire at $325; Brent C. Diefenderfer, Esquire at $395; Craig S. Sharnetzka, Esquire at $450; and staff at hourly rates of $140 to $200. Counsel received a total of $10,000 from the Debtor, of which $8,262 was expended for pre-petition bankruptcy-related services and $1,738 was paid as the Chapter 11 case filing fee. The amount of $0 remains in counsel's trust account. According to court filings, CGA Law Firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Estate. The firm can be reached at: Lawrence V. Young, Esq. CGA LAW FIRM 135 North George Street York, PA 17401 Telephone: (717) 848-4900 About Precision Trades & Services, LLC Precision Trades & Services provides residential and commercial renovation and improvement services, including roofing, siding, gutters, interior remodels, flooring and tile installation, decks, pergolas, windows, doors, and custom additions. The Company operates as a general contractor in Pennsylvania, Maryland, and West Virginia, serving multiple counties in each state. Precision Trades & Services, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. Case No. 1:26-bk-00174) on January 22, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. CGA Law Firm is the Debtor's legal counsel. PULSE STAGE: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On January 8, 2026, Pulse Stage Lighting, LLC, filed for Chapter 11 protection in the District of New Jersey Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Pulse Stage Lighting LLC Pulse Stage Lighting LLC is a New Jersey company engaged in stage lighting and live event production services. The company offers lighting equipment, design, and technical support for concerts, performances, and corporate events. Pulse Stage Lighting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-10188) on January 8, 2026, with $100,001 to $500,000 in assets and liabilities. Joseph Casello, Esq.,, at Collins, Vella & Casello represents the Debtor as legal counsel. QHSLAB INC: Extinguishes $470K Debt via Stock Repurchase Agreement ------------------------------------------------------------------ QHSLab, Inc. consummated a Note Repurchase Agreement with MedScience Research Group, Inc., a Florida corporation. Pursuant to the Repurchase Agreement, the Company repurchased, cancelled, and extinguished a Promissory Note dated June 23, 2021, originally issued in the principal amount of $750,000 and held by MedScience. As of December 31, 2025, the outstanding principal and accrued interest under the Note totaled $470,529. In consideration for the repurchase of the Note, the Company issued an aggregate of 1,568,432 shares of its common stock, par value $0.0001 per share, as directed by MedScience. The Company's Chief Executive Officer and principal shareholder is a minority shareholder of MedScience and provides services to MedScience for which he is compensated. The Chief Executive Officer did not receive any personal distribution or other consideration in connection with this transaction. Upon issuance of the Shares, all obligations of the Company under the Note were fully satisfied, discharged, and extinguished, and the Note was cancelled and is of no further force or effect. The Company believes that the repurchase and extinguishment of the Note simplifies its capital structure, eliminates a related-party debt obligation, and improves the clarity of its balance sheet and financial reporting going forward. A full text copy of the Repurchase Agreement is available at https://tinyurl.com/4khpx86s About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Fla.-based Astra Audit & Advisory LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,734,624 in total assets, $2,345,536 in total liabilities, and $610,912 in total stockholders' deficit. QUALITY OFFICE: Gina Klump Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Quality Office Liquidations, Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Quality Office Liquidations Inc. Quality Office Liquidations, Inc., doing business as Flip Office Furnishings, provides warehousing, distribution, retail sales, and related services for pre-owned and new office furnishings, including space planning, delivery and installation, moving and reconfiguration, liquidation, asset management, and disaster recovery. The Company operates a distribution center in Stockton, California, serving customers across California and nationwide, with offerings spanning furniture sourcing, resale, and workplace solutions. It serves clients across sectors including construction, education, medical, technology, professional services, and agriculture. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-20295) on January 22, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. William Leach, chief executive officer, signed the petition. Judge Christopher D. Jaime presides over the case. Michael Kenneth Moore, Esq., at the Law Offices of Michael K. Moore represents the Debtor as bankruptcy counsel. QUICKWAY TRANSPORTATION: Files Chapter 11 Bankruptcy in Tennessee ----------------------------------------------------------------- On January 26, 2026, Quickway Transportation, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Quickway Transportation, Inc. Quickway Transportation, Inc. is a transportation and logistics company providing freight and delivery services. The company supports regional and commercial shipping needs, offering transportation solutions tailored to its customers. Quickway Transportation, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00320) on January 26, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. The case is being handled by Honorable Bankruptcy Judge Charles M. Walker. The debtor is represented by Michael G. Abelow, Esq., of Sherrard Roe Voigt & Harbison, PLC. RAZZOO'S INC: Seeks to Extend Plan Exclusivity to March 30 ---------------------------------------------------------- Razzoo's Inc. and Razzoo's Holdings, Inc. asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 30 and May 29, 2026, respectively. The Debtors claim that the terms and structure of the plan and disclosure statement depend in large part on the administrative claim pool relative to the Debtors' remaining cash, and the ongoing analysis of whether meaningful distributions can be made to creditors. With the sale process recently completed and the TSA currently in effect, the Debtors submit that they continue to make good faith progress towards reorganization and an additional extension is warranted. The Debtors explain that they are obligated under the TSA to provide Transition Services throughout the Service Term, which is expected to conclude on or about March 31, 2026. The Debtors have consulted with the Committee and are conducting an analysis of whether a feasible chapter 11 plan can be filed and confirmed to bring these Chapter 11 Cases to an efficient conclusion concurrently with the End Date of the TSA, or as soon thereafter as reasonably practicable. Moreover, an extension of the applicable deadlines to file a plan, and to obtain acceptances of a plan, will afford the Debtors, the Committee and all parties in interest, the necessary breathing room to resolve the outstanding issues and propose viable plan terms. Accordingly, the Debtors submit that this extension is being sought for a proper purpose. The Debtors assert that throughout these Chapter 11 Cases, the companies have consistently paid their bills as they come due and, to the Debtors' knowledge, they are current on most, if not all, of their postpetition obligations. As part of their post-Closing efforts, and in consultation with the Committee, the Debtors are in the process of analyzing the scope of the potential administrative claims pool to determine the feasibility of a chapter 11 plan. This Motion is the Debtors' first request for an extension of exclusivity. This Motion is filed neither for the purpose of delay nor with the intent to extend the period indefinitely in order to gain undue advantage. The Debtors cite that this Motion is being filed only to preserve the Debtors' exclusivity rights until such time as the Debtors and Committee determine whether a plan is in the best interest of the estates and all stakeholders. As a result, the Debtors believe that the requested extension is reasonable under the circumstances of these Chapter 11 Cases and should be granted by the Court. Counsel to the Debtors: Matthew S. Okin, Esq. Ryan A. O'Connor, Esq. Kelley Killorin Edwards, Esq. