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260202.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, February 2, 2026, Vol. 30, No. 33 Headlines 12820 NE 4TH: Hires Richard Siegmeister P.A. as Attorney 286 GRAND AVENUE: Hires Senne Commercial LLC as Real Estate Broker 57 CONCRETE: Hires Alegre & Associates BCS as Financial Advisor 57 CONCRETE: Seeks to Hire Parkins & Rubio as Bankruptcy Counsel 805 MAIN STREET: Hires Senne Commercial LLC as Real Estate Broker A&M AUTOBODY: James LaMontagne Named Subchapter V Trustee ABC CHILDREN'S EYE: Gets OK to Use Cash Collateral ADELAIDA CELLARS: Updates Liquidating Plan Disclosures ADWOA BEAUTY: Hires Harmon Partners LLC as Financial Advisor AHERMAN LLC: Retains Douglas Elliman Real Estate as Broker AHERMAN LLC: Seeks to Retain Goldberg Weprin Finkel as Counsel AHERMAN LLC: Seeks to Tap Compass RE NY as Real Estate Broker ALL STAR: To Sell Reno Property to Javelin Ventures for $575K ALMA DEL MAR: S&P Raises ICR to 'BB+', Outlook Stable AM CARRIER: Seeks Chapter 11 Bankruptcy in Washington AMON FOODSERVICE: Mark Sharf Named Subchapter V Trustee APOLLO COMMERCIAL:S&P Alters Outlook to Positive, Affirms 'B+' ICR APPLIANCE PRO: Employs Penn Law Firm LLC as Bankruptcy Counsel ARMAAN TRUCKING: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel ARTEMIS GOLD: Fitch Assigns First Time 'B+' IDR, Outlook Stable ARTSTOCK: Gets Extension to Access Cash Collateral ATHENS ANNAPOLIS: Hires Fraser Forbes as Real Estate Broker ATHENS ANNAPOLIS: Seeks to Hire Coyle Law Group as Attorney BACCI CAFE: Seeks to Hire Springer Larsen as Bankruptcy Counsel BALTIMORE INTERNATIONAL: Angela Shortall Named Subchapter V Trustee BARROW SHAVER: Seeks to Extend Plan Exclusivity to February 19 BIOMARIN PHARMACEUTICAL: Fitch Gives BB+(EXP) LongTerm IDR BIOPLAN USA: Moody's Affirms 'Caa1' CFR, Outlook Remains Stable BISHOP OF SACRAMENTO: Taps Horvitz & Levy LLP as Appellate Counsel BOTTOMLINE INK: Seeks to Sell Personal Property at Auction BROADBAND INFRASTRUCTURE: Gets Extension to Access Cash Collateral BROADBAND TELECOM: Plan Exclusivity Period Extended to May 8 BURLINGTON OPERATING: Gets Extension to Access Cash Collateral CEDAR HAVEN: Seeks to Hire Flanagan & Associates LLC as Receiver CHANNELVIEW HOTEL: Hires Kraus Law Firm PC as Bankruptcy Counsel COURTESY SCREENING: Commences Subchapter V Bankruptcy in Florida COVETRUS INC: S&P Places 'B-' ICR on CreditWatch Developing CPV VALLEY: S&P Assigns Prelim 'BB-' Rating on New Term Loan B CVR ENERGY: S&P Rates Proposed $1BB Senior Unsecured Notes 'B+' DAVID A. ORTA: Tarek Kiem of Kiem Law Named Subchapter V Trustee DCA OUTDOOR: Seeks to Hire Elting Auction Co as Auctioneers DENOYER-GEPPERT: Cash Collateral Hearing Set for Feb. 3 DISCOVERY ENERGY: S&P Rates New Repriced Sr Secured Term Loans 'B' DOUBLESHOT HOLDINGS: Gets OK to Use Cash Collateral Until Feb. 19 EG GROUP: Fitch Rates New Term Loan B & Revolver Debt 'B+' ELITE KIDS: Unsecureds to Get 3% Dividend over 24 Months ESAB CORP: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable EVERSTREAM SOLUTIONS: Seeks to Extend Plan Exclusivity to April 23 FAIRVIEW, UT: S&P Lowers Revenue Bond Rating to 'BB', Outlook Neg. FALLS CONDOMINIUM: Hires K&L Gates LLP as Bankruptcy Co-Counsel FALLS CONDOMINIUM: Seeks to Hire Spencer Fane LLP as Co-Counsel FFAH CARVER: S&P Lowers 2013A Housing Revenue Bonds Rating to 'B-' FIRST BRANDS: Lenders Resist 2nd Lifeline, Want Liquidation FLEXJET INC: S&P Rates Subsidiaries New $500MM Term Loan B 'BB-' FLOAT ALASKA: Deadline for Panel Questionnaires Set for Feb. 3 FOOD52 INC: Hires Young Conaway Stargatt as Bankruptcy Counsel FOOD52 INC: Seeks to Hire Core Advisors LLC as Investment Banker FOOD52 INC: Seeks to Hire Meru LLC as Financial Advisor FOOD52 INC: Seeks to Hire Verita Global as Administrative Advisor FRED RAU: Hires Fresno Livestock Commission as Auctioneer FRED RAU: Seeks to Hire Overland Stockyard as Auctioneer FRIENDSHIP ASPIRE: S&P Alters Outlook to Negative, Affirms 'BB' ICR FUEL FITNESS: Gets Extension to Access Cash Collateral FUEL HOMESTEAD: Gets Extension to Access Cash Collateral FUEL REYNOLDA: Gets Extension to Access Cash Collateral GENERATIONS ON 1ST: Seeks Court OK to Tap Michael T. Schmitz as CRO GOLDMAKER INC: Unsecureds Will Get 44.02% Dividend over 60 Months GRIT PRODUCTIONS: Gets Interim OK to Use Cash Collateral GULF STREAM: Refinancing & Continued Operation to Fund Plan HARLING INC: Court Extends Cash Collateral Access to March 20 HUDSON 1701/1706: Hires Ditchik & Ditchik PLLC as Special Counsel INSPIRED EDUCATION: Moody's Rates New $500MM Sr. Secured Debt 'B2' JGA DEVELOPMENT: Updates Liquidating Plan Disclosures JJTA1 REAL: Gets Interim OK to Use Cash Collateral JJTA9 REAL PROPERTIES: Unsecured Creditors to Split $10K in Plan KBI 2015 GP: Seeks to Tap Spector & Cox PLLC as Bankruptcy Counsel KEATON BEACH: Case Summary & Six Unsecured Creditors KID CITY USA: Gets Interim OK to Use Cash Collateral KOSMOS ENERGY: Firch Cuts Sr. Unsecured Rating to 'CCC' L.S. TRUCKING: Unsecureds to Get 100 Cents on Dollar in Plan LELAND HOUSE: Court Denies Bid to Sell Detroit Property at Auction LELAND HOUSE: Hires Heilman Law PLLC as Bankruptcy Counsel LIFELINE EDUCATION: S&P Affirms 'BB+' Rating on 2020 Revenue Bonds MCDERMOTT ENTERPRISES: Case Summary & Five Unsecured Creditors MID-KANSAS REAL: Taps Hinkle Law Firm as Insolvency Counsel MK RE HOLDINGS: Plan Exclusivity Period Extended to February 27 MKS INC: Fitch Rates Planned EUR1-Bil. Unsecured Bonds 'BB' MONROE OPERATING: Gets Extension to Access Cash Collateral MULTI-COLOR CORP: Enters RSA with Secured Lien 1st Debt Holders NATIONAL BUILDERS: Plan Exclusivity Period Extended to February 9 NEXT GEN: Seeks to Hire Fallon Law PC as Bankruptcy Counsel NOR-WES INC: Amends Aircraft Sale to Richter Aviation & Ben Beaven NTG 392 WHITE: Claims Will be Paid from Property Sale/Refinance OLD FASHION: Gets Interim OK to Use Cash Collateral Until March 31 ORIGIN FOOD: Seeks to Hire Harry Davis as Auctioneer PACER PRINT: Unsecureds Will Get 10% of Claims over 6 Years PALADIN CAPITAL: Case Summary & 20 Largest Unsecured Creditors PALOMAR HEALTH, CA: S&P Affirms 'CCC+' Rating on Revenue Bonds PAP-R PRODUCTS: Court Extends Cash Collateral Access to April 30 PHONEIC INC: Gina Klump Named Subchapter V Trustee PLATINUM HEIGHTS: Seeks to Extend Plan Exclusivity to March 24 POOLE FUNERAL: Available Cash & Sale Proceeds to Fund Plan POSH QUARTERS: Gets Extension to Access Cash Collateral PRETIUM PACKAGING: Case Summary & 30 Largest Unsecured Creditors PRETIUM PACKAGING: Seeks Ch. 11 Bankruptcy w/ More Than $900MM Debt PRIMROSE CANDY: Case Summary & 20 Largest Unsecured Creditors RAMOS ROOFING: Seeks to Sell Dodge Ram Vehicles in Private Sale RECESS HOLDCO: Fitch Affirms BB- LongTerm IDR, Outlook Stable REMEMBER ME SENIOR: Seeks to Extend Plan Exclusivity to March 31 RIVERWOOD ESTATES: Committee Taps IslandDundon as Financial Advisor ROCKY MOUNTAIN: Taps Deschenes & Associates as Bankruptcy Counsel ROSSLYN2016 LLC: Porter Hedges OK'd as Chapter 7 Trustee Counsel SAKS GLOBAL: To Shut Down 57 Saks Off 5th Stores in Chapter 11 SAY YES REALTY: Unsecured Creditors to Get Nothing in Plan SCOOTER'S TRUCKING: Commences Subchapter V Bankruptcy in Florida SERENITY LIGHT: Hires Matthews Real Estate as Real Estate Broker SHPS PLLC: Unsecured Creditors to Get 21 Cents on Dollar in Plan SOUTH TOWN: Case Summary & Five Unsecured Creditors SPAC RECOVERY: Seeks to Extend Plan Exclusivity to March 25 SPIRIT AIRLINES: Castlelake Enters Talks to Buy Bankrupt Airline STATION CASINOS: Moody's Ups CFR to Ba3 & Alters Outlook to Stable TEAM SERVICES: Fitch Assigns 'B' LongTerm IDR, Outlook Stable TEAM SERVICES: Moody's Rates New Secured Notes Due 2033 'B2' THRIFTY COOLING: James Bailey Named Subchapter V Trustee TOGETHER GOOD: Plan Exclusivity Period Extended to March 20 TONKA INTERNATIONAL: Hires DeMarco-Mitchell PLLC as Legal Counsel TONOPAH SOLAR: Court Stays CMB, et al. Case Due to Bankruptcy TRANSPORTING CARS: Case Summary & 10 Unsecured Creditors TREEHOUSE FOODS: Moody's Rates New $550MM First Lien Notes 'B2' TURTLE LANE: Amends Unsecured Claims Pay Details TWO JAYS PROPERTIES: Case Summary & 20 Top Unsecured Creditors UNIQUE DENTAL: Gets Interim OK to Use Cash Collateral Until March 1 UNITED AIRLINES: Fitch Assigns BB+ Rating to Proposed Unsec. Notes UNIVERSAL DESIGN: To Sell Jacksonville Property to CD Properties UNLIMITED DELIVERIES: Case Summary & 20 Top Unsecured Creditors USA CRICKET: Trustee Hires Davis Graham & Stubbs LLP as Counsel VELOCITY FINANCIAL: Fitch Gives 'B' LongTerm IDR, Outlook Stable VISTANCE NETWORKS: S&P Upgrades ICR to 'B-' on Debt Repayment WESTLAKE SENIOR: Case Summary & One Unsecured Creditor WHITE WILSON: Hires Dennis Jackson Martin & Fontela as Counsel WHITE WILSON: Taps Warren Averett as Accountants and Tax Advisor WHITEEAGLE PROPERTIES: Seeks to Sell Lindsborg Property at Auction WILDEC LLC: Files Amendment to Disclosure Statement WILLOW CREEK: Taps Schwabe Williamson & Wyatt as Bankruptcy Counsel WOLFSPEED INC: Alleges Jaguar Land Rover Reneged on Supply Deal YS GARMENTS: S&P Lowers ICR to 'D' on Capital Structure Amendment [] Gordon Novod Joins Boies Schiller's NY Office as Partner [] Justin Winerman Joins BCLP's Insolvency Practice in Chicago ********* 12820 NE 4TH: Hires Richard Siegmeister P.A. as Attorney -------------------------------------------------------- 12820 Ne 4th Avenue Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Richard Siegmeister P.A. as attorneys. The firm will provide these services: a. give advice to the debtor with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; b. advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid based upon its normal and usual hourly rates and will be reimbursed for out-of-pocket expenses incurred. Richard Siegmeister, Esq., a partner at Richard Siegmeister PA, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Richard Siegmeister can be reached at: Richard Siegmeister, Esq. Richard Siegmeister, PA 3850 Bird Rd, Floor 10 Miami, FL 33146-1501 Tel: (305) 859-7376 Email: rspa111@att.net About 12820 Ne 4th Avenue Inc. 12820 Ne 4th Avenue Inc. operates as a real estate holding and property management company. 12820 Ne 4th Avenue Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10181) on January 9, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. Honorable Laurel M. Isicoff is presiding over the case. The debtor is represented by Richard Siegmeister, Esq. 286 GRAND AVENUE: Hires Senne Commercial LLC as Real Estate Broker ------------------------------------------------------------------ 286 Grand Avenue LLC seeks approval from the United States Bankruptcy Court for the District of Massachusetts to hire Senne Commercial LLC as real estate broker. The firm will market for sale certain real property known as Units 4, 5, 6, and 8 located at 286 Grand Avenue, Falmouth, MA. The realtor will receive compensation in the amount of 5 percent of the sale price. Jacob King, a broker at Senne Commercial LLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Jacob King Senne Commercial LLC One Lewis Wharf Boston, MA 02110 Cell: (413) 214-1947 Work Phone: 617-314-9400 About 286 Grand Avenue LLC 286 Grand Avenue LLC is a real estate holding company with properties in Boston and Falmouth, Massachusetts. 286 Grand Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11722) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. at THE TAMPOSI LAW GROUP, P.C. 57 CONCRETE: Hires Alegre & Associates BCS as Financial Advisor --------------------------------------------------------------- 57 Concrete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Alegre & Associates BCS, LLC as financial advisor. The firm will render these services: a) provide the Debtor with general financial restructuring advice during the prosecution of the Chapter 11 Case; b) review and evaluate the Debtor's financial condition; c) prepare cash and financial forecasts and projections for the Debtor and as may be requested by bankruptcy counsel for Client; d) assist the Debtor with financial reporting and preparation of financial statements and asset valuation as may be needed by the Debtor in the Chapter 11 Case; e) assist the Debtor in the creation of budgets and repayment plans regarding the Chapter 11 Case; f) participate in hearings before the bankruptcy court and provide expert reports and expert testimony as may be required by the Debtor or the Debtor's bankruptcy counsel in regard to the Chapter 11 Case; g) provide the Debtor and its bankruptcy counsel other financial advisory services as may be requested by the Debtor or the Debtor's bankruptcy counsel in regard to the Chapter 11 Case, and h) provide accounting services to the Debtor. The firm's hourly rates are: Financial Advisor (Mario Alegre) $150 Senior Accountant / Supervisor $125 Staff Accountant $100 Bookkeeper / Analyst / Paraprofessional $75 Administrative Support $50 The firm received a retainer in the amount of $10,000. As disclosed in the court filings, Alegre & Associates BCS, LLC is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Mario Alegre Alegre & Associates BCS, LLC 3827 N 10TH St Ste 205 McAllen, TX, 78501-1745 Phone: (956) 618-3210 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. 57 CONCRETE: Seeks to Hire Parkins & Rubio as Bankruptcy Counsel ---------------------------------------------------------------- 57 Concrete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Parkins & Rubio LLP as general bankruptcy counsel. The Debtors require legal counsel to assist them in complying with the provisions of the Bankruptcy Code and in reorganizing their financial affairs in Chapter 11. The hourly rates charged by the firm are as follows: Lenard Parkins, Esq. $1,300 Charles Rubio, Esq. $850 Associate Attorneys $500 Paralegals $250 In addition, the firm will seek reimbursement for work-related expenses incurred. The Debtors provided the firm with a pre-filing retainer in the amount of $100,000. As disclosed in court filings, Parkins & Rubio is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles M. Rubio, Esq. Parkins & Rubio, LLP Great Jones Building 708 Main St, Fl 10 Houston, TX 77002-3246 Telephone: (212) 763-3331 Email: crubio@parkinsrubio.com 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 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90818) on December 19, 2025. In its petition, the debtor reported estimated assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez is presiding over the case. The debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., of Parkins & Rubio LLP. 805 MAIN STREET: Hires Senne Commercial LLC as Real Estate Broker ----------------------------------------------------------------- 805 Main Street LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Senne Commercial LLC as real estate broker. The firm will market for sale certain real property known as 781-783 Main Street, Cambridge, Massachusetts. The realtor will receive compensation in the amount of 5 percent of the sale price. Jacob King, a broker at Senne Commercial LLC, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Jacob King Senne Commercial LLC One Lewis Wharf Boston, MA 02110 Cell: (413) 214-1947 Work Phone: (617) 314-9400 About 805 Main Street LLC 805 Main Street LLC is a limited liability company. 805 Main Street LLC filed for Chapter 11 relief on November 19, 2025, under Case No. 25-12511 in the District of Massachusetts. The filing shows estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of The Tamposi Law Group. A&M AUTOBODY: James LaMontagne Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for A&M Autobody, Inc. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About A& M Autobody Inc. A& M Autobody, Inc. is an auto body repair company operating in Massachusetts. A& M Autobody filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-40056) on January 20, 2026. In its petition, the Debtor listed up to $50,000 in assets and between $1 million and $10 million in liabilities. The case is assigned to Chief U.S. Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Marques C. Lipton, Esq., at Lipton Law Group. ABC CHILDREN'S EYE: Gets OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona authorized ABC Children's Eye Specialists, P.C. to continue using cash collateral pursuant to its agreement with Sunflower Bank, N.A. The court entered a second stipulated order authorizing ABC to use the bank's cash collateral consistent with its operating budget and to deposit all cash collateral into segregated debtor-in-possession accounts, with detailed monthly financial reporting to the bank. Sunflower Bank holds a first-priority lien on substantially all of the Debtor's assets, including accounts receivable and other personal property, securing three loans originated in October 2021 with combined balances exceeding $873,000 as of the petition date. As adequate protection, Sunflower Bank will receive continuing replacement liens on post-petition cash collateral, maintaining the same priority as its pre-bankruptcy liens. In addition, Sunflower Bank will receive monthly payments equal to the contractual loan payments -- approximately $29,568.66 per month in total -- through May 15. The order remains effective nunc pro tunc to the filing date and will terminate on May 29, unless extended or earlier terminated upon default. All rights are expressly reserved, including Sunflower Bank's ability to seek additional protection or relief from the automatic stay. The second stipulated order is available at https://is.gd/ODBPuV from PacerMonitor.com. About ABC Children's Eye Specialists PC ABC Children's Eye Specialists, PC is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on September 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Phone: (602) 222-4989 Wmb@eblawyers.com ADELAIDA CELLARS: Updates Liquidating Plan Disclosures ------------------------------------------------------ Adelaida Cellars, Inc., submitted a Third Amended Disclosure Statement describing Third Amended Chapter 11 Plan of Liquidation dated January 21, 2026. The Plan is a liquidating plan under which the Debtor will sell the winery assets as a going concern and use the net proceeds from the sale to fund payments to creditors under the Plan. All of the assets of the Debtor will vest in a liquidating trust on the effective date, and equity in the Debtor will be cancelled. On November 20, 2025, the Debtor filed an application to retain FBA Capital LLC dba FoodBevAg to market and sell the Property, which the Court has approved. FoodBevAg is also being engaged by KMBG to sell the KMBG Property. FoodBevAG will be entitled to a success fee of 4% of the purchase price for the sale of the Property. If the Property is sold in the same transaction as the KMBG Property, then the allocation of proceeds will be subject to a Court order. The Court approved FBA Capital's employment and it has begun the marketing process. The Plan is a liquidation plan under which the Debtor intends to sell the Property at the same time that KMBG sells the KMBG Property, with the expectation of selling them to the same buyer in order for both sellers to maximize the value of their assets. The Debtor expects to continue its operations pending the sale. The range of value if the Property is sold as a going concern is from $3,840,000 to $6,720,000. If it is sold on a pure liquidation basis, the range of value is from $1,440,000 to $2,880,000. On the Effective Date, all of the Debtor’s assets will vest in a liquidating trust and creditors holding Allowed claims will receive a pro rata beneficial interest in the Liquidating Trust equal to the amount of their Allowed claim. The Liquidating Trustee will be responsible for the continued operations of the Debtor, the liquidation of the Property, and the distribution of the net proceeds from the sale of the Property and of Cash on Hand to Holders of Allowed claims. Like in the prior iteration of the Plan, Class 4a Judgment Creditor Unsecured Claim will be allocated its pro rata share of the Trust Beneficial Interest. Class 4a shall receive the same treatment as the holders of Class 4b Claims, except that until the Claim becomes an Allowed Class 4a Claim, its pro rata share of the Net Sale Proceeds shall be held in a segregated account until this Claim becomes an Allowed Claim. The Allowed Claim will be further reduced by any recoveries received by the Judgment Creditor from other judgment debtors. For purposes of calculating the amount to be held in reserve, the Liquidating Trust will assume that the amount of the Claim is $12,705,669. If the Allowed Class 4a Claim is less than that amount, then the excess amount in the reserve will be distributed pro rata to the Allowed Class 4a and Class 4b Claims. The Allowed amount of the Class 4a Claim will be capped at $12,705,669. Class 4b consists of the General Unsecured Claims other than the Claim of the Judgment Creditor and the Claims in Class 4c. On the Effective Date, Class 4b will be allocated its pro rata share of the Trust Beneficial Interest. Within thirty days after the sale of the Property, the holders of Allowed Class 4b Claims shall receive their pro rata share of the Net Sale Proceeds based on the amount of the Allowed Claim. The allowed unsecured claims in Class 4b total $3,343,585.59, including the Class 1 Claim of First State Trust Company of Delaware, as Trustee of the Kedrin E. Van Steenwyk Issue Trust dated August 8, 1996, as decanted September 28, 2018, if the Lien is avoided. Class 4c consists of General Unsecured Claims of $1,800 or less that do not elect to instead have their claims treated under Class 4b. On the Effective Date, the Debtor will make a cash payment equal to 90% of the Allowed Class 4c General Unsecured Claims in full and complete payment, satisfaction, settlement, release, and extinguishment of the Claims in this Class. Holders of Allowed Class 4c General Unsecured Claims shall not be entitled to any further distributions under the Plan. The allowed unsecured claims total $20,464. The Plan will be funded by a combination of cash on hand as of the Effective Date and the Net Sale Proceeds. As reflected in the Projections, Distributions to the Holders of Administrative Claims, Professional Fee Claims, Priority Tax Claims, and the Class 4c Convenience Class will be paid by the Liquidating Trust from cash on hand on the Effective Date. The Holders of Allowed Class 4a and 4b Claims will receive the Net Sale Proceeds within thirty days of the closing of the sale of the Property, which is estimated to occur between June 2026 and December 2026. The Property is estimated to have a value of between $3,840,000 and $6,720,000 million on a going concern basis. A full-text copy of the Third Amended Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=GKRMAP from PacerMonitor.com at no charge. Adelaida Cellars, Inc. is represented by: Hamid R. Rafatjoo, Esq. RAINES FELDMAN LITTRELL LLP 1900 Avenue of the Stars, 19th Floor Los Angeles, CA 90067 Telephone: (310) 440-4100 Facsimile: (310) 691-1367 About Adelaida Cellars Adelaida Cellars, Inc. is a family-owned and operated winery in Paso Robles, Calif. Adelaida Cellars sought Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-11409) on December 13, 2024, with $10 million to $50 million in both assets and liabilities. Nicholas D. Rubin, chief restructuring officer of Adelaida Cellars, signed the petition. Judge Ronald A Clifford, III oversees the case. The Debtor is represented by Hamid R. Rafatjoo, Esq., at Raines Feldman Littrell, LLP. ADWOA BEAUTY: Hires Harmon Partners LLC as Financial Advisor ------------------------------------------------------------ Adwoa Beauty LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Harmon Partners LLC as financial advisor. The firm's services include: (i) preparation of financial reporting required by the Bankruptcy Court, (ii) preparation of financial information to be provided to creditors for the purpose of negotiation with such creditors, cash management activities, including assisting Debtor with cash collateral compliance, and support of compliance with Plan related issues including liquidation analysis and projections. The firm's partners will be paid at an hourly rate of $500 plus reimbursement. The advisor anticipates professional fees to be approximately $5,000 per month. John Dimovski, a member at Harmon Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Dimovski Harmon Partners 300 Park Street, Suite 100 Birmingham, MI 48009 Telephone: (248) 723-7933 About Adwoa Beauty LLC Adwoa Beauty LLC, doing business as Adwoa Beauty, develops and sells hair-care products for textured hair from Dallas, Texas. It uses natural ingredients designed for curls, coils, and waves. Founded in 2017 and led by Julian Addo, Adwoa Beauty operates in the personal care and cosmetics industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44261) on October 31, 2025, with $2,184,143 in assets and $6,192,343 in liabilities. Julian Addo, managing member, signed the petition. Judge Mark X. Mullin presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. AHERMAN LLC: Retains Douglas Elliman Real Estate as Broker ---------------------------------------------------------- Linda Endres Greco, Aherman LLC and Louis Greco, Jr. seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Douglas Elliman Real Estate, with its associated licensee Elena Sarkissian acting as Seller's Agent, to serve as real estate broker. Douglas Elliman Real Estate will provide these services: (a) market and sell (i) three residential condominium units located at 132 Remsen Street, Brooklyn, NY, identified as Units 2, 7, and 8; and (ii) residential units 3A and 4B and a part interest (33%) in the commercial units at 56 Court Street, Brooklyn, NY; and (b) provide advice and assistance in the marketing and sale of the Aherman Properties. The Broker has agreed to limit its compensation to 3% percent of the gross purchase price, with a reduction to 2% percent if the buyer is identified through a co-broker. According to court filings, Elena Sarkissian is not connected with the Debtors, their creditors, other parties-in-interest or the Office of the United States Trustee, does not hold or represent an interest adverse to the estates, and is a disinterested person within the meaning of Sections 101(14) and 327 of the Bankruptcy Code. The firm can be reached at: Douglas Elliman Real Estate 575 Madison Avenue, 4th Floor New York, NY 10022 About AHERMAN LLC Aherman LLC, a New York limited liability company, owns six residential condominium units at 132 Remsen Street in Brooklyn, New York, identified as Units 1, 2, 3, 7, 8, and 9. AHERMAN LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44912) on October 10, 2025. In its petition, the Debtor reports estimated sssets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. AHERMAN LLC: Seeks to Retain Goldberg Weprin Finkel as Counsel -------------------------------------------------------------- Linda Endres Greco, Aherman LLC, and Louis Greco, Jr., the related debtors and debtors-in-possession, seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Goldberg Weprin Finkel Goldstein LLP as joint bankruptcy counsel. The firm will provide these services: (a) provide the Debtors with all necessary representation in connection with this Chapter 11 case, as well as the Debtors' responsibilities as Debtors-in-possession; (b) represent the Debtors in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; (c) review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, and reports on the Debtors' behalf; and (d) render all other legal services required by the Debtors in addressing the claims of the creditors, and selling the Properties through a confirmed plan of reorganization. Goldberg Weprin Finkel Goldstein LLP will seek compensation for its services and reimbursement of its expenses upon application to the Court, and upon notice and a hearing, pursuant to 11 U.S.C. Secs. 330 and 331, Bankruptcy Rule 2014, and the Guidelines of the Office of the United States Trustee. Goldberg Weprin Finkel Goldstein LLP is a "disinterested" person within the meaning of Sections 101(14) and 327 of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors or their estates, according to court filings. The firm can be reached at: Goldberg Weprin Finkel Goldstein LLP 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212) 221-5700 E-mail: tdonovan@gwfglaw.com About AHERMAN LLC Aherman LLC, a New York limited liability company, owns six residential condominium units at 132 Remsen Street in Brooklyn, New York, identified as Units 1, 2, 3, 7, 8, and 9. AHERMAN LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44912) on October 10, 2025. In its petition, the Debtor reports estimated sssets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. AHERMAN LLC: Seeks to Tap Compass RE NY as Real Estate Broker ------------------------------------------------------------- Linda Endres Greco, Aherman LLC, and Louis Greco, Jr. seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Compass RE NY, LLC, with its associated licensee Barbara Wilding acting as Sellers' Agent, to serve as real estate broker. The firm will provide these services: (a) provide advice and assistance in the marketing and sale of three residential condominium units located at 132 Remsen Street, Brooklyn, NY, identified as Units 4, 6, and 9; (b) market the properties for a fixed term, followed by a deadline for the submission of bids and an auction at which the highest and best offers will be solicited; and (c) render professional real estate services to the Debtors in connection with the proposed sales. Compass RE NY, LLC has agreed to a commission of 3% of the gross purchase price to Compass as listing broker, 2.5% to the buyer's broker, or 5.5% if sold to an unrepresented buyer. According to court filings, Compass RE NY, LLC and its associated licensee Barbara Wilding do not hold or represent any interest adverse to the Debtors' estates and are "disinterested persons" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code. The firm can be reached at: Barbara Wilding Compass RE NY, LLC 110 Fifth Avenue, 3rd Floor New York, NY 10011 Telephone: (646)982-0353 About AHERMAN LLC AHERMAN LLC Aherman LLC, a New York limited liability company, owns six residential condominium units at 132 Remsen Street in Brooklyn, New York, identified as Units 1, 2, 3, 7, 8, and 9. AHERMAN LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44912) on October 10, 2025. In its petition, the Debtor reports estimated sssets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. ALL STAR: To Sell Reno Property to Javelin Ventures for $575K ------------------------------------------------------------- All Star Transportation Group LLC seeks permission from the U.S. Bankruptcy Court for the District of Nevada, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 949 E. 4th Street, Reno, NV 89512. The lienholders of the Property are Dawn Tout and Express Ride LLC. The Debtor has determined that it is in its best financial interest, and the best interests of the bankruptcy estate and its creditors, to sell the E. 4th St. Property. The Debtor employs Dickson Commercial Group Inc. to serve as the Debtor's real estate broker to market and sell the Property. On January 16, 2026, Debtor and Javelin Ventures, LLC entered into the Purchase Agreement pursuant to which Debtor agreed to sell the E. 4th Street Property to Javelin for $575,000.00. The Debtor believes the purchase price of $575,000.00 is fair and maximizes the value of Debtor's assets. Debtor further believes the Sale is in the best interests of creditors and the estate and that the estate would be prejudiced if the Debtor does not sell the E. 4th Street Property. The Debtor estimates title and escrow closing costs will be approximately $7,500.00 and broker's commissions at 5% will be $28,750.00. These costs are reasonable and necessary for Debtor to complete the Sale and Debtor should be authorized to pay them directly from escrow. The Debtor estimates net sale proceeds of approximately $168,750.00, after payment of all debt and costs of sale. About All Star Transportation Group All Star Transportation Group, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-51229) on Dec. 10, 2024, with $917,504 in assets and $1,303,069 in liabilities. Tim Ledesma, manager of All Star, signed the petition. Judge Hilary L. Barnes oversees the case. Kevin A Darby, Esq., at Darby Law Practice, is the Debtor's bankruptcy counsel. ALMA DEL MAR: S&P Raises ICR to 'BB+', Outlook Stable ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating (ICR) on Alma del Mar Charter School, Mass., to 'BB+' from 'BB'. The outlook is stable. The upgrade is based on Alma's sustained improvement in financial performance and increased financial resources, while maintaining a solid market position. S&P said, "We analyzed Alma's social and governance factors relative to its enterprise and financial profiles and view them as neutral within our credit rating analysis. We view the school's environmental physical risk as somewhat elevated, due to New Bedford's location on the Atlantic coast, which makes the area more susceptible to storm events and related coastal and river flooding. "The stable outlook reflects our view that enrollment will remain steady at the charter cap and the state per-pupil funding environment will continue to be favorable, both of which will contribute to revenue stability, sustained positive operating results, and maintenance of sufficient financial resources. "We could consider a negative rating action if demand and enrollment deteriorate such that operations, coverage, or liquidity are pressured. While unlikely, we could also lower the rating if a significant amount of debt was issued without commensurate growth in financial resources. "We could consider a positive rating action if the school's academic performance improves to be more in line with the statewide average, and its liquidity position and maximum annual debt service coverage are sustained at levels that we consider comparable with those of higher-rated peers, while maintaining steady demand and positive operating margins." AM CARRIER: Seeks Chapter 11 Bankruptcy in Washington ----------------------------------------------------- On January 27, 2026, AM Carrier, LLC filed for Chapter 11 protection in the Western District of Washington. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About AM Carrier, LLC AM Carrier, LLC is a transportation and logistics company providing carrier services across the Pacific Northwest. The company specializes in freight management and delivery solutions for commercial clients. AM Carrier, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10244) on January 27, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. AMON FOODSERVICE: Mark Sharf Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Amon Foodservice Company, Inc. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Amon Foodservice Company Inc. Amon Foodservice Company, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40116) on January 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Charles Novack presides over the case. Jackson A. Morris, III, Esq., at the Law Offices of Jackson A. Morris III represents the Debtor as legal counsel. APOLLO COMMERCIAL:S&P Alters Outlook to Positive, Affirms 'B+' ICR ------------------------------------------------------------------ On Jan. 28, 2026, S&P Global Ratings revised its outlook on Apollo Commercial Real Estate Finance Inc. (ARI) to positive from stable and affirmed all its ratings on the company, including the 'B+' issuer credit and issue-level ratings. The positive outlook reflects its expectation that ARI will likely close the transaction and prudently use excess liquidity, originating new investments at a measured pace. S&P's outlook also incorporates the lack of certainty over new loans, its unchanged financial policy, and limited credit risk from its REO assets because of this transaction. ARI announced that it has entered into a definitive agreement to sell nearly its entire commercial real estate loan portfolio at 99.7% of total loan commitments (about a 20% premium to its stock price) to affiliates of, and funds managed by, Apollo Global Management Inc., including Athene Co-Investment Reinsurance Affiliate. The two loans that are not part of this transaction, with principal balance of $146 million, are expected to be repaid prior to closing. Upon the close of the transaction and the paydown of its repurchase lines, senior secured notes, and term loan B, ARI's capital structure will consist of approximately $1.4 billion in cash, real estate owned (REO) assets that were valued at $466 million as of Sept. 30, 2025 (net of debt), $169 million in preferred stock, and $1.7 billion in equity. The proposed loan portfolio sale would eliminate the near-term risk of loan losses and margin calls. ARI has entered into a definitive agreement to sell its entire loan portfolio (except for two loans that are expected to be repaid prior to closing) for a purchase price based on 99.7% of its total loan commitments. Following the repayment of its financing facilities, as well as the payment transaction-related expenses, the company expects to receive approximately $1.4 billion in net cash. This transaction facilitates the certainty of the execution of the commitments because Athene is already in the capital structure for nearly 50% of the loans in the portfolio. While ARI's board is evaluating longer-term capital strategies, it plans to reinvest the cash proceeds into short duration REIT-eligible assets, such as investment-grade commercial mortgage-backed securities and commercial real estate (CRE) collateralized loan obligation securities. The company will also continue to evaluate several long-term CRE-related strategies for capital deployment, including loan origination and equity investments, and may consider strategic mergers and acquisitions. If a new asset strategy or strategic transaction is not announced by the end of 2026, Apollo Global intends to recommend that ARI's board of directors explore all strategic alternatives, including dissolution. The transaction has been approved by ARI's board, and there is no financing contingency. The company may solicit, receive, evaluate, and enter into negotiations with respect to alternative proposals from third parties over the next 25 calendar days, which may result in a superior offer. S&P expects the transaction to close in the second quarter of 2026, subject to shareholder approval, customary regulatory approvals, and the satisfaction of customary closing conditions. During this transition period, ARI will pay Apollo Global a reduced annual management fee in common stock equal to 75 basis points on net equity. S&P said, "Although its longer-term plans are still uncertain, we view the proposed loan portfolio sale favorably from a credit perspective as it would eliminate the near-term risks of potential loan losses and margin calls, given that as of Sept. 30, 2025, the company had originated 46% of its loans outstanding prior to 2023 (including approximately $2.0 billion of office loans). ARI will retain its REO assets and is seeking to optimize run-rate cash flows at these assets prior to selling them. While we expect the overall CRE landscape to improve modestly in 2026, including increased transaction activity which could ease the sale of these REO assets, we caution that an unexpected downturn could result in impairments with ARI remaining responsible for all carrying costs (such as maintenance and taxes) of the assets. "The positive outlook reflects our expectation that ARI will likely close the transaction and prudently use excess liquidity, originating new investments at a measured pace. Our outlook also incorporates the lack of certainty over new loans, its unchanged financial policy, and limited credit risk from its REO assets because of this transaction." S&P could revise the outlook to stable in the next 12 months if: -- ARI pursues a large debt-funded acquisition and takes on a riskier portfolio of assets; -- Either Athene or ARI terminates the transaction; or -- It aggressively deploys its capital to expand its new investment portfolio into riskier loans such that its asset quality weakens. S&P said, "We could raise the ratings if, upon closing of the transaction, ARI provides more visibility on its planned strategic growth, originates new investments at a measured pace without sacrificing its lending standards, and maintains its existing financial policy. Although less likely, we could also raise the rating if the company diversifies its funding mix, such that unsecured debt becomes a meaningful portion of its debt." APPLIANCE PRO: Employs Penn Law Firm LLC as Bankruptcy Counsel -------------------------------------------------------------- Appliance Pro, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Penn Law Firm, LLC to serve as its bankruptcy counsel. Penn Law Firm, LLC will provide these services: (a) advising Debtor of its rights, powers and duties; (b) attending meetings with Debtor and hearings before the Court; (c) assisting other professionals retained by Debtor in the investigation of the acts, conduct, assets, liabilities and financial condition of Debtor, and any other matters relevant to the case or to the formulation of a plan of reorganization or liquidation; (d) investigating the validity, extent, and priority of secured claims against Debtor’s estate, and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; (e) advising Debtor with regard to the preparation and filing of all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these matters; (f) advising Debtor with regard to the preparation and filing of responses to applications, motions, pleadings, notices and other papers that may be filed and served in this chapter 11 case by other parties; and (g) performing other necessary legal services for and on behalf of Debtor that may be necessary or appropriate in the administration of this chapter 11 case. The firm will charge hourly rates ranging from $350 to $425 for attorneys and $100 to $175 for bankruptcy paralegals and assistants. The hourly rate for the attorney primarily involved in this matter, W. Harrison Penn, is $400 per hour. Penn Law Firm, LLC is a “disinterested person” within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: W. Harrison Penn, Esq. PENN LAW FIRM, LLC 1517 Laurel Street Columbia, SC 29201 Telephone: (803) 771-8836 E-mail: hpenn@pennlawsc.com About Appliance Pro LLC Appliance Pro, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 26-00132) on January 12, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Elisabetta Gm Gasparini presides over the case. William Harrison Penn, Esq., at Penn Law Firm, LLC represents the Debtor as bankruptcy counsel. ARMAAN TRUCKING: Hires DeMarco-Mitchell PLLC as Bankruptcy Counsel ------------------------------------------------------------------ Armaan Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire employ DeMarco-Mitchell, PLLC as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will receive these hourly compensation: Robert T. DeMarco $450 Michael S. Mitchell $400 Paralegal Barbara Drake $150 The firm received from the Debtor a retainer of $9,238. In addition, the firm will seek reimbursement for its out-of-pocket expenses. DeMarco-Mitchell, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco-Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.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. ARTEMIS GOLD: Fitch Assigns First Time 'B+' IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Artemis Gold Inc. a first-time Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable Outlook. Fitch also assigned a 'BB+' rating with a Recovery Rating of 'RR1' to the company's senior secured revolving credit facility (RCF), and a 'BB-'/'RR3' rating to its proposed senior unsecured notes. The ratings reflect Artemis' limited scale, near-term execution risk with its Expanded Phase 2 (EP2) project and concentration risk in one mine. This is partially offset by Artemis' low-cost position in the first quartile of the global gold cost curve and low jurisdiction risk. The Stable Outlook reflects Fitch's view that EBITDA leverage will remain below 2.0x while Artemis completes the CAD 1.4 billion EP2 project, projected to be completed by YE 2028. Key Rating Drivers Mining Ramp-Up: Artemis reached commercial production at the Blackwater gold mine in May 2025 with 2025 production of 192,808 ounces of gold. Fitch expects 2026 gold production to be approximately 276koz as Artemis completes Phase 1A(P1A), which increases nameplate plant capacity by 33% to 8Mtpa from 6Mtpa. Remaining projected capex for the P1A is expected to cost approximately CAD 100 million in 2026. Artemis reached final investment decision (FID) in December 2025 for EP2, which it expects to complete by YE 2028. Nameplate plant capacity should rise to 21Mtpa from 8Mtpa, adding a secondary 13Mtpa plant at the Blackwater mine. Fitch expects EP2 construction capex of about CAD 1.4 billion, which will lift output to about 500koz per year. The April 8, 2024, technical report shows Phase 1 (6Mtpa) for the first year, Phase 2 (15Mtpa) for the next five years, and Phase 3 (25Mtpa) thereafter, with a 17-year mine life. Under the revised proposal, Artemis targets 8Mtpa in Phase 1A and 21Mtpa in Phase 2 within 3.5 years of initial commissioning. Artemis forecasts production of 275koz-425koz per year between 2026 and 2028, increasing to 500koz-525koz per year following the completion of EP2 with life-of-the mine cash costs in the low first quartile. Low Cost, Long-life Asset: Fitch views the Blackwater mine's cost in the first quartile positively, with a solid mine life of 17 years. Fitch expects all-in sustaining costs for the Blackwater mine to remain in the first quartile of the global cost curve at least through 2030 and generally remain in the lower half thereafter. High Capex; Negative FCF: Fitch anticipates EBITDA of about CAD740 million in 2026, while capex rises to about CAD730 million, reflecting P1A and EP2 spending. Under Fitch's gold price assumptions, Fitch expects FCF to remain negative until Artemis completes its expansion projects by YE 2028, when EBITDA should exceed CAD470 million at mid-cycle gold prices. Fitch expects Artemis to carefully manage its capex plans while it completes EP2. However, it will have access under its RCF in a weaker gold price environment. Gold Price Sensitivity: The rating case assumes gold prices at USD3,400/oz. in 2026, moderating to USD2,500/oz. in 2027, USD2,000/oz. in 2028 and midcycle prices of USD1,800/oz. This compares with current gold prices over USD4,600/oz. Fitch expects EBITDA to be approximately CAD620 million in 2025. Artemis has 211koz of gold hedged between October 2025 and 2028 at a weighted average of CAD 2,876/oz, which were largely entered into as a requirement under the previous project loan facilities. This reduces the company's downside risks from a steep decline in commodity prices as it completes the expansion projects. Conservative Capital Structure: Fitch expects Artemis to maintain a manageable leverage profile during the construction of EP2. EBITDA leverage is projected to be below 2.0x in 2028, as it completes expansion Phase 1A and EP2. Fitch treats the Wheaton financing for the gold and silver stream as non-debt and assumes will be fully repaid over the life of the mine. Fitch assumes Artemis will maintain conservative leverage target over the forecast. Peer Analysis Fitch views Artemis' peers as miners concentrated by product and geography, with smaller scale. Fitch expects all-in sustaining costs for the Blackwater mine to remain in the first quartile of the global cost curve at least through 2030 and generally remain in the lower half thereafter. The company's size and scale are smaller than 'B+' rated gold peers Eldorado Gold and IAMGOLD Corporation, while Fitch expects production to be on par with Aris Mining Corporation (B+/Stable) and EBITDA to be similar to Ero Copper Corp. (B+/Stable) as expansion projects ramp-up. Leverage headroom is generally high for copper and gold peers. Fitch's Key Rating-Case Assumptions -- Gold sales of approximately 275,000/oz. in 2026, 340,000/oz. in 2027, and 420,000/oz. in 2028; -- Fitch price assumptions published Dec. 4, 2025 as follows: -- Gold: USD3,400/oz. in 2026, USD2,500/oz in 2027, USD2,000/oz in 2028 and USD1,800 thereafter; -- Silver: USD25/oz in 2028 and USD22/oz in 2029; -- Capex at CAD730 million in 2026, which is expected to increase in 2027 in line with Phase 1A and Phase 2 expansion plans before moderating in 2028 and 2029; -- Negative FCF funded with drawing on the RCF; -- CAD450 million senior unsecured notes issued in early 2026. 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, Lower), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (a, Moderate), Profitability (bbb+, Lower), Financial Structure (a, Lower), and Financial Flexibility (bb-, Moderate). -- The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. -- The Governance assessment of 'Good' results in no adjustment. -- The Operating Environment assessment of 'a+' results in no adjustment. -- The SCP is 'b+'. -- To derive the IDR: 'b+' Recovery Analysis The recovery analysis assumes Artemis Gold Inc. would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. The going concern EBITDA estimate of CAD450 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The going concern EBITDA assumption reflects the industry's move from top of the cycle gold prices to a sustainably lower weak gold price environment, which would stress the capital structure. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA upon which the enterprise valuation (EV) is based. Fitch typically uses EV multiples in the 4.0x-6.0x range for mining companies, given the cyclical nature of commodity prices. Artemis' 5.0x multiple, at the midpoint of the range, reflects its relatively small size and reflects its low cost and low country risk. The CAD700 million revolver is assumed to be fully drawn upon default. The first-lien revolver loan is senior to the proposed CAD450 million senior unsecured note. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the first-lien RCF. The proposed unsecured note recover at 'RR3', resulting in a 'BB-' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Deviation from a conservative financial policy without a clear path toward deleveraging during periods of heavy investment spending; -- Expectations for EBITDA leverage sustained above 3.3x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Visibility into the completion of Expanded Phase 2; -- Visibility into maintaining operating mine life greater than 10 years; -- EBITDA leverage sustained below 2.3x. Liquidity and Debt Structure In 3Q25, Artemis had liquidity of CAD317 million, which consisted of CAD242 million availability under its $700 RCF and CAD75 million cash on the balance sheet. Proforma the proposed CAD450 million note issuance, availability under the revolver is expected to increase to CAD684 million. In 3Q25, Artemis refinanced the CAD449 million term project debt into an CAD700 million RCF, which matures in 2029. The proposed five-year note issuance is expected to mature in 2031. Issuer Profile Artemis Gold Inc. owns and operates the single Blackwater Gold mine in central British Columbia, Canada. The company achieved first gold and silver from the Blackwater mine in January 2025 and reached commercial production on May 1, 2025. ARTSTOCK: Gets Extension to Access Cash Collateral -------------------------------------------------- Artstock received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral through the final hearing in accordance with its budget, subject to a cap of 115% of the aggregate expenditures. As part of the interim arrangement, the Debtor must make monthly payments to Cambridge Savings Bank consisting of non-default interest under the loan documents and a $1,000 collateral monitoring fee. To protect Cambridge Savings Bank and other pre-bankruptcy lienholders, the court granted them replacement liens on all post-petition assets of the Debtor (excluding avoidance action proceeds), maintaining the same priority as existed on the petition date. Any shortfall in adequate protection may give rise to a superpriority administrative expense claim under section 507(b). The Debtor must also provide weekly budget compliance reports, including variance analysis and inventory levels, to allow secured creditors and any committee to closely monitor performance. The Debtor's authority to use cash collateral will terminate upon dismissal or conversion of its Chapter 11 case, budget violations, appointment of a trustee or examiner, and failure to provide ordered adequate protection. The order preserves all parties' rights and does not constitute a determination of lien validity or sufficiency of protection. A final hearing is scheduled for March 3, with objections due by February 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/2yaaZ from PacerMonitor.com. A review of records and financing statements filed with the Maine Secretary of State indicates that Cambridge Savings Bank and the U.S. Small Business Administration assert interests in cash collateral. Prior to the bankruptcy filing, the SBA provided $2 million to the Debtor while Cambridge Savings Bank provided up to $4 million under a revolving line of credit. As security, the bank was granted a lien on all of the Debtor's assets and proceeds while the SBA was granted a lien on personal property. Cambridge Savings Bank, as secured creditor, is represented by: David C. Johnson, Esq. Marcus | Clegg 16 Middle Street, Suite 501A Portland, ME 04101 dcj@marcusclegg.com bankruptcy@marcusclegg.com About Artstock Artstock, doing business as Artist & Craftsman Supply, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 25-20305) on December 23, 2025, listing between $10 million and $50 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., at Bernstein Shur Sawyer & Nelson, PA. ATHENS ANNAPOLIS: Hires Fraser Forbes as Real Estate Broker ----------------------------------------------------------- Athens Annapolis Property Owner LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Fraser Forbes Real Estate Services as real estate brokers. The firm will market and sell the Debtor's real property identified in land records as Final Plat Aris Allen Boulevard, LLC Mixed Residential Lots 1-48 & Parcels "A" thru "D. The broker has agreed to charge the Debtor a contingency percentage of 3.5 percent of the sales price for the Property unless an outside Broker represents a purchaser in which case the commission shall be five percent. Fraser Forbes Real Estate Services does not represent or hold any interest which is adverse to the Debtor or her estate with respect to the matters on which the Broker is to be employed, according to court filings. The firm can be reached through: Michael Parsels Fraser Forbes Real Estate Services 7811 Montrose Road, Suite 500 Potomac, MD 20854 Phone: (703) 790-9400 About Athens Annapolis Property Owner LLC Athens Annapolis Property Owner LLC a single asset real estate entity that owns property along Aris Allen Boulevard in Annapolis, Maryland. Athens Annapolis Property Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. MD. Case No. 25-21742) on December 16, 2025. In its petition, the Debtor reports estimated $9,000,000 in assets and $5,759,452 in liabilities. The petition was signed by Obakoleola O. Epega as manager. The Debtors are represented by Michael Patrick Coyle, Esq. at The Coyle Law Group LLC. ATHENS ANNAPOLIS: Seeks to Hire Coyle Law Group as Attorney ----------------------------------------------------------- Athens Annapolis Property Owner LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Coyle Law Group as attorney. The firm will render these services: a. provide legal advice in the continued possession and management of his property; b. prepare all schedules and statements required by the Bankruptcy Code Bankruptcy Rules or Local Bankruptcy Rules; c. represent the Debtor in connection with any proceedings for relief from stay which may be instituted in this Court; d. represent the Debtor at any meetings of creditors convened pursuant to Section 341 of the Bankruptcy Code; e. prepare all necessary applications, motions, answers, orders, reports and other legal papers and advice and assistance to and representation of the Debtor in preparing, filing and prosecuting a disclosure statement and plan under Chapter 11; f. represent the Debtor in collateral litigation before the Bankruptcy Court and other courts; and g. provide such other legal services for the Debtor which may be necessary, and generally represent, advise and assist the Debtor in carrying out his duties under the Bankruptcy Code. The firm's standard hourly rates are: Attorneys $450 Paralegals $125 The firm paid a retainer of $6,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael P. Coyle, Esq., a partner at The Coyle Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael P. Coyle, Esq. The Coyle Law Group 7061 Deepage Drive, Ste 101B Columbia, MD 21045 Tel: (443) 545-1215 About Athens Annapolis Property Owner LLC Athens Annapolis Property Owner LLC a single asset real estate entity that owns property along Aris Allen Boulevard in Annapolis, Maryland. Athens Annapolis Property Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. MD. Case No. 25-21742) on December 16, 2025. In its petition, the Debtor reports estimated assets of $9,000,000 and liabilities of $5,759,452. The petition was signed by Obakoleola O. Epega as manager. The Debtors are represented by Michael Patrick Coyle, Esq. at The Coyle Law Group LLC. BACCI CAFE: Seeks to Hire Springer Larsen as Bankruptcy Counsel --------------------------------------------------------------- Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Springer Larsen, LLC as its legal counsel. The firm will render these services: (a) consult with the Debtor concerning its powers and duties in the continued operation of its business and management of its financial and legal affairs; (b) consult with the Debtor and with other professionals concerning the negotiation, formulation, preparation, and prosecution of a Chapter 11 plan and disclosure statement; (c) confer and negotiate with the Debtor's creditors, other parties in interest, and their respective attorneys and other professionals concerning its financial affairs and property, Chapter 11 plans, claims, liens, and other aspects of this case; (d) appear in court on behalf of the Debtor when required, and will prepare, file, and serve such applications, motions, complaints, notices, orders, reports, and other documents and pleadings as may be necessary in connection with this case; and (e) provide the Debtor with such other services as it may request and which may be necessary in the circumstances. The firm's professionals will be paid at these hourly rates: Thomas Springer, Attorney $475 Richard Larsen, Attorney $465 ` The firm received a pre-petition retainer of $10,000 from the Debtor. Mr. Larsen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard G. Larsen, Esq. Springer Larsen, LLC 300 South County Farm Rd., Suite G Wheaton, IL 60187 Telephone: (630) 510-0000 Email: rlarsen@springerbrown.com About Bacci Cafe & Pizzeria on Milwaukee Ave Inc. Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19761) on December 30, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. BALTIMORE INTERNATIONAL: Angela Shortall Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Baltimore International Warehousing & Transportation, Inc. Ms. Shortall 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. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Baltimore International Warehousing & Transportation Baltimore International Warehousing & Transportation, Inc. provides warehousing, transportation, and logistics services, including distribution, freight handling, bonded storage, container freight station operations, and related cargo services. The Company operates in Baltimore, Maryland, serving importers, exporters, and transportation providers, with facilities located near the Port of Baltimore and supporting domestic and international freight movements. Baltimore filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10737) on January 22, 2026, with $1 million to $10 million in assets and liabilities. Sue Monaghan, president of Baltimore, signed the petition. Joseph Selba, Esq., at Tydings & Rosenberg, LLP represents the Debtor as legal counsel. BARROW SHAVER: Seeks to Extend Plan Exclusivity to February 19 -------------------------------------------------------------- Barrow Shaver Resources Company LLC, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 19 and April 19, 2026, respectively. As set forth in the Fourth Exclusivity Motion, the Debtor believes that it has satisfied several of the factors that courts generally examine when determining whether to extend a debtor's exclusive periods. These factors establishing cause in the Debtor's complex Bankruptcy Case continue to apply with equal force, if not more given the significant developments since the Fourth Exclusivity Motion with regards to the sale of a substantial majority of the Debtor's assets. Since the filing of the Fourth Exclusivity Motion, the Debtor has not only continued to pursue an exit strategy in good faith but has made substantial and measurable progress toward its implementation. The Debtor has advanced the sale process by obtaining Court approval to pursue a transaction through either a section 363 sale or a chapter 11 plan, selecting TexOil as the lead bidder, conducting a competitive auction, designating TexOil as the winning bidder, obtaining Court approval of the sale, and executing the Tex Oil APAs. In addition to the grounds already recognized, significant developments since the Fourth Exclusivity Motion demonstrate the need for an extension of the Debtor's exclusivity periods. The Debtor has successfully completed the core sale milestones contemplated by the prior exclusivity extensions, including conducting a competitive Auction, selecting a winning bidder, obtaining Court approval of the sale, and fully executing the TexOil APAs. However, this additional time will allow the Debtor a continued breathing spell during this time to finalize the necessary steps to finalize a path forward through a chapter 11 plan. An extension of the exclusivity period through the applicable statutory maximum, a limited additional period, will materially benefit the Debtor and the estate by allowing these efforts to be brought to completion in an orderly and value-maximizing manner. The Debtor explains that it cannot proceed with a confirmable plan until the consummation of the sale transaction pursuant to the fully executed TexOil APAs is complete and until there is approval and implementation of the procedures set forth in the pending Settlement Procedures Motion to resolve disputes related to the Lot 2 Assets. The Debtor claims that with the additional time granted by this extension, the Debtor will be able to complete these remaining steps as the next milestone in this Bankruptcy Case and pursue a chapter 11 plan that is expected to provide meaningful recoveries to creditors. The Debtor asserts that the developments described since the entry of the Fourth Exclusivity Order, including entry of the Sale Order, execution of the TexOil APAs, and the ongoing negotiations with the Settlement Procedures Motion, provide ample justification to extend the Debtor's exclusivity period to file a chapter 11 plan through and including February 19, 2026, and to extend the Debtor's exclusivity period to solicit votes accepting or rejecting a plan through and including April 19, 2026. Barrow Shaver Resources Company, LLC is represented by: Joseph E. Bain, Esq. Sean T. Wilson, Esq. Olivia K. Greenberg, Esq. Elizabeth De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Telephone: (713) 437-1800 Facsimile: (713) 437-1810 Email: jbain@joneswalker.com swilson@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BIOMARIN PHARMACEUTICAL: Fitch Gives BB+(EXP) LongTerm IDR ---------------------------------------------------------- Fitch Ratings has assigned BioMarin Pharmaceutical Inc. an expected firsttime LongTerm Issuer Default Rating (IDR) of 'BB+(EXP)' with a Stable Outlook. Fitch also assigned expected ratings to BioMarin's new financing instruments, including 'BBB-(EXP)' with Recovery Rating of 'RR2' on senior secured credit facilities and 'BB+(EXP)' with Recovery Rating of 'RR4' on new senior unsecured notes. The ratings are contingent upon the successful completion of BioMarin's acquisition of Amicus Therapeutics and the establishment of BioMarin's capital structure in line with the draft information Fitch has received. Fitch expects acquisition financing to include proceeds from new debt and existing cash. BioMarin's rating reflects a diversified global orphan drug portfolio, structurally high margins, strong cash flow generation, and enhanced scale and growth visibility following the Amicus acquisition. These strengths are offset by elevated postacquisition leverage, its relative scale, revenue and foreign exchange volatility, ongoing reimbursement, pricing, and pipeline execution risks, and the risks associated with the expansion of its strategy to include large inorganic growth. Key Rating Drivers Diversified Orphan Drug Portfolio: BioMarin has a diversified portfolio of marketed orphan therapies addressing genetically defined diseases in multiple geographies. The Amicus acquisition will expand scale and commercial breadth, adding two established products with revenue traction and multiple lifecycle expansion opportunities across age labels and indications. This will strengthen revenue diversification, improve long‑term growth visibility, and enhance BioMarin's ability to absorb fixed costs. The focus on orphan indications provides regulatory incentives, market exclusivity and pricing durability, limiting the portfolio from generic competition. Further rating upside could be driven by, among other things, continued expansion that supports stronger operating leverage and improved cash‑flow generation. These developments should translate into lower leverage, higher cash‑flow‑to‑debt metrics, and greater capacity to fund R&D and business development internally. Clear Deleveraging Strategy: Fitch expects leverage to peak at around 3.5x after the acquisition due to debt funding. The company has articulated a clear and credible deleveraging strategy that aims to cut gross leverage to around 2.5x within two years through EBITDA growth and debt repayments. The pace of deleveraging is supported by high margin cash flows, modest capex requirements, and no plans for shareholder distributions in the near term. Failure to execute this deleveraging trajectory could pressure the credit profile. In the longer term, Fitch assumes the company will continue to pursue debt-financed acquisitions and has incorporated this into Fitch's forecast by assuming M&A in 2027, which results in more modest deleveraging. Management Strategy to Mature: Fitch expects management to implement a sound acquisition strategy over the medium term, although a fluid risk appetite, particularly during periods of potential inorganic growth, may increase the likelihood of moderate deviations from stated risk limits. This risk should lessen as formal risk frameworks, acquisition discipline, and post‑transaction governance continue to mature. Continued Cash Flow Growth: The credit profile is supported by structurally high margins and robust free cash flow (FCF), reflecting premium orphan pricing, disciplined operating cost control, and scale efficiencies. BioMarin has demonstrated sustained non‑GAAP profitability, with operating cash flow sufficient to fund R&D investment, working capital needs and debt service. Liquidity is supported by significant cash balances and access to committed credit facilities. Fitch expects continued cash flow growth on increased commercial scale and operating leverage, supporting both deleveraging capacity and strategic flexibility. Solid Demand; Quarterly Revenue Variability: Revenue growth is underpinned by stable demand for core therapies in chronic orphan indications, but quarterly performance can be volatile due to the timing of large government orders, distributor purchasing patterns, and product shipment schedules. Despite this variability, underlying demand trends remain solid and visibility is supported by the chronic nature of treated diseases and long patient duration. Over time, a broader portfolio and geographic mix should help smooth revenue variability. Pipeline and Development Risk: The company maintains a meaningful pipeline of late‑ and mid‑stage programs focused on rare diseases with well‑defined endpoints, providing potential longer‑term growth and lifecycle extension. While the pipeline supports future revenue diversification and mitigates eventual product concentration risk, it introduces inherent clinical, regulatory and execution risk. Delays, trial failures, or regulatory setbacks could weaken growth prospects, particularly if not offset by continued strength in the commercial portfolio. International and FX Exposure: About two‑thirds of revenue is from outside the U.S., exposing BioMarin to FX volatility and geopolitical risk. Reported results are sensitive to currency movements, particularly in emerging and volatile markets. While the company employs hedging strategies, these do not fully offset translation effects. Exposure to government‑funded healthcare systems outside the U.S. also increases sensitivity to reimbursement policy changes and budget constraints. Fitch's forecast has not explicitly adjusted for FX translation or transaction risks, but the potential for volatility in earnings and cash flows is captured in Fitch's profitability risk assessment. Coverage, Reimbursement and Pricing Risk: The company's products depend on third‑party payer coverage and adequate reimbursement. Payers increasingly apply cost‑containment tools that may delay access or reduce net pricing. Outside the U.S., reimbursement is subject to country‑by‑country negotiations, government‑controlled pricing frameworks, reference pricing, mandatory rebates, and revenue caps, resulting in sustained pricing pressure. Pricing approvals often precede launch and face uncertain timelines. In the U.S., healthcare reforms may further pressure reimbursement, with potential spillover to commercial payers. In Europe, implementation of the EU HTA regulation in 2025 may intensify pricing scrutiny. Adverse reimbursement outcomes could negatively affect revenues, margins, and cash flow. Peer Analysis BioMarin compares favorably with similarly rated specialty and biopharma peers through its strong profitability profile, solid FCF generation, and improving scale, though leverage is expected to remain higher than most investment-grade comparables. In 2026, Fitch forecasts BioMarin to generate about $3.8 billion of revenue and $1.4 billion of EBITDA, translating to an EBITDA margin of about 37%, which is comparable with Jazz Pharmaceuticals, Inc. (BB/Stable) and well ahead of Hikma Pharmaceuticals PLC (BBB/Stable). EBITDA margins are among the strongest in the peer group, reflecting a high‑value rare‑disease portfolio and limited generic exposure. Fitch's forecasted FCF of $509 million in 2026F supports deleveraging capacity, with FCF margins expected to expand to around 19% by the end of Fitch's forecast period in 2028, broadly in line with Jazz and superior to Hikma and Viatris Inc. (BBB/Negative), which face structurally lower margins due to pricing and portfolio mix. Leverage remains a relative weakness in the near term. Forecast gross debt of $4.2 billion in 2026 translates to EBITDA leverage peaking around 3.5x at the acquisition date, which is lower than the EBITDA leverage for Genmab A/S (BB(EXP)/Stable) and Teva Pharmaceutical Industries Limited (BB+/Stable), but broadly comparable to Jazz following its recent deleveraging. Interest coverage metrics are robust at mid-to-high single‑digit levels, reflecting strong operating cash flow and manageable interest expense. Overall, BioMarin's credit profile benefits from durable cash flows, high margins and improved scale, which are partly offset by product concentration risk and leverage that is modestly elevated relative to higher‑rated peers. Fitch's Key Rating-Case Assumptions -- BioMarin completes the acquisition of Amicus on May 1, 2026; -- Revenue increases at CAGR of around 9% (pro forma) from 2024-2028 (the forecast period) and around 12% after the assumed acquisition; -- EBITDA margins expand steadily from around 30% to around 40% over the forecast period; -- Working capital as a percentage of revenue rises in 2026-2027 to between 7%-9%, but declines in 2028 to around 5%; -- Capex as a percentage of revenue ranges from 3% to 6%; -- No shareholder dividends and share repurchases; -- Debt reduction includes the repayment of senior subordinated convertible notes in 2027 and mandatory amortization of term loans; -- Floating-rate interest is calculated assuming SOFR of approximately 3.6% plus applicable margins for term loans; interest on senior unsecured notes assumed at 7.25%; -- An acquisition of $3.0 billion is assumed to be completed in 2027 that is entirely debt financed; BioMarin's EBITDA leverage is managed to a range of 3.0x-3.5x 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+, Higher), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a+, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. Recovery Analysis Fitch's Recovery Ratings for issuers rated 'BB+' to 'BB-' are based on generic recovery assumptions. Fitch has treated BioMarin's senior secured debt as Category 2 first lien under Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria, with a Recovery Rating of 'RR2'. The Category 2 classification is due to most of the revenue and EBITDA, as well as most of the company's intellectual property, being recognised or located, respectively, in non-US entities. In accordance with the criteria, BioMarin's senior unsecured debt is assigned a Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade --A large debt-funded transaction that causes EBITDA leverage to be sustained above 3.5x and the ratio of CFO minus capex to total debt with equity credit to fall below 10%; --Failure to effectively integrate Amicus and realize expense synergies, resulting in growth deceleration and higher financial leverage. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade --EBITDA leverage sustained below 3.0x and the ratio of CFO minus capex to total debt with equity credit greater than 12.5%; --Evidence of clear commitment to a conservative risk profile and ability to integrate acquisitions effectively; --Achieving stronger revenue uptake of Galafold and Pombiliti/Opfolda coupled with selling, general and administrative and operational synergies at greater magnitude than expected from the Amicus acquisition that lifts margins and FCF; --Improved revenue mix and scale either through Amicus growth or incremental contributions from R&D productivity; --Positive momentum would likely require improvements in both the Business Profile and Financial Profile. Liquidity and Debt Structure BioMarin's liquidity profile is supported by strong and recurring operating cash flow, substantial cash and investment balances, and access to committed bank financing. FCF generation has strengthened on a trailing basis, supporting internally funded operations and strategic flexibility. Liquidity is further bolstered by a sizable cash and investment portfolio and a secured revolving credit facility that remains undrawn, preserving borrowing capacity and providing additional financial flexibility. The facility includes customary leverage and coverage covenants. Interest-rate exposure is largely confined to the investment portfolio. While higher rates could reduce fair value, such effects are generally unrealized absent asset sales or credit impairment, limiting near‑term cash flow impact. BioMarin's capital structure includes $600 million of convertible notes maturing in 2027, which are assumed to be repaid at maturity, $2.8 billion of to-be-issued term loans and $0.9 billion of to-be-issued senior unsecured notes. Fitch has assigned zero equity to the senior subordinated convertible notes because the instruments have a fixed maturity, do not permit the deferral of interest and are only convertible at the option of the holders. Issuer Profile BioMarin is a global biotechnology company with eight commercial therapies and an active pipeline targeting enzyme replacements, gene therapies and rare genetic diseases. BIOPLAN USA: Moody's Affirms 'Caa1' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings affirmed Bioplan USA, Inc.'s (d.b.a Arcade Beauty, Bioplan) Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating, and B1 rating on the senior secured priority term loan and Caa1 rating to the senior secured takeback term loan. The outlook is stable. RATINGS RATIONALE The Caa1 CFR reflects the cyclical nature of the company's business, its relatively small revenue base, and elevated financial leverage. Bioplan's top line growth has come under pressure as beauty companies have reduced marketing and promotional spending amid a softer macroeconomic backdrop, while persistent weakness in flat sampling, particularly in North America, more than offset growth in higher-value 3D technologies. Despite revenue pressure, profit margins have remained relatively resilient, reflecting ongoing cost-optimization initiatives and productivity improvements. Moody's adjusted financial leverage declined to 5.9x as of LTM September 2025 from 6.4x in 2024. For 2026, Moody's projects low single-digit revenue growth driven by new customer wins, while EBITDA is expected to remain flat as expansions in retail solutions, which have relatively lower margins, offsets pressure in the flat sampling business segment. Adjusted debt-to-EBITDA is expected to improve to the mid-5x range, primarily driven by voluntary debt repayments on the priority term loan from a combination of free cash flow and cash on the balance sheet. The company already repaid $18 million of the priority loan in Q4 2025 with proceeds from the sales and leaseback of a facility in France. Free cash flow is expected to be in the $5 million range. At the same time, Bioplan's credit profile is supported by its position as a leading global provider of sampling and packaging solutions for the beauty, fragrance, and personal care industries. The company benefits from a broad, integrated product offering, ongoing R&D investment, and a track record of innovation and proprietary technologies, which has led to long-standing customer relationships. Moody's expects Bioplan to maintain adequate liquidity supported by a cash balance of $35 million as of Q3 2025 and free cash flow generation of approximately $5 million over the next 12-18 months. Free cash flow is expected to be limited, driven by higher capital expenditures to support product line expansion, partially offset by lower interest expense. Although the company elected to pay cash interest rather than accrue payment-in-kind (PIK) interest on the take back loan, interest expense is expected to decline due to the repayment of $33 million of the takeback loan in 2025. While Bioplan's liquidity is limited by the absence of a committed revolving credit facility, the company maintains access to a EUR39 million accounts receivable factoring program (Europe: EUR29 million; North America: EUR10 million). Given the business's seasonal nature, Moody's anticipates Bioplan will rely heavily on the AR factoring program, especially during peak working capital periods, typically in the first and third calendar quarters. Uses of cash include interest expense (excluding adjustements) of $20-$25 million, working capital needs, and capital expenditures (including lease adjustments) of approximately $14 million. The senior secured priority and takeback term loans are subject to financial covenants under the credit agreements which includes minimum liquidity of $8 million (US: $5 million; Europe: $3 million) for the priority loan and $6.6 million (US: $4 million; Europe: $2.6 million) for the takeback loan. The credit agreement also includes mandatory prepayments from 100% of net cash proceeds from new debt, asset sales, or certain extraordinary receipts, along with a 50% excess cash flow (ECF) sweep. The ratings for the individual debt instrument incorporate Bioplan's Caa1-PD probability of default rating and an average expected family recovery rate of 50% at default given the particular ranking among the senior secured term loans. The B1 rating on the priority term loan is three notches above the Caa1 CFR given the instrument's small size and senior most ranking in the capital structure compared to the new takeback term loan. The Caa1 rating on the takeback term loan, which is in line with the CFR, reflects the preponderance of this debt class in the capital structure. Bioplan's ESG Credit Impact Score of CIS-5 indicates that there is a pronounced impact on the current rating, which is lower than it would have been if ESG risks did not exist. The score primarily reflects governance risks related to the company's history of elevated and untenable financial leverage which led to out-of-court debt restructuring. The stable outlook reflects Moody's expectations that Bioplan's adjusted financial leverage will decline to mid-5x through debt repayment over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Bioplan effectively navigates the rapidly changing purchasing behavior in the beauty industry by generating sustained revenue and EBITDA growth leading to Moody's adjusted financial leverage below 5.0x and positive free cash flow generation on a sustained basis. Bioplan will also need to maintain a good liquidity position, exhibit prudent financial policies, and refinance the takeback loan. The ratings could be downgraded if the company fails to generate organic revenue and EBITDA growth such that Moody's adjusted debt to EBITDA fails to improve or the liquidity position weakens. A downgrade could also occur if the company fails to refinance the takeback loan in the coming quarters. Headquartered in Saddle Brook, New Jersey, privately-owned Bioplan USA, Inc., through its direct parent, Tripolis Holdings Sàrl (Tripolis Holdings), is a leading global provider of marketing, packaging and interactive sampling products to the fragrance, beauty, cosmetic and personal care industries. After the 2023 recapitalization, Bioplan is owned by a consortium of existing creditors and private equity firms. Net revenue totaled approximately $297 million for the last twelve months ending September 2025. 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. BISHOP OF SACRAMENTO: Taps Horvitz & Levy LLP as Appellate Counsel ------------------------------------------------------------------ The Roman Catholic Bishop of Sacramento seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Horvitz & Levy LLP as special appellate counsel. The services that H&L will render to the Debtor, include without limitation: all services related to the review of the Prop. 51 Ruling by the Second Appellate District -- the appellate court -- until that court issues its remittitur. Such services include, but are not limited to, reviewing court documents, performing necessary research, briefing the issues, preparing all necessary appellate court documents, presenting oral arguments, and carrying out all other services before the appellate court. The firm's current standard hourly rates are: Peder K. Batalden, Partner $1,575 Melissa B. Whalen, Counsel $1,075 Attorneys $1075 to $1575 Paralegals $450 Law Clerks $450 As disclosed in the court filings, Horvitz & Levy LLP is a "disinterested person" within the meaning of Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Peder Batalden, Esq. HORVITZ & LEVY LLP 3601 West Olive Avenue, 8th Floor Burbank, CA 91505 Phone: (818) 995-0800 Email: pbatalden@horvitzlevy.com About Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. BOTTOMLINE INK: Seeks to Sell Personal Property at Auction ---------------------------------------------------------- Bottomline Ink Corporation seeks permission from the U.S. Bankruptcy Court for the Northern District of Ohio, to sell Property, free and clear of liens, claims, interests, and encumbrances. Prior to the commencement of the case, the Debtor entered into a Contract for Sale of Personal Property at Auction on December 15, 2025 with the Pamela Rose Auction Company LLC (Auctioneer). Overview of the Personal Property to be sold at the auction can be found at https://urlcurt.com/u?l=qn8CBm. The auction was to be an "online auction only" with a preview date and time of February 6, 2026 from 12:00 pm – 1:00 pm with an Online Bidding Ending on February 9, 2026 at 10:00 am with removal of property on February 11, 2026 (5) with the sale of all items being "As is" "where is" to the highest bidder, and a 15% Buyers Premium added to the final price along with a 6;75% Sales Tax also added and the auction is to be an absolute auction. The Personal property which is to be sold via Auction was subject to s perfected lien in favor of Waterford Bank, N.A. with the financing statement originally filed of record on September 1, 2025 and thereafter continued with the last statement of continuation being filed on August 15, 2025. The Waterford lien is the first lien and only lien on the personal property being sold at the auction. The Debtor submits that the sale of the property will reduced the Debtor’s indebtedness to Waterford Bank. The Debtor proposes to sell the Property via auction, free and clear of liens, claims, and interests. The Debtor seeks to be authorized and its representatives and/or the Auctioneer, be authorized to execute any documentation necessary to effectuate the sale of the Personal Property at the Auction. About Bottomline Ink, Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on December 31, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BROADBAND INFRASTRUCTURE: Gets Extension to Access Cash Collateral ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of South Carolina entered a third interim order authorizing Broadband Infrastructure, Inc. to use cash collateral. The Debtor requires the use of cash collateral for the operation of its business and payment of business expenses in the ordinary course. The court authorized the Debtor to use cash collateral in accordance with its budget until a final hearing is held. The Debtor may exceed individual budget line items by up to 10%, provided the total does not exceed that threshold per line item. Any amounts allocated for estate professionals must be held in escrow and paid only after court approval of fee applications. The court scheduled a further hearing for March 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/MMsO8 from PacerMonitor.com. Prior to its Chapter 11 filing, the Debtor obtained a $500,000 loan from the U.S. Small Business Association; a $1 million loan from the Coastal Carolina National Bank; an $850,000 loan from Parsonex Special Solutions Fund, LLC; a $1.5 million loan from the Courtyard Holdings, LLC; a $250,000 loan from Doug2, Inc.; and $125,000 loan from the Alpha Equity Fund, LLC. The loans are secured by assets based on UCC-1 statements filed. About Broadband Infrastructure Inc. Broadband Infrastructure, Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. It serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Broadband Infrastructure sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-04610) on November 21, 2025, listing up to $10 million in both assets and liabilities. Braddock Cunningham, president of Broadband Infrastructure, signed the petition. Judge Helen E. Burris oversees the case. Robert Pohl, Esq., at Pohl Bankruptcy, LLC, represents the Debtor as legal counsel. BROADBAND TELECOM: Plan Exclusivity Period Extended to May 8 ------------------------------------------------------------ Judge Alan S. Trust of the U.S. Bankruptcy Court for the Eastern District of New York extended Broadband Telecom, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 8 and July 7, 2026, respectively. In a court filing, the Debtors explain that the Initial Debtors continue to operate their businesses and manage their property as debtors and debtors-in-possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. Additionally, on August 22, 2025, the Initial Debtors filed that certain Debtors' Motion to Approve (I) Retention and Employment of Robert Warshauer as Independent Director of the Debtors Nunc Pro Tunc to August 21, 2025; (II) Retention and Employment of John D. Baumgartner as Chief Restructuring Officer of the Debtors, Nunc Pro Tunc to the Petition Dates; and (III) Approving and So Ordering Proposed Stipulation Setting Forth the Terms of an Agreement Between the Debtors, SPVs, Bankim Brahmbhatt, Agent, and Lenders (the "Motion to Approve"), which motion was subsequently granted by the Court on September 17, 2025 (the "Stipulation, ID, And CRO Order"). The Stipulation, ID, And CRO Order authorized, inter alia, the retention and employment of (i) Robert Warshauer as Independent Manager or Independent Director (as defined in the Motion to Approve), as applicable, of the Initial Debtors, and (ii) John Baumgartner as Chief Restructuring Officer of the Initial Debtors. The Debtors seek the entry of a bridge order which will provide that the Initial Debtors' applicable Exclusive Periods shall be continued up to and including the hearing to consider the Motion to Extend Exclusivity and the Court's adjudication thereof. The Debtors believe that this short extension of time contemplated in the proposed bridge order will not prejudice the rights of any party. Counsel to the Debtors: KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP Tracy L. Klestadt, Esq. John E. Jureller, Jr., Esq. Brendan M. Scott, Esq. Andrew C. Brown, Esq. Kevin Collins, Esq. 200 West 41st Street, 17th Floor New York, New York 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: tklestadt@klestadt.com jjureller@klestadt.com bscott@klestadt.com abrown@klestadt.com kcollins@klestadt.com About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. The case is jointly administered in Case No. 25-73095. In its petition, Broadband Telecom disclosed estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP. BURLINGTON OPERATING: Gets Extension to Access Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey, Camden Division, entered a third interim order extending Burlington Operating Group, Inc.'s authority to use cash collateral. The third interim order authorized the Debtor to use cash collateral from January 23 to February 17 to fund operations consistent with its budget, subject to a 10% variance. Creditor Itria Ventures, LLC claims a secured interest in real and personal property of the Debtor while Performance Food Groups asserts a claim against inventory. As adequate protection, both creditors will be granted replacement liens on the Debtor's post-petition assets, with the same validity, priority and extent as their pre-bankruptcy liens; and a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code, if necessary. In addition, Itria Ventures will receive payment of $3,500. The next hearing is scheduled for February 19, with objections due by February 12. Itria Ventures is represented by: Andrew J. Pincus, Esq. Seidman & Pincus, LLC 77 Brant Avenue, Suite 202 Clark, NJ 07066 Office Tel: (201) 473-0047 Remote Office Tel. (973) 464-1704 ap@seidmanllc.com About Burlington Operating Group Inc. Burlington Operating Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-21214) on October 22, 2025, with $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N Poslusny, Jr. oversees the case. The Debtor is represented by: Albert Anthony Ciardi, III, Esq. Daniel S. Siedman, Esq. Ciardi Ciardi & Astin Tel: 215-557-3550 / 215-557-3550 aciardi@ciardilaw.com dsiedman@ciardilaw.com CEDAR HAVEN: Seeks to Hire Flanagan & Associates LLC as Receiver ---------------------------------------------------------------- Cedar Haven Acquisition, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Flanagan & Associates LLC, as receiver to manage its affairs. The duties of the receiver include the management of the affairs of the Debtor, operating the Debtor's Business and the Debtor. The receiver has agreed to manage the affairs of the Debtor for a flat fee of $20,000 per month. Flanagan & Associates LLC represents no other entity in this case, it is a disinterested party within 11 U.S.C. Sec. 101(4), and does not represent or hold an interest adverse to the interest of the Debtor's estate. The receiver can be reached through: Michael F. Flanagan, Esq. Flanagan & Associates LLC 14005 Outlook Overland Park, KS 66223 Phone: (913) 269-8280 Email: mikeflanagan@mffllc.com About Cedar Haven Acquisition, LLC Cedar Haven Acquisition, LLC, d/b/a Cedar Haven Healthcare Center, operates a skilled nursing and long-term care facility in Lebanon, Pennsylvania, offering post-acute rehabilitation, memory care, respite and hospice services to patients following hospital stays, surgery, illness or injury. The facility provides around-the-clock nursing and chronic disease management with on-site clinical support. Cedar Haven Acquisition, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00118) on January 16, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq. of CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC. CHANNELVIEW HOTEL: Hires Kraus Law Firm PC as Bankruptcy Counsel ---------------------------------------------------------------- Channelview Hotel Group, LP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Kraus Law Firm, PC as bankruptcy counsel. The firm's services include: 1. taking all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; 2. providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and management of its properties; 3. negotiating, preparing, and pursuing confirmation of a plan and approval of a disclosure statement; 4. preparing on behalf of the Debtor, as debtor-in-possession, necessary motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; 5. appearing in court and protecting the interests of the Debtor before this Court; 6. assisting with any disposition of the Debtor's assets, by sale or otherwise; 7. reviewing all pleadings filed in this Chapter 11 Case; 8. assisting the Debtor with its insurance recovery litigation; and 9. performing all other legal services in connection with this Chapter 11 Case as may reasonably be required. The firm's current rates are: Jason D. Kraus, Shareholder $425 per hour Teresa Minter, Paralegal $125 per hour Partners $425 per hour Associates $250 per hour Paraprofessionals $125 per hour In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received $6,740 from the Debtor. The firm used $1,740 for pre-bankruptcy fees and disbursements, leaving a balance of $5,000. Jason Kraus, Esq., a shareholder of The Kraus Law Firm, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason D. Kraus, Esq. The Kraus Law Firm, PC 19500 State Highway 249, Ste. 350 Houston, TX 77070 Telephone: (281) 781-8677 Facsimile: (281) 840-5611 Email: jdk@krausattorneys.com 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. COURTESY SCREENING: Commences Subchapter V Bankruptcy in Florida ---------------------------------------------------------------- On January 23, 2026, Courtesy Screening, Inc., filed for Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Courtesy Screening, Inc. Courtesy Screening, Inc. is a Florida-based company that provides screening and verification services, including background checks and compliance-related screening solutions, to businesses and organizations. Courtesy Screening, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Scott A. Stichter, Esq., of Stichter, Riedel, Blain & Postler, P.A. COVETRUS INC: S&P Places 'B-' ICR on CreditWatch Developing ----------------------------------------------------------- S&P Global Ratings placed its 'B-' issuer credit rating on Covetrus Inc. on CreditWatch with developing implications. Covetrus is in exclusivity to make an acquisition it will finance with a new revolving credit facility and a privately placed term loan. Its existing term loan lenders are able to amend and extend their existing holdings to roll into a new financing or opt out and be paid in full. S&P said, "We believe the transaction could be credit positive and as a result, placed the ratings on CreditWatch with developing implications. "If the transaction closes as expected, we could resolve the CreditWatch placement and raise the issuer credit and issue-level ratings to 'B-' from 'CCC+' contingent on the final terms. If it does not close, we could lower the ratings if liquidity deteriorates or the company cannot refinance its revolving credit facility which matures October 2027. "Our CreditWatch placement reflects our belief that Covetrus' credit profile, including its cash flow generation, could be materially improved if it closes its contemplated M&A transaction. We also believe the transaction could result in lower leverage. "We expect to resolve the CreditWatch placement when the transaction closes, at which point we could raise the rating one notch to 'B-'. If the transaction does not close as contemplated, we could lower the rating, depending on business performance and the company's ability to refinance its October 2027 maturity, which could precipitate liquidity challenges. The 'CCC+' rating reflects significant cash flow deficits and large restructuring projects to improve profitability amid a challenging end market with lower vet visits and intensifying price competition in its core vet distribution business. "We expect to resolve the CreditWatch placement when the transaction closes and we have reviewed Covetrus' strategy, capital structure, and financial policy, which could lead to a one-notch upgrade. If the transaction is unlikely to close, we could resolve the CreditWatch sooner and would likely lower the rating one notch." CPV VALLEY: S&P Assigns Prelim 'BB-' Rating on New Term Loan B -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' preliminary rating and '1+' recovery rating to CPV Valley Holdings LLC's (CPVV) proposed $300 million term loan B (TLB). CPVV will use the proceeds to refinance existing debt, pay transaction fees, and make a distribution. CPVV has very low starting leverage of $417 per kilowatt (/kW) and low leverage at maturity. CPVV benefits from low-cost natural gas; at the same time capacity revenues are lower than Zone J assets. S&P's '1+' recovery rating indicates its expectation for full (100%) recovery in a default scenario. The stable outlook reflects S&P's expectation of robust debt service coverage ratios (DSCRs) during the TLB period (2026-2032), with a minimum DSCR of 1.62x in the post-refinancing period. It expects the project will repay $130 million of its TLB. CPV Valley Holdings LLC is an operational 720 megawatt (MW), 2x1 CCGT in the Town of Wawayanda, N.Y. CPVV reached commercial operation in 2018 (COD) and has a baseload heat rate of about 7,000 Btu per kilowatt-hour (Btu/kWh). CPVV has two Siemens SGT6-5000F gas turbines, and a Siemens SS-5000 steam turbine. The project participates in the NYISO Zone G market, selling energy, capacity, and ancillary services. CPVV's capacity prices and capacity factors are lower than peers in Zone J. CPVV has low initial leverage of $417/kW and provides baseload power in New York Zone G. However, the low leverage is more than offset by weaker capacity prices (about 40% lower historically and forecast) compared with those of Zone J peers, as well as lower TLB-term capacity prices than PJM assets. The lower capacity prices translate to approximately $220 million forecast lower capacity revenues for the TLB period versus Zone J- a material difference. Capacity factors of about 75%-80% are lower than those of Zone J baseload peers. Consequently, Zone J peers are able to bear higher leverage, and the impact of lower capacity revenues is more pronounced in later years as projects become dependent on capacity revenues. High spark spread expectations are supported by access to inexpensive natural gas. The project demonstrates robust spark spreads (approximately $31 per megawatt-hour (/MWh), supported by its access to cheap natural gas (EGS) from the Millenium Pipeline, providing a project life spark uplift of about $5/MWh relative to TZ6NY gas, which other generators and power price nodes use. S&P expects this advantage to persist. This is a key advantage over other New York generators, including Zone J peers. It is also relatively efficient and sits at the bottom of the dispatch curve. CPVV has minimal hedges in place, only about 30% through 2026, but has a solid track record of realizing robust capacity factors and sparks. CPVV is relatively new and efficient, but its asset life is limited to 2047 due to regulations. S&P said, "CPVV reached COD in 2018 but due to state regulations, we limit asset life to 2047. We expect CPVV will capitalize on growing demand and electrification in NYISO, then face competition from renewables. New York State has mandated clean generation by 2040, which will slip at least a few years, as the ISO has publicly said the 2030 target has fallen behind at least three years. The grid will still need reliability in the 2040s and given this is a new and efficient asset, we expect it to dispatch through to 2047. We expect capacity factors will decrease later as more supply comes online." The stable outlook reflects S&P's expectation of robust DSCRs during the TLB period (2026-2032), with a minimum DSCR of 1.62x in the post-refinancing period. It expects the project will pay down $130 million of its TLB. S&P could lower the rating if it expects the minimum DSCR to be below 1.35x on a sustained basis or the project's resiliency weakens. This could occur if: -- Capacity prices, energy margin, or ancillary revenues are materially lower than S&P's forecast; -- The project experiences forced outages, resulting in lower generation; -- The project's excess cash flows don't translate into debt paydown as expected. S&P could raise the rating if: -- S&P expects the project will maintain a minimum base-case DSCR above 1.80x in all years, including the post-refinancing period; and -- S&P believes a sufficient performance track record will adequately mitigate operational and financial risks associated with a single-asset plant. This could occur if spark spreads and uncleared capacity prices in NYISO Zone G improve while CPVV realizes favorable capacity factors. S&P would also need to see that a stronger financial performance results in a lower-than-expected TLB balance at maturity. CVR ENERGY: S&P Rates Proposed $1BB Senior Unsecured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '4' recovery rating to U.S.-based refining company CVR Energy Inc.'s (CVI) two tranches of proposed $1 billion senior unsecured notes. The company intends to use the proceeds from this offering to repay the remaining about $157 million outstanding under its senior secured term loan B, fully redeem its approximately $600 million senior unsecured notes due 2029 and redeem $217 million aggregate principal amount of its outstanding senior unsecured notes due 2028. At the same time, S&P raised its issue-level rating on CVI's existing senior unsecured notes to 'B+' from 'B' and revised the recovery rating to '4' from '5'. Overall, S&P views the transaction as leverage neutral. Therefore, our 'B+' issuer credit rating and stable outlook on CVI are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- CVI's $1.2 billion notes are guaranteed by the CVR Refining subsidiary. -- S&P's recovery analyses for refinery companies are based on its view that the sector is capital-intensive and highly competitive. -- Some refining companies experience erratic profitability--such as weak to negative margins--because of their high fixed costs and fluctuating commodity input and output prices that reflect the constant shift in supply/demand dynamics. -- S&P's simulated default scenario for CVR assumes that a default would most likely occur during a downturn in the sector, when refinery margins are low and cash flow is constrained. Simulated default assumptions -- Simulated year of default: 2030 -- There are no parent guarantees or cross guarantees with the fertilizer subsidiaries. -- CVI's debt is an unsecured obligation guaranteed by CVR Refining. -- All debt claims have six months of accrued but unpaid interest outstanding at default. -- S&P said, "We assume the asset-based lending (ABL) facility is refinanced. Given the structural protections in the ABL facility at CVR Refining, we assume that working capital will satisfy the ABL debt obligations, thus leaving no deficiency claims and no excess value." -- S&P said, "We use a discreet asset valuation (DAV) approach for our recovery analysis. To value the two refining assets owned by CVR Energy subsidiaries, we applied a valuation of $2,400 per barrel per day (bpd) for the Coffeyville (132,000 bpd) and Wynnewood (74,500 bpd) refineries." This valuation takes into consideration the relatively high complexity of the Coffeyville refinery and the favorable Midwest locations of both facilities. Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): About $470.8 million (based on DAV valuation) -- Total value available to unsecured claims: About $470.8 million -- Total senior unsecured debt: $1,227 million --Recovery expectations for senior unsecured notes: 30%-50% (rounded estimate: 40%) Note: All debt amounts include six months of prepetition interest. DAVID A. ORTA: Tarek Kiem of Kiem Law Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for David A. Orta, Jr., M.D., P.A. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About David A. Orta, Jr., M.D. P.A. David A. Orta, Jr., M.D., P.A. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10742) on January 22, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. James Schwitalla, Esq., represents the Debtor as legal counsel. DCA OUTDOOR: Seeks to Hire Elting Auction Co as Auctioneers ----------------------------------------------------------- DCA Outdoor, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Elting Auction Co. and its members, as auctioneers. The Debtors require the services of an auctioneer to assist them in selling excess equipment and machinery that are not part of the current pending sale motions. The firm intends to charge at these fees: a. Commission of Gross Auction Proceeds of 5 percent. b. AuctionTime Advertising Rates on a sliding scale. c. Additional Advertising (optional). d. Buyer's Premium of 3 percent will be added to the final bid price of each item sold. Of this amount, 2 percent will be credited to the Customer (Debtors) to offset advertising and marketing expenses, and 1 percent will be retained by the auction company as part of its compensation. Elting Auction Co. and its members are disinterested parties as defined in 11 U.S.C. Sec. 101(14), representing no interest adverse to the Debtors or the Debtors' estate, according to court filings. The firm can be reached through: Michael Elting Elting Auction Co. 145 North 4th Street, Hebron, NE 68370 Tel: (402) 768-7270 About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through: Patrick Gilbert Summit Investment Management, LLC Wells Fargo Center 1700 Lincoln Street, Suite 2150 Denver, CO 80203 Office: (720) 221-3154 Cell: (651) 688-6127 E-mail: pgilbert@summit-investment.com DENOYER-GEPPERT: Cash Collateral Hearing Set for Feb. 3 ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on February 3 to consider extending Denoyer-Geppert Science Company's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's initial order expires on February 4. The initial order entered on January 23 authorized the Debtor to pay its operating expenses from the cash collateral in accordance with its budget and granted secured creditors and taxing authorities, including the IRS and the Illinois Department of Unemployment Security, replacement liens on all post-petition property of the Debtor. As additional protection, the Debtor was ordered to maintain insurance, keep its property in good repair, and deposit all funds into its post-petition accounts, using them only as permitted by the order. Although Denoyer-Geppert is not currently operating, its business and assets retain significant value and that a purchaser is being secured who is expected to pay most or all outstanding debt. The Debtor asserts that immediate but limited use of cash collateral is necessary to preserve asset value and stabilize the business while a sale is being completed. Prior to the bankruptcy filing, three merchant cash advance companies -- Bizfunder, Cloudfund, and ODK Capital -- filed UCC-1 financing statements purporting to secure future receivables, though the Debtor questions the validity and perfection of those liens. In addition, the IRS and Illinois Department of Employment Security hold tax liens. About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David R Herzog, Esq., at Law Office of David R. Herzog, LLC. DISCOVERY ENERGY: S&P Rates New Repriced Sr Secured Term Loans 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Discovery Energy Holdings IV L.P.'s (Rehlko) proposed repriced first-lien term loans (about $1.159 billion and EUR350 million outstanding as of Dec. 31, 2025). The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P said, "The facilities are issued at subsidiary Discovery Energy Holding Corp. We expect the transaction, if completed as proposed, will provide annual interest cost savings of $9 million-$10 million. "Our 'B' issuer credit rating on Rehlko is unchanged. The stable outlook reflects our forecast for deleveraging, including from the company's value creation plan, resulting in good cushion to our S&P Global Ratings-adjusted leverage threshold of 6x. "We expect modest revenue growth through 2026, supported by secular demand tailwinds for backup and prime power generation and execution of Rehlko's healthy backlog (about $3.8 billion as of Sept. 30, 2025). We assume S&P adjusted EBITDA margin improves through 2026 from the benefit of cost out actions." Issue Ratings--Recovery Analysis Key analytical factors -- Rehlko's debt structure consists of a $400 million asset-based lending (ABL) facility due in 2029 (unrated) and $1.159 billion and EUR350 million senior secured term loans due in 2031. The issue-level rating on the term loans is 'B'. The recovery rating on the term loans is '3', indicating S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery. -- S&P's simulated default scenario assumes a payment default in 2029 following an unexpected economic downturn and sustained weakness in the global economy that reduces demand for Rehlko's products and significantly reduces revenue and profit. The challenges in these markets also result in pricing pressure, margin compression, and strained cash flow. Rehlko would fund fixed charges with its ABL facility and precipitates a payment default, debt restructuring, or bankruptcy filing. -- S&P's recovery analysis assumes that, in a hypothetical default scenario, Rehlko's ABL facility would be 60% drawn, with the exception of first-in, last-out tranches that would be 100% drawn. Simulated default assumptions -- Year of default: 2029 -- Emergence EBITDA: $247 million -- EBITDA multiple: 5x -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative expenses): $1.17 billion -- Valuation split (obligors/nonobligors): 45%/55% -- Priority claims (ABL): $256 million -- Value available from collateral and all unpledged foreign value (no other creditors in the capital structure would share in that value): $915 million -- Estimated senior secured claims: $1.62 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) S&P said, "Debt amounts include six months of accrued interest that we assume will be owed at default. Collateral value includes asset pledges from obligors (after priority claims) plus equity pledges in nonobligors. We assume usage of 60% for the ABL facility at default, except for first-in, last-out tranches, for which we assume usage of 100% at default." DOUBLESHOT HOLDINGS: Gets OK to Use Cash Collateral Until Feb. 19 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a fourth interim order allowing Doubleshot Holdings, LLC to use cash collateral through February 19. The fourth interim order authorized the Debtor to use cash collateral to pay ordinary business expenses as outlined in its monthly budget. As adequate protection to ServisFirst Bank, the Debtor was authorized to make monthly payments of $4,000 on the loan it obtained from the bank. ServisFirst Bank must credit the Debtor's funds that it is holding to each of the loan payments until those funds are exhausted. In addition, the Debtor was authorized to make interest-only monthly payments on the business credit card account as further protection. All secured creditors will be granted perfected post-petition liens on the cash collateral with the same priority, validity and extent as their pre-bankruptcy liens. The interim order remains in effect until the conversion or dismissal of the Debtor's bankruptcy case, appointment of a trustee, confirmation of the Debtor's Chapter 11 plan, or further court order. A continued hearing is scheduled for February 19. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/902UO from PacerMonitor.com. About Doubleshot Holdings Doubleshot Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04915) on July 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Mark Krajcir, managing member of Doubleshot Holdings, signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace, represents the Debtor as legal counsel. Servis First Bank, as lender, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. ' 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 LFernandez@trenam.com EG GROUP: Fitch Rates New Term Loan B & Revolver Debt 'B+' ---------------------------------------------------------- Fitch Ratings has assigned EG Group Limited's proposed USD3.6 billion equivalent term loan (to be issued in two tranches by subsidiaries EG Finco Ltd and EG America LLC) and USD1.285 billion multi-currency revolving credit facility (to be issued in one tranche by these two subsidiaries) a 'B+' rating with a Recovery Rating of 'RR3'. Proceeds will be used to refinance the existing term loan and credit facility. Fitch has also affirmed EG Group's Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Rating Outlook. EG Group 's ratings reflect its elevated EBITDAR leverage and weak, albeit improving, fixed charge coverage metrics. These are balanced by the company's reasonable business profile with good diversification across geographies and contribution from the fuel and non-fuel segments. Fitch expects the company to continue applying proceeds from divestitures towards debt reduction, gradually improving EBITDAR leverage and fixed charge coverage as part of financial policy committed to deleveraging. Key Rating Drivers Deleveraging Actions: EG Group has completed or announced several deleveraging actions, in line with its public commitment to reduce leverage. The company completed the sale of its Italian operations to a consortium of Italian operators in December. Fitch anticipate that it will complete the sale of its Australian operations to Ampol, a listed Australian petroleum company, by mid-2026. EG Group has committed to use the approximately USD1.25 billion proceeds from the two divestitures to lower its debt, while these two disposals will lower EBITDA by about USD150 million. EBITDAR leverage could improve to about 5.8x on a pro forma basis in 2026 from about 6.3x in 2024 through debt reduction, somewhat offset by divested EBITDA. The timing to achieve these results is largely dependent on timing of debt reduction. Weak 2025 Profitability to Improve: Fitch said, "We expect a slight EBITDA decrease in 2025, following challenged YTD September performance driven by declines in comparable sales and fuel volumes in the U.S." Fitch expects the U.S. revenue to return to growth in 2026, as management focuses on increasing traffic with a competitive fuel pricing strategy. Fitch said, "We assume the gradual increase of food service offering will drive margin up by 30bp by 2028. We also expect a material EBITDA margin improvement to 4.6% following the divestiture of its predominately fuel operations in Italy and Australia from the 4.0% range in 2023/2024." Improving Coverage Metrics in 2028: Fitch said, "We forecast improving, albeit weak EBITDAR fixed-charge coverage over the rating horizon. Coverage could improve from about 1.3x in 2024 to the mid-1x range in 2025/2026 and up to 1.8x in 2028. Projected improvement is primarily the result of lower interest expense from reduced debt levels." Moderate Leverage Reduction: Fitch expects EG Group's EBITDAR leverage to reduce gradually from about 6.3x in 2024 to 5.7x by 2028 as debt is repaid and EBITDA margin improves. This would mitigate part of the EBITDA decline from disposals. Negative FCF in 2026: Fitch said, "We forecast negative FCF generation in 2025 and 2026 at around negative USD50 million per year, affected by the payment of 2020 tax deferrals. FCF could turn positive in the USD125 million to USD165 million range in 2027/2028, given the completion of the tax deferrals and lower interest expense following debt repayment." Diversified, Large-Scale Operator: EG Group's rating remains supported by its scale and diversification. The company is a leading petrol filling station, convenience retail and foodservice operator, with good geographic diversification, although reduced by recently announced disposals. Pro forma for the announced disposals, EBITDA is essentially equally split between the U.S. and Europe. Its product and service diversification is reasonable, with non-fuel activities contributing around half of gross profit. Peer Analysis EG Group's business is broadly comparable to peers within Fitch's portfolio of fuel station operators and B-category retailers. EG Group can be compared with U.S.