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 E-mail: mokin@okinadams.com E-mail: roconnor@okinadams.com E-mail: kedwards@okinadams.com About Razzoo's Inc. Razzoo's, Inc., operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. RED PIGEON: Seeks Chapter 7 Bankruptcy in Rhode Island ------------------------------------------------------ Red Pigeon Express LLC filed for Chapter 7 bankruptcy protection on January 07, 2026, in the District of Rhode Island bankruptcy court. According to the filing, the Debtor reports liabilities ranging from $100,001 to $1,000,000 and identifies between 1 and 49 creditors. About Red Pigeon Express LLC Red Pigeon Express LLC is a limited liability company. On January 07, 2026, Red Pigeon Express LLC initiated a Chapter 7 case under the U.S. Bankruptcy Code (Bankr. D.R.I. Case No. 26-10017). The petition reflects estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge John A. Dorsey Jr. handles the case. The Debtor is represented by Thomas P. Quinn, Esq., of McLaughlinQuinn LLC. REVIVA PHARMACEUTICALS: Gets Exception to Meet Bid Price by Mar. 27 ------------------------------------------------------------------- Reviva Pharmaceuticals Holdings, Inc. disclosed in a regulatory filing that the Nasdaq Hearings Panel of the Nasdaq Stock Market LLC notified the Company that the Panel has granted its request for an exception to demonstrate compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing through March 27, 2026. Pursuant to the Exception, the Company is required to, and fully intends to, provide the Panel with prompt notification of any significant events that occur during the Exception period that may affect the Company's compliance with Nasdaq requirements. The Exception is in connection with the previously disclosed matter originally initiated pursuant to the Nasdaq notice received by the Company on May 13, 2025, indicating that it was not in compliance with the Bid Price Requirement. The Company had been provided a compliance period of 180 calendar days from the date of the notice, or until November 10, 2025, to regain compliance with the Bid Price Requirement. Also as previously disclosed in connection with such matter, on November 11, 2025, the Company had received a letter from Nasdaq indicating that, based upon the Company's not having regained compliance with the Bid Price Requirement and its ineligibility for a second 180 calendar day compliance period, the Listing Qualifications Staff of Nasdaq had determined to delist the Company's securities from Nasdaq unless the Company timely requested a hearing before the Panel. The Company timely requested a hearing before the Panel, which was held on January 8, 2026 and following which hearing the Panel determined to grant the Exception. About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $14.3 million in total assets, $9.8 million in total liabilities, and $4.5 million in total stockholders' equity. SAKS GLOBAL: Amazon, Chanel to Lead Creditors' Committee -------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that in the ongoing Chapter 11 case of Saks Fifth Avenue and related entities, the U.S. Trustee's Office unveiled a 10‑member creditors committee that lists Amazon and Chanel among its key participants, with an organizational meeting slated for Thursday, January 29, 2026. The panel is designed to serve as the official voice for unsecured creditors in the luxury retailer's restructuring, giving prominent vendors and stakeholders a formal role in shaping the bankruptcy process, according to report. 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. SAKS GLOBAL: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Saks Global Enterprises, LLC and its affiliates. The committee members are: 1. Amazon.com Services LLC 12 West 39th Street New York, NY 10018 Representative: Caroline Casey Boman crcasey@amazon.com 2. Chanel, Inc. 9 West 57th Street, 2nd floor New York, NY 10019 Representative: Daniel Rosenberg Daniel.rosenberg@chanel.com 3. Pension Benefit Guaranty Corporation Corporate Finance & Restructuring Department 445 12th Street, SW Washington, DC 20024 Representative: Jack Butler Butler.jack@pbgc.gov 4. Brookfield Properties Retail Inc. 350 N. Orleans St., Suite 300, Chicago, IL 60654 Representative: Julie Bowden Julie.bowden@ggp.com 5. Rosen-X 450 West 14th Street, 5th Flr. New York, NY 10014 Representative: Husein Jafferjee husein@aliceandolivia.com 6. Kering Americas, Inc. 65 Bleecker Street, 2nd Floor New York, NY 10012 Representative: Stephanie Park Stephanie.park@kering.com 7. LVMH Moët Hennessy Louis Vuitton Inc. LVMH Tower 19 E 57th Street New York, NY 10022 Representative: Rodney Pratt Rodney.pratt@lvmh.com 8. Ermenegildo Zegna NV Ermenegildo Zegna Corporation 10 East 53rd Street, New York, NY 10022 Representative: John Marshall John.marshall@zegna.com 9. Kellermeyer Bergensons Services, LLC 3609 Ocean Ranch Blvd. Suite 160 Oceanside, CA 92056 Representative: Janet Saura Janet.Saura@kbs-services.com 10. Local 1102 RWDSU UFCW 311 Crossways Park, Drive Woodbury, NY 11797 Representative: Eileen Crosby eileen@local1102.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to the Ad Hoc Group. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serve as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. SAM'S DINER: Seeks Approval to Hire Diller and Rice as Counsel -------------------------------------------------------------- Sam's Diner of Maumee, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Western Division to hire Eric R. Neuman of Diller and Rice, LLC to serve as its counsel. Mr. Neuman will provide these services: (a) consult with and aid in the preparation and implementation of a plan of reorganization; and (b) represent the Debtor in all matters relating to such proceedings. Mr. Neuman will receive compensation at an hourly rate of $350. Prior to the commencement of the case, Debtor's counsel received a retainer of $11,738, of which $1,738 was applied to the filing fee. At the commencement of the case, Debtor's counsel held $4,890 on deposit. According to court filings, Debtor's Counsel holds no interest adverse to the Debtor-in-Possession, its creditors, or any other party in interest and is not related to any creditors or any judge presiding in the Court. The firm can be reached at: Eric R. Neuman, Esq. DILLER AND RICE, LLC 1107 Adams Street Toledo, OH 43604 Phone: (419) 244-8500 E-mail: Eric@drlawllc.com 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 $0â€“$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. SHANON WIND: Gets Court OK to Tap Chapter 11 Cash Collateral ------------------------------------------------------------ Yun Park of Law360 reports that a North Texas wind farm owner, Shannon Wind LLC, received a significant procedural win on Wednesday when a Texas bankruptcy judge approved the use of cash collateral in its Chapter 11 case. This authorization gives the debtor essential liquidity to support ongoing operations and pay necessary expenses while it works through its bankruptcy proceedings. The ability to use cash collateral also empowers the company to pursue an asset sale as an operational business rather than shutting down, an outcome that may enhance overall recovery for creditors. By maintaining continuity of operations, the wind farm owner improves its chances of attracting buyers and preserving economic value, the report states. About Shannon Wind, LLC Shannon Wind LLC develops and owns the Shannon Wind project, a utility-scale wind farm in Clay County, Texas, generating approximately 204 megawatts of electricity from wind turbines. The Company manages construction, commercial operations, and overall project oversight for the renewable energy facility. Shannon Wind, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.Case No. 26-90124) on January 25, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jarrod B. Martin, Esq. of BRADLEY ARANT BOULT CUMMINGS LLP. The Debtor's financial advisor is ACCORDION PARTNERS, LLC, its investment banker is NOMURA SECURITIES INTERNATIONAL, INC., its valuator is KPMG LLP. The Debtor's notices, claims, solicitation and balloting agent and administrative advisor is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. SOLIMAN PROPERTIES: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------- On January 16, 2026, Soliman Properties 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 $1 million and $10 million in debt owed to 1–49 creditors. About Soliman Properties LLC Soliman Properties LLC is a real estate company engaged in property ownership, leasing, and management activities. Soliman Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10511) on January 16, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Vincent F. Papalia. SONIM TECHNOLOGIES: Streeterville Ceases Beneficial Ownership ------------------------------------------------------------- Streeterville Capital LLC, along with Streeterville Management, LLC and John M. Fife as joint filers, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of January 23, 2026, they no longer beneficially own shares of Sonim Technologies Inc.'s Common Stock (par value $0.001 per share). This amendment reflects the Reporting Persons' exit from beneficial ownership of 5% or more of the class, with all positions reduced to zero. Streeterville may be reached through: John M. Fife / President 300 East Randolph St, Suite 40.150 Chicago, Ill. 60601 Tel: 312-297-7000 A full-text copy of Streeterville's SEC report is available at: https://tinyurl.com/2wtp782f About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. SUKRAN LLC: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: Sukran LLC 291 N. Pecos Rd. Henderson, NV 89074 Business Description: Sukran LLC owns and leases an office building in Henderson, Nevada, at 291 N. Pecos Rd., which is currently valued at approximately $2.5 million. Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-10445 Debtor's Counsel: Janet Trost, Esq. NV JANET TROST, ESQ. 501 S. Rancho Drive, Suite H-56 Las Vegas, NV 89106 Tel: 702-257-2889 Fax: 702-257-2778 Email: janet@trostlawfirm.com Total Assets: $2,500,361 Total Liabilities: $3,775,533 The petition was signed by Meenaakshi Ramanathan as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S7JVRUY/SUKRAN_LLC__nvbke-26-10445__0001.0.pdf?mcid=tGE4TAMA TAILWIND AIR: Hires Henry & O'Donnell as Legal Counsel ------------------------------------------------------ Tailwind Air Service, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to hire Kevin M. O'Donnell of Henry & O'Donnell, P.C. to serve as legal counsel. Mr. O'Donnell will provide legal services in connection with the Debtor's Chapter 11 case. The firm's compensation of counsel will be based on the usual hourly rates for attorney time established from time to time by counsel for matters of this kind, rates presently range from $475-525 per hour for attorney time. The Debtor has made payment of an initial retainer in the amount of $25,000 to Counsel in connection with this proceeding, of which Counsel has drawn down $4,868.75 for work performed prior to filing herein. Henry & O'Donnell, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kevin M. O'Donnell, Esq. HENRY & O'DONNELL, P.C. 300 N. Washington Street, Suite 604 Alexandria, VA 22314 Telephone: (703) 548-2100 Facsimile: (703) 548-2105 E-mail: kmo@henrylaw.com About Tailwind Air Service, LLC Tailwind Air Service, LLC, based in Falls Church, Virginia, is a U.S.-registered aviation company that owns aircraft and operates private jet and turboprop charter services, primarily in the U.S. Northeast. The Company operates under FAA regulations and maintains a corporate office in Falls Church, with broader charter operations linked to Tailwind Air's New York activities. Tailwind Air Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va., Alexandria Division, Case No. 26-10101) on January 15, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Brian F. Kenney oversees the case. Henry & O'Donnell, P.C. is Debtor's legal counsel. TAILWIND AIR: Taps Henry & O'Donnell as Legal Counsel ----------------------------------------------------- Tailwind Air, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Henry & O'Donnell, P.C. to serve as legal counsel in its Chapter 11 case. Henry & O'Donnell, P.C. will provide these services: (a) provide legal representation to the Debtor in this Chapter 11 proceeding; and (b) perform legal services customary for counsel in matters of this kind. The firm's hourly rates presently ranging from $475 to $525. The Debtor paid an initial retainer in the amount of $25,000, of which $4,868.75 was drawn down for work performed prior to filing. According to court filings, Henry & O'Donnell, P.C. has no connection with the Debtor, the U.S. Trustee, or any party in interest, and represents no interest adverse to the Debtor or its estate. The firm can be reached at: Kevin M. O'Donnell, Esq. HENRY & O'DONNELL, P.C. 300 N. Washington Street, Suite 604 Alexandria, VA 22314 Telephone: (703) 548-2100 Facsimile: (703) 548-2105 E-mail: kmo@henrylaw.com About Tailwind Air, LLC Tailwind Air, LLC operates as a regional aviation company, providing air transportation services with a focus on short-haul and charter operations. Tailwind Air, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10102) on January 15, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. The debtor is represented by Kevin M. O'Donnell, Esq. of Henry & O'Donnell, P.C. TEAM SERVICES: S&P Rates Proposed $750MM Senior Secured Notes 'B-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to TEAM Services Holding Inc.'s proposed $750 million senior secured notes due 2033. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The company recently entered into a definitive agreement to be acquired by General Atlantic, with a targeted closing date in the first quarter of 2026. TEAM will use the proceeds from the proposed notes, along with a proposed $625 million first-lien secured term loan, to finance the transaction, under which it will repay all of its existing debt. S&P continues to expect the proposed transaction will be leverage neutral. S&P's 'B-' issuer credit rating and positive outlook on TEAM, as well as our 'B-' issue-level rating and '3' recovery rating on its existing debt, are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The company's capital structure comprises a $250 million revolving credit facility (undrawn), a $625 million first-lien term loan, and $750 million of senior secured notes. -- S&P's 'B-' issue-level rating and '3' recovery rating on the company's first-lien secured term loan, revolving credit facility, and senior secured notes indicate our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. -- S&P values TEAM as a going concern using a 5.5x multiple of its projected emergence EBITDA, which is similar to the multiples it uses for other home care and health care services companies. -- Under S&P's simulated default scenario, the company's EBITDA declines significantly due to increasing competition, significant reimbursement rate cuts, and integration challenges. -- S&P assumes that in a hypothetical bankruptcy scenario, the company's $250 million revolving credit facility would be 85% drawn. -- Given its market position and the continued demand for its services, S&P believes TEAM would remain a viable business and therefore be reorganized rather than liquidated following a payment default. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $178.8 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $934.4 million -- Valuation split (obligor/nonobligors): 100%/0% -- Total first-lien claims: $1.64 billion -- Value available to first-priority claims: $934.4 million --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: All debt amounts include six months of prepetition interest. TGI FRIDAY'S: Plan Exclusivity Period Extended to February 25 ------------------------------------------------------------- Judge Stacey G Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended TGI Friday's Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 25 and April 26, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Sale Order. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Yadav and Sugarloaf Sale Order. The sale process has also led to the sale of numerous liquor licenses, and the Debtors continue to market and pursue sales of the remaining liquor licenses. * Since the Petition Date, the Debtors have negotiated in good faith and worked collaboratively with their stakeholders. The Debtors' time and resources have been productively spent on (i) ensuring a smooth chapter 11 process with minimal disruption to the Debtors' operations, preserving the Debtors' assets to the benefit of all parties in interest; (ii) administering value maximining sales processes; (iii) engaging the various stakeholders to ensure the closing of the various asset sales; (iv) filing procedures for the sale of the Debtors' remaining liquor licenses; (v) transitioning the Debtors' operations to the new owners pursuant to the asset sales; and (vi) negotiating support with the Debtors' other constituents, including the Committee and contract counter parties. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtors with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entrees, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. THRILL INTERMEDIATE: Plan Exclusivity Period Extended to May 26 --------------------------------------------------------------- Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of Nevada extended Thrill Intermediate LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 26 and July 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that weighing in favor of the first and second factors, these Chapter 11 Cases are not only large in terms of the amount of money at stake but also extraordinarily complex and contentious. The Debtors were forced to file emergency petitions in order for Debtors to protect their primary and significant asset as a result of the Ad Hoc Lenders' hostile takeover attempt. The ramifications of the Ad Hoc Lenders' pre-petition actions, followed by the contentious postpetition litigation and their dismissal efforts have left Debtors with little time or ability to develop a plan to reorganize. The Debtors claim that weighing in favor of the third factor, the Debtors' diligent actions to this point evidences their good faith progress toward reorganization. The Debtors, along with their professionals, have taken the necessary steps to prosecute the Chapter 11 Cases, fashion a process of asserting claims against the Debtors, and ensure Debtors are ready, willing and able to perform under their contracts, as necessary. The Debtors assert that weighing in favor of the fourth factor, while the Debtors do not have the type of postpetition expenses that would typically be incurred in business operations, the Debtors have diligently worked with the Ad Hoc Lenders to ensure they have funding to take necessary actions. As revealed in their MORs, they are not at risk of administrative insolvency in view of the value of their assets. The Debtors further assert that weighing in favor of the fourth factor, while the Debtors do not have the type of postpetition expenses that would typically be incurred in business operations, the Debtors have diligently worked with the Ad Hoc Lenders to ensure they have funding to take necessary actions. As revealed in their MORs, they are not at risk of administrative insolvency in view of the value of their assets. Counsel to the Debtors: Gregory Garman, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Telephone: (725) 777-3000 Facsimile: (725) 777-3112 About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, Thrill Intermediate disclosed estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the cases. The Debtors tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Force Ten Partners, LLC as restructuring advisor. Stretto, Inc. is the Debtors' claims, noticing, and solicitation agent. TRANSPORTING CARS: Commences Subchapter V Bankruptcy in California ------------------------------------------------------------------ Transporting Cars Champion, Inc. voluntarily filed for Chapter 11 bankruptcy on January 24, 2026, in the Eastern District of California. Court records show the company owes between $1 million and $10 million to 1 to 49 creditors. About Transporting Cars Champion, Inc. The company operates in the vehicle transportation industry, providing logistics and auto delivery services across California and nationwide. Transporting Cars Champion, Inc. serves dealerships, auto auctions, and individual clients. The company filed for Subchapter V of Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20337) on January 24, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is assigned to Judge Christopher D. Jaime, with legal representation by Thomas B. Ure, III, Esq., of Ure Law Firm. TREEHOUSE FOODS: Fitch Gives FirstTime 'B' IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has assigned TreeHouse Foods, Inc, (TreeHouse) and Industrial F&B Investments III, Inc. a first-time Issuer Default Rating (IDR) of 'B.' Fitch has also assigned a 'B+' rating with a Recovery Rating of 'RR3' to the proposed first lien $1.25 billion senior secured term loan B issued under Industrial F&B Investments III, Inc. The ratings assume an additional $550 million of pari passu secured debt. The Rating Outlook is Stable. The ratings reflect the company's weak performance trends, execution issues, high leverage, and modest scale with EBITDA in the high-$300 million range. The ratings consider the company's leading position in the North America private-label category. Following the take-private transaction of Treehouse by Investindustrial, pro forma leverage is expected to be around 4.9x, with modest incremental debt, which is largely leverage neutral. Fitch expects leverage to trend around 5.0x over the medium term with ongoing investments in the business driving topline and volume stabilization, funded by anticipated operating efficiencies. Key Rating Drivers Execution Issues, Weak Volume Trends: Over the past decade, TreeHouse has undergone multiple transformations in efforts to reshape its portfolio for growth, with volume pressure since 2016. It acquired businesses to gain scale but struggled to achieve synergies. Despite various strategic efforts to reduce complexity through divestitures and shifting to higher-growth, higher-margin product categories, volumes declined in 2023 and 2024, driven by supply chain disruptions and product recalls. Fitch forecasts a 4% decline in organic sales in 2025, reflecting ongoing volume pressures and continued operational inefficiencies, driven by recalls and margin management initiatives. Private-label products typically perform well during periods of financial strain, as consumers trade down from branded products for affordability and value. Industry private-label penetration grew in 2024 and 2025 given increased consumer focus on value following several years of high inflation. Despite this tailwind, Treehouse's volumes declined due to temporary facility closures and quality control issues. Fitch expects TreeHouse's organic sales to be relatively flat in 2026 as volume declines moderate to low single digits versus a projected 8% decline in 2025, driven by resolution of supply chain issues, investments in innovation and go-to-market strategies. Take Private Acquisition: On Nov. 10, 2025, TreeHouse agreed to be taken private by Investindustrial in an all-cash deal valued at $2.9 billion, or around 8x Fitch-adjusted LTM September 2025 EBITDA. This is the second deal between the companies in four years, following Investindustrial's $950 million acquisition of the majority of TreeHouse's Meal Preparation business in August 2022. The post-acquisition capital structure is expected to be largely leverage neutral, consisting of a $1.25 billion proposed Term Loan B and $550 million of other secured debt issued to repay the existing $1.7 billion debt, which includes outstanding borrowings under its A/R securitization program. Fitch believes that, under new management with experience in its legacy business, TreeHouse could realize cost savings and improve profitability over the medium term. Relatively Small Industry Player: Although TreeHouse is a leader in the North American private label space, it is smaller than many branded packaged food competitors. The Campbell's Company (Campbell; BBB-/Stable), a direct competitor in broth and snacks, generated $10.3 billion of total net revenue and over $1.8 billion of EBITDA in fiscal 2025 (ended August 31), compared with Treehouse's 2024 revenue and EBITDA of around $3.5 billion and $370 million, respectively. Fitch expects TreeHouse's EBITDA to remain in the high-$300 million range over the next 12-24 months as the company focuses on improving supply chain capabilities and reducing business complexity. Stable Margins, Modest FCF Generation: In 2025, Fitch expects margins to remain relatively flat at 11% versus 10.9% in 2024, driven primarily by ongoing cost-saving initiatives offsetting volume declines. With new management, Fitch expects margins to remain in 11% range with topline stabilization and investments in operational efficiencies. The company has historically generated positive FCF, excluding working capital swings from divestitures, due to minimal capex. Fitch expects FCF to be around $100 million in 2025 and modestly positive thereafter, driven by higher cash interest expenses, restructuring costs, and higher capex to fund operational capabilities. Elevated Leverage: Fitch expects pro forma leverage for 2025 to be around 4.9x, in line with 2024, reflecting flattish EBITDA and modest incremental debt from the transaction. Beginning 2026, Fitch expects leverage to be flat at around 5.0x, reflect stable EBITDA and debt levels. Peer Analysis Treehouse's 'B' rating and Stable Outlook reflects the company's weak performance trends, execution issues, high leverage, and modest scale, with EBITDA in the high-$300 million range. Other rated peers include The Kraft Heinz Company (Kraft Heinz; BBB/Rating Watch Negative), The Campbell's Company (Campbell; BBB-/Stable), and Conagra Brands, Inc. (Conagra; BBB-/Stable). Kraft Heinz's rating reflects its portfolio of strong brands and actions taken to strengthen its market position through portfolio optimization and repositioning efforts. The Negative Rating Watch reflects the company's announced plan to separate into two entities: Global Taste Elevation Co. (Remain Co) and North American Grocery Co. Fitch expects to resolve the Rating Watch when there is greater clarity on RemainCo's pro forma capital structure, operating and cash flow prospects and long-term financial policy. Campbell's ratings reflect the company's strong brands, significant market share in several product categories and leverage sustained in the high-3x range. Fitch expects EBITDA could decline in the low- to mid-teens in fiscal 2026, driven by the weak topline, higher input costs and ongoing reinvestment into the business and recover modestly thereafter. Leverage is expected to be around 4.2x in fiscal 2026 and in the high-3x range in fiscal 2027, assuming FCF is used towards debt reduction. Conagra's ratings reflect its position as one of the largest players in the U.S. packaged foods industry, with a strong presence in the frozen, refrigerated and snacking categories. Fitch expects EBITDA to trend toward the high $1 billion range in fiscal 2026, with EBITDA leverage approaching 4x. Fitch's Key Rating-Case Assumptions -- 2025 organic sales is expected to decline by 4% driven by high-single digit volume declines offset by mid-single digit pricing actions. Beyond 2025, organic sales is expected to be flattish from volume stabilization. -- EBITDA is expected to be $370 million in 2025 relative to $366 million in 2024 and remain relatively flat thereafter. EBITDA margin is expected to be 11% in 2025, a modest increase from 10.9% in 2024, as the company manages inflationary pressures with cost-savings initiatives. Margins are expected to remain in the 11% range from ongoing supply chain optimization and increased investment into marketing and innovation. -- FCF is expected to be around $100 million in 2025 with capex of $125 million. Beyond 2025, FCF is expected to be minimal, driven by higher cash interest burden and capex of $150 million- $170 million annually. -- Leverage is expected to improve in 2025 to 4.8x from 4.9x in 2024, before increasing to 5.0x in 2026, as the company continues to invest in operational excellence to stabilize topline and position for growth. Leverage is expected remain in the 5.0x range over the forecast period from flattish EBITDA and debt levels. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (b, Higher), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (b+, Moderate), Financial Structure (b+, Moderate), and Financial Flexibility (bb, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in Fitch's analysis and result in no adjustment. - 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 Fitch conducts a bespoke recovery analysis when assigning and monitoring instrument ratings for issuers with IDRs of 'B+' and below. The recovery analysis assumes that TreeHouse would be reorganized in bankruptcy as a going concern (GC) rather than being liquidated. The recovery analysis further assumes the RCF will be fully drawn. TreeHouse' recovery analysis is based on a going concern enterprise value. Fitch assumes a $250 million going concern EBITDA. The going concern EBITDA reflects a scenario of continued market share losses given ongoing execution issues and/or increased competition in its portfolio categories, which results in revenue declining about 25% to $2.5 billion from $3.4 billion of revenues estimated for 2025. EBITDA margins are assumed to be around 10%, reflecting continued operational issues and marketing efforts to improve sales, offset partially by cost cutting and supply chain optimization efforts achieved through bankruptcy. TreeHouse's recovery analysis uses a 6.0x EV multiple. This compares to the 6.4x median bankruptcy multiple for food, beverage and consumer companies. The EV multiple considers the company's diversified product offerings, offset by its relatively small scale with a focus on private label compared to other branded peers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Revenue and EBITDA declines due to market share losses or margin pressures, operational issues or debt-financed dividends or acquisitions that would cause leverage to be sustained above 6.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Stabilization in volume trends with EBITDA improvements such that leverage is sustained below 5.0x. Liquidity and Debt Structure Fitch views TreeHouse's post-closing liquidity as satisfactory, with approximately $400 million of ABL capacity. This is viewed relative to 1.0% amortization on the $1.25 billion term loan B, with payment commencing after the first full fiscal year. TreeHouse's proposed capital structure consists of approximately $400 million ABL revolver, a first-lien $1.25 billion term loan B, and $550 million of other secured debt. Proceeds are expected to be used towards repaying existing debt and outstanding borrowings under its A/R securitization program. Prior to the announcement of the acquisitions, as of Sept. 30, 2025, TreeHouse had around $400 million in liquidity, including $21 million in cash and $372.2 million available under its $500 million secured RCF due Jan. 17, 2030 (netting $95 million of borrowings and $32.8 million of letters of credit). In addition to the revolver, the company's capital structure included a $422.9 million secured term loan A-1 due January 2030, a $480 million of secured term loan A due January 2030, and a $500 million unsecured bond due September 2028. The company also has a A/R securitization program in place and as of Sept. 30, 2025, the total outstanding borrowings on the facility was $221.7 million. Issuer Profile TreeHouse is the leading manufacturer and distributor of private label packaged foods and beverages in North America. The company has 24 production facilities and distributes both private label and regionally branded products to supermarkets, mass merchandisers, and specialty retailers. Summary of Financial Adjustments Fitch adjusted historical EBITDA for stock-based compensation, restructuring expenses, other non-recurring items. RATING ACTIONS Entity/Debt Rating Recovery ----------- ------ -------- Industrial F&B Investments III, Inc. LT IDR B New Rating senior secured LT B+ New Rating RR3 TreeHouse Foods, Inc. LT IDR B New Rating TWIN HOSPITALITY: Commences Chapter 11 to Deleverage Balance Sheet ------------------------------------------------------------------ Twin Hospitality Group Inc. (Nasdaq: TWNP), the parent company of Twin Peaks Restaurant, announced on Jan. 26, 2026, that it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Twin Hospitality plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support the continued growth of its brands. Twin Hospitality develops and operates the specialty casual dining restaurant concepts, Twin Peaks and Smokey Bones. Throughout the chapter 11 process, Twin Hospitality expects the brands will remain open and operating as usual and will continue delivering their signature guest experiences. Trading of Twin Hospitality Group's securities on NASDAQ is expected to continue with a "Q" suffix during this period. "Twin Peaks has redefined the sports bar experience and built an iconic and highly profitable business. We are confident that the brand remains positioned for meaningful global expansion in the years to come," said Andy Wiederhorn, CEO of Twin Hospitality. "The chapter 11 process will enable us to strengthen our balance sheet and create financial flexibility to advance this growth. 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 thousands of corporate and franchise employees." Bankruptcy Court filings and other information about the claims process and proceedings can be found at the separate website maintained by the Company's proposed claims and noticing agent, Omni Agent Solutions, Inc., at https://omniagentsolutions.com/FatBrands-TwinHospitality. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, Huron Consulting Services LLC is serving as financial advisor, and Omni Agent Solutions, Inc. is serving as claims, noticing and solicitation agent. Twin Hospitality Group Inc. Twin Hospitality Group Inc. -- https://ir.twinpeaksrestaurant.com/ -- is a restaurant company that strategically develops and operates specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands. UNIQUE THIRD: U.S. Trustee Appoints Joseph Tomaino as PCO --------------------------------------------------------- William Harrington, U.S. Trustee for Region 2, appointed Joseph Tomaino of Grassi Healthcare Advisors, LLC as patient care ombudsman for Unique Third Avenue, LLC and affiliates. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Southern District of New York on January 15. Mr. Tomaino disclosed in a court filing that he is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Section 333(b) of the Bankruptcy Code provides that the patient care ombudsman shall: * Monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * Not later than 60 days after the date of the appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; and * If such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or written report, with notice to the parties in interest immediately upon making such determination. The ombudsman may be reached at: Joseph Tomaino Grassi Healthcare Advisors LLC 360 Madison Avenue New York, NY 10017 Tel: 212-223-5020 Email: jtomaino@grassihealthcareadvisors.com About Unique Third Avenue Unique Third Avenue, LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging, LLC and Unique Imaging Services, LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777-2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-12461) on November 4, 2025. In the petition signed by Nick Lavrinoff, chief restructuring officer, Unique Third Avenue disclosed $3,261,747 in assets and $11,429,935 in liabilities. Judge John P. Mastando oversees the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, represents the Debtor as legal counsel. 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 we base 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- US MAGNESIUM: Court to OK $30MM Chapter 11 Site Sale to Utah ------------------------------------------------------------ Clara Geoghegan of Law360 reports that a Delaware judge overseeing the Chapter 11 case of US Magnesium on Tuesday, January 27, 2026, signaled his intent to approve the sale of most of the company's assets to the state of Utah, overruling objections from a group challenging the deal. The court's stance suggests that Utah's acquisition proposal aligns with the legal standards governing bankruptcy sales. The state's bid, which aims to take control of key facilities and resources formerly owned by the mineral supplier, had been contested by creditors concerned about value and process. However, the judge determined that the sale will proceed, finding no compelling reason to sustain the objection in light of the thorough sale process and creditor notice, the report relays. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VARSOBIA HOSPITALITY: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------------- On January 19, 2026, Varsobia Hospitality LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 4 creditors. About Varsobia Hospitality LLC Varsobia Hospitality LLC is a single asset real estate company. Varsobia Hospitality LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10434) on January 19, 2026. In its petition, the debtor reported estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. The case is being handled by Honorable Bankruptcy Judge Julia W. Brand. The debtor is represented by Marc Applbaum, Esq., of Midway Law Firm APC. VILLA CHARDONNAY: Appointment of Chapter 11 Trustee Sought ---------------------------------------------------------- A group of secured creditors asked the U.S. Bankruptcy Court for the Southern District of California to appoint an independent trustee to take over the Chapter 11 case of Villa Chardonnay Horses With Wings, Inc. The creditors including River Falls, LLC, Private Mortgage Lending, Inc., and Larry and Carol Armbrust, as trustees of the Armbrust Living Trust, sought the appointment of a Chapter 11 trustee following the suspension of the Debtor's status with the California Registry of Charitable Trusts. The creditors said the undisputed facts on the record demonstrate the Debtor has grossly mismanaged its affairs, including that: * The Debtor's registration with the Registry was suspended in January 2024 and Debtor's operating reports and representations at creditors' meetings make clear that it nonetheless continued to operate for charitable purposes in violation of Section 345(b) of the Bankruptcy Code and distribute charitable assets in violation of Section 345(b) of the Bankruptcy Code. * Despite repeated and numerous requests over the past 100 days, Debtor has failed to provide secured creditors documentation that Boulder Creek is fully insured under a policy that appropriately names Secured Creditors as mortgagees. Instead, it appears Debtor continues to remain underinsured. This is consistent with Debtor's pre-petition gross mismanagement, in which Debtor repeatedly failed to ensure Boulder Creek was adequately insured. * The Debtor has not made a payment on the priority lien secured by its real property since March 2025. Instead, in the past five months it has filed two bankruptcy petitions on the eve of foreclosure. According to the creditors, the pervasive nature of the Debtor's mismanagement of its affairs, the vast number of animals on the property, its current condition, and the information that Ms. Perez has been the defendant in at least one unlawful detainer proceeding in Riverside County have led them to conclude that a neutral third party is necessary to work with the Debtor, creditors, the California Attorney General, and other stakeholders to ensure the rights of the Debtor's donors and animals are protected while its assets are monetized for the benefit of creditors. The creditors said they are unwilling to provide the Debtor any advances or additional financing while it remains in possession but would be willing to discuss the terms of a potential debtor-in-possession financing facility with a Chapter 11 trustee. The creditors further argued that the appointment of a Chapter 11 trustee, not dismissal of the case, is the only viable path to protect the rights of creditors, donors, and the welfare of the animals, while ensuring compliance with applicable law. A copy of the motion is available for free at https://urlcurt.com/u?l=280BzJ from PacerMonitor.com. Attorneys for River Falls, LLC, Private Mortgage Lending, Inc., and The Armbrust Living Trust: Paul Leeds, Esq. Meredith King, Esq. FRANKLIN SOTO LEEDS LLP 444 West C Street, Suite 300 San Diego, California 92101 Tel: 619.872.2520 Fax: 619.566.0221 About Villa Chardonnay Horses With Wings Inc. Villa Chardonnay Horses With Wings Inc., based in Julian, California, operates as a nonprofit animal sanctuary providing care for rescued horses, cats, dogs, goats, and other animals, with a focus on senior and special-needs animals. The organization maintains a large, peaceful environment for these animals and relies on donations and volunteer support to sustain its operations. It is classified within the animal welfare and rescue sector. Villa Chardonnay Horses With Wings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-03692) on September 1, 2025. In its petition, the Debtor reported total assets of $3,978,280 and total liabilities of $7,073,342. The Debtor is represented by Michael R. Totaro, Esq., at Totaro & Shanahan, LLP. VIMAR STEEL: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------ On January 26, 2026, Vimar Steel Corp. filed for Chapter 7 protection in the Southern District of Texas Bankruptcy Court. According to the court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. About Vimar Steel Corp. Vimar Steel Corp. is a Texas‑based company engaged in the wholesale trade and distribution of ferrous metal products and structural steel supplies. Incorporated in Texas and operating from Houston, the company serves customers in construction, industrial, and manufacturing sectors by supplying a wide range of steel materials, including beams, channels, flat bars, rebar, tubing, and other structural components. Vimar Steel Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30460) on January 26, 2026. In its petition, the Debtor reports estimated assets in the range of $100,001–$1,000,000 and estimated liabilities in the range of $1,000,001–$10,000,000. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Ian J. Bambrick, Esq. of Faegre Drinker Biddle & Reath LLP. VIVAKOR INC: Converts $41,165 Lender Notes Into 9,215,789 Shares ---------------------------------------------------------------- Vivakor, Inc. previously issued convertible promissory notes between June 6 and June 9, 2025, to seven non-affiliated accredited investors, in the aggregate principal amount of $5,117,647.06 in connection with a Securities Purchase Agreement entered into by and between the Company and the Lenders. Under the terms of the Lender SPA and the Lender Notes, the Company received $4,350,000 prior to deducting customary fees. On January 16, 2026, the Company received Notices of Conversion from two of the Lenders converting a total of $41,165 of the amounts due under the Lender Notes into 9,215,789 shares of the Company's common stock. Pursuant to the terms of the Lender Notes and the Notices of Conversion, the Company issued the Lender Shares. The Lender Shares were issued without a Rule 144 restrictive legend pursuant to legal opinions received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VPR HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of VPR Holdings, LLC. About VPR Holdings VPR Holdings, LLC owns and leases a single-family home in Eastsound, Washington, providing rental housing and property management services. VPR Holdings filed Chapter 11 petition (Bankr. W.D. Wash. Case No. 25-13580) on December 18, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by: James E Dickmeyer, Esq. LAW OFFICE OF JAMES E DICKMEYER PC 520 Kirkland Way Suite 400, PO Box 2623 Kirkland WA 98083-2623 Phone: (425) 889-2324 jim@jdlaw.net WANJOGU LLC: To Sell Georgia Properties to Blacker the Berry ------------------------------------------------------------ Wanjogu, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain real property with first priority mortgage liens as follows: a. 108 Fairburn Road SW, Atlanta, GA 30331 (Fairburn Property), on which LHome Mortgage Trust 2023-RTL3 (LHome) asserts a first priority lien in the approximate amount of $228,638.85. b. 2898 Glenwood Avenue SE Atlanta, GA 30317 (Glenwood Property) on which LHome asserts a first priority lien in the approximate amount of $233,392.34. c. 88 Flora Avenue, Atlanta, GA 30307 (Flora Property) on which Kiavi Funding, Inc. asserts a first priority lien in the approximate amount of $395,157.96. d. 545 Allendale Drive, Decatur, GA 30032 (Allendale Property) on which Kiavi asserts a first priority lien in the approximate amount of $327,905.81. e. 881 Smith Street SW, Atlanta, GA 30310 on which LHome asserts a first priority lien in the approximate amount of $490,186.46. The Debtor is not aware of any other creditors asserting liens on the Properties. The Debtor proposes to sell the Properties for $1,435,000.00 (apportioned as indicated in the Purchase Agreement) to Blacker the Berry BK (Buyer) who is not an insider of the Debtor. No commissions are contemplated to be paid under the Purchase Agreement. The Debtor submits that the proposed purchase price amounts to fair market value for the Properties. The Debtor has determined that selling the Properties pursuant to the Purchase Agreement is in the best interests of the estate and its creditors. The proposed purchase price is fair market value and creditors will receive a greater share of said proceeds since no commissions are being paid at closing. The Debtor believes that it has demonstrated a sound business justification for the relief requested in the Motion. About Wanjogu LLC Wanjogu, LLC manages and appraises a single-residence property located at 881 Smith Street SW, Atlanta, Georgia, and operates within the real estate services industry. Wanjogu filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-63986) on December 1, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Jeffery W Cavender presides over the case. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as counsel. WEABER INC: Seeks to Extend Plan Exclusivity to February 28 ----------------------------------------------------------- Weaber Inc. asked the U.S. Bankruptcy Court for the Middle District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 28 and April 28, 2026, respectively. The Debtor explains that it has met its burden of showing "good cause" to extend the Exclusivity Period because it has actively been engaged in developing a plan for its operations as a reorganized company and has performed its duties as a Debtor in a timely manner to date. The Debtor claims that its has been in active negotiation regarding a multi-million-dollar fire loss. The Debtor has also been in serious and fruitful negotiations with its largest secured creditor which must be completed before a plan can be filed. The Debtor believes that extending the Exclusivity Period to file a plan and solicit acceptances will further the interests of the Debtor and its estate by enabling the Debtor to refine its plan for business operations post-confirmation and complete negotiations with all of its different creditor constituency. The Debtor further believes that if the Exclusivity Period is not extended as requested, the Debtor's efforts to reorganize will be compromised. Further, the Debtor alleges that no harm or prejudice will inure to the creditors of the Debtor if the Exclusivity Period is not extended. Weaber Inc. is represented by: Albert Ciardi, III, Esq. Nicole M. Nigrelli, Esq. Sonali D. Doshi, Esq. Ciardi Ciardi & Astin 1905 Spruce St. Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. at Ciardi Ciardi and Astin. WHITE WILSON: Seeks to Extend Plan Exclusivity to April 30 ---------------------------------------------------------- White Wilson Medical Center, PA asked the U.S. Bankruptcy Court for the Northern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 30 and June 30, 2026, respectively. This is the Debtor's first request to extend the exclusivity deadlines. The Debtor's case is significant in size with average gross revenues of $59,791,318.00 over the last two years and the Debtor has outstanding claims totaling approximately $31,000,000.00. The Debtor claims that the size of its Chapter 11 case, the complexity of its business and the interplay of bankruptcy law and healthcare law all constitute cause to justify an extension of the exclusivity periods. In addition, the Debtor has made substantial and good-faith progress toward confirmation by pursuing a court-approved sale process pursuant to section 363 of the Bankruptcy Code. The Court has already approved bidding procedures and sale milestones, and the Debtor is actively conducting the sale process in accordance with that order. The sale process is underway, and the closing of the sale is expected to occur no later than March 1, 2026. The Debtor explains that the requested extensions are narrowly tailored to allow the company to consummate the sale, determine the final proceeds available for distribution, and formulate a Chapter 11 plan based on the outcome of the sale. Chapter 11 debtors are permitted to sell substantially all of their assets under section 363 and thereafter propose a plan governing the distribution of sale proceeds, particularly where doing so preserves value and promotes an orderly reorganization. The Debtor cites that granting the requested extensions will preserve the integrity of the Court-approved sale process and promote the maximization of value for all stakeholders. Allowing competing plans or solicitations during the pendency of the sale could disrupt the sale process, chill bidding, increase administrative expenses, and undermine the Debtor's good-faith efforts to achieve the highest and best value for the estate. The Debtor asserts that the requested extensions are sought in good faith and are not intended to pressure creditors or delay this case. To the contrary, the extensions will allow the Debtor to promptly transition from the sale process to plan confirmation once the transaction is consummated. The Debtor further asserts that requested extensions do not exceed the maximum periods permitted under section 1121(d)(2) of the Bankruptcy Code and represent a reasonable and appropriate exercise of the Court's discretion under the circumstances of this case, particularly in light of the advanced stage of the sale process and the imminent closing of the transaction. White Wilson Medical Center PA is represented by: Alberto F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 E-mail: al@jpfirm.com About White Wilson Medical Center PA White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, is the Debtor's legal counsel. WORKFLOW INTEGRATED: Seeks Chapter 7 Bankruptcy in New Jersey ------------------------------------------------------------- On January 23, 2026, Workflow Integrated System, Inc. filed for Chapter 7 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 Workflow Integrated System, Inc. Workflow Integrated System, Inc. operates as a technology and services company focused on workflow integration and process optimization. The company provides systems, tools, or consulting services designed to streamline operational processes and improve organizational efficiency. Workflow Integrated System, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10769) on January 23, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. XCEL BRANDS: Secures $15M Equity Commitment From White Lion Capital ------------------------------------------------------------------- Xcel Brands, Inc. disclosed in a regulatory filing that the Company entered into a common stock Purchase Agreement and a Registration Rights Agreement, with White Lion Capital, LLC, pursuant to which the Investor has committed to purchase up to $15 million of the Company's common stock, par value $0.001 per share, subject to certain limitations and satisfaction of the conditions set forth in the Purchase Agreement. Under the terms and subject to the conditions set forth in the Purchase Agreement, the Company has the right, but not the obligation, to sell to the Investor, and the Investor is obligated to purchase, up to $15.0 million of the Company's Common Stock. Such sales of Common Stock by the Company, if any, will be subject to certain limitations specified in the Purchase Agreement and may occur from time to time, at the Company's sole discretion, during the 24-month period beginning on the date of the Purchase Agreement. Regular Purchases: During the Commitment Period, the Company may, by written notice, direct the Investor to purchase shares of Common Stock, subject to the Regular Purchase Notice Limit. The Regular Purchase Notice Limit shall be equal to 30% of the average daily trading volume of the Common Stock on the Principal Market over the five business days immediately preceding the Regular Purchase Notice. A Regular Purchase Notice shall be deemed delivered on the business day: (i) a Regular Purchase Notice is received by 9:00 a.m. New York time by email by the Investor and (ii) the DWAC of the applicable Purchase Notice Shares has been initiated and completed as confirmed by the Investor's designated brokerage account by 9:00 a.m. New York time. If the applicable Regular Purchase Notice is received after 9:00 a.m. New York time or the DWAC of the applicable Purchase Notice Shares has not been completed as confirmed by the Investor's designated brokerage account by 9:00 a.m. New York time, then the next Business Day shall be the Regular Purchase Notice Date, unless waived by Investor in writing. The purchase price for each Regular Purchase shall be equal to the average of the three lowest closing sale prices for the Common Stock on the Principal Market on the Regular Purchase Notice Date. Rapid Purchases: Subject to the terms and conditions of the Purchase Agreement, in addition to directing purchases of Purchase Notice Shares pursuant to a Regular Purchase Notice, during the Commitment Period, the Company shall also have the right, but not the obligation, to direct the Investor to purchase a number of Purchase Notice Shares by delivering a written notice to the Investor. A Rapid Purchase Notice shall be deemed delivered on the business day: (i) a Rapid Purchase Notice is received by 1:00 p.m. New York time by email by the Investor and (ii) the DWAC of the applicable Purchase Notice Shares has been initiated and completed as confirmed by the Investor's designated brokerage account by 1:00 p.m. New York time. If the applicable Rapid Purchase Notice is received after 1:00 p.m. New York time or the DWAC of the applicable Purchase Notice Shares has not been completed as confirmed by the Investor's designated brokerage account by 1:00 p.m. New York time, then the next business day shall be the Rapid Purchase Notice Date, unless waived by Investor in writing. Each Rapid Purchase Notice may direct the Investor to purchase a number of Purchase Notice Shares not to exceed 30% of the average daily trading volume of the Common Stock on the Principal Market over the five business days immediately preceding the Rapid Purchase Notice. The purchase price for each Rapid Purchase shall be equal to the average of the two lowest traded prices of the Common Stock during the three hour period following the Investor's written consent of the acceptance of the applicable Rapid Purchase Notice Form by Investor. VWAP Purchases: In addition to purchases of Purchase Notice Shares as described above, during the Commitment Period, the Company may, by written notice, direct the Investor to purchase shares of Common Stock subject to the VWAP Purchase share limit. The VWAP Purchase share limit shall be