-based retailers Wayfair Inc. (B/Positive) and Northeast Grocery, Inc. (B+/Stable), as well as with Ireland and U.S. motorway service operator Causeway Consortium Limited (Applegreen, B-/Stable) and emerging-market petrol fuel station operators Puma Energy Holdings Pte. Ltd (BB/Stable) and Vivo Energy Ltd. (BBB-/Stable). Online furniture company Wayfair has a higher growth profile than EG Group, albeit in a more discretionary and therefore economically sensitive category. The Positive Outlook reflects the company's recently strong operating performance, which could yield EBITDAR leverage in the low-5x range, below that of EG Group. Grocery retailer Northeast Grocery is rated one notch higher than EG Group, reflecting its lower leverage and positive FCF. While EG Group benefits from larger scale and broader geographic diversification compared to these retailers, it has lower coverage metrics, higher leverage and consistently negative FCF. Relative to Applegreen, EG is meaningfully larger and more geographically diversified. This is partially offset by Applegreen's focus on markets with more stable demand and a lower reliance on fuel sales. EG Group had similar EBITDAR leverage (6.3x) as Applegreen (6.5x) in 2024. Puma and Vivo have lower leverage, but their ratings are restricted by concentration in emerging markets. This limits availability of cash flow to service debt at the holding company level. Fitch's Key Rating-Case Assumptions - Annual fuel volumes of about 14.8 billion liters in 2025, before falling to just over 12 billion liters in 2026 following the two disposals; - Improving fuel gross margin by 50bp by 2027, reflecting disposals; - Grocery and food services revenues to decline 6% in 2025 excluding impacts from disposals, driven by the US and full impact of 2024 rationalization, with over 100bp gross margin reduction; - Disposals are projected to drive a 21% decline in pro forma revenue. On a pro forma basis, total revenue is expected to grow 0.2% in 2026 and remain roughly flat in 2027-2028. Gross margin is expected to improve 20bp-30bps a year between 2026-2028. EBITDA margin, pro forma for disposals, to be 4.6% in 2025 and to improve to 4.9% by 2028 due to increased food services offering; - Deferred tax related cash outflows totaling USD200 million in 2025-2026; - Stable net working capital; - Annual capex of USD250-275 million; - Interest charges decreasing to around USD347 million in 2028, from around USD507 million in 2025; - No further M&A or dividends are assumed. Corporate Rating Tool Inputs and Scores Fitch scored EG Group Limited 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 ('bb-', moderate), Sector Characteristics ('bb+', lower), Market and Competitive Positioning ('bbb-', moderate), Diversification and Asset Quality ('bbb-', moderate), Company Operational Characteristics ('bb+', moderate), Profitability ('b+', moderate), Financial Structure ('b-', higher), and Financial Flexibility ('b-', higher). - The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - B+ to CC considerations apply in Fitch's analysis and result in no adjustment. - The SCP is 'b'. Recovery Analysis Under Fitch's bespoke recovery analysis, higher recoveries would be realized by preserving the business model as a going-concern (GC), reflecting EG Group's structurally cash-generative business. The value from EG Group's site ownership is backed by reasonable assets, but the real value to creditors comes from such assets being operational rather than liquidated. Fitch said, "We assume EG Group's going concern (GC) EBITDA at USD800 million, reflecting our view of a sustainable post-reorganization EBITDA level on which we base the enterprise valuation (EV). Distress is likely to materialize from a deterioration of traffic on the company's sites, not adequately compensated by price increases and adversely affecting revenues and EBITDA margin." Fitch believes that a 5.5x multiple reflects a conservative view of the weighted-average value of EG Group's portfolio in distress. Under its criteria, Fitch assumes EG Group's revolving credit facility (RCF) and letter of credit facilities to be fully drawn or claimed. Fitch deducts 10% from EV for administrative claims. Fitch's waterfall analysis generates a ranked recovery for the senior secured facilities in the 'RR3' band, one notch up from the IDR. It incorporates pro forma debt as of January 2026: USD3.6 billion equivalent of new term loan B, USD1,285 million of RCF and USD2,172 million of senior secured notes, all ranking equally among themselves. Consequently, Fitch affirmed EG's existing secured debt at 'B+'/'RR3' except for the USD500 million notes due November 2028, which Fitch does not rate. Fitch expects ranked recovery, after further planned debt reduction in 2025 and 2026 Italian and Australian divestiture, to remain within the current 'RR3' band, as debt repayments are paired with a decrease of GC EBITDA. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Continued performance deterioration leading to a materially weaker EBITDA; -- EBITDAR leverage remaining above 7.0x on a sustained basis; -- EBITDAR fixed-charge cover consistently below 1.5x; -- Negative FCF margins leading to eroded liquidity headroom. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Sustained revenue and EBITDA expansion plus improving operating margins; -- Continued commitment to a financial policy conductive to EBITDAR leverage reducing comfortably below 6.0x on a sustained basis; -- EBITDAR fixed-charge cover approaching 2.0x on a sustained basis; -- Modestly positive FCF margins. Liquidity and Debt Structure At Sept. 30, 2025, EG Group had USD239 million of cash and approximately USD414 million of availability on its USD608 million RCF and overdraft facilities. Subsequent to quarter end, the company upsized the RCF and overdraft facilities to a total of USD630 million. Fitch views EG Group's liquidity as satisfactory, taking into account the flexibility in its growth capex. The company is proposing a USD3.6 billion equivalent term loan B, consisting of a USD and a EUR tranche, to refinance its existing, similarly sized term loans and a USD1.285 billion revolving credit facility to replace its current USD630 million RCF and overdraft facilities, as well as its USD515 million LoC facility. The new TLB and RCF will be due 2031 and 2030, respectively, and will rank pari passu with the senior secured notes. Issuer Profile EG Group is a leading global petrol filling station, convenience store and foodservice operator with operations in the U.S. and select European markets. ELITE KIDS: Unsecureds to Get 3% Dividend over 24 Months -------------------------------------------------------- Elite Kids Services, Inc., submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated January 21, 2026. The Plan will be financed from continuing operating income, reorganized business operations of the Debtor, as well as from funds accumulated in the Debtor's in Possession accounts. Class II consists of general unsecured claims totaling $1,554,789.88: * Consolidated Edison Company of New York Inc. in the amount of $6,069.07 shall receive 3% ($182.07) dividend to be payable by equal monthly installments in the amount of $7.7 within 24 months commencing on the effective date. * M.M. Infant under age 14 and Olia Royzman in the amount of $1,000,000.00. This claim of M.M. Infant under age 14 and Olia Royzman was settled pursuant to the terms of the Settlement Agreement concluded by and among M.M. Infant Under Age 14 & Olia Royzman (the "Creditor"), 1111 Avenue S Realty LLC (the "Landlord") and the Debtor. In accordance with the said terms, in full and final satisfaction of M.M. Infant Under Age 14 & Olia Royzman's claim against the Debtor and the Landlord shall pay to M.M. Infant the amount of $40,000.00 (the "Settlement amount") as follows: (a) the Debtor shall pay $30,00.00 to M.M. Infant by equal monthly installment payments of $2,500.00 (the "Monthly Settlement Payments") within 12 months and provided M.M. Infant with Confession of Judgement. The Settlement amount of $30,000.00 payable by the Debtor represents 3% of the unsecured claim of M.M. Infant. * New York State Department of Taxation & Finance in the amount of $17.04 shall receive 3% ($0.5) dividend to be payable on the effective date. * U.S. Small Business Administration in the amount of $527,703.77 shall receive 3% ($15,831.11) dividend to be payable by equal monthly installments in the amount of $659.63 within 24 months commencing on the effective date. * 1111 Avenue S. Realty LLL in the amount of $21,000.00 shall receive 3% ($630.00) dividend to be payable by equal monthly installments in the amount of $26.25 within 24 months commencing on the effective date. The Plan will be financed from continuing operating income, reorganized business operations of the Debtor, as well as from funds accumulated in the Debtor in Possession accounts. A full-text copy of the Second Amended Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=o6M355 from PacerMonitor.com at no charge. Attorney for the Debtor: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 Email: alla@kachanlaw.com About Elite Kids Services Elite Kids Services, Inc., is a childcare provider. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-42915) on Nov. 22, 2022, with as much as $1 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan, PC, and Wisdom Professional Services, Inc., serve as the Debtor's legal counsel and accountant, respectively. ESAB CORP: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed the ratings of ESAB Corporation (ESAB), including the Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 rating on the senior unsecured notes. The outlook remains stable. The company's speculative grade liquidity rating of SGL-1 is unchanged. The affirmation of the CFR reflects Moody's expectations that ESAB will maintain its strong market position in the global fabrication technology sector and continue to benefit from end market diversification, while improving its earnings and maintaining modest financial leverage. RATINGS RATIONALE ESAB's Ba1 CFR reflects the company's strong market position in the global fabrication technology sector supported by well-known brands within the welding industry. End markets are well diversified with sales geographically evenly split between developed and emerging regions. In addition to longer-term positive dynamics in the welding industry, a growing stream of new product introductions, including automation and collaborative robotics (cobots), should improve returns over the next several years. However, demand for ESAB's products is affected by general economic conditions because the company is reliant on the level of capital spending in manufacturing and other industrial sectors. The welding industry has historically contracted during periods of lower industrial activity. ESAB has an acquisitive strategy to increase scale and broaden its product offering, which may create execution risk and potential for higher financial leverage. Moody's expects organic revenue to grow by 1.5% per year over the next 12-18 months, driven by continued strong demand from India and the Middle East, improved demand in Europe, and relatively stable demand from North America. Onshoring, growing global infrastructure investments and energy transition projects will drive organic revenue growth. Moody's also expects ESAB's EBITA margin to improve slightly over the next 12-18 months, because of higher prices and strong cost and expense controls. Therefore, Moody's expects debt-to-EBITDA to decline toward 2.5x and EBITA-to-interest to increase toward 5.9x over the next 12-18 months even with occasional bolt-on acquisitions. The stable outlook reflects Moody's expectations that slight organic revenue growth and strong cost and expense controls will drive higher earnings, lowering the company's leverage and generating solid free cash flow. Moody's forecasts that ESAB will maintain very good liquidity over the next 12 months as reflected by its SGL-1 speculative grade liquidity (SGL) rating. This is supported by Moody's expectations for free cash flow of more than $230 million, driven by higher earnings and improved working capital management. Liquidity is further underpinned by approximately $755 million of availability as of the end of October 2025 on the $1,050 million revolving credit facility, which expires in October 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an operational track record of organic and inorganic growth while improving margins and maintaining solid free cash flow and ample liquidity. A consistent, prudent financial policy, including debt-to-EBITDA sustained below 3x and EBITA-to-interest greater than 7x, even with occasional acquisitions, could also result in a positive rating action. The ratings could be downgraded with indications of a more aggressive financial policy, such as large, debt financed acquisitions. Reduced ability to withstand periods of key end market cyclicality or weakening liquidity, as well as debt-to-EBITDA approaching 4x could also result in a negative rating action. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ESAB Corporation, headquartered in North Bethesda Maryland, is a global fabrication technology company that provides consumable products and equipment for use in cutting, joining and automated welding, as well as gas control equipment. Products are marketed under several brand names, most notably ESAB. On April 04, 2022, the company completed its separation from Colfax Corporation. Revenue for the last 12 months ended October 03, 2025 was $2.8 billion. EVERSTREAM SOLUTIONS: Seeks to Extend Plan Exclusivity to April 23 ------------------------------------------------------------------ Everstream Solutions LLC and its affiliated debtors 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 April 23 and June 22, 2026, respectively. The Debtors explain that application of the relevant factors to the facts of these chapter 11 cases demonstrates that ample cause exits to grant the Debtors' requested extension of the Exclusive Periods. First, the size and complexity of these chapter 11 cases warrant the requested extension of the Exclusive Periods. While the Debtors have made substantial progress toward their stated goals in these chapter 11 cases, including by obtaining confirmation of the Plan so they may effectuate the WholeCo Sale Transaction and complete the subsequent Wind Down, the Debtors require additional time to consummate the contemplated transactions given pending regulatory review. Second, the Debtors are paying expenses as they become due. Third, the Debtors have been working diligently to implement the Plan and anticipate the Effective Date occurring shortly after the WholeCo Closing Date. As previously disclosed to the Court, the Debtors expect the WholeCo Closing Date to occur shortly after receipt of final regulatory approvals. Fourth, the Plan embodies a global settlement among the Prepetition Lenders, DIP Lenders, and Creditors' Committee and was confirmed with the overwhelming support of the Debtors' creditors and other stakeholders. Thus, the Debtors are not seeking an extension of exclusivity to "pressure creditors to submit to the debtor's reorganization demands." The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com clifford.carlson@weil.com - and - Matthew S. Barr, Esq. Andriana Georgallas, Esq. Alexander P. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com andriana.georgallas@weil.com alexander.cohen@weil.com About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. FAIRVIEW, UT: S&P Lowers Revenue Bond Rating to 'BB', Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'BB' from 'BBB-' on the City of Fairview, Utah's outstanding water and sewer revenue bonds. The outlook is negative. The downgrade reflects S&P's view of ongoing governance risks concerning risk management, culture, and oversight, including inadequate budgeting practices that have led to insufficient debt service coverage (DSC) in fiscal year 2025, in addition to vulnerable (zero) unrestricted liquidity levels, leading to a breach of its rate covenant. S&P said, "We view the city utility's noncompliance with certain covenant requirements and its revenue insufficiency in 2025 relating to its outstanding revenue obligations as an elevated governance risk under our risk management, culture, and oversight factor. We recognize that management is taking corrective action to achieve sufficient coverage in the near term based on an upcoming rate study to determine adequate rate adjustments. In addition, we believe other governance factors, including a lack of formal long-range financial planning or well-embedded financial or reserve policies, could pressure the utility's credit profile further, as the absence of unrestricted cash reserves could render the system incapable of meeting debt obligations. In our view, environmental risks are slightly elevated given the region's exposure to wildfires and drought. The utility lacks formal risk-management plans, including environmental stewardship, emergency preparedness, and water supply management. The city adequately protects its well-water sources from potential contamination in compliance with all state regulations, and the system is currently in compliance with all environmental laws and regulations applicable to its operations. We view social risks as credit neutral given the current affordability of rates, but rate-setting flexibility could be pressured due to the service area's below-average incomes." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight S&P said, "The negative outlook reflects our uncertainty regarding management's ability to build margins to strengthen all-in DSC and available reserves, which we believe leaves the utility susceptible to any unforeseen expenditures. There is a one-in-three chance that we could lower the rating over the next year should we view the city's governing body as unlikely to raise sufficient revenue to meet likely rising debt service costs for its recent loan, and rising cost-of-service requirements. "We could lower the rating if the utility experiences continued structural imbalance with rising operating expenses not offset by adequate revenue increases, resulting in weakened operating margins or depleted overall enterprise liquidity. "We could revise the outlook to stable if the upcoming rate plan establishes a track record of adequate DSC margins, sufficient to stabilize and replenish liquidity reserves to levels we view as providing support for operational contingencies." FALLS CONDOMINIUM: Hires K&L Gates LLP as Bankruptcy Co-Counsel --------------------------------------------------------------- The Falls Condominium Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ K&L Gates LLP as bankruptcy co-counsel. K&L Gates will also provide these services: (a) advising Debtor with respect to its rights, powers, and duties as debtor-in- possession in the continued management and operation of its business and assets, as well as management of the Property; (b) advising Debtor with respect to the conduct of the Chapter 11 Case, including all legal and administrative requirements imposed by the Bankruptcy Code and Bankruptcy Rules; (c) taking all necessary actions to protect and preserve Debtor's estate, including the prosecution of actions on Debtor's behalf, the defense of any actions commenced against Debtor, the negotiation of disputes in which Debtor is involved, and the preparation of objections to claims filed against Debtor's estate; (d) preparing on behalf of Debtor all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of Debtor's estate; (e) taking all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of Debtor's estate; (f) appearing before the Court and any other courts to represent the interests of Debtor's estate; (g) attending meetings and representing Debtor in negotiations with representatives of creditors and other parties-in-interest; (h) negotiating and preparing documents and pleadings relating to the disposition of assets as requested by Debtor, including in connection with the marketing and sale of Debtor's interest in the Property together with the interests of all Association Members in the Property; (i) advising Debtor on transactions and matters relating to any sale of Debtor's assets, including the Association Interest together with the interests of all Association Members in the Property; and (j) communicating with the Bankruptcy Court, United States Trustee, subchapter V trustee, professional engaged by Debtor, the Board, Association Members, and other parties in interest regarding all or some of the above. The firm's hourly rates are: Daniel M. Eliades, Partner $765 Brandy Sargent, Partner $670 Jonathan N. Edel, Associate $685 Ryan W. DeSimone, Associate $480 Joy M. VanDerWeert, Paralegal $360 Kyra Swinney-Darby, Paralegal $360 The Debtor paid the firm $85,000, $71,110.39 of which was applied to pre-petition fees and expenses. K&L Gates is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Brandy A. Sargent, Esq. K&L GATES LLP One SW Columbia Street, Suite 1900 Portland, OR 97204 Telephone: (503) 228-3200 Email: brandy.sargent@klgates.com About The Falls Condominium Property Owners Association Inc. The Falls Condominium Property Owners Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60870) on December 19, 2025. At the time of the filing, the Debtor listed between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Judge Brian T. Fenimore presides over the case. Camber Jones, Esq., at Spencer Fane, LLP represents the Debtor as legal counsel. FALLS CONDOMINIUM: Seeks to Hire Spencer Fane LLP as Co-Counsel --------------------------------------------------------------- The Falls Condominium Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Spencer Fane LLP as co-counsel. The firm's services include: a. advising the Debtor regarding the administration of this Case, compliance with local rules, procedures, forms, and other matters; b. assisting in the preparation and filing of any petitions, motions, applications, schedules, statements of financial affairs, plans of reorganization, and other pleadings and documents that may be required in this Case; c. representing the Debtor at hearings, including with respect to plans of reorganization, confirmation and related hearings, and any adjourned hearings thereof; d. acting as conflicts counsel to the extent necessary; e. counseling with the Debtor on other matters that may arise in connection with the Debtor's Case and business operations. f. advising and representing the Debtor in connection with any sale of the Debtor's assets; g. advising and representing the Debtor in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; h. advising and representing the Debtor in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Debtor; i. advising and representing the Debtor in the evaluation of claims and on any litigation matters, including avoidance actions; and j. providing such other services to the Debtor as may be necessary in this Case. The firm's current hourly rates are: Partners $440 to $1,300 Of Counsel $330 to $1,040 Associates $325 to $770 Paralegals $165 to $465 Camber M. Jones (counsel) $640 Christina Wilkison (paralegal) $260 The firm received a retainer from Debtor in the amount of $25,000. As disclosed in the court filings, Spencer Fane is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Camber M. Jones, Esq. SPENCER FANE LLP 2144 East Republic Road, Suite B300 Springfield, MO 65804 Telephone: (417) 888-1000 Email: cjones@spencerfane.com About The Falls Condominium Property Owners Association Inc. The Falls Condominium Property Owners Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60870) on December 19, 2025. At the time of the filing, the Debtor listed between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Judge Brian T. Fenimore presides over the case. Camber Jones, Esq., at Spencer Fane, LLP represents the Debtor as legal counsel. FFAH CARVER: S&P Lowers 2013A Housing Revenue Bonds Rating to 'B-' ------------------------------------------------------------------ S&P Global Ratings lowered its rating to 'B-' from 'B+' on Public Finance Authority, Wis.' series 2013A multifamily housing revenue bonds, issued for FFAH Carver Gardens LLC, Fla.'s Carver Gardens apartments project. The outlook is negative. S&P said, "The downgrade reflects substantially lower debt service coverage (DSC) in fiscal 2024 due to rising maintenance costs, and our view of uncertainty regarding the property's future due to recent litigation that has delayed a long-planned sale. We expect the owners to continue to pay debt service absent sufficient net operating income from the property, and this support prevents us from lowering the rating to the 'CCC' category. "We analyzed the project's environmental, social, and governance (ESG) risks relative to coverage and liquidity, management and governance, and market position factors. We view the obligor's governance risk as higher than average compared with the sector, based on the owner's lack of risk-mitigation policies or robust strategic plans, which could leave the project vulnerable to operational volatility. In addition, ongoing changes in the management structure, including ownership and property management, can contribute to volatility in operations, which may affect DSC. Although Gainesville is not on the coastline in Florida and is roughly 70 miles from either coast, we believe the location could be vulnerable to hurricane winds and hurricane flooding; in our view, the properties' insurance policies partially mitigate this risk. "The negative outlook reflects S&P Global Ratings' view that the ongoing litigation and delayed sale create uncertainty around the credit, particularly in the event the current sale does not go through. While we expect DSC to improve in fiscal years 2025 and 2026, the three-year average is likely to remain well below 1x. In the event of a change in ownership, management turnover could affect operations at the property as well. "We could take negative rating action if we believe it is likely that the bonds are vulnerable to nonpayment and are dependent upon favorable business, financial, and economic conditions to meet debt service. "We could revise the outlook to stable if the litigation and potential sale are resolved in a manner that does not affect the obligor's ability to pay debt service on time and in full, and if DSC materially improves." FIRST BRANDS: Lenders Resist 2nd Lifeline, Want Liquidation ----------------------------------------------------------- Alicia McElhaney, Jodi Xu Klein and Andrew Scurria of The Wall Street Journal report that First Brands Group’s lenders, already burned by the auto-parts maker’s rapid slide into bankruptcy, are now resisting further efforts to bankroll the struggling company. The deterioration of the initial rescue loan has fueled concerns that additional financing would only compound their losses. The company secured a $1.1 billion DIP loan after entering Chapter 11, seeking time to stabilize operations and pursue asset sales or a restructuring. That strategy has faltered as the loan's value plunged, cash reserves dwindled, and lenders reassessed the company's viability, according to report. A lender steering group that includes King Street Capital Management and Mudrick Capital Management is now opposing a proposed second DIP loan of up to $700 million, sources said. While a smaller bridge loan was briefly considered, lenders instead are pressing for liquidation of select assets as talks remain fluid, the report states. With liquidity tightening, court rulings limiting access to collateral, and professional fees exceeding $190 million, First Brands is running out of options. Some creditors now argue the Chapter 11 process is eroding value, raising the prospect that liquidation may offer a better outcome than continued restructuring, The Wall Street Journal reports. 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. FLEXJET INC: S&P Rates Subsidiaries New $500MM Term Loan B 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to Flexjet Inc.'s wholly-owned subsidiary OneSky Flight LLC's proposed seven-year, $500 million term loan B. The company intends to use the proceeds to repay the draw on its warehouse facility as well as to fund terminal and aircraft capital expenditure (capex). S&P said, "The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 80%) in the event of a payment default, leading to an issue-level rating one notch above our issuer credit rating on Flexjet. The term loan will be secured by a pool of about 47 aircraft. At the same time, we affirmed our 'B+' issue-level rating on the existing senior unsecured notes, and revised the recovery rating to '3', indicating our expectation for meaningful recovery (50%-70%; rounded estimate, 55%). "Our 'B+' issuer credit rating and stable outlook on Flexjet are unchanged. We continue to expect steady performance over the next 12 months based on the long-term nature of the fractional ownership contracts with high visibility and recurring revenues. Flexjet recently announced a settlement agreement with Honeywell that includes an immediate cash payment of $375 million, a portion of which we expect the company to use toward redemption of the series E preferred equity (which we treat as debt). In addition, we expect the resolution will provide some margin benefit through the elimination of litigation expenses and higher fleet utilization as the company removes redundant aircraft from its core fleet. This results in our S&P adjusted funds from operations (FFO) to debt now slightly exceeding 20% by the end of 2026. Nevertheless, our rating reflects the potential for volatility in Flexjet's cash flow due to the timing of fractional own contracts and magnitude of payments, particularly during periods of growth." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P assigns an issue rating of 'BB-' on OneSky Flight LLC's proposed $500 million first-lien term loan, one notch above Flexjet's 'B+' issuer credit rating. The recovery rating is '2', indicating its expectation of substantial recovery in a hypothetical event of default. -- S&P affirms its issue-level rating on the $550 million senior unsecured notes at 'B+', in line with the 'B+' issuer credit rating. However, S&P revised the recovery rating to '3' from '4', indicating its expectation of meaningful recovery in a hypothetical event of default. The recovery rating improved due to a higher estimated enterprise value at emergence due to the company's ongoing investments in its fleet and terminals, and an increase in unencumbered assets, both of which enhance recovery prospects for the unsecured notes. -- S&P said, "We use a combination approach to value the company on a going concern basis. We use the DAV method to capture the value of assets owned by the company (primarily aircraft pledged as collateral the secured debt), applying a 9% dilution rate and realization rates ranging from 55%-65%. We then use the EBITDA multiple method to capture the fractional customer-owned portion of the business. We view this part of the business as asset-light and service-oriented; therefore, we believe the EBITDA multiple approach effectively captures its value. Our 5x multiple is in line with what we use for peers in the transportation cyclical sector." -- First lien term loan recovery results from the claim on first lien collateral (valued below first lien claims, leading to a deficiency claim) and deficiency claim on a pro rata share of the remaining enterprise value available to unsecured claims (after other secured claims are addressed). Simulated default assumptions: -- Simulated year of default: 2029 -- EBITDA at emergence: $110 million -- EBITDA multiple: 5x -- DAV: $932 million Simplified waterfall: -- Net enterprise value (after 5% administrative costs): $1.4 billion -- Collateral value available to first-lien term loan: $285 million -- Total first-lien term loan claims: $490 million -- First-lien term loan deficiency claim: $200 million -- Recovery through deficiency claims: $120 million --First-lien term loan recovery expectations: 70%-90% (rounded estimate: 80%) -- Value available to other secured claims: $1.1 billion -- Other secured debt claims (EETC, warehouse facility, ABL facility): $670 million -- Remaining value available to unsecured claims: $450 million -- Unsecured debt claims (senior unsecured notes): $575 million -- Total unsecured claims (including deficiency claims): $775 million --Unsecured recovery expectations: 50%-70% (rounded estimate: 55%) All debt amounts include six months of accrued prepetition interest. FLOAT ALASKA: Deadline for Panel Questionnaires Set for Feb. 3 -------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of FLOAT Alaska LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/mr2a92f9 and return by email it to Linda Casey -- Linda.Casey@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than 4:00 p.m, on Tuesday, February 3, 2026. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. 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 and its affiliates 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 reported 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 cases. The Debtors are represented by Saul Ewing LLP. Stretto Inc. is the Debtors' claims and noticing agent. FOOD52 INC: Hires Young Conaway Stargatt as Bankruptcy Counsel -------------------------------------------------------------- Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as counsel. The firm's services include: a. providing legal advice and services with respect to the Debtor's powers and duties as a debtor in possession in the continued operation of its businesses, management of its property, the Local Rules, practices, and procedures, and providing substantive and strategic advice on how to accomplish the Debtor's goals in connection with the prosecution of this chapter 11 case; b. pursuing the sale of the Debtor's assets and approval of bid procedures related thereto; c. preparing, on behalf of the Debtor, necessary applications, motions, answers, orders, reports, and other legal papers; d. appearing in Court and protecting the interests of the Debtor before the Court; e. investigating potential claims and causes of action, including whether the Debtor holds claims against various parties, including its officers, directors, and certain related affiliates; and f. performing all other legal services for the Debtor that may be necessary and proper in these proceedings to the Debtor in this chapter 11 case. The firm's current standard hourly rates are: Michael R. Nestor, Partner $1,550 Kara Hammond Coyle, Partner $1,185 Elizabeth S. Justison, Partner $1,030 S. Alexander Faris, Associate $820 Andrew M. Lee, Associate $645 Brynna M. Gaffney, Associate $600 James C. Diver, Associate $585 Beth Olivere, Paralegal $400 Young Conaway received a retainer of $125,000 in connection with the planning and preparation of initial documents and the firm's proposed post-petition representation of the Debtor. The received an additional retainer payment of $200,000 on Dec. 29, 2025. Elizabeth Justison, Esq., a partner at Young Conaway Stargatt & Taylor, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Elizabeth S. Justison, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Phone: (302) 571-6669 Email: ejustison@ycst.com About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FOOD52 INC: Seeks to Hire Core Advisors LLC as Investment Banker ---------------------------------------------------------------- Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Core Advisors LLC as its investment banker. The firm will render these services: a. assist the Debtor as necessary and requested to analyze the business and financial condition of the Debtor in connection with negotiations and the consummation of a Transaction; b. advise and assist the Debtor in identifying potential Buyers and, on behalf of the Debtor, contact such potential Buyers as the Debtor may designate; and c. perform financial advisory services for the Debtor in connection with the proposed Transaction as are customary and appropriate for transactions of this nature and any other services mutually agreed between the Debtor and Core Advisors. In connection with this subparagraph, the Debtor and Core Advisors have agreed that Core Advisors will provide the following financial advisory services in this chapter 11 case: i. soliciting and reviewing proposals and making recommendations and advising the Debtor in negotiating proposals concerning a Transaction; ii. assisting the Debtor in responding to due diligence review of interested parties with respect to a Transaction, including by managing a Virtual Data Room (the VDR) and assisting the Debtor in organizing, populating, and maintaining the VDR; iii. assisting the Debtor in soliciting and evaluating Transaction proposals; iv. assisting the Debtor and its other professional advisors in negotiating definitive documentation concerning a Transaction and otherwise assisting in the process of closing a Transaction; and v. assisting with the consummation of the Transaction in this chapter 11 case, including: 1. assisting with the preparation of motions related to a Transaction; 2. consulting with other retained parties, lenders, the Committee, and other parties in interest; 3. participating in Court hearings and providing expert advice and testimony in connection with hearings before the Court; 4. attending meetings of the Debtor's board of directors and meetings with other interested parties as the Debtor and Core Advisors may mutually agree; and 5. performing other tasks as appropriate and as may reasonably be requested by the Debtor's management or counsel. The firm will receive compensation at these fees: a. A monthly advisory fee of $50,000 for each calendar month during this chapter 11 case, payable in advance on the first business day of each such month. b. In the event of a Sale Transaction, a fee, payable upon closing of such Sale Transaction, equal to the sum of: (i) $1,250,000 (the "Sale Transaction Minimum"), plus (ii) (A) an amount equal to 3 percent of the aggregate consideration above $50,000,000 and up to and including $75,000,000, (B) an amount equal to 4 percent of the aggregate consideration above $75,000,000 and up to and including $100,000,000, and (C) an amount equal to 5 percent of the aggregate consideration above $100,000,000, plus (iii) if the Sale Transaction is structured as two or more separate transactions to unaffiliated Buyers, $250,000, minus (iii) the sum of all Monthly Fees previously paid (collectively, the "Sale Transaction Fee"). c. In the event of a Capital Raise Transaction, a fee, payable upon closing of such Capital Raise Transaction, equal to the greater of: (i) $1,000,000 (the "Capital Raise Minimum") and (ii) an amount equal to 4 percent of the aggregate consideration in such Capital Raise Transaction, in each case, minus (iii) any Transaction Assistance Amount, if applicable (collectively, the "Capital Raise Transaction Fee"). Core Advisors is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent any interest materially adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Christopher Saunders CORE ADVISORS LLC 1630 Old Deerfield Rd Ste 202 Highland Park, IL 60035 Phone: (847) 227-8311 About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FOOD52 INC: Seeks to Hire Meru LLC as Financial Advisor ------------------------------------------------------- Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Meru, LLC as its financial advisor. The firm will render these services: (a) assist the Debtor in evaluating strategic alternatives to effectuate one or more divestitures of all or a portion of the Debtor, and assist in winding down the remainder; (b) assist in cash management of the Debtor, including assistance with vendor management; (c) assist with diligence needs supporting the sale process, if requested; (d) assist in the preparation of contingency planning, which included preparation of filing this chapter 11 case; (e) assist the Debtor in chapter 11 reporting requirements, including debtor in possession financing reporting requirements; (f) assist in negotiations with key constituents; and (g) other activities as are approved by the Debtor and as agreed to by MERU. The firm will be paid at these hourly rates: Position: General Partners / Managing Partners $900 to $1100 Senior Directors / Managing Directors $700 to $900 Vice Presidents / Directors $575 to $700 Analysts / Associates $300 to $575 Position: Data Insights Partners $600 to $750 Sr. Principal / Managing Principal $450 to $600 Principal / Solutions Architect $375 to $450 Data Analysts / Analytics Engineer $225 to $375 MERU received $225,000 as a retainer. Laura Marcero, managing partner of MERU LLC, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laura Marcero Meru, LLC 110 E 42nd St, Suite 1401 New York, NY 10017 About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FOOD52 INC: Seeks to Hire Verita Global as Administrative Advisor ----------------------------------------------------------------- Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC dba Verita Global as administrative advisor. The firm will provide these services: (a) assist with, among other things, the preparation of the Debtors' schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) generate, provide, and assist with claims objections, exhibits, claims reconciliation, and related matters; (c) assist, with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any Chapter 11 plan; (d) generate an official ballot certification and testify, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Chapter 11 cases; and (e) provide such other claims processing, noticing, solicitation, balloting, and administrative services. The firm will be paid at its standard hourly rates and will be reimbursed for expenses incurred. The firm received a retainer in the amount of $20,000. Evan Gershbein, an executive vice president at Verita Global, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan J. Gershbein Verita Global 2335 Alaska Ave. El Segundo, CA 90245 Telephone: (310) 823-9000 About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FRED RAU: Hires Fresno Livestock Commission as Auctioneer --------------------------------------------------------- Fred Rau Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Fresno Livestock Commission, LLC as auctioneer. The firm will sell the Debtor's property, a large volume of livestock, relevant to this motion are approximately 140 milk cows and 70 dry cows, along with approximately 120 heifers aged between 19 and 23 months. The firm will receive a commission of 4 percent on the gross proceeds of the sale of the livestock. Fresno Livestock Stockyard is a disinterested persons within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Phil Tews Fresno Livestock Commission, LLC 559 W Lincoln Avenue Fresno, CA 93706 About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor is represented by Peter Fear, Esq., at Fear Waddell, PC. FRED RAU: Seeks to Hire Overland Stockyard as Auctioneer -------------------------------------------------------- Fred Rau Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Overland Stockyard as auctioneer. The firm will sell the Debtor's property, a large volume of livestock, relevant to this motion are approximately 480 Holstein heifers (bred and unbred) aged between 4 and 18 months old, along with 14 Angus steers. The firm will receive a commission of 4 percent on the gross proceeds of the sale of the livestock. Overland Stockyard is a disinterested persons within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Julie Belezzuoli-Hathaway Overland Stockyard 10565 9th Avenue Hanford, CA 93230 About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor is represented by Peter Fear, Esq., at Fear Waddell, PC. FRIENDSHIP ASPIRE: S&P Alters Outlook to Negative, Affirms 'BB' ICR ------------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' issuer credit rating (ICR) on the Friendship Aspire Academies Inc. (FAA) Obligated Group, Ark., consisting of the Friendship Aspire Academy Pine Bluff Elementary School and the Friendship Aspire Academy Downtown Pine Bluff Elementary School. The outlook revision reflects S&P's view of the network's trend of operating fluctuations in the past few years, alongside weaker-than-anticipated financial performance for fiscal 2024, which led to an operating deficit and covenant violation for days' cash on hand (DCOH) that may not be remedied in fiscal years 2025 or 2026. FAA also faces elevated social capital risk when compared with peers given its operation in Jefferson County, with a sizable projected decline in school-aged population for the county as a result of out-migration and other demographic trends. S&P said, "For FAA, we believe that a track record of increasing enrollment over the past several years and robust academic programming partly mitigate this risk. We consider environmental and governance factors neutral in our credit rating analysis." S&P said, "The negative outlook reflects our view that there is a one-in-three likelihood that we could lower the rating should finance performance and liquidity not rebound in fiscal 2026 as anticipated. Expectations for fiscal 2025 are for break-even operations and relatively flat cash. For fiscal 2026, FAA adopted a surplus budget, which management reports is tracking ahead of expectations. We anticipate that this could translate to improved DCOH in line with its Equitable Facilities Fund covenant of 60 days and improved lease-adjusted maximum annual debt service coverage above 1x. Failure to improve metrics would likely pressure our view of the credit profile, leading to a lower rating. The outlook also reflects our expectation that the network's recent enrollment growth and steady funding environment will support revenue stability over the near term. "We could lower the rating if the network fails to improve financial performance and liquidity as anticipated, reflecting financial profile metrics more consistent with a lower rating. In addition, we could lower the rating if the school fails to return to covenant compliance over the outlook period. "We could revise the outlook to stable if the network continues to increase enrollment as projected while improving margins and debt service coverage, increasing cash to levels in line with the rating, and maintaining a manageable debt burden." FUEL FITNESS: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority to use cash collateral to fund its operations. The 15th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget, which shows total projected expenses of $80,480 for the period from January 24 to February 24. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Newtek Bank N.A., and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Live Oak Banking Company will receive payment of $5,000 on or before February 15. The next hearing is scheduled for February 24. The 15th interim order is available at https://is.gd/3w2sux from PacerMonitor.com. About Fuel Fitness LLC Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 Phone: (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL HOMESTEAD: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fuel Homestead, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, to use cash collateral. The court issued its 15th interim order authorizing the Debtor to use cash collateral pursuant to its budget, which shows total projected expenses of $90,430 for the period from January 24 to February 24. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Live Oak Banking Company will receive payment in the amount of $5,000 on or before February 15. The next hearing is set for February 24. The 15th interim order is available at https://is.gd/ikQKmk from PacerMonitor.com. About Fuel Homestead Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL REYNOLDA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Fuel Reynolda, LLC received 15th interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The 15th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget for the period from January 24 to February 24. The budget shows total projected expenses of $92,180 for the interim period. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Live Oak Banking Debtor will receive payment of $5,000 on or before February 15, 2026. The next hearing is set for February 24, 2026. The 15th interim order is available at https://is.gd/p3AUUJ from PacerMonitor.com. About Fuel Reynolda Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com GENERATIONS ON 1ST: Seeks Court OK to Tap Michael T. Schmitz as CRO ------------------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC seek approval from the U.S. Bankruptcy Court for the District of North Dakota to employ Michael T. Schmitz, a certified public accountant, to serve as Chief Restructuring Officer in their jointly administered Chapter 11 cases. Mr. Schmitz will provide these services: (a) oversee the financial and operational restructuring of the Debtors for the duration of the Chapter 11 cases and through the term of one or more plans of reorganization; (b) act as the Debtors-in-Possession's representative in these jointly administered cases; (c) exercise complete decision-making authority with respect to the Debtors' restructuring and operations, subject only to removal by the Court; and (d) investigate and, if appropriate, pursue claims on behalf of the estates and assist in maximizing value for creditors and equity holders. Mr. Schmitz seeks to be compensated at his professional hourly rate of $445, as adjusted from time to time, with compensation subject to approval of the Court and payable by the Debtors and their estates. Mr. Schmitz is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. He holds no economic interest in the Debtors, has never been employed by the Debtors, and does not hold or represent an interest adverse to the estates. The professional can be reached at: Michael T. Schmitz 1018 Voyager Drive Bismarck, ND 58504 About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC, filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GOLDMAKER INC: Unsecureds Will Get 44.02% Dividend over 60 Months ----------------------------------------------------------------- Goldmaker Inc., submitted a Third Amended Small Business Disclosure Statement describing Third Amended Plan of Reorganization dated January 22, 2026. The plan will be funded from the funds accumulated on the Debtor's DIP account, from the date of the petition, as well as from continuing operating income and reorganized business operations of the Debtor. Class II consists of General Unsecured Claims. The allowed unsecured claims total $268,210.33. * Shall consist of the unsecured claim of Consolidated Edison Company of New York Inc., in the amount of $8,586.62. The claim will be paid 44.02% dividend ($3,779.83) in 60 monthly installment payments in the amount of $62.99, commencing on the effective date of the plan. * Shall consist of the unsecured claim of National Grid, in the amount of $1,219.71. The claim will be paid 44.02% dividend ($539.91) in 60 monthly installment payments in the amount of $8.94, commencing on the effective date of the plan. * Shall consist of the unsecured claim of Ming Chu Chen, in the amount of $79,509.00. The claim will be paid 44.02% dividend ($35,000.00) in 60 monthly installment payments in the amount of $583.34, commencing on the effective date of the plan. In the event there is any outstanding the DOB violation, this DOB violation will be paid in full directly to the NYC Department of Buildings on or before the effective date, or in such other manner as may be agreed upon by this claimholder. * Shall consist of the unsecured claim of Ykaz Tax Service Inc., in the amount of $1,760.00. The claim will be paid 44.02% dividend ($775.28) in 60 monthly installment payments in the amount of $129.92, commencing on the effective date of the plan. * Shall consist of the unsecured claim of Joe Hand Promotion Inc., in the amount of $7,375.00. The claim will be paid 44.02% dividend ($3,246.47) in 60 monthly installment payments in the amount of $54.10, commencing on the effective date of the plan. * Shall consist of the unsecured claim of Salem Boudine, in the amount of $169,510.00. The claim will be paid 44.02% dividend ($74,618.30) in 60 monthly installment payments in the amount of $1,243.63, commencing on the effective date of the plan. * Shall consist of the unsecured claim of the New York State Department of Taxation & Finance, in the amount of $250.00. The claim will be paid 44.02% dividend ($110.05) in 60 monthly installment payments in the amount of $1.83, commencing on the effective date of the plan. A full-text copy of the Third Amended Disclosure Statement dated January 22, 2026 is available at https://urlcurt.com/u?l=cdPE4m from PacerMonitor.com at no charge. Attorney for the Debtor: Alla Kachan, Esq. The Law Offices of Alla Kachan, PC 415 Brighton Beach Ave Brooklyn, NY 11235 Phone: (718) 513-3145 Fax: 347-342-3156 Email: alla@kachanlaw.com About Goldmaker Inc. Goldmaker Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-41309) on May 14, 2021, listing up to $50,000 in assets and up to $500,000 in liabilities. Judge Jil Mazer-Marino oversees the case. Alla Kachan, Esq., at the The Law Offices of Alla Kachan, PC, is serving as the Debtor's legal counsel. GRIT PRODUCTIONS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Grit Productions, LLC and its affiliates received third interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The Debtors intend to use cash collateral strictly in accordance with their budget from January 21 through March 20, to pay expenses, preserve equipment and inventory, collect receivables, maintain vendor and customer confidence, and fund administrative costs. The Debtors must not exceed any individual budget line item or the total budget by more than 10% without written consent from PlainsCapital Bank or a further court order. To adequately protect PlainsCapital Bank and other secured creditors, the court granted them replacement liens on post-petition accounts receivable and inventory, along with a superpriority administrative expense claim under section 507(b) of the Bankruptcy Code. The order also imposes detailed reporting obligations, requiring regular delivery of bank statements, asset information, and accounts receivable reports to the secured lender and the creditors' committee. The interim order includes a carveout ensuring payment of U.S. Trustee fees and court-approved professional fees ahead of secured lenders' replacement liens. Events of default under the interim order include budget violations and conversion of the Debtor's Chapter 11 case to one under Chapter 7 while generally allowing a seven-day cure period after notice. A final hearing is scheduled for March 18, with objections due by March 13. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/54YaL from PacerMonitor.com. PlainsCapital Bank, as secured lender, is represented by: Matthew T. Taplett, Esq. Pope, Hardwicke, Christie, Schell, Kelly & Taplett, L.L.P. 500 W. 7th Street, Suite 600 Fort Worth, TX 76102 Telephone: (817) 332-3245 Facsimile: (817) 877-4781 mtaplett@popehardwicke.com About Grit Productions LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filing, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. GULF STREAM: Refinancing & Continued Operation to Fund Plan ----------------------------------------------------------- Gulf Stream Manor MHC, LLC, filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement describing Chapter 11 Plan dated January 21, 2026. The Debtor was formed on January 4, 2012, as a limited liability company under the laws of the State of Louisiana, although the operating agreement provides that the laws of the State of Mississippi are chosen for its governance, for the purpose of operating a mobile home park. Gulf Stream acquired the mobile home park consisting of 225 mobile home pads, situated at 8511 Gulf Highway, Lake Charles, Louisiana, on February 14, 2012, through a vendor's lien sale. On December 4, 2014, the property was refinanced through Union Capital Investments, LLC, with a $3.2 million loan. On August 26, 2015, the mortgage and assignment of rents security interest was assigned to Wells Fargo, the current lien holder. During 2025 Venture Global began construction of a $17 billion dollar liquified natural gas processing facility approximately 5 miles from the Debtor's mobile home park requiring thousands of workers for its construction over 5 years, many of whom are itinerant and find it convenient to park their mobile homes or rent mobile homes in close proximity to their workplace. This has resulted in recent months in a large demand for mobile home pad rentals or rentals of existing mobile homes on Debtor's property. As this is written, the mobile home park is rented at 70% of capacity and it is anticipated based on the rate of new leases having been signed that the mobile home park will be at 95% capacity by June of 2026. Due to the increase in rental income from the repairs made and the surge of new tenants, Debtor anticipates obtaining take out financing to pay off Wells Fargo's loan in full by month sixth after the plan is confirmed. Debtor anticipates subordinating SBA's second mortgage when the first mortgage in favor of Wells Fargo is paid off through refinancing. Payments on the SBA disaster loan are to be made under the terms of this plan as set forth therein. The Debtor's Plan envisions continued operation of the Debtor's business and obtaining a loan sufficient to pay off Wells Fargo's claim in full within 6 months of the Effective Date of the plan. Class 3 shall consist of the equity security interests of the Debtors, namely claims of the owners of the limited liability company interests, namely Touch of Class MS, LLC (40%), SQI Lake Charles, LLC (20%) and Crystal Lake MS, LLC (40%). Touch of Class and Crystal Lake MS have contributed $1.37 million each in capital to the Debtor since the year 2000. SQI has contributed nothing toward capital contributions. SQI owes $548,000 toward capital contributions for its 20% share. SQI shall either contribute this sum to the Debtor within 10 days of the Effective Date or the remaining 80% interest holders shall reissue the ownership interests certificates of SQI to Touch of Class and Crystal Lake. The Debtor will continue to operate mobile home park and continue to make the payments to creditors required by the plan. On or before 180 days after the Effective Date, the mortgage in favor of Wells Fargo shall be paid in full through refinancing. Upon refinancing of the Wells Fargo note, the SBA shall agree to subordinate its second mortgage to allow for the refinancing of the first mortgage. Debtor shall resume paying the SBA loan monthly payments in accordance with the terms of its promissory note on the Effective Date, with the defaulted payments to be suspended and paid for through a balloon payment at its maturity date of April 29, 2052. A full-text copy of the Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=KPrbxt from PacerMonitor.com at no charge. The firm can be reached at: Wade N. Kelly, Esq. WADE KELLY LLC 2201 Oak Park Boulevard Lake Charles, LA 70601 Telephone: (337) 431-7170 E-mail: wade@packardlaw.com About Gulf Stream Manor MHC Gulf Stream Manor MHC, LLC was formed on January 4, 2012, as a limited liability company under the laws of the State of Louisiana. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-20473) on September 25, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge John Kolwe oversees the case. Packard Lapray is Debtor's legal counsel. HARLING INC: Court Extends Cash Collateral Access to March 20 ------------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through March 20. As protection from any diminution in the value of its collateral, Byline Bank will be granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for March 17. The interim order is available at https://is.gd/kxSThs from PacerMonitor.com. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HUDSON 1701/1706: Hires Ditchik & Ditchik PLLC as Special Counsel ----------------------------------------------------------------- Hudson 1701/1706, LLC and Hudson 1702, LLC seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ditchik & Ditchik, PLLC as special counsel. The firm will render these services: a. apply to the Tax Commission of the City of New York for a correction and reduction of the tentative actual assessed value of the property set forth in the Retainer Agreement; and b. institute a judicial proceeding (by serving and filing petitions) to review the actual assessed value of the Property in the event that such tentative assessed value is not reduced as a result of the Application to a value or amount acceptable to the Debtors. Ditchik will be paid a fee equal to 15 percent of any saving in real estate taxes on the property. The following paragraph is provided in response to Paragraph D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Ditchik will be compensated pursuant to Ditchik's standard contingency fee arrangement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: N/A. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve months prepetition. If your billing rates and material financial terms have changed postpetition, explain the differences and the reasons for the differences. Response: Prior to the bankruptcy petition, Ditchik represented the Debtors pursuant to the same contingency fee arrangement now being proposed in the new Retainer Agreement (i.e., 15% of any tax savings generated by assessment reductions over a five-year period). Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: N/A. This is a contingency fee arrangement and Ditchik will only be entitled to compensation as set forth in the Retainer Agreement. Steven Tishco, a partner of Ditchik & Ditchik, PLLC, assured the court that the firm does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Steven Tishco Ditchik & Ditchik, PLLC 370 Lexington Ave #1611 New York, NY 10017 Phone: (212) 661-6400 Email: info@ditchik.com About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. INSPIRED EDUCATION: Moody's Rates New $500MM Sr. Secured Debt 'B2' ------------------------------------------------------------------ Moody's Ratings has assigned B2 instrument ratings to the new $500 million senior secured credit facility B7 due 2031 to be issued by Inspired Education US Holdings Inc and the new EUR1,870 million senior secured credit facility B8 due 2031, issued by Inspired Finco Holdings Limited, both subsidiaries of Inspired Education Holdings Limited (Inspired or the company, B2 stable). The rating action follows the launch of new term loan facilities, the proceeds of which will be used to repay existing Euro term loans and drawn revolving credit facilities, and to finance acquisitions, with remaining amounts held as cash on balance sheet. The existing ratings of Inspired and its subsidiaries remain unchanged. These comprise Inspired's B2 corporate family rating (CFR), its B2-PD probability of default rating, and the B2 ratings of the existing senior secured bank credit facilities issued by Inspired Finco Holdings Limited. The stable outlooks on Inspired Education Holdings Limited and Inspired Finco Holdings Limited remain unchanged. The transaction increases leverage moderately, to 7.3x on a Moody's-adjusted basis as at August 2025, pro forma for the debt tap, from 6.9x. Moody's expects the company's leverage to reduce to around 7.0x over the next 12-18 months, driven by solid organic growth, partially offset by a continued programme of debt-finance acquisitions. RATINGS RATIONALE The ratings reflect the company's (1) established position in the fragmented private-pay K-12 education market, with a geographically diversified portfolio of 125 schools; (2) predictable revenue streams with strong margins, robust demand and good growth prospects; and (3) barriers to entry through regulatory requirements, brand reputation and purpose built real-estate in attractive locations. The ratings also reflect the company's (1) elevated financial leverage with periodical re-leveraging as a result of debt-funded M&A; (2) risk exposure to changes in the political, legal and economic environment particularly in emerging markets; and (3) governance risk related to the concentration of decision-making power around the founder and CEO. ESG CONSIDERATIONS Inspired has limited exposure to environmental risks, considering its focus on the provision of private-pay K-12 education. Social risks include the importance of the company's academic reputation and its continued need to attract and retain highly skilled teachers. This is balanced by the increasing demand for quality education particularly in emerging markets. Governance risks relate to the company's financial policy which is tolerant of high financial leverage resulting from its strategy of rapid growth through debt-funded M&A and substantial capital spending on expansion projects. LIQUIDITY ANALYSIS Inspired has good liquidity, with EUR186 million cash as at November 2025, alongside the undrawn component of revolving credit facilities (RCF) of EUR115 million. The RCF is committed until May 2028, and will be extended to May 2029 as part of the transaction. The transaction will increase total liquidity by approximately EUR150 million to a pro forma level of around EUR450 million. The company is cash generative before expansionary capital expenditure and acquisitions and November is close to the peak working capital utilization. The RCF is subject to a springing senior secured net leverage covenant, tested when the RCF drawdown net of cash and cash equivalents is more than 40%. Moody's expects the company to retain significant headroom under the covenant. STRUCTURAL CONSIDERATIONS The B2 instrument ratings assigned to the new senior secured facilities are in line with the ratings on the existing EUR1,995 million senior secured term loan B and the EUR145 million current commitment level of the senior secured RCF and in line with the CFR. This reflects the all-senior secured capital structure. The security package provided to the first lien lenders is relatively weak and limited to a pledge over shares, bank accounts and intercompany receivables, as well as guarantees from operating companies (80% guarantor test) and a floating charge provided by English borrowers. RATING OUTLOOK The stable outlook reflects Moody's expectations that Inspired will continue to achieve good organic revenue and EBITDA growth, keep leverage at or below current levels whilst maintaining a good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating could occur if: Moody's adjusted Debt/EBITDA is sustained below 6.0x; and Moody's-adjusted EBITA/Interest increases above 2.0x; and a track record of free cash flow generation is established, resulting in a Moody's-adjusted Free Cash Flow/Debt ratio sustained towards 5%; and liquidity remains good. Downward pressure on the rating could develop if: Moody's adjusted Debt/EBITDA remains sustainably above 7.0x; or Moody's-adjusted EBITA/Interest sustainably decreases below 1.5x; or Free Cash Flow/Debt remains negative for a sustained period; or liquidity weakens. Any material negative impact from a change in any of the company's schools regulatory approval status could also pressure the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. CORPORATE PROFILE Headquartered in the UK, the company was founded in 2013 and has since grown organically and through acquisitions. During the financial year ended August 31, 2025, Inspired generated EUR1.2 billion of revenue and a company-adjusted EBITDA of EUR359 million (before leases). Inspired operates 125 schools across 30 countries with over 90,000 students, ranging from early learning to secondary schools. The company is controlled by the CEO and founder, Mr Nadim M Nsouli, with certain minority shareholders having economic interests in the company. JGA DEVELOPMENT: Updates Liquidating Plan Disclosures ----------------------------------------------------- JGA Development, LLC, submitted a Fifth Disclosure Statement describing Chapter 11 Liquidating Plan dated January 22, 2026. This is a liquidating plan. In other words, the Proponent seeks to accomplish payment under the plan by selling its assets in an orderly manner and ceasing operations. The Debtor is in the process of rehabilitating 5 Cherryville Stanton Road, Flemington, NJ 08822 (the 'Rehab Project' or '5 Cherryville-Stanton Road'). Stay relief has been granted to the lender on the other three properties. Class 7 consists of General Unsecured Creditors, including but not limited to Capital Stack UT, LLC and remaining balances owed to Anchor Loans, LP following short sales. Unsecured claims of Anchor Loans, LP to be calculated as amount owed for contractual payoff minus amounts received from sale of property, with no additional interest, fees or other amounts owed following the completion of the sale. Following payment of secured claims, administrative claims, and priority claims: The remaining balance on hand will be distributed pro rata to holders of allowed general unsecured claims. The Plan will be funded by the Debtor's cash on hand at the time of confirmation plus the net proceeds from the sale of 5 Cherryville Stanton Road, Flemington, New Jersey. The Debtor shall rehabilitate, market and sell only the Cherryville-Stanton Property pursuant to the Plan and deadlines/milestones set forth in the Plan. The Debtor shall not rehabilitate, market, or sell any other real property under the Plan without (i) Anchor's written consent; and (ii) further order of the Court after notice and a hearing. The Plan shall not fund, rehabilitate, market, or sell 36 E. Grand Avenue, Building D, Unit 22, Rahway, New Jersey or any other property where relief from the automatic stay has been granted. The Court's prior order(s) granting Anchor relief from the stay remain in full force and effect. Within sixty days of completion of the sale of the Cherryville Stanton Property, the Disbursing Agent shall file with the Court and serve on all creditors and parties-in-interest a proposed final distribution. If no objections are filed within thirty days of the filing and service of same, the Disbursing Agent shall disburse funds on hand in accordance with the proposed final distribution and thereafter be forever discharged from any liability to the Debtor, Estate, or Creditors. by virtue of acting as a Disbursing Agent. For purposes of clarity, this is not intended to be a discharge of ALL of the Debtor's debts which are the subject matter of this bankruptcy case (akin to a bankruptcy discharge). Rather, the discharge from liability only relates to the actions to be taken by the Disbursing Agent, their employees, officers, and professionals as it relates to service as (or to) the Disbursing Agent. A full-text copy of the Fifth Amended Disclosure Statement dated January 22, 2026 is available at https://urlcurt.com/u?l=YQKAlf from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 856-548-5440 / Daniel@ReinganumLaw.com About JGA Development, LLC JGA Development, LLC, a real estate investment and development company in Vineland, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-16864) on July 9, 2024. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor tapped the Law Offices of Daniel Reinganum as bankruptcy counsel and Michele Zelina, Esq., as special counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. JJTA1 REAL: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a preliminary interim order authorizing JJTA1 Real Properties, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral to pay U.S. Trustee quarterly fees, current and necessary operating expenses in accordance with the approved budget (with up to a 10% variance per line item), and additional expenses approved in writing by the senior secured creditor, Wilmington Trust, N.A. Expenditures outside the budget are not automatically deemed unauthorized if they would qualify for administrative expense priority, though they may give rise to creditor remedies. Meanwhile, professional fees require separate court approval. As adequate protection, Wilmington Trust and Novyx Capital, LLC, the junior secured creditor, will be granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens, without further filings. The Debtor must maintain required insurance coverage, and all parties' rights are preserved, including challenges to lien validity and priority. A continued hearing is scheduled for February 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Yhaqf from PacerMonitor.com. Wilmington Trust is represented by: Zachary J. Bancroft, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 200 South Orange Avenue, Suite 2050 Post Office Box 1549 Orlando, Florida 32802-1549 Telephone: (407) 422-6600 zbancroft@bakerdonelson.com achentnik@bakerdonelson.com bkcts@bakerdonelson.com About JJTA1 Real Properties LLC JJTA1 Real Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 26-00130) on January 22, with $1,000,001 to $10 million in both assets and laibilities. The petition was signed by Jarek Tadla as manager of Peoples Choice Apartments LLC. Judge Hon. Jacob A Brown oversees the case. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JJTA9 REAL PROPERTIES: Unsecured Creditors to Split $10K in Plan ---------------------------------------------------------------- JJTA9 Real Properties LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated January 21, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or about February 2, 2021. The Debtor's main asset is the real property located at 2501 Jammes Road, Jacksonville, Florida, 32210 (the "Property"), sometimes referred to as "Virginian Arms." The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor's Property is managed by Peoples Choice Apartments LLC ("Manager"), a Florida limited liability company, which also manages other properties owned by other affiliate companies in the same portfolio of common ownership as the Debtor. The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado which are managed by Peoples Choice Apartments LLC. Although these apartment projects have been generally successful overall, there are issues unique to each project and geographical location. For example, the properties in the Jacksonville market have been facing economic headwinds due to the completion of other, newer buildings in the vicinity. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. The Plan designates four Classes of secured claims (Classes 1, 2, 3, and 4); one Class of unsecured claims (Class 5); and one Class of equity security (i.e., membership interest) holders (Class 6). Class 5 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. In full satisfaction of the Allowed Class 5 Claims, Holders of Allowed Class 5 Claims shall receive a pro rata distribution of $10,000.00. The Class 5 Allowed General Unsecured Claims will receive their pro rata distribution on the Effective Date. Class 6 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. On the Effective Date, all currently issued and outstanding membership interests in the Debtor shall be extinguished, and new membership interests shall be issued to the same persons and in the same percentages that were Holders of membership interests on the Petition Date, if the Property is foreclosed, the Debtor or Reorganized Debtor may be dissolved in accordance with state law. The Debtor is seeking post-petition financing as a means of implementing the Plan. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. If Debtor is unable to obtain post-petition financing, the Plan contemplates the sale of substantially all of the Debtor's assets, consisting primarily of the Property, by private sale. The Debtor believes the proceeds from the sale of the Property will be sufficient to fund the Plan. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation; however, subject to the projections attached to the Disclosure Statement, cash on hand as of Confirmation will be available for Administrative Expenses. A full-text copy of the Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=DG2rBf from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com About JJTA9 Real Properties JJTA9 Real Properties LLC is primarily engaged in the ownership and leasing of real estate properties as a single-asset real estate entity under U.S. bankruptcy law Section 101(51B). The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03850) on October 23, 2025, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Jarek Tadla, manager of Peoples Choice Apartments LLC, signed the petition. Judge Jason A. Burgess handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. KBI 2015 GP: Seeks to Tap Spector & Cox PLLC as Bankruptcy Counsel ------------------------------------------------------------------ KBI 2015 GP, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Spector & Cox, PLLC as its counsel. The firm's services include: (a) providing legal advice with respect to their powers and duties as Debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will charge its standard hourly rates. Spector & Cox, PLLC does not hold or represent any interest adverse to the Debtor's estate, and is a "disinterested person" as that phrase is defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About KBI 2015 GP, Inc. KBI 2015 GP, Inc. serves as a general partner entity affiliated with investment and management operations. KBI 2015 GP, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40145) on January 13, 2026. In its petition, the Debtor listed estimated assets of up to $100,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Howard Marc Spector, Esq. of SPECTOR & COX, PLLC. KEATON BEACH: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: Keaton Beach Storage, LLC 16960 Beach Rd Perry, FL 32348 Business Description: Keaton Beach Storage is a registered storage facility in Perry, Florida, offering outdoor storage and RV campsite spaces with full utility hookups at its 16960 Beach Rd location. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Northern District of Florida Case No.: 26-40043 Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 Email: twright@brunerwright.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Blanche Berry as manager. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DQVGIWI/Keaton_Beach_Storage_LLC__flnbke-26-40043__0001.0.pdf?mcid=tGE4TAMA KID CITY USA: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered an interim order granting Kid City USA Enterprises, Inc. authority to use cash collateral in its Chapter 11 case. Under the order, the Debtor is authorized to use cash collateral to pay court-approved amounts including U.S. Trustee quarterly fees, and operating expenses set forth in its budget, with a 10% variance per line item. Additional expenditures may be made with written approval of secured creditors, Simmons Bank and the U.S. Small Business Administration. This authorization remains in effect until further order of the court. As adequate protection, the Debtor must make monthly pre-confirmation payments of $2,477 to the SBA, beginning this month. In addition, the secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens, deemed perfected without further filings. The Debtor must also maintain required insurance coverage and provide access to records and premises for inspection. The order is entered without prejudice to future requests for modified adequate protection or restrictions, preserves the U.S. Trustee's right to appoint a creditors' committee, and allows any duly appointed committee to challenge liens. A final hearing is scheduled for February 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/4EyRB from PacerMonitor.com. About Kid City USA Enterprises Inc. Kid City USA Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00004) on January 2, 2026, listing between $1 million and $10 million in both assets and liabilities. Audrey Bruner, president of Kid City USA Enterprises, signed the petition. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Byron Wright, III, Esq. Bruner Wright, P.A. Tel: 850-385-0342 Email: twright@brunerwright.com KOSMOS ENERGY: Firch Cuts Sr. Unsecured Rating to 'CCC' ------------------------------------------------------- Fitch Ratings has downgraded Kosmos Energy Ltd.'s senior unsecured rating to 'CCC' from 'CCC+' and affirmed its Long-Term Issuer Default Rating (IDR) at 'CCC+'. The Recovery Rating has been revised to 'RR5' from 'RR4'. The downgrade of the senior unsecured rating and the Recovery Rating revision reflect a higher quantum of secured debt following its issue of USD350 million senior secured bonds in January 2026. However, the issue is positive for Kosmos' liquidity profile. Kosmos IDR reflects material risks related to the company meeting its financial covenants under its reserve-based lending (RBL) facility in its March 2026 test. Failure to meet financial covenants under the RBL facility constitutes an event of default. Fitch cannot rule out lender acceleration even though Fitch consider it to be unlikely. Key Rating Drivers Nordic Bond Issue: Kosmos issued a USD350 million senior secured bond due 2031 in the Nordic market, priced at 11.25%. The bonds are issued by Kosmos Energy GTA Holdings and fully and unconditionally guaranteed by Kosmos and key subsidiaries, with additional unsecured guarantees from certain other subsidiaries. Kosmos plans to use the proceeds to fund a tender offer for up to USD250 million of its 7.75% senior notes due 2027, repay borrowings under its RBL facility, and support general corporate purposes. March 2026 Test Risk: Kosmos is unlikely to meet its net debt/EBITDAX covenant under the RBL agreement in the March 2026 test, despite it having been temporarily loosened through a waiver to 4.25x from 3.5x. The ratio amounted to 4.6x as of end-September 2025 based on last 12 months EBITDAX. Failure to meet the covenant or secure a waiver would severely affect Kosmos's liquidity and lead to a negative rating action. Fitch said, "We do not expect a breach to result in RBL lenders accelerating loan repayment, and would expect the covenant to be renegotiated, but we cannot rule out the prospect of lenders not granting a waiver." Liquidity Remains a Constraint: Liquidity headroom is still tight despite Kosmos completing the 3Q25 RBL redetermination and securing USD600 million of senior secured funding since September 2025. Its cash balance of USD64 million at end-September 2025, together with availability under the RBL and new secured funding, covered short-term debt, but upcoming covenant pressure and refinancing needs underline heightened liquidity risk. Gradual Improvement in Profitability: Fitch said, "We assume that part of Kosmos's cost increase in 1H25 is structural despite expected cost improvements and project only a gradual improvement in profitability under our oil and gas price assumptions. This is despite the company's plan to reduce operating costs at the Greater Tortue Ahmeyim (GTA) LNG project further and GTA having reached its full nameplate capacity." High Leverage: Fitch said, "Weaker profitability and cash flow generation results in high leverage metrics. We estimate EBITDA net leverage to have peaked at 4.9x in 2025. We expect a gradual decrease in leverage metrics to about 4.0x in 2026, but this is conditional on operational improvements to decrease operating costs and on oil prices, which we assume to average USD63/bbl in 2026 and 2027 under our oil price deck." New Well in Jubilee Field: Kosmos announced in early January 2026 that the J-74 producer well was completed in its Jubilee field in Ghana. It expects the well to add over 10 thousand barrels of oil per day (kbbl/d), supporting an initial gross production of 70kbbl/d at Jubilee compared with 4Q25 production of 59kbbl/d. Jubilee is Kosmos's key production asset and poor performance at the field in 2025 with an average production of 61 kbbl/d compared with 87 kbbl/d in 2024 had contributed to a decline in Kosmos's cash flows. Peer Analysis Energean Plc (BB-/Stable) is rated higher than Kosmos due to its stronger liquidity and credit metrics, significantly higher projected production (peaking at 150,000-160,000boe/d in 2025 following divestments) and reserves, and a large share of contracted sales under long-term take-or-pay agreements that provide more visibility to its cash flows. Seplat Energy Plc's (B/Stable) production should significantly increase following its acquisition of Mobil Producing Nigeria Unlimited, exceeding that of Kosmos. However, Seplat's rating is constrained by Nigeria's 'B' Country Ceiling due to concentration of its assets and export revenue in the country. Fitch's Key Rating-Case Assumptions - Brent crude oil prices of USD69/bbl in 2025, USD63/bbl in 2026-2027 and USD60/bbl in 2028 - Henry hub prices of USD3.5/thousand cubic feet (mcf) in 2025- 2026, USD3/mcf in 2027 and USD2.75/mcf in 2028 - Production marginally decreasing to about 66kboe/d in 2025, before increasing to 67kboe/d in 2026, and remaining flat in 2027-2028 - Capex totalling USD340 million-375 million in 2025-2028 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): The business and financial profile factors are assessed (in the format of the 'assessment', followed by relative importance) as follows: are management ('b-', higher), sector characteristics ('bb', moderate), market and competitive positioning ('b+', moderate), diversification and asset quality ('b', moderate), company operational characteristics ('b', lower), profitability ('bb-', moderate), financial structure ('b-', moderate), and financial flexibility ('ccc', higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 40% each for the forecast years of 2025 and 2026 and 10% for the forecast year 2027. The governance impact assessment of 'some deficiencies' results in no adjustment to the IDR. The operating environment impact assessment of 'bbb' results in no adjustment to the IDR. 'B+' to 'CC' considerations apply in Fitch's analysis and result in no adjustment to the IDR. The SCP is 'ccc+'. Recovery Analysis Fitch's recovery analysis is based on a going-concern (GC) approach, which implies that Kosmos will be reorganised rather than liquidated in a bankruptcy. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level on which Fitch base the enterprise valuation. Kosmos's GC EBITDA of USD620 million includes the company's full consolidation scope. Fitch used a distressed enterprise valuation multiple of 4.0x, which reflects Kosmos's moderate size with some growth prospects, and the company's exposure to country risk. Kosmos's senior unsecured notes are subordinated to its USD1.35 billion RBL and USD600 million secured debt. Fitch also assumed that the unsecured notes due 2026 and USD250 million of notes maturing 2027 are successfully tendered. Fitch's analysis, after deducting 10% for administrative claims, generated a waterfall-generated recovery computation for Kosmos's senior unsecured notes in the 'RR5' band, indicating a 'CCC' instrument rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to secure waiver to the debt cover covenant under the RBL - Inability to refinance upcoming maturities Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved liquidity profile on a sustainable basis and ability to meet financial covenants - EBITDA net leverage below 4.0x on a sustained basis Liquidity and Debt Structure Cash balance at end-September 2025 amounted to USD64 million against short-term debt of USD250 million. The company had USD225 million availability under the RBL and USD250 million availability under its Shell facility. In January 2026 Kosmos placed USD350 million secured Nordic bonds. In October 2025 and January 2026, Kosmos tendered USD250 million principal under the notes maturing in April 2026. It is also required under the Nordic bond terms to tender USD250 million of notes maturing in 2027. Issuer Profile Kosmos is a medium-sized, full-cycle deep-water independent oil and gas exploration and production company. L.S. TRUCKING: Unsecureds to Get 100 Cents on Dollar in Plan ------------------------------------------------------------ LS Trucking, Inc. filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement describing Chapter 11 Plan dated January 22, 2026. The Debtor operates a trucking and heavy equipment business offering services to construction sites and contractors. It has been in business for over 24 years and has built up a loyal customer base. The Debtor, however, fell on difficult times during wet winters that left trucks parked. Because insurance obligations continued and to meet payroll, Debtor entered into a factoring agreement with Commercial Funding, Inc. (CFI). After factoring, CFI applied funds to delinquent CCG payments rather than remitting them to the Debtor further constraining cash flow. Unable to meet insurance obligations, Debtor grounded trucks. With the instant filing, Debtor was able to put trucks back on the road. However, payment is 60-90 days out, sometimes longer for government contracts. The December/January 2026 rains again grounded trucks. Yet Debtor has amble business on the books and believes that if it can cashflow operations through Spring, it can recover. The Debtor, because it has a loyal customer base and some 24 years in the business, valued its goodwill at $1,000,000. At a nominal valuation for goodwill, unsecured creditors would get at best 15% of their allowed claims. Yet, Debtor wishes to pay them as close to in full as possible and hence has proposed a plan which will pay general unsecured creditors, absent new or amended claims, 100% of their allowed claims. Leo Serrato, Debtor's sole shareholder, will continue as Director and President of the Debtor. As sole shareholder, he is an insider of the Debtor. He will continue to receive a salary of $10,833/month. Class 3 consists of "general" unsecured claims (claims that are not entitled to "priority" under the Bankruptcy Code and that are not secured by Collateral), which will receive, over time, the following estimated percentage of their claims (or fixed percentage, if the Plan so provides) of 100%. The plan proposes to pay general unsecured creditors a "pot" of $2,545,824.78. without interest distributed pro-rata amongst the allowed claims of the Class 3 creditors. Based on Debtor's review of the claims as of the filing of this plan, general unsecured creditors will receive a dividend of 100 cents on the dollar. Such dividend could be less, however, if the total allowed general unsecured claims exceed $2,545,824.78 in which event the Class 3 creditors will be paid their pro-rata share of the "pot". The Plan proponent believes it is feasible because, both on the Effective Date and for the duration of the Plan, the proponent estimates that Debtor will have sufficient cash to make all distributions. Projected revenues, expenses, and proposed payments to creditors during the Plan Term are specified in this Disclosure Statement. A full-text copy of the Disclosure Statement dated January 22, 2026 is available at https://urlcurt.com/u?l=J0ezKB from PacerMonitor.com at no charge. Counsel to the Debtor: Lars T. Fuller, Esq. The Fuller Law Firm, P.C. 60 N. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 About L.S. Trucking Inc. L.S. Trucking Inc., based in Newark, California, provides trucking and transportation services focused on general freight, building materials, sand, and gravel. The Company operates intrastate with a fleet of trucks and trailers, serving construction, excavation, and landscape material transport needs. L.S. Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41750) on September 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles Novack, Esq. handles the case. The Debtor is represented by Lars Fuller, Esq. of THE FULLER LAW FIRM PC. LELAND HOUSE: Court Denies Bid to Sell Detroit Property at Auction ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division has denied Leland House Limited Partnership Company, to sell Property at auction, free and clear of liens, claims, interest, and encumbrances. The Debtor owns and operated the Leland House, a 20-story Beaux-Arts Detroit landmark built in 1927 and located at 400 Bagley St., Detroit, Michigan. Adjacent to the Leland House is a parking lot operated by Debtor but owned by Schlussel Reilly, Inc. The Debtor seeks authorization to sell the Leland House and the Parking Lot. Upon review by the Court, it is ordered that the Motion to Sell Property's building and adjacent parking at auction is denied. It is further ordered that the Moving Party shall serve a Notice of the Order on parties not receiving electronic notice and file a proof of service. About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Ryan D. Heilman, Esq., at Heilman Law, PLLC. LELAND HOUSE: Hires Heilman Law PLLC as Bankruptcy Counsel ---------------------------------------------------------- Leland House Limited Partnership Company seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Heilman Law PLLC as counsel. The firm's services include: a. advising Debtor with respect to its powers and duties as debtor and debtor-in-possession in the continued management and operation of its business; b. administrating this case and the exercise of oversight with respect to Debtor's affairs, including all issues arising from or impacting Debtor or this Chapter 11 case; c. preparing necessary applications, motions, memoranda, orders, reports, and other legal papers, including obtaining Debtor-in-possession financing; d. appearing in Court and at meetings to represent the interests of Debtor; e. negotiating with creditors and other parties in interest; f. serving as Debtor's counsel in any adversary proceedings or other litigation related to this Bankruptcy Case; g. advising the Debtor concerning an appropriate exit strategy, which may involve preparing and prosecuting a Chapter 11 plan of reorganization and/or coordinating a sale process; and h. performing all other legal services for Debtor in connection with this Chapter 11 case. The hourly rates of the firm's counsel and staff are: Ryan Heilman, Attorney $460 Paralegal $145 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $21,167. Mr. Heilman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan Heilman, Esq. Heilman Law PLLC 40900 Woodward Ave., Suite 111 Bloomfield Hills, MI 48304 Telephone: (248) 835-4745 Email: ryan@heilmanlaw.com About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor tapped Ryan D. Heilman, Esq., at Heilman Law, PLLC as counsel and Harmon Partners as financial advisor. LIFELINE EDUCATION: S&P Affirms 'BB+' Rating on 2020 Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term rating on the California School Finance Authority's series 2020 charter school revenue bonds issued for Lifeline Education Charter School (Lifeline). The outlook is stable. S&P said, "We view the school's environmental, social, and governance factors as neutral in our credit analysis. Although the region is exposed to elevated wildfire, flood, and seismic activity risks, we believe the school's urban location and the state's robust building codes somewhat mitigate these risks. Los Angeles County's school-age population is projected to decrease by 8.2% over the next five years, with the lack of affordable housing and high cost of living being key factors in the regional population decline. Despite the county's declining school-age population, we consider social risk neutral in our credit analysis given Lifeline's steady demand profile. Although the internal control deficiencies identified in the most recent audit and the school's relatively small governing board temper our view of management and governance, we do not view governance risk as elevated, given that the school is addressing the deficiencies with a new financial services provider. "The stable outlook reflects our view that the school will incrementally increase enrollment toward its new capacity and return to surplus operating results on a full-accrual basis, such that MADS coverage remains commensurate with the current rating and liquidity stabilizes near fiscal 2025 metrics, in line with the current rating. "We could lower the rating if the school does not meet enrollment targets, or continues to post operating deficits, resulting in weak lease-adjusted MADS coverage, or lower liquidity. In addition, if the school issues more debt or fails to address the internal control deficiencies identified by the auditor, we would view this negatively. "Although not anticipated at this time given the heightened management and reporting risks, we could consider a positive rating action over time if Lifeline can improve financial metrics, generating a sustained trend of stronger MADS coverage and liquidity commensurate with those of higher-rated peers, all while meeting enrollment growth targets." MCDERMOTT ENTERPRISES: Case Summary & Five Unsecured Creditors -------------------------------------------------------------- Debtor: McDermott Enterprises, LLC 333 East Tenth Street Unit 330 Dubuque, IA 52001 Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Northern District of Iowa Case No.: 26-00092 Debtor's Counsel: Dustin Baker, Esq. HENKELS & BAKER, PC 40 Main Street Suite 100 Dubuque IA 52001 Phone: (563) 556-4060 E-mail: dustin@henkelsbaker.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kim McDermott as sole owner. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6BTNZ5I/McDermott_Enterprises_LLC__ianbke-26-00092__0001.0.pdf?mcid=tGE4TAMA MID-KANSAS REAL: Taps Hinkle Law Firm as Insolvency Counsel ----------------------------------------------------------- Mid-Kansas Real Estate Holdings, L.C. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Hinkle Law Firm, LLC as its insolvency counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as debtor and as Debtor-in-Possession, including those with respect to the operation and management or liquidation of its business and property; b. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders (if any) and related transactions; c. investigating into the nature and validity of liens asserted against the property of the debtor, and advising the debtor concerning the enforceability of those liens; d. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law and recover property for the benefit of the Debtor's estate; e. preparing on behalf of the Debtor such applications, motions, pleadings, orders, notices, schedules, and other documents as may be necessary and appropriate, and reviewing the financial and other reports to be filed; f. advising the Debtor concerning and preparing responses to applications, motions, pleadings, notices, and other documents which may be filed and served; g. counseling the Debtor in connection with the formulation, negotiation and promulgation of plan and related documents; h. performing such other legal services for and on behalf of the Debtor as may be necessary or appropriate in the administration of the case; and i. seeking the entry of a final decree and closure of this Case under the pending request for the entry of a final decree filed on December 9, 2025 (Doc# 281). The firm's hourly rates are: Nicholas R. Grillot $300 Lora J. Smith $250 Associates $220 Paralegals $160 In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a pre-petition retainer of $25,000. Nicholas Grillot, Esq., and Lora Smith, Esq., attorneys at Hinkle Law Firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas R. Grillot, Esq. HINKLE LAW FIRM LLC 1617 N. Waterfront Parkway, Suite 400 Wichita, KS 67206 Tel: (316) 267-2000 Fax: (316) 264-1518 Email: ngrillot@hinklaw.com About Mid-Kansas Real Estate Holdings Mid-Kansas Real Estate Holdings, LC is a lessor of real estate in Wichita, Kansas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-10709) on July 19, 2023, with $1 million to $10 million in both assets and liabilities. Rickey E. Hodge Jr., manager, signed the petition. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as bankruptcy counsel. MK RE HOLDINGS: Plan Exclusivity Period Extended to February 27 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin extended MK RE Holdings, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 27 and April 24, 2026, respectively. In a court filing, the Debtor explains that it is making good faith progress towards reorganization. It resolved Landmark's objections to use of cash collateral. Communications with its largest creditor are open and a primary reason for the extension is to permit those communications to continue for a consensual plan (Factors 3 and 4). The Debtor does not control the time for creditors to respond. The Debtor claims that the extension will also provide time for Landmark and Smart Asset to provide the requested information. It will also allow the Debtor to continue its efforts to stabilize the occupancy rates at the properties. Both will assist the Debtor in providing accurate information (Factor 2). The Debtor asserts that it has reasonably managed the company by paying bills as they come due (Factor 5). Additional time to negotiate a consensual plan will reduce administrative costs of a contested confirmation which provides a benefit to the entire state. The Debtor further asserts that it has discussed the extension with Landmark, through its counsel, and the lender does not oppose the extension. MK RE Holdings, LLC is represented by: Evan P. Schmit, Esq. Nicholas W. Kerkman, Esq. KERKMAN & DUNN 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: 414-277-8200 Email: eschmit@kerkmandunn.com About MK RE Holdings LLC MK RE Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25541) on September 30, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge G. Michael Halfenger presides over the case. Evan Schmit, Esq., at Kerkman & Dunn represents the Debtor as legal counsel. MKS INC: Fitch Rates Planned EUR1-Bil. Unsecured Bonds 'BB' ----------------------------------------------------------- Fitch Ratings has affirmed MKS Inc.'s (MKS) Long-Term Issuer Default Rating (IDR) at 'BB' and affirmed the company's senior secured term loan B rating at 'BBB-' with a RR1 Recovery Rating. The planned EUR 1 billion senior unsecured bond issuance is rated 'BB'/RR4. The Rating Outlook is Stable. MKS's ratings reflect its critical role in customers' products, high EBITDA margins with cyclical exposure to semiconductor markets, and Fitch's forecast of free cash flow (FCF) growth. MKS is in a post-M&A deleveraging phase, prioritizing debt repayment to bring EBITDA leverage back within its rating sensitivity thresholds. Key Rating Drivers Secured Debt Reduction: MKS's planned issuance of EUR1 billion senior unsecured notes maturing in 2034, with net proceeds to be used to pay down its USD term loan tranche, reduces forecast 2025 secured EBITDA leverage by about 1.2x to 3.3x. There is no impact on the secured debt rating because MKS's secured leverage is already below the 5.25x threshold for an RR1 at its 'BB' IDR, resulting in senior secured debt rated two notches higher at 'BBB-'. MKS's inaugural issuance of unsecured bonds supports Fitch's view of the company's market access and signals a more mature capital structure. In addition, MKS recently launched a transaction to extend the maturity of its term loan tranches to 2033 and reduce their coupon, which could decrease the company's annual interest expense by approximately USD7.5 million depending on final pricing. MKS is also increasing the commitment level on its revolving facility to USD1 billion from USD675 million and extending its maturity to 2031. Continued Deleveraging Period: Including a $100 million discretionary term loan repayment made from cash, Fitch forecasts EBITDA leverage of about 4.0x at YE 2026, in line with MKS's 'BB' downgrade sensitivity of 4.0x. MKS's heightened leverage is a result of M&A in 2022, when it acquired Atotech Limited, and is not considered structural. MKS has been deleveraging since 2022, prioritizing debt reduction. However, continued softness in EBITDA growth, affected by the broader semiconductor market, has extended the expected deleveraging timeline. Fitch forecasts leverage will fall below 4.0x in early 2027. High but Cyclically Exposed Profitability: Fitch expects MKS's profitability, measured by EBITDA margins, to be in the mid-20% range over the rating horizon, which is a credit strength for MKS in the 'BB' category. Strong profitability benefits its credit profile but is reduced by MKS's exposure to the revenue cyclicality of the semiconductor supply chain and wafer starts. MKS's Materials Solutions Division provides direct exposure to semiconductor manufacturing volumes, in contrast to typically more volatile capital equipment spending and exposure to markets outside semiconductors, which helps temper this volatility. Active Debt Management Actions: Fitch expects MKS to continue make discretionary debt repayments to lower its gross debt toward its conservative long-term net leverage target of 2.0x, steps which would be consistent with the company's stated financial policy. Fitch does not expect MKS to reach this target during the forecast period. Fitch forecasts annual FCF of USD400 million to USD500 million from 2026 to 2028, which supports its ability to reduce debt. MKS has continued discretionary repayments on its term loan, reducing the balance by an additional USD400 million in 2025, which corresponds to an approximately 0.4x decrease in leverage. Beneficial Secular Tailwinds: MKS benefits from increasing technological intensity and complexity, which support demand for precision manufacturing and process control. Secular growth trends such as miniaturization, higher densities and expanded use cases and new materials across various applications underpin this demand. Key applications include printed circuit boards, digital displays, electronics packaging, solar panels, fiber optics, materials processing, quantum computing and medical technologies. Additionally, the growing demand for AI capacity and applications provides a current tailwind. Close Customer Collaboration: MKS's product offerings are generally incorporated into customer product designs, reducing substitutability risk and leading to greater revenue visibility and longer-term customer relationships. It typically has deep partnerships with customers that include many on-premise or co-location arrangements. Revenue visibility is further supported by MKS's consumables and services revenue, which is recurring and accounted for 43% of sales in 3Q25. Convertible Notes Treatment: Fitch does not assign equity credit to MKS's USD1.4 billion of convertible senior unsecured notes. Under Fitch's Corporate Hybrid Treatment and Notching Criteria, the convertibles receive no equity credit because the instrument is optionally convertible, rather than mandatorily convertible. Peer Analysis Fitch expects MKS to have FCF margins of around 10%, broadly in line with Qnity Electronics, Inc. (Qnity; BB+/Stable) and slightly above Entegris, Inc. (Entegris; BB/Stable) at around 8%. Fitch expects its EBITDA margins to be about 25%, compared to roughly 30% for both Qnity and Entegris. At these levels, profitability supports the credit profiles of all three companies. Like MKS, Qnity and Entegris should benefit from secular trends, including expanding use cases in new end markets and increasing technological complexity. Fitch forecasts MKS's EBITDA leverage at 4.5x in 2025, higher than Entegris at 4.2x and Qnity at 3.0x for their respective 2025 financial year ends. MKS and Entegris are deleveraging following large M&As, targeting leverage of net 2.0x and gross 4.0x, respectively, while Qnity's initial target after completing its spin-out of DuPont is below 3.0x net leverage. All three are exposed to semiconductor market cyclicality. Compared with 'BB'-rated peers TTM Technologies, Inc. (TTM Technologies; BB/Positive) and Coherent Corp. (BB/Stable), which compete with MKS in laser systems, MKS's EBITDA and FCF margins are nearly double those of TTM Technologies. However, TTM's EBITDA leverage is lower, forecast in the mid- to high-2x range over Fitch's rating horizon, and has been around 3.0x or below since 2020. Coherent Corp., whose EBITDA leverage is below MKS's, is also deleveraging after a large acquisition. MKS has higher EBITDA margins than Coherent (in the low-20% range) and a slightly lower revenue scale. 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 (bbb, Lower); Sector Characteristics (bbb-, Higher); Market & Competitive Positioning (bb+, Moderate); Diversification and Asset Quality (bbb-, Moderate); Company Operational Characteristics (bb+, Lower); Profitability (bbb+, Lower); Financial Structure (b+, Higher); and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- EBITDA leverage sustained above 4.0x; -- Sustained revenue declines, margin compression or decreased competitive position; -- (CFO-capex)/debt below 8%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- EBITDA leverage sustained below 3.5x; -- Demonstration of reduced volatility through the semiconductor cycle; -- Durable organic revenue growth in high-single digits; -- (CFO-capex)/debt sustained above 12%. Liquidity and Debt Structure MKS's liquidity position on Sept. 30, 2025, pro forma its expected revolver commitment increase and USD100 million term loan repayment from cash, consisted of USD597 million in cash and equivalents and an undrawn USD1 billion revolving credit facility. Fitch expects consistently positive FCF throughout Fitch's forecast period to support potential liquidity needs that would take precedence over debt repayment. MKS faces no near-term refinancing with its new revolver maturity in 2031, term loan B in 2033 and planned unsecured issuance in 2034. Issuer Profile MKS provides process control and precision manufacturing solutions. Primary served markets include semiconductor manufacturing, industrial technologies, electronics and packaging and specialty industrial applications. MONROE OPERATING: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a third interim order extending Monroe Operating Group, Inc.'s authority to use cash collateral. Under the order, the Debtor is permitted to use cash collateral through February 17 in accordance with its budget, subject to a 10% variance. Secured creditors Itria Ventures, LLC and Performance Food Group assert a lien on the Debtor's accounts receivable and inventory, respectively. As adequate protection, these secured creditors will be granted replacement liens on post-petition assets, with the same priority, validity and extent as their pre-bankruptcy liens; a potential superpriority administrative expense claim under Section 507(b) if the protection proves insufficient; and automatic perfection of replacement liens without further filings. As additional protection, Itria will receive payment of $3,500 during the interim period, subject to future adjustment. The next hearing is scheduled for February 19. Objections must be filed by February 12. About Monroe Operating Group Inc. Monroe Operating Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21213) on October 22, 2025, with $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. The Debtor is represented by: Albert Anthony Ciardi, III, Esq. Daniel S. Siedman, Esq. Ciardi Ciardi & Astin Tel: 215-557-3550 / 215-557-3550 aciardi@ciardilaw.com dsiedman@ciardilaw.com MULTI-COLOR CORP: Enters RSA with Secured Lien 1st Debt Holders --------------------------------------------------------------- Multi-Color Corporation, a global provider of retail labeling solutions, announced on January 27, 2026, strategic steps to optimize its financial structure and support long-term growth and investment priorities. MCC entered a restructuring support agreement ("RSA") with holders of approximately 70% of its secured first lien debt and its equity sponsor, CD&R. Under the agreement, MCC will reduce net debt from $5.9 billion to $2.0 billion, cut annualized cash interest to $140 million from $475 million in 2026, and extend debt maturities to 2033. The Company has initiated a solicitation for votes on a prepackaged plan of reorganization ("Plan"), supported by its lenders and CD&R. The RSA includes $889 million in new common and preferred equity to fund long-term growth, leaving MCC with more than $500 million of liquidity upon completion of the restructuring. "Optimizing our capital structure is a critical step in advancing our growth strategy," said CEO Hassan Rmaile. "This agreement positions MCC to strengthen its financial foundation while continuing to provide high-quality, innovative label solutions that benefit our customers, employees, and partners." 