equal to 30% of the average daily trading volume of the Common Stock on the Principal Market over the five business days immediately preceding the VWAP Purchase Notice. A VWAP Purchase Notice shall be deemed delivered on the business day: (i) that an applicable VWAP Purchase Notice is received by 9:00 a.m. New York time by email by the Investor and (ii) the DWAC of the applicable Purchase Notice Shares has been initiated and completed as confirmed by the Investor's designated brokerage account by 9:00 a.m. New York time. If the applicable VWAP Purchase Notice is received after 9:00 a.m. New York time or the DWAC of the applicable Purchase Notice Shares has not been completed as confirmed by the Investor's designated brokerage account by 9:00 a.m. New York time, then the next business day shall be the VWAP Purchase Notice Date, unless waived by Investor in writing. The purchase price for each Regular Purchase (the "Regular Purchase Price") shall be equal to the product of: (i) the lowest daily volume weighted average price of the Common Stock during the two consecutive business days commencing on and including the VWAP Purchase Notice Date. For the avoidance of doubt, the VWAP Purchase Notice Date shall be the first business day in the VWAP Purchase Valuation Period and (ii) 97%. Other Terms: The Company will control the timing and amount of any sales of Common Stock to the Investor pursuant to the Purchase Agreement. The Investor does not have the right to require the Company to sell any shares of Common Stock, but is obligated to purchase shares as directed by the Company, subject to the conditions set forth in the Purchase Agreement. The actual amount and timing of any sales of Common Stock will be determined by the Company at its discretion and will depend on various factors, including, among others, general market conditions, the trading price of the Common Stock, and the Company's assessment of appropriate funding sources for its operations. The net proceeds that the Company may receive under the Purchase Agreement will vary based on the frequency of sales and the prices at which shares are sold to the investor. The Company currently intends to use any proceeds from such sales for working capital and general corporate purposes. In the case of Regular Purchases, Rapid Purchases and VWAP Purchases, the purchase price per share will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during the business days used to compute the purchase price. The aggregate number of shares that the Company can sell to the Investor under the Purchase Agreement together with the number of Commitment Shares is limited to and may not exceed: (i) 1,178,173 shares, which is equal to 19.99% of the total shares of the Common Stock outstanding immediately prior to the execution of the Purchase Agreement, unless either of the following conditions is satisfied: (i) the Company obtains stockholder approval to issue Purchase Notice Shares in excess of the Exchange Cap; or (ii) the average price paid for all shares of Common Stock issued under the Purchase Agreement equals or exceeds the lower of: (A) the Nasdaq official closing price of the Common Stock on the trading day immediately preceding the date of the Purchase Agreement; and (B) the average official closing price of our Common Stock on Nasdaq for the five consecutive trading days ending on the trading day immediately preceding the date of the Purchase Agreement. In all cases, the Purchase Agreement also prohibits the Company from directing the Investor to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by the Investor (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in the Investor beneficially owning more than 4.99% of the then total outstanding shares of Common Stock, provided that, the Investor may increase this beneficial ownership limitation up to 9.99% at its sole discretion upon 61 days prior written notice to the Company. The Purchase Agreement and the related Registration Rights Agreement impose no restrictions on future financings, rights of first refusal, participation rights, penalties, or liquidated damages, except that while the Purchase Agreement remains in effect, the Company is prohibited, without the prior approval of the Investor, from entering into any "equity line" or substantially similar transaction whereby an investor is irrevocably bound to purchase securities over a period of time from the Company at a price based on the market price of the Common Stock at the time of such purchase; provided, however, that this restriction does not prohibit the issuance of shares of Common Stock pursuant to: (i) an "at-the-market offering" by the Company through a registered broker-dealer acting as agent of the Company pursuant to a written agreement between the Company and such registered broker-dealer or (ii) the conversion or exercise of derivative securities where the conversion or exercise price varies based on the market price of the Common Stock. The Investor has agreed not to engage in or effect, directly or indirectly, for its own principal account or for the principal account of any of its affiliates, any short sales of the Common Stock during the term of the Purchase Agreement. In consideration for the Investor's execution and delivery of the Purchase Agreement, the Company will issue to the Investor shares of Common Stock valued in an aggregate amount of $37,500. The amount of shares to be issued shall be determined by dividing $37,500 by the closing price of the Common Stock on the business day immediately preceding the day on which the Registration Statement is declared effective by the Securities and Exchange Commission, provided, however, that the Company shall not issue a number of Commitment Shares in excess of the Exchange Cap. The Commitment Shares will be fully earned and payable on the Commencement Date, regardless of whether the Investor purchases any shares under the Purchase Agreement or whether the agreement is later terminated. The Investor shall not resell, on any single business day, an amount of Commitment Shares exceeding 10% of the average daily trading volume of the Common Stock. The Company has agreed to pay Maxim Group LLC a cash fee equal to 4.0% of the gross proceeds received by the Company from sales of securities to the Investor pursuant to any Regular Purchase, Add-On Purchase, or Intraday Purchase, under an advisory agreement between the Company and Maxim Group LLC. The Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of both parties. The Company may terminate the Purchase Agreement at any time upon written notice without cost or penalty. Registration Rights Agreement: In connection with the execution of the Purchase Agreement, the Company and the Investor entered into the Registration Rights Agreement. Pursuant to the terms of the Registration Rights Agreement, the Company is obligated to: (a) file a registration statement on Form S-1 (with the SEC on or prior to the earlier to occur of: (i) 60 days after the Execution Date, or (ii) the date upon which the Company files the resale registration statement required by the purchase agreement entered into by the Company and certain investors on December 17, 2025 covering any shares of Common Stock issued as part of the Commitment Shares and the maximum number of Purchase Notice Shares issuable pursuant to the Purchase Agreement; (b) use its commercially reasonable best efforts to have the Registration Statement any amendment thereto declared effective under the Securities Act of 1933, as amended (the "Securities Act") as soon as practicable after such filing and (c) use its commercially reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the earlier of: (i) the date on which the Investor shall have resold all the Registrable Securities covered thereby (ii) the date of termination of the Purchase Agreement if as of such termination date the Investor holds no Registrable Securities (or, if applicable, the date on which such securities cease to be Registrable Securities after the date of termination of the Purchase Agreement) and (iii) all such securities cease to be Registrable Securities). Full text copies of the Purchase Agreement and the Registration Rights Agreement are available at https://tinyurl.com/5t42tndz and https://tinyurl.com/32me2c9e, respectively. About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $40.5 million in total assets, $23.9 million in total liabilities, and $16.6 million in total stockholders' equity. YUNHONG GREEN: Iris Chan Appointed Director, Audit Committee Chair ------------------------------------------------------------------ Yunhong Green CTI Ltd. disclosed in a regulatory filing that the Board of Directors accepted the resignation of Director Philip Wong. Mr. Wong was the Chair of the Audit Committee, was a member of the Compensation Committee and the Nominating and Governance Committee. Following Mr. Wong's resignation, on January 22, 2026, the Board elected Iris Chan as an Independent Director and Audit Committee Chair for the vacant term to conclude upon the election of directors during the 2026 Annual Meeting of Shareholders. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. ********* 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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