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. NATIONAL BUILDERS: Plan Exclusivity Period Extended to February 9 ----------------------------------------------------------------- Judge John C. Melaragno of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended National Builders & Acceptance Corporation's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 9 and April 9, 2026, respectively. In a court filing, the Debtor explains that this Bankruptcy Case was filed to, inter alia, address the claims of Debtor's primary creditors, South Side Sin City, Inc. d/b/a Garage Door Saloon, Randi Welshonse, and Mark Welshonse (collectively, the "Sin City Creditors"), arising out of a judgment entered in the Court of Common Pleas of Allegheny County, Pennsylvania (Case No. GD21-007843). As stated in the First Motion to Extend, the Debtor is currently engaged in substantive and active negotiations with the Sin City Creditors to achieve a resolution of the outstanding issues in this Bankruptcy Case, and the Debtor hopes to continue in such negotiations. However, as of the Date of this Motion, a resolution of the Sin City Creditors' claims against the Debtor has not come to fruition. As such, it is now the Debtor's intent to file a Plan and Disclosure Statement without having reached a resolution of the Sin City Creditors' claims. The Debtor claims that it is hopeful that the filing of a Plan and Disclosure Statement will actually lead to additional settlement discussions. However, the Debtor does not believe that a settlement with the Sin City Creditors is necessary for its Plan to be confirmed. The Debtor asserts that it has made significant progress in drafting a Plan and Disclosure Statement, however, the company would benefit from an additional 14 days to finalize the Plan and Disclosure Statement. This additional time will also allow the Debtor to receive updated projections/financial statements from its accountant, which will be attached to the forthcoming Disclosure Statement. National Builders & Acceptance Corporation is represented by: Ryan J. Cooney, Esq. Paul R. Toigo, Esq. COONEY LAW OFFICES, LLC Benedum Trees Building 223 Fourth Avenue, 4th Floor Pittsburgh, PA 15222 (412) 546-1234 (phone) (412) 546-1235 (facsimile) Email: rcooney@cooneylawyers.com ptoigo@cooneylawyers.com About National Builders & Acceptance National Builders & Acceptance Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22277) on August 28, 2025, with up to $10 million in both assets and liabilities. Judge John C. Melaragno presides over the case. Ryan J. Cooney, at Cooney Law Offices LLC, is the Debtor's counsel. NEXT GEN: Seeks to Hire Fallon Law PC as Bankruptcy Counsel ----------------------------------------------------------- Next Gen Child Care, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Fallon Law PC as counsel. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of his property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports, and other legal matters; c. assisting in the examination of the claims of creditors; d. negotiating with creditors or their counsel regarding applicable bankruptcy matters, including, for example, terms of the Debtor's plan of reorganization; e. working with DECAL to restart the Debtor's federal CAPS payments expeditiously; f. assisting with formulation and preparation of the plan of reorganization and with the confirmation and consummation thereof; and g. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. The firm will be paid at these rates: Brad Fallon $350 per hour Paralegals $125 per hour Fallon Law received a prepetition retainer of $10,000. In addition, the Debtor's owner reimbursed Fallon Law for the $1,738 filing fee paid by the firm upon the initial filing. As disclosed in the court filings, Fallon Law is a disinterested party as contemplated by 11 U.S.C. Sec. 101(14). The firm can be reached through: Brad Fallon, Esq. Fallon Law PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, GA 30309 Telephone: (404) 849-2199 Facsimile: (470) 994-0579 Email: brad@fallonbusinesslaw.com About Next Gen Child Care, LLC Next Gen Child Care, LLC provides early childhood education and daycare services, offering supervised learning and care programs for children from infancy through preschool age. The company is focused on creating a safe and supportive environment that promotes child development and school readiness. Next Gen Child Care, LLC commenced its Chapter 11 case (Bankr. N.D. Ga. Case No. 26-50273) on January 06, 2026. The filing lists estimated assets and liabilities both ranging from $100,001 to $1,000,000. The case is being overseen by Honorable Bankruptcy Judge Jonathan W. Jordan. The Debtor is represented by Brad Fallon, Esq. of Fallon Law PC. NOR-WES INC: Amends Aircraft Sale to Richter Aviation & Ben Beaven ------------------------------------------------------------------ Nor-Wes, Inc., seeks permission from the U.S. Bankruptcy Court for the Western District of Louisiana, Shreveport Division, in an amended motion to sell aircraft, free and clear of liens, claims, interests, and encumbrances. On January 26, 2026, the Debtor filed its Motion for Entry of an Order Authorizing the Debtor to Sell Certain Aircraft Free and Clear of Liens, Claims, and Interests (Docket No. 27). The Sale Motion correctly identified the FAA registration numbers of the aircraft proposed to be sold but inadvertently abbreviated the formal FAA model designations. The Debtor files the Amended Motion solely to correct the FAA model designations of the aircraft described in the Sale Motion. No other substantive changes are made, and all relief requested in the Sale Motion remains unchanged. The aircraft are more precisely described as follows: a) Air Tractor AT-502A, FAA Registration No. N502XP; b) Thrush S2R-T660, FAA Registration No. N710NW. The Sale Motion remains in full force and effect, and the Debtor continues to request entry of the proposed order approving the sale. The Debtor respectfully requests that the hearing previously fixed for February 4, 2026, at 10:00 a.m., remain as scheduled. About Nor-Wes Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. NTG 392 WHITE: Claims Will be Paid from Property Sale/Refinance --------------------------------------------------------------- NTG 392 White Horse, LLC, and affiliates filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Joint Chapter 11 Plan dated January 21, 2026. The Debtors are single-asset real estate entities formed in or about 2022. In early 2022, the Debtors purchased the real properties that they presently own from certain subsidiaries of Bellevue Properties Holding Company, LLC ("Bellevue Properties"). Nicole Raso is the managing member of each of the Debtors, and holds a 34% membership interest in each Debtor. Ms. Raso's sisters, Gina Mortellite and Tiffany Love, both hold 33% interests in each Debtor. The managing member of Bellevue Properties was George Mortellite, who is the father of the three members in each Debtor. All of the Debtors' real properties are covered by a mortgage held by RSS BMO2022-C2- NJ NIP, LLC, as successor-in-interest to Wilmington Trust, National Association, as Trustee, on Behalf of the Registered Holders of BMO 2022-C2 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-C2, and the Uncertificated VRR Interest Owner (the "Trust"). In October, 2024, the Trust's predecessor-in-interest commenced a foreclosure action against the Debtors in the Superior Court of New Jersey. In November, 2024, it moved before the Superior Court for appointment of Colliers as rent receiver for the Debtors' real properties. In May, 2025, the Superior Court entered a final judgment of foreclosure in favor of the Trust or its predecessor, fixing the amount due on the mortgage debt as of April 30, 2025 at $10,549,753.32. Thereafter, the Trust or its predecessor sought the conduct of sheriff's sales of the Debtors' real properties. The Atlantic County sheriff scheduled sales for December, 2025. The Debtors' commencement of their cases invoked the Automatic Stay of Bankruptcy Code Sec. 362(a), preventing the sheriff's sales from proceeding. This is a plan of reorganization and/or liquidation. The Debtors seek to accomplish payments under the Plan by contributing the amounts realized from the sale or refinance of their real properties. Class 6 consists of allowed general unsecured claims against the Debtors. Claimants to share pro rata in any net proceeds recovered from the sale or refinance of the Debtors' properties, after payment of priority, administrative and secured claims. This Class is impaired. Class 7 consists of Interest Holders Nicole Raso, Tiffany Love and Gina Mortellite. Interests to be retained. The Plan will be funded with the proceeds realized from the sale or refinance of the Debtors' real properties, and any necessary equity contributions from interest holders and/or other third parties necessary to fund the plan. The Debtors propose to sell or refinance all properties on or before June 1, 2026. A full-text copy of the Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=YdF2eM from PacerMonitor.com at no charge. Counsel to the Debtors: John O'Boyle, Esq. Norgaard O'Boyle & Hannon 184 Grand Avenue Englewood, NJ 07631 Telephone: (201) 871-1333 Email: joboyle@norgaardfirm.com About NTG 392 White Horse NTG 392 White Horse, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21270) on Oct. 23, 2025. In the petition signed by Nicole Raso, managing member, the Debtor reported $2,920,000 in total assets and $11,053,654 in total liabilities. The Debtor is represented by John O'Boyle, Esq., at Norgaard O'Boyle & Hannon. OLD FASHION: Gets Interim OK to Use Cash Collateral Until March 31 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York entered a second interim order authorizing Old Fashion Butcher Shop Inc. and its affiliated debtors to use cash collateral. The Debtors were authorized to use cash collateral effective immediately through March 31, at 5:00 p.m., subject to the terms of the initial interim order and in accordance with a budget (with a permitted 10% variance). Several creditors have been identified as having pre-bankruptcy liens on the Debtors' assets, including KeyBank National Association (for both a loan and line of credit), the U.S. Small Business Administration, Key Equipment Finance, and TD Bank. As adequate protection, the Debtors must make monthly payments to secured lenders by February 15, and March 15, consisting of $1,700 to KeyBank and $1,120 to Key Equipment Finance. In addition, the secured creditors will be granted valid, perfected post-petition replacement liens on all property of the Debtors excluding avoidance actions and their proceeds, to the same extent and priority as their pre-bankruptcy liens. These liens are subordinate only to U.S. trustee fees and the fees and commissions (capped at $10,000) of a hypothetical Chapter 7 trustee. The secured creditors may assert superpriority claims under section 507(b) of the Bankruptcy Code, subject to the Debtors' defenses. The Debtors' right to use cash collateral terminates immediately upon the conversion or dismissal of their Chapter 11 cases, confirmation of a bankruptcy plan, termination of all or substantially all operations, or a default. A default occurs if the Debtors fail to perform any obligation under the order and fail to cure that default within 10 days after receiving written notice. A final hearing is scheduled for March 26. Objections to the final relief must be filed and served by March 23. A copy of the Debtor's budget is available at https://shorturl.at/OMdqe from PacerMonitor.com. About Old Fashion Butcher Shop Inc. Old Fashion Butcher Shop, Inc. operates a butcher shop in Astoria, New York, providing a range of fresh and dry-aged meats as well as Greek and Italian specialty products such as souvlaki and kebabs. It serves both retail and wholesale customers, focusing on all-natural, hormone-free meat offerings. The company conducts its operations from a single location on Steinway Street in Queens. Old Fashion Butcher Shop filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45384) on November 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Yanni Kukularis, president of Old Fashion Butcher Shop, signed the petition. Judge Elizabeth S. Stong oversees the cases. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtors as legal counsel. ORIGIN FOOD: Seeks to Hire Harry Davis as Auctioneer ---------------------------------------------------- Origin Food Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Harry Davis LLC as its exclusive auctioneer for the sale of certain food and dairy equipment through a public online auction. Harry Davis LLC will provide these services: (a) preparation of the equipment for sale; (b) conducting a promotional marketing campaign for the sale of the equipment utilizing digital publication on industry websites; (c) preparation of a detailed catalogue listing each item of equipment for sale with photographs; (d) publication on HD's Website, www.harrydavis.com, and the Internet Provider's website together with the catalogue; (e) emails to HD's customer list developed over 70 years of auction selling throughout the United States, Canada, Latin America and other countries; and (f) provide such other services. Under the proposed compensation arrangement, Harry Davis LLC will receive a buyer's premium of 17% of the purchase price paid by buyers and a commission of 10% for each item sold, retained from the sale proceeds. Buyers will also pay a 3% buyer's premium for the internet provider, to be collected and remitted to the internet provider. Harry Davis LLC has agreed to pay all marketing, labor, and other expenses required to prepare for and conduct the auction without reimbursement from the Debtor. According to court filings and the Declaration of Leonard A. Davis, Harry Davis LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Harry Davis LLC 1725 Boulevard of the Allies Pittsburgh, PA 15219 Telephone: 412-765-1170 Website: www.harrydavis.com About Origin Food Group LLC Origin Food Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-50268) on August 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. PACER PRINT: Unsecureds Will Get 10% of Claims over 6 Years ----------------------------------------------------------- Pacer Print filed with the U.S. Bankruptcy Court for the Central District of California an Original Disclosure Statement describing Chapter 11 Plan dated January 21, 2026. Pacer provides custom packaging and commercial printing services. Its product line includes custom boxes, labels, bags, and other containers, each imprinted with client logos, advertising and product information. The Debtor designs and manufactures various kinds of marketing boxes and counter displays. The Debtor does its work at its Simi Valley facility. Peter Varady is the Debtor's CEO and holds a 50% equity interest in Pacer. He operates the business. There are no affiliates. The Debtor's business was located in Chatsworth, California but the master tenant, which had shut down its business, wanted the Debtor to move. Its business was shut down for weeks costing perhaps $1 million in lost sales and hurting its reputation; it was late delivering job orders. It lost three large, steady customers. After the move to Simi Valley was completed, additional customers stopped ordering products. Then in January, 2025, the utility company shut off power to the Debtor's building for 10 working days due to extreme wind and fire hazards. Pacer lost more customers as it could not conduct business. Class 11 consists of General Unsecured Creditors. Based upon unsecured claims of $2,596,041.81. Unsecured claims are paid at 10% over the 6-year plan. Monthly payments begin in month 7 at $1,573 per month pro rata and increase in years 3 and 4 to $3,933 per month pro rata and increase in years 5 and 6 to $4,720 and $6,887 respectively. Total unsecured payments paid during the plan are $259,604. The Debtor is paying a set amount of money which the Debtor believes will amount to 10%. The actual percentage may be higher or lower and this depends on any rejection claims being filed, any secured claims being reclassified or any unsecured claims being amended. As to any contractual provision in any writing, entered into prepetition and/or through the Plan's Effective Date with the Debtor and that asserts an entitlement to attorneys' fees and costs against the Debtor, such provision is nullified and of no legal force from and after the Effective Date. Class 12 consists of Equity Interest Holders Peter Varady and Naomi Gonzales, 50% interest each. Acquiring the interests in the Reorganized Debtor. However, the equity interests shall not vest until the Debtor has made the first 10 monthly payments to the unsecured creditors. The Plan will be funded by the following: the Debtor's business operation. The Debtor anticipates having $90,000 on hand from ongoing operations. The Debtor does not intend to sell any assets in order to fund the Plan. A full-text copy of the Original Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=kF7Zhy from PacerMonitor.com at no charge. Counsel to the Debtor: Steven R. Fox, Esq. The Fox Law Corporation, Inc. 17835 Ventura Blvd., Suite 306 Encino, CA 91316 Tel: (818) 774-3545 Fax: (818) 774-3707 E-mail: srfox@foxlaw.com About Pacer Print Pacer Print, a company in Simi Valley, Calif., provides custom packaging and commercial printing services. Pacer Print filed Chapter 11 petition (Bankr. C.D. Cal. Case No. 25-10187) on Feb. 18, 2025, with up to $10 million in both assets and liabilities. Peter Varady, managing agent, signed the petition. Judge Ronald A. Clifford III oversees the case. Steven R. Fox, at the Fox Law Corporation, Inc., is serving as the Debtor's bankruptcy counsel. PALADIN CAPITAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Paladin Capital, Inc. 5200 Maryland Way Brentwood, TN 37027-8034 Business Description: Paladin Capital, Inc., based in Brentwood, Tennessee, is a holding company that owns and manages a group of operating subsidiaries primarily engaged in general freight trucking and related transportation services. Its operating companies, including Quickway Logistics, Quickway Carriers, Magnum Express, Volunteer Express, Dolphin Line, provide for-hire truckload transportation, logistics coordination, fleet leasing, maintenance, warehousing, and other support services across the United States. Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Paladin Capital, Inc. (Lead Case) 26-00316 Quickway Logistics, Inc. 26-00317 Quickway Carriers, Inc. 26-00318 Quickway Services, Inc. 26-00319 Quickway Transportation, Inc. 26-00320 CCL Permitting, LLC 26-00321 Capital City Leasing, Inc. 26-00322 Freight Contracting Services, LLC 26-00323 Volunteer Express, Inc. 26-00324 Robert Bearden, Inc. 26-00325 Dolphin Line, Inc. 26-00326 K&L, LLC 26-00327 RC Trailer Sales & Service Company, Inc. 26-00328 RC Enterprises, LLC 26-00329 SNL Distributing Services Corp. 26-00330 Central Logistics, Inc. 26-00331 L Street Ventures Inc. 26-00332 Magnum Express. Inc. 26-00333 Magnum Logistics, Inc. 26-00334 Magnum Warehouse Services, LLC 26-00335 SG Express, Inc. 26-00336 Wildhorse Fleet Services, LLC 26-00337 Sutherland National Insurance Company, LLC 26-00338 QW Leasing 26-00339 Nacarato Truck Leasing, WE#2, Inc. 26-00340 Judge: Hon. Charles M Walker Debtors' General Bankruptcy Counsel: Michael G. Abelow, Esq. Brettson J. Bauer, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue Suite 1750 Nashville, TN 37203 Tel: (615) 742-4532 E-mail: mabelow@srvhlaw.com bbauer@srvhlaw.com Paladin Capital's Total Assets: $34,736,005 Paladin Capital's Total Liabilities: $110,481,866 The petitions were signed by Brian Hall as CEO. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z3OJHXQ/Paladin_Capital_Inc__tnmbke-26-00316__0001.0.pdf?mcid=tGE4TAMA List of Paladin Capital's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Banc of America Master Lease $18,000,000 Leasing & Capital, LLC Agreement C T Corporation System 300 Montvue Rd Knoxville, TN 37919-5546 2. BMO Bank N.A. Loan and Security $24,000,000 320 S Canal St Agreement Chicago, IL 60606 3. Bowman Sales & $3,225,195 Equipment, Inc. 10233 Governor Lane Blvd. Williamsport, MD 21795 4. Continental Tire $272,729 The Americas, LLC PO BOX 745388 AL 35320 5. Daimler Truck Equipment Lease/ $289,266 Financial Services USA LLC SGE PO Box 4161 Carol Stream, IL 60197 6. ENGS Commercial $144,710 Finance Co PO Box 128 Itasca, IL 60143 7. First Horizon Corporation $22,000,000 c/o its RA Shannon M Hernandez 165 Madison Ave Memphis, TN 38103 8. Fleet Leasing $13,201,967 2505 Farrisview Blvd Memphis, TN 38118 9. Lighthouse Trailer Sales $1,280,925 2806 Russelville Road Bowling Green, KY 42101 10. Medical Plan # $632,200 106000 11. Metro Trailer $2,073,300 100 Metro Pkwy Pelham, AL 35124 12. MVPreferred Debt $2,175,915 PO BOX 7247-6171 Philadelphia, PA 19170 13. Navistar Financial $2,315,660 2701 Navistar Drive Lisle, IL 60532 14. Peoplenet Communications $847,649 Corporation P O BOX 203673 Dallas, TX 75320 15. Pinnacle Financial Partners Equipment $510,727 21 Platform Way Lease South, Suite 2300 Nashville, TN 37203 16. Siemens Equipment $186,423 PO Box 2083 Lease Carol Stream, IL 60132 17. Vantage Financial IT Vendor $420,174 444 Second St Excelsior, MN 55331 18. Wells Fargo Equipment $206,492 Equipment Finance Lease PO Box 858178 Minneapolis, MN 55485 19. William P. Prevost Employment $3,700,000 (estate of) Liability 20. Xtra Lease Equipment $222,750 PO Box 219562 Lease Kansas City, MO 64121 PALOMAR HEALTH, CA: S&P Affirms 'CCC+' Rating on Revenue Bonds -------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' long-term rating on the California Municipal Finance Authority's revenue bonds and certificates outstanding issued for Palomar Health (Palomar) and its 'CCC+' long-term and underlying (SPUR) ratings on Palomar's general obligation (GO) bonds. The ratings remain on CreditWatch with negative implications. The CreditWatch negative reflects that S&P could lower the rating within the next 90 days if Palomar does not receive state regulatory approvals and close on its joint powers authority (JPA) with UC San Diego Health (UCSDH), or if expectations for timely debt service payments on all outstanding debt and loans over the next year are not met. S&P said, "We view Palomar's governance structure as a weakness, reflecting public board-level tensions in recent years. While the district has paused consideration of a management services agreement to focus on the JPA and operational improvement and retains ultimate oversight authority, management and governance risk remains elevated given the organization's very limited liquidity, forbearance agreement, and reduced capacity to absorb unexpected events. The JPA, if finalized, would introduce a shared 50/50 governance structure, which could support more balanced decision-making and improve governance stability over time. "We view human capital risk as elevated, with approximately 73% of the workforce unionized under the California Nurses Assn. and the California Healthcare Employees Union. While labor contracts are in place, the high level of unionization limits flexibility to manage staffing costs as Palomar works to improve operating performance. Staffing pressures persist, although management has made some progress. If finalized, the JPA could also support improved workforce stability and recruiting through shared clinical resources and system-level staffing support over time. We view social capital risk as also slightly elevated given its higher Medicaid payor mix, which doesn't always fully support care costs. There is some risk to supplemental payment cuts in upcoming years through the recent tax and spending bill that Palomar must also navigate with its improvement plans. Management has yet to assess the potential effects but we will monitor this risk as more information comes available. "We view physical risk as elevated given Palomar's location in an area susceptible to earthquakes and wildfires, which could affect utilization and facilities. Palomar has met all seismic standards at both Palomar Medical Center (PMC) Escondido and PMC Poway. "The CreditWatch negative reflects that we could lower the rating within the next 90 days if Palomar is unable to finalize its UCSDH partnership with approvals from the state, or if we believe Palomar is unable to meet timely debt service payments on all outstanding debt and loans over the next year. While we expect that the forbearance agreement will get extended if the JPA is approved, any material changes within that agreement could also affect the credit rating." PAP-R PRODUCTS: Court Extends Cash Collateral Access to April 30 ---------------------------------------------------------------- Pap-R Products Company received another extension from the U.S. Bankruptcy Court for the Southern District of Illinois to use cash collateral. The sixth interim order extended the Debtor's authority to use cash collateral through April 30 to pay the expenses set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $474,500 for February; $467,500 for March; and $462,000 for April. As protection for the use of their cash collateral, First Neighbor Bank and Advantage Capital were granted a replacement lien on all post-petition assets of the Debtor, with the same validity, extent and priority as their respective pre-bankruptcy liens. As additional protection, First Neighbor Bank and Advantage Capital will receive monthly payments of $8,600 and $10,000, respectively, during the interim period. Events of default under the order include trustee appointment, case conversion or dismissal, noncompliance with budget or reporting, and improper payments. During the term of the order, the Debtor must not sell collateral, grant new liens, or transfer assets outside of the budget. The next hearing is set for April 21. The sixth interim order is available at https://is.gd/oXkN0c from PacerMonitor.com. First Neighbor Bank is owed $5.18 million and claims a first lien on most assets except second position on equipment. Meanwhile, Advantage Capital is owed $1.72 million and holds a second lien on most assets but a first position on equipment. About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. Its product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. It also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing between $10 million and $50 million in both assets and liabilities. Kenneth Scott Ware, president of Pap-R Products, signed the petition. Judge Mary E. Lopinot oversees the case. Larry E. Parres, Esq., at Lewis Rice, LLC, represents the Debtor as legal counsel. PHONEIC INC: 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 PhoneIC, 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 PhoneIC Inc. PhoneIC, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30051) on January 20, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Dennis Montali presides over the case. Brent D. Meyer, Esq., at Meyer Law Group, LLP represents the Debtor as bankruptcy counsel. PLATINUM HEIGHTS: Seeks to Extend Plan Exclusivity to March 24 -------------------------------------------------------------- Platinum Heights, LP, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 24 and May 25, 2026, respectively. The Debtor explains that the size and complexity of the Chapter 11 Case warrants extension of the Exclusive Periods. The Chapter 11 Case required the Debtor's principal to extend two postpetition unsecured loans as a result of ongoing issues and negotiations with the Debtor's tenants. The Debtor has also dealt with ongoing issues with CLS Heights and related mediation efforts. These issues added unforeseen layers of complexity to the Chapter 11 Case. The Debtor claims that the requested extension will enable the Debtor to secure consensus for a chapter 11 plan that will maximize the value of the Debtor's estate for the benefit of all stakeholders, without the risk of competing plans and the attendant disruption, expense, and delay. The Debtor's obligations are in the tens of millions, the majority of which is owed to sophisticated parties. Extension of the Exclusive Periods is, therefore, justified on the basis of the size and complexity of the Chapter 11 Case. The Debtor asserts that it has paid its undisputed postpetition debts as necessary in the ordinary course of business or as otherwise provided by Court order, continues to monitor liquidity closely, and is confident that sufficient funding will be available during the requested extension of the Exclusive Periods. The Debtor further assert that extending the Exclusive Periods benefits all parties in interest by preventing a drain on time and resources, which inevitably occurs when multiple parties with potentially divergent interests compete for the consideration of their own respective plans. This Motion is not filed for purposes of delay but to afford the Debtor an opportunity to further develop a plan favorable with major stakeholders. The Debtor seeks to maintain exclusivity so parties with competing interests do not impede the Debtor's efforts to obtain stakeholder support for a value-maximizing plan. Extending exclusivity benefits all parties in interest by preventing the drain on time and the resources of the Debtor's estate that will occur when multiple parties, with potentially diverging interests, pursue the consideration of their own respective plans. All stakeholders in the Chapter 11 Case will benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtor remains the sole plan proponents. Additionally, even if the Court approves an extension of the Exclusive Periods, nothing prevents parties in interest from later arguing for the termination of the Debtor's exclusivity, should such cause arise. Platinum Heights, LP is represented by: REED SMITH LLP Omar J. Alaniz, Esq. 2850 n. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About Platinum Heights LP Platinum Heights, LP, filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, Esq. and Danika L. Lopez, Esq. at SettlePou. POOLE FUNERAL: Available Cash & Sale Proceeds to Fund Plan ---------------------------------------------------------- Poole Funeral Home Real Estate, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a Disclosure Statement regarding Joint Plan of Liquidation dated January 22, 2026. The Poole funeral home brand is one of the larger and more sophisticated funeral home brands in the Southeast. Poole provides funeral services to clients across the states of Tennessee and Georgia. The Poole brand was founded by Brian Poole, a successful entrepreneur who created a household-name brand in the State of Georgia prior to moving to Tennessee. While the brand thrived in Georgia, Poole fell prey to fraud and deceptive acts after a sale process for various locations in Southeast Tennessee. As such, a chapter 11 filing was necessitated. The Debtors' are currently finalizing the sale of substantially all of their assets to interested parties, namely SCI and Rush (as defined in the respective APAs). The Debtors have engaged the Foresight Group to facilitate a large-scale, value-maximizing going concern sales transaction which will generate significant capital to resolve outstanding liabilities in these cases. Of importance is Foresight's facilitation, alongside the Debtors, of a going-concern sale to both a large-scale company and a local entity. This dual-faceted sale process is a testament to the significant work undergone by the Debtor professionals. Class 5 consists of General Unsecured Claims. General Unsecured Claims consist of any Claim that is not an Administrative Claim, a Professional Fee Claim, a Priority Tax Claim, or a Convenience Class Claim. Holders of Claims in Class 5 are Impaired. Each holder of General Unsecured Claim is not conclusively presumed to accept the Plan under section 1126(f) of the Bankruptcy Code and is therefore entitled to vote to accept or reject the Plan in its capacity as a holder of such Claim. Provided that the holder of a Class 5 Claim has not yet been paid, on the later of (i) the Effective Date and (ii) for Claims in Class 5 that were Disputed Claims on the Effective Date and have thereafter become Allowed General Unsecured Claims, immediately following the Distribution Date subsequent to the date upon which such Claims became Allowed General Unsecured Claims, or as soon thereafter as is practicable, holders of each such Allowed General Unsecured Claim shall receive (a) a Pro Rata share of the General Unsecured Creditor Interests and/or Cash in an amount not to exceed the amount of such Allowed General Unsecured Claim, or (b) such other treatment as may be agreed upon by the Plan Administrator and the holder of such Allowed General Unsecured Claim. Class 4 Convenience Class Claims consist of any Claim that would otherwise be classified as a General Unsecured Claim but which total amount is $500.00 or less in United States Currency. Holders of Claims in Class 4 are Impaired. Each holder of General Unsecured Claim is not conclusively presumed to accept the Plan under section 1126(f) of the Bankruptcy Code and is therefore entitled to vote to accept or reject the Plan in its capacity as a holder of such Claim. Provided that the holder of a Class 4 Claim has not yet been paid, on the later of (i) the Effective Date and (ii) for Claims in Class 4 that were Disputed Claims on the Effective Date and have thereafter become Allowed Convenience Class Claims, immediately following the Distribution Date subsequent to the date upon which such Claims became Allowed General Convenience Class Claim, or as soon thereafter as is practicable, holders of each such Allowed Convenience Class Claim shall receive (a) a pro rata payment of the Allowed amount of their Claim, or (b) such other treatment as may be agreed upon by the Plan Administrator and the holder of such Allowed Convenience Class Claim. The primary purpose of the Plan is to effectuate the completion of the orderly wind down of the Debtor's affairs. Pursuant to the Plan, the Debtor contemplates the Distribution of (i) the proceeds from the Sale, (ii) Cash, and (iii) other Assets of the Estate for the benefit of holders of Eligible Claims pursuant to the Plan and the Bankruptcy Code's priority distribution requirements. A full-text copy of the Disclosure Statement dated January 22, 2026 is available at https://urlcurt.com/u?l=cLjaNA from PacerMonitor.com at no charge. Counsel to the Debtors: Roy Michael Roman, Esq. RMR Legal PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com About Poole Funeral Home Real Estate Poole Funeral Home Real Estate, LLC operates Poole Funeral Homes at Woodstock, a locally owned funeral facility in North Georgia. The Company offers burial, cremation, veteran, green burial, and personalization services, along with caskets and urns. It emphasizes community-focused service, positioning itself as an alternative to corporately owned funeral providers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11197) on May 12, 2025. In the petition signed by Brian K. Poole, CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, at RMR Legal PLLC, is the Debtor's bankruptcy counsel. POSH QUARTERS: Gets Extension to Access Cash Collateral ------------------------------------------------------- POSH Quarters, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to use cash collateral to fund operations. The court issued a third interim order authorizing the Debtor to use cash collateral to pay its business expenses pending a further hearing set for March 10. The Debtor cannot use cash collateral to pay pre-bankruptcy expenses, officer salaries, professional fees or insiders without further court order. As adequate protection, BSI Financial will be granted a replacement lien on cash accounts, accounts receivable and other property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as its pre-bankruptcy lien. The order authorized the Debtor to continue its monthly payments to BSI Financial totaling $5,837.15 for the 21st Avenue property and $2,667.50 for the 6th Avenue property. The Debtor must also maintain insurance and remain current with Subchapter V trustee fees. The Debtor's authority to use cash collateral terminates if it ceases operations; the Chapter 11 case is dismissed or converted; the replacement liens are altered; liens senior to or equal to the replacement liens are approved; or the automatic stay is lifted, allowing any creditor to proceed against material assets of the Debtor that constitute cash collateral. The third interim order is available at https://shorturl.at/HmohP from PacerMonitor.com. POSH Quarters is currently in default on two loans held by BSI Financial, which are secured by the real property. These loans are secured by cash collateral, including rents, receivables, bank account funds, and other business assets. As of the petition date, the Debtor owed the lender more than $1.29 million. About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. PRETIUM PACKAGING: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Pretium Packaging, L.L.C. 1555 Page Industrial Blvd St. Louis MO 63132 Business Description: Pretium Packaging, L.L.C. designs and manufactures rigid plastic packaging, including bottles, jars, closures, and trays, serving customers in food and beverage, nutrition and wellness, household and commercial chemicals, healthcare, and personal care industries, with operations across the United States, Canada, Mexico, Ireland, and the Netherlands. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court District of New Jersey Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pretium Packaging, L.L.C. (Lead Case) 26-10896 Alpha Consolidated Holdings, LLC 26-10897 Mont Royal, L.L.C. 26-10898 Olcott Plastics, LLC 26-10899 Poseidon Investment Intermediate, Inc. 26-10900 Pretium Canada Packaging ULC 26-10901 Poseidon Parent, L.P. 26-10902 Pretium Holding, LLC 26-10903 Pretium PKG Holdings, Inc. 26-10904 Starplex Scientific Corp. 26-10905 Judge: Hon. Christine M Gravelle Debtors' Local Bankruptcy Counsel: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com Debtors' General Bankruptcy Counsel: Steven N. Serajeddini, P.C. Jordan E. Elkin, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: steven.serajeddini@kirkland.com jordan.elkin@kirkland.com AND Anup Sathy, P.C. Yusuf Salloum, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: anup.sathy@kirkland.com yusuf.salloum@kirkland.com Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Investment Banker: EVERCORE GROUP L.L.C. Debtors' Claims, Noticing & Solicitation Agent and Administrative Advisor: STRETTO, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion J. Federico Barreto signed the petitions as chief financial officer, secretary, and treasurer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OMAVV2A/Pretium_Packaging_LLC__njbke-26-10896__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Polymers Sales & Logistic Trade Claim $2,841,385 PO Box 7886 The Woodlands, TX 77387 Attn: Sol Gonzalez Phone: 877-738-2878 Email: sol.gonzalez@mgpolimeros.com 2. Equistar Chemicals, L.P. Trade Claim $1,799,387 PO Box 301673 Dallas, TX 75303-1673 Attn: Matt Bridgeman Phone: 888-777-0232 x2843 Email: matt.bridgeman@lyb.com 3. Alpek Polyester Trade Claim $1,560,904 7621 Little Avenue Suite 500 Charlotte, NC 28226 Attn: James Davis Phone: 704-940-7500 Email: james.davis@alpekpolyester.com 4. Shell Chemical LP Trade Claim $959,914 PO Box 7247-6189 Philadelphia, PA 19170 Attn: Jasmine Okoli Phone: 832-337-2013 Email: jasmine.okoli@shell.com 5. St Louis County Dept of Revenue Tax Claim $839,393 St. Louis County Government 41 S Central Ave St. Louis, MO 63105 Attn: Collector of Revenue Phone: 314-615-2555 Email: collector@stlouiscountymo.gov 6. First Nations Pallet Trade Claim $759,423 Solutions, LLC 300 Colonial Center Parkway Suite 100N Roswell, GA 30076 Attn: Jessica Meyer Phone: 800-810-7109 Email: accounting@firstnationspalletsolutions.com 7. International Paper Trade Claim $716,072 1689 Solutions Center Chicago, IL 60677-1006 Attn: Paige Craig Phone: 901-419-1826 Email: Paige.Craig@ipaper.com 8. Polyquest Inc Trade Claim $468,311 1979 Eastwood Rd Suite 201 Wilmington, NC 28403 Attn: Ryan Huckaby Phone: 843-393-3465 ext 345 Email: ryanhuckaby@polyquest.com 9. Koksan Pet Packaging Ltd Trade Claim $407,414 7350 Fairfield Lakes Dr Powell, OH 43065 Attn: Miyesser Erdogan Phone: 614-535-7008 Email: miyesser.erdogan@koksan.com 10. Christienne Black Trade Claim $365,256 c/o Greenberg Gross LLC 650 Town Center Drive, Suite 1700 Costa Mesa, CA 92626 Attn: Donna Bustos Phone: 949-383-2800 Email: dbustos@ggtriallaw.com 11. Nan Ya Plastics Corp Trade Claim $363,435 PO Box 939 Lake City, SC 29560 Attn: Jessica Wilkes Phone: 843-319-0378 Email: sales@nalc.npc.com 12. National Plastics Color Inc. Trade Claim $362,985 100 W. Industrial Valley Center Kansas City, KS 67147 Attn: Ashley Ree Phone: 316-755-1273 ext 3040 Email: aree@nationalplasticscolor.com 13. Preform Solutions, Inc. Trade Claim $359,735 3801 N 4th Ave Sioux Falls, SD 57104 Attn: Stacy Hanson Phone: 605-335-6478 Email: stacyh@preformsolutions.com 14. CNA Risk Management Trade Claim $354,659 23453 Network Place Chicago, IL 60673-1234 Attn: Pamela Deaton Phone: 866-958-2455 Email: chicagocollections@cna.com 15. Rocky Mountain Power Trade Claim $340,289 PO Box 26000 Portland, OR 97256 Attn: Dick Garlish Phone: 866-870-3419 Email: accountnotices@rockymountainpower.net 16. C.H. Robinson Trade Claim $264,539 PO Box 9121 Minneapolis, MN 55480 Attn: Winston Ashford Phone: 216-643-3275 Email: winston.ashford@chrobinson.com 17. Selig Sealing Products, Inc Trade Claim $219,487 342 E. Wabach Ave Forrest, IL 61741 Attn: Paula Schilling Phone: 630-240-6740 Email: ar@seligsealing.com 18. INEOS Olefins & Polymers USA Trade Claim $216,978 2600 South Shore Blvd Suite 500 League City, TX 77573 Attn: Katherine Kennington Phone: 281-535-6888 Email: katherine.kennington@ineos.com 19. Tricorbraun Inc Trade Claim $212,950 3923 Shutterfly Rd Suite 300 Charlotte, NC 28273 Attn: Kelley Kriens Phone: 704-697-6700 Email: kelley.kriens@tricorbraun.com 20. Nexeo Plastics Trade Claim $207,158 1780 Hughes Landing Blvd Suite 1000 The Woodlands, TX 77380 Attn: Tonie D'Addario Phone: 514-863-2589 Email: adaddario@nexeoplastics.com 21. Penn Color Inc Trade Claim $187,981 2755 Bergey Road Hatfield, PA 19440 Attn: Karen Danner Phone: 215-997-2221 Email: accountsreceivable@penncolor.com 22. Palm Tree De LLC Professional $172,339 11755 Wilshire Blvd Services Suite 2300 Los Angeles, CA 90025 Attn: Joseph Wade Phone: 310-636-2050 Email: ar@palmtree.com 23. Husky Injection Molding Trade Claim $131,228 288 North Road Milton, VT 5468 Attn: Josh E Phone: 800-465-4875 Email: creditgroup@husky.ca 24. Cintas Corporation Trade Claim $124,799 PO Box 636525 Cincinatti, OH 45263-6525 Attn: Stephanie Tulodziecki Phone: 812-877-9115 Email: TulodzieckiS@cintas.com 25. Versum Materials US Trade Claim $121,110 8555 South River Parkway Tempe, AZ 85284-2601 Attn: Online Portal Phone: 314-300-7528 Email: vmnabilling@emdgroup.com 26. DCT White Oak Circle LLC Trade Claim $116,897 6250 N. River Road Suite 1000 Rosemount, IL 60018 Attn: Kathy Eoff Phone: 317-228-5232 Email: keoff@prologis.com 27. Opensesame Inc Trade Claim $109,800 1606 Headway Cir Suite 9405 Austin, TX 78754 Attn: Don Spear Phone: 503-808-1268 Email: ar@opensesame.com 28. Great Lakes Transport Solution Trade Claim $109,713 207 Commerce Drive Suite 102 Amherst, NY 14228 Attn: Victoria Berroth Phone: 855-968-0668 Email: victoria@greatlakestransport.com 29. A-PAC Manufacturing Co. Trade Claim $104,943 2719 Courier Nw Grand Rapids, MI 49534 Attn: Meriah Foxworthy Phone: 616-791-7222 Email: info@polybags.com 30. Holland Colours Americas Trade Claim $104,731 1501 Progress Drive Richmond, IN 47374 Attn: Annamaria Vagasi Phone: 765-935-0329 Email: ir@hollandcolours.com PRETIUM PACKAGING: Seeks Ch. 11 Bankruptcy w/ More Than $900MM Debt ------------------------------------------------------------------- Yun Park of Law360 reports that Missouri-based packaging company Pretium Packaging LLC filed for Chapter 11 protection in a New Jersey bankruptcy court, seeking approval of a prepackaged plan of reorganization designed to reduce its funded debt by more than $900 million. The filing is intended to strengthen the company’s balance sheet while allowing operations to continue uninterrupted. According to court filings, the plan is supported by key lenders and would significantly deleverage the company through a combination of debt reduction and new financing. Pretium said the restructuring will position the business for long-term stability and continued service to its customers during and after the Chapter 11 process. About Pretium Packaging LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. PRIMROSE CANDY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Primrose Candy Co. 4111 W. Parker Ave. Chicago, IL 60639 Business Description: Primrose Candy Co. manufactures confectionery products, including hard and chewy candies, caramel, taffy, and popcorn-based sweets, and provides contract manufacturing, private-label, and packaging services for branded and specialty food products. The Company operates a large production facility in Chicago, Illinois, serving food and confectionery customers across the United States. Founded in 1928, it is a family-owned manufacturer focused on candy and related confectionery production. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-01430 Debtor's Counsel: David K. Welch, Esq. BURKE, WARREN, MACKAY & SERRITELLA, P.C. 330 N. Wabash 21st Floor Chicago, IL 60611 Tel: 312-840-7122 E-mail: dwelch@burkelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jeff Puch as president and director. 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/LSZ6QAY/Primrose_Candy_Co__ilnbke-26-01430__0001.0.pdf?mcid=tGE4TAMA RAMOS ROOFING: Seeks to Sell Dodge Ram Vehicles in Private Sale --------------------------------------------------------------- Ramos Roofing & Remodeling Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to sell motor vehicles free and clear of liens, claims, interests, and encumbrances. The Debtor requests to sell the following motor vehicles for a sale price of not less than$5,000 per Vehicle. 2011 Dodge RAM 1500 VIN 1D7RV1CP7BS662792 2012 Dodge RAM 1500 VIN 1C6RD7GP3CS127610 2017 Dodge RAM 1500 VIN 1C6RR7MG2HS712546 2015 Dodge RAM 1500 VIN 1C6RR7TM9FS580227 2019 Dodge RAM 1500 VIN 1C6RRFBGXKN890367 The sales of the Vehicles shall be made by private sale, and the Debtor will file a report of sale within 30 days of the sale of each Vehicle. The Debtor further requests that the Court authorize the Debtor to use the proceeds from the sale of each Vehicle to pay adequate protection payments to creditors. The Debtor is an Ohio corporation that was established in 2017. The Debtor provides roofing, siding, and gutter services to its customers. The customers of the Services are both commercial and residential. Robert Ramos is the sole owner of the Debtor. Prior to 2017, Robert Ramos operated a business known as Mr. Roofs of Ohio for 11 years. That business provided many of the Services that are provided by the Debtor. That business was sold by Robert Ramos in 2016, and the Debtor was formed shortly thereafter by Robert Ramos. Robert Ramos has operated businesses providing the types of Services that the Debtor provides for more than 19 years. The Debtor has considered its current level of business activity, current number of employees, expected future business and total portfolio of motor vehicles. Based upon this analysis, the Debtor has determined that it does not currently need the Vehicles and that the Debtor will be able to handle its business activities without the Vehicles. The Debtor has further determined that it is in the best interests of the Debtor, the bankruptcy estate and the creditors and parties in interest for the Debtor to sell the Vehicles as indicated in the Motion. The sale of the Vehicles will create funds to assist in the payment of the Debtor's adequate protection payments and operating expenses during the time of the year when the weather interferes with the Debtor's business and revenue. The sale of the Vehicles will also enable the Debtor to reduce its costs for motor vehicle insurance. The sale of the Vehicles will create a net benefit for the Debtor, the bankruptcy estate, and creditors. The Debtor owns each of the Vehicles free and clear of any liens. The Debtor has substantial knowledge regarding Vehicles of the type to be sold because of the nature of the Debtor’s business and because the Debtor has owned many such Vehicles and is familiar with the marketplace for such Vehicles. The Vehicles have all been heavily used in the Debtor's business. Each has higher than normal mileage and shows signs of wear and tear. The Minimum Sale Price is fair and reasonable for each of the Vehicles. The proposed sale of the Vehicles meets all the relevant standards for the Court to approve the sale. The Debtor's proposed method of selling the Vehicles is also proper and sound. The Debtor will, of course, try to sell each Vehicle for the highest price. But the Vehicles have been heavily used, they are of nominal value, and they are not likely to sell for much more than the Minimum Sale Price. In addition, the Minimum Sale Price arrangement will importantly allow the Debtor to complete the sales of the Vehicles quickly. No prospective purchaser of the Vehicles will agree with the Debtor to purchase a Vehicle and then wait for the Debtor to file a motion to sell the Vehicle and wait for the expiration of the notice period for the sale motion and wait for the entry of the order authorizing the sale. Utilizing the Minimum Sale Price procedure is the only way to ensure that the Debtor can effectively and promptly complete the sale of the Vehicles. A delay in the effective date of the Sale Order will not benefit any party and would be detrimental to the interests of the Debtor, the bankruptcy estate, and creditors. Accordingly, there is cause to modify the 14 day stay contemplated by Bankruptcy Rule 6004 and for the Sale Order to be effective upon entry. About David Ramos Roofing & Remodeling Co. David Ramos Roofing & Remodeling Co. provides residential and commercial roofing, storm damage repairs, gutter installation, and siding services across Central Ohio, including Columbus, Bexley, Dublin, Gahanna, Hilliard, Westerville, and surrounding communities. It serves homeowners and businesses seeking exterior home improvement and roofing solutions. David Ramos Roofing & Remodeling Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-54299) on September 30, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP. RECESS HOLDCO: Fitch Affirms BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Recess HoldCo LLC's and First Student BidCo Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The Outlooks are Stable. Fitch has also affirmed First Student's senior secured debt at 'BB+' with a Recovery Rating of 'RR2'. First Student plans to reprice its senior secured term loans and generate incremental interest savings. Fitch views the transaction as neutral to ratings, with other terms and debt quantum expected to remain unchanged. The rating reflects First Student's stable business profile, supported by the essential nature of student transportation, contracted revenue, and its leading position in the outsourced market. Recent strong execution on pricing strategies has also supported a recovery in profitability, strengthening its credit metrics. Fitch forecasts EBITDA leverage in the low-to-mid 4.0x range and EBITDA interest coverage in the low-to-mid 3x in the fiscal year ending June 30, 2026 (FY26), consistent with a 'BB-' rating profile. Key Rating Drivers Pricing Supports Profitability: Strong execution on pricing resets over the past several years has allowed First Student to recover from the elevated cost inflation after the pandemic. While its contract book has mostly been reset, the company continues to maintain pricing discipline in 2025-2026 bid season, achieving solid price increase of about 10% on renewal contracts. Higher pricing supports driver staffing, which, in turn, enables reliable services and contract wins. Fitch expects solid pricing in 2026 to more than offset cost inflation, driving EBITDA margin expansion to the high-15% range, up from 15% in FY25. Typically, about one-third of First Student's contracts come up for renewal each year. Improving FCF, Sufficient Coverage: Fitch believes increased earnings have improved First Student's cash flow profile. Fitch expects free cash flow (FCF) before growth capex to be about $50 million in FY26, although FCF after growth capex will remain negative, driven by investment for new contract wins. This underlying strengthening provides greater financial flexibility and aids in growth priorities. Fitch also expects EBITDA interest coverage to be in the low 3x in FY26 and FY27, which is consistent with the 'BB-' rating. Low-to-Mid 4x Leverage: Fitch anticipates EBITDA leverage to remain in the low-to-mid 4x range in FY26, absent any large M&A, which is consistent with the current rating profile. Fitch believes growth through tuck-in M&A could accelerate following the recent deleveraging focus. However, Fitch expects increasing FCF and a balanced capital allocation plan to keep leverage within this range. Stable Demand and Multi-Year Contracts: First Student's business profile benefits from the essential nature of student transportation services and multi-year contracts with high renewal rates. Contracts are typically structured on a per route, per hour, or per mile basis, and often include price escalators and fuel purchasing provisions to account for regular cost inflation and fuel exposure. Customer relationships have generally been stable, with overall customer retention of 95%. Leading Market Position: First Student is the largest provider of outsourced student transportation in North America and is estimated to be nearly twice the size of its next largest competitor. However, it competes on a local basis, typically against smaller operators or school or municipality-provided transportation services. Its large scale reduces regional and customer-specific risks and can offer some market benefits, such as the ability to move drivers to under-staffed locations, which maintains good customer relations, and economies of scale in purchasing equipment. Peer Analysis Fitch compares First Student with other transportation issuers, such as Garda World Security Corporation (B+/Negative) and Waste Pro USA, Inc. (B+/Stable). Similar to First Student, Garda and Waste Pro benefit from their contracted services and relatively steady demand, supporting their stable business profiles. However, both companies have weaker credit metrics than First Student. Fitch forecasts Garda's EBITDA leverage in the mid-6.0x to 7x and EBITDA interest coverage of 2.0x. Fitch expects Waste Pro's leverage to be in the 5x range in the near term and interest coverage of roughly 3x, driven by its acquisitive strategy. Waste Pro's lower rating also reflects its regional concentration and anticipated active M&A. Fitch's Key Rating-Case Assumptions -- Organic revenue to grow about 6% in FY26, supported by strong pricing and new contract wins -- EBITDA margin to expand to a high 15% in FY26, from 15% in FY25, as pricing and cost optimization initiatives are partly offset by cost inflation and additional lease costs from sales and leaseback transactions -- Capital intensity to increase to 10% in FY26, driven by 8% maintenance and 2% growth capex for recent business wins. Maintenance capex at 7%-8% of revenue in future years -- Financial and capital allocation priorities shift towards growth but continue to balance its leverage profile 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 are (assessment, relative importance): management (bbb-, lower), sector characteristics (bb+, moderate), market and competitive positioning (bb, higher), diversification and asset quality (bb-, moderate), company operational characteristics (bb+, moderate), profitability (bb-, moderate), financial structure (b+, higher) and financial flexibility (b+, moderate). Assessments of the quantitative financial subfactors include bespoke calculations. The governance impact assessment of 'good' results in no adjustment to the IDR. The operating environment impact assessment of 'aa-' results in no adjustment to the IDR. The SCP is 'bb-'. To derive the IDR: The application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- EBITDAR leverage and EBITDA leverage sustained above 5.0x -- EBITDA interest coverage below 2.5x -- EBITDA margin consistently below 10% or expectations of sustained neutral-to-negative FCF Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Commitment to deleveraging with EBITDAR leverage and EBITDA leverage sustained below 4.0x -- Adherence to a disciplined revenue and cost management approach that enhances margin and cash flow resilience -- FCF margin sustained above the low single digits Liquidity and Debt Structure As of September 2025, First Student's total liquidity comprises $88 million in unrestricted cash and $455 million available under its RCF. Liquidity is also supported by a working capital facility, with availability fluctuating throughout the school year based on the accounts receivable balance. The company does not have any material debt maturities until the working capital facility comes due in 2027, followed by the senior secured notes in 2029 and the term loans in 2030. The term loan B is scheduled to amortize at $23 million a year. Issuer Profile First Student is the largest national provider of essential K-12 student transport services in North America, operating roughly 46,000 school buses. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- First Student Bidco Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ Recess HoldCo LLC LT IDR BB- Affirmed BB- REMEMBER ME SENIOR: Seeks to Extend Plan Exclusivity to March 31 ---------------------------------------------------------------- Remember Me Senior Care, LLC and Lighthouse Land Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern District of Tennessee to extend their exclusivity period to file a plan of reorganization to March 31, 2026. The Debtors continue to work with their financial advisors, the Unsecured Creditors Committee, the United States Trustee, the Secured Creditor, and counsel for other interested parties as to the ongoing operations and finances of the Debtors. In addition, questions exist regarding the validity, enforceability, and amount of debts claimed by certain creditors, requiring additional investigation and potential discovery to properly evaluate such claims. These include claims of various debenture holders as well as other creditors. The Debtors have exercised reasonable diligence in attempting to gather the necessary creditor and debt information but requires additional time to: * conduct proper investigation into creditor claims; * verify the authenticity and validity of asserted debts; * obtain documentation necessary to substantiate or challenge creditor claims; * ensure compliance with all applicable legal requirements regarding creditor rights and debt validation; and * obtain a clearer picture of the Debtors' financial status and ability to reorganize. The Debtors explain that the requested extension of the Exclusivity Period is the fourth such request made in this Chapter 11 Case and is approximately 11 months after the petition date. This amount of time is not long given the complexity of the issues involved, the number of debentures involved, the pending state court lawsuit, and the number of interested parties with whom the Debtor must confer to reach consensus on a plan. Since the entry of the Third Order Extending Exclusivity, the Debtor has located an appraisal and valuation firm to complete an appraisal of the business, but such work will not be complete by January 30, 2026. About Remember Me Senior Care Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Jeffrey W. Maddux, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: 423-757-0296 Fax: 423-508-1296 Email: jmaddux@chamblisslaw.com RIVERWOOD ESTATES: Committee Taps IslandDundon as Financial Advisor ------------------------------------------------------------------- The official committee of unsecured creditors of Riverwood Estates Homeowners Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire IslandDundon LLC as its financial advisor. The firm will render these services: a. assist in the analysis, review and monitoring of a potential reorganization, refinancing, asset sale or liquidation process or any subsequent proposed resolutions, including, but not limited to an assessment of the potential recoveries for general unsecured creditors upon emergence from bankruptcy; b. assist in the review of financial information prepared by the Debtors, and the economic analysis of proposed transactions for which Court approval is sought; c. assist in the review of the Debtors' prepetition financing transactions, dividends, distributions, and debt retirements, and associated events, including but not limited to, evaluating the Debtors' capital structure, financing agreements, defaults under any financing agreement and forbearances; d. attend meetings and assistance in discussions with the Debtors, potential investors, banks, other secured lenders, the Committee and any other official committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; e. assist 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; f. assist with the review of the assumption, assignment, or rejection of various executory contracts and leases; g. assist in the evaluation, analysis and forensic investigation of avoidance actions, including fraudulent conveyances, preferential transfers, and certain transactions between the Debtors and affiliated entities; h. assist in the prosecution of Committee responses/objections to the Debtors' motions, including attend depositions and provision of expert reports/testimony on case issues as required by the Committee; i. render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in these Cases; j. assist and support in the evaluation of any transactions and the treatment of claims and interests proposed in any plan of reorganization or plan of liquidation propounded by a party other than the Committee, and in the preparation of a suitable plan of reorganization or plan of liquidation should it fall to the Committee to propound a plan for the resolution of the Case; and k. provide reports, exhibits, and testimony in connection with any of the foregoing as requested. The firm's standard hourly rates are: Principal $1,090 Managing Director $960 Senior Adviser $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 IslandDundon is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14), according to court filings. The firm can be reached through: Steven J. Landgraber, Esq. Islanded LLC 10 Bank Street, Suite 1100 White Plains, NY 10606 About Riverwood Estates Homeowners Association Riverwood Estates Homeowners Association filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-45057) on Dec. 30, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Bonnie L Clair presides over the case. David R. Fondren, Esq. at Martin Leyhe Stuckmeyer & Associates LLC serves as the Debtor's counsel. ROCKY MOUNTAIN: Taps Deschenes & Associates as Bankruptcy Counsel ----------------------------------------------------------------- Rocky Mountain Sleep Disorders Center, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Deschenes & Associates Law Offices as attorney. The firm will render general counseling and local representation before the Bankruptcy Court in connection with this case. The firm will be paid at these hourly rates: Zach Duhon, Attorney $275 Lisa Peck, Paralegal $175 Bryanna Richards, Paralegal $155 Harry Wright, Paralegal $155 Grae Gould, Paralegal $155 In addition, the firm will seek reimbursement for expenses incurred. The firm received a general retainer in the amount of $16,784.75. Mr. Duhon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Zach B. Duhon, Esq. Deschenes & Associates Law Offices 309 First Avenue North P.O. Box 3466 Great Falls MT 59403 Telephone: (406) 761-6112 E-mail: da@dalawmt.com About Rocky Mountain Sleep Disorders Center Inc. Rocky Mountain Sleep Disorders Center, Inc. is a regional sleep medicine provider based in Montana that diagnoses and treats a broad range of sleep disorders through overnight and daytime polysomnography, titration studies, PAP-related procedures, and related testing services. Operating clinics in Great Falls, Butte, Bozeman and Kalispell, the center serves patients across a five-state region with comprehensive diagnostic, therapeutic and support services for conditions such as obstructive sleep apnea and narcolepsy. Rocky Mountain sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 26-40007) on January 14, 2026, with $1 million to $10 million in assets and liabilities. Paul Schmook, president of Rocky Mountain, signed the petition. Zach B. Duhon, Esq., at Deschenes & Associates Law Offices represents the Debtor as bankruptcy counsel. ROSSLYN2016 LLC: Porter Hedges OK'd as Chapter 7 Trustee Counsel ---------------------------------------------------------------- Rosslyn2016 LLC and affiliate received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porter Hedges LLP to serve as counsel to Allison D. Byman, chapter 7 trustee. Porter Hedges is employed on an hourly fee basis to provide all necessary legal services to the Trustee in these cases: (i) Rosslyn2016 LLC (Case No. 25-34507), (ii) Texas Esencia 2019 LLC (Case No. 25-34508), and (iii) Timbers2020 LLC (Case No. 25-34510). Aaron J. Power is leading the Porter Hedges team. The firm will provide these services: (a) assist the Trustee in investigating, gathering and liquidating the estates' assets; (b) assist the Trustee in analyzing potential litigation claims of the estates; (c) assist the Trustee in analyzing the claims asserted against the estates; (d) advise the Trustee with respect to the rights and remedies of the estates' creditors and other parties-in-interest; (e) prepare all appropriate pleadings required to be filed in the case on behalf of the Trustee; (f) perform any other legal services which may be appropriate in connection with the liquidation of the estate; (g) conduct appropriate examinations of witnesses, claimants, and other parties-in-interest in connection with such litigation; and (h) perform any other legal services that may be appropriate in connection with the liquidation of the estate's assets. The firm will be paid at these rates: Partners $520/$1,100 per hour Of Counsel $400/$1,100 per hour Associates/Staff Attorneys $420/805 per hour Paralegals $310/470 per hour Porter Hedges is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. A copy of the Affidavit of Proposed Counsel dated January 28, 2026, is available at https://urlcurt.com/u?l=IssDo5 from PacerMonitor.com. A copy of the Court's Order dated January 28, 2026, is available at https://urlcurt.com/u?l=w8rHOR from PacerMonitor.com. About Rosslyn2016 LLC ROSSLYN2016 LLC is the owner and operator of The Retreat on Rosslyn Apartments, a residential apartment complex located at 5801 North Houston Rosslyn Rd. in Houston, Texas. ROSSLYN2016 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. S.D. Tex. Case No. 25-31817) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handled the case. The Debtor was represented by James Q. Pope, Esq. at The Pope Law Firm. The case was converted to Chapter 7 on January 8, 2026. Allison D. Byman is the Chapter 7 trustee. SAKS GLOBAL: To Shut Down 57 Saks Off 5th Stores in Chapter 11 -------------------------------------------------------------- Alex Wittenberg of Law360 reports that Saks Global disclosed that it will close 57 Saks Off 5th stores nationwide while restructuring in Chapter 11, marking a major pullback from its off-price retail strategy. The decision reflects ongoing challenges facing physical retail amid shifting consumer spending habits. The company is seeking bankruptcy court approval to implement the closures as part of a broader turnaround plan. Saks Global has said it remains focused on preserving liquidity and restructuring its operations to support a post-bankruptcy recovery, the report states. 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. SAY YES REALTY: Unsecured Creditors to Get Nothing in Plan ---------------------------------------------------------- Say Yes Realty of Birmingham, LLC filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Disclosure Statement describing Small Business Plan of Reorganization dated January 22, 2026. The Debtor is a domestic limited liability company formed on July 20, 2022 by its members Alonzo McCruter and Jessica Escott. The company engages in real estate investment by purchasing real properties, rehabilitating and remodeling them, and then either renting or selling those properties to third parties. On or about April 4, 2023, the Debtor purchased real property located at 2905 27th Street North, Birmingham, AL 35207 for $60,000.00. The purchase was financed by a mortgage loan closed simultaneously in the amount of $57,000.00 held by Robert Ford. A mortgage evidencing the transaction was filed in the Jefferson County Probate Court. Due to a downturn in revenue, the Debtor was unable to make monthly payments on this property. Mr. Ford initiated foreclosure proceedings. Notice of foreclosure ran in the Alabama Messenger on March 8, March 15, and March 22, 2025, with the foreclosure sale scheduled for March 31, 2025. This Chapter 11 case was filed on March 28, 2025 to stop the foreclosure. Despite the bankruptcy filing, a foreclosure deed was recorded in the Jefferson County Probate Court on April 2, 2025. The foreclosure has since been set aside. During this time, the Debtor obtained a contract for the purchase and sale of this property for $155,000.00. The property is now scheduled for sale by the Debtor. The Debtor also owns real property located at 253 Mulberry Street, Birmingham, AL 35214, which is subject to a mortgage debt held by Demetria and Francesca Pennington in the amount of $312,805.37. This property is not currently generating rental income. The estimated value of this property is $446,600.00. Class 3 consists of Allowed General Unsecured Claims, including the State of Alabama's general unsecured claim. Total General Unsecured Claims filed in this case total $82,878.42. Allowed General Unsecured Creditors shall be paid nothing (0.00%). Class 3 is impaired. Holders of Class 3 claims are entitled to vote on the Plan. Class 4 consists of the equity interests in the Debtor held by Alonzo McCruter and Jessica Escott. All equity interests held prior to the Petition Date shall be retained. The Debtor has a contract to sell the real property located at 2905 27th Street North, Birmingham, AL 35207 for $155,000.00. The closing is scheduled to occur on or before January 16, 2026. From the sale proceeds, the following payments will be made: * Robert Ford's secured claim (approximately $77,157.59 plus accrued interest/fees) * Priority tax claims ($2,628.02) * Administrative expenses (approximately $15,000.00) * Any remaining proceeds to the estate The Mulberry Street property has an estimated value of $446,600.00 and is encumbered by the Pennington claim of $312,805.37. The Debtor, through its principals Alonzo McCruter and/or his wife, will refinance this property within 180 days of confirmation to pay the Pennington claim in full. A full-text copy of the Disclosure Statement dated January 22, 2026 is available at https://urlcurt.com/u?l=Ngpjhe from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Keller, Esq. Russo White & Keller, P.C. 315 Gadsden Highway, Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rjlawoff@bellsouth.net About Say Yes Realty of Birmingham, LLC Say Yes Really of Birmingham, LLC is a domestic limited liability company formed on July 20, 2022 by its members Alonzo McCruter and Jessica Escott. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-00943-TOM11) on June 4, 2025. In the petition signed by Alonzo McCruten, manager-member, the Debtor disclosed up to $500,000 in assets and up to $50,000 in liabilities. Judge Tamara O. Mitchell oversees the case. Robert C. Keller, Esq., at Russo, White & Keller, P.C., represents the Debtor as legal counsel. SCOOTER'S TRUCKING: Commences Subchapter V Bankruptcy in Florida ---------------------------------------------------------------- On January 27, 2026, Scooter's Trucking Services, Inc. filed for Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Scooter's Trucking Services, Inc. Scooter's Trucking Services, Inc. is a Florida-based transportation company providing commercial trucking and freight services to regional customers. Scooter's Trucking Services, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00510) on January 27, 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 Tiffany P. Geyer handles the case. The Debtor is represented by Scott W. Spradley, Esq., of the Law Offices of Scott W. Spradley, P.A. SERENITY LIGHT: Hires Matthews Real Estate as Real Estate Broker ---------------------------------------------------------------- Serenity Light Recovery Holdings, LLC filed an emergency application seeking approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Matthews Real Estate Investment Services, Inc. as real estate brokers. The firm will market and sell the Debtor's real property located at 1820 County Road 36, Angleton, Texas 77515. The firm will receive a commission of 4.5 percent of the property's purchase price. Matthew Fitzgerald, a licensed broker at Matthews Real Estate Investment Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Fitzgerald Matthews Real Estate Investment Services, Inc. 1600 West End Ave. Suite 1500 Nashville, TN 37203 Telephone: (414) 246-4908 Email: matt.fitzgerald@matthews.com About Serenity Light Recovery Holdings LLC Serenity Light Recovery Holdings LLC operates Serenity Light Recovery, a substance abuse and addiction treatment center located in Angleton, Texas. The facility provides medically supervised detoxification, residential treatment programs, and intensive outpatient services, integrating holistic therapies such as equine therapy, yoga, and nutritional counseling. It serves patients in the broader Houston area and operates within the healthcare and social assistance sector. Serenity Light Recovery Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35160) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Reese Baker, Esq. at BAKER & ASSOCIATES. SHPS PLLC: Unsecured Creditors to Get 21 Cents on Dollar in Plan ---------------------------------------------------------------- SHPS PLLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization for Small Business dated January 22, 2026. The Debtor is a professional limited liability company that offers scalable, reliable and accurate radiology solutions to hospitals, imaging centers, and private radiology groups inside a virtually integrated physician structure focused on providing the highest quality services designed to enhance patient care and create operational and clinical efficiency. This bankruptcy was precipitated by a failed contract with a hospital. Prepetition the Debtor entered into an $8 million contract with Ascension Hospital to provide radiology services, commencing on April 1, 2024. Shortly thereafter, Ascension's IT infrastructure failed, which significantly disrupted its operations. This failure prevented the Debtor from billing patients for several months, to the tune of $3 million. The inability to generate sufficient revenue during this time period caused the Debtor to fall behind on payments owed to several of its vendors. One of its vendors, Virtual Radiologic Professionals of Illinois, S.C. ("vRad"), eventually sued the Debtor and obtained a judgment in the amount of $667,810.43 (the "Judgment"). This vendor aggressively pursued collection efforts and ultimately was able to garnish the Debtor's sole operating bank account at JPMorgan Chase Bank, N.A. (Account Number 7201) (the "Operating Account"). The garnishment of the Operating Account, which holds all of the Debtor’s working capital, completely disabled the Debtor from continuing its operations. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $1,428,945.38. The final Plan payment is expected to be paid on January 31, 2031. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations and future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 21 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of Non-Priority Unsecured Creditors. Each holder of an unsecured claim shall be entitled to be paid a pro rata portion of their claims from the Debtor's discretionary income after (a) payment of administrative expenses in the bankruptcy case, (b) statutory fees, and (c) the priority unsecured claims in Class 1 of this Plan. Payments will be made on a quarterly basis after the effective date of the Plan and after the conditions in the prior sentence are made. This Class is impaired. Class 5 consists of Equity security holders of the Debtor. The Debtor's current principal shall maintain ownership in the Debtor. The Plan will be funded through (a) the return of collateral to secured lenders and (b) the disposable income generated from the Debtor's business operations. A full-text copy of the Plan of Reorganization dated January 22, 2026 is available at https://urlcurt.com/u?l=FS3sCl from PacerMonitor.com at no charge. Counsel to the Debtor: H. Joseph Acosta, Esq. Jeff Carruth, Esq. Aimee E. Marcotte, Esq. CONDON TOBIN SLADEK SPARKS NERENBERG, PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Telephone: (214) 265-3852 Facsimile: (214) 691-6311 E-mail: jacosta@condontobin.com jcarruth@condontobin.com amarcotte@condontobin.com About SHPS LLC SHPS LLC, doing business as Radiologist.com, provides onsite and teleradiology services from its facility in Frisco, Texas, offering expert imaging interpretations, consultations, and radiology management support. The Company leverages advanced imaging technology and AI to deliver precise diagnostic insights and partners with healthcare providers to enhance patient care. SHPS serves hospitals, clinics, and other healthcare professionals across its operational network. SHPS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43740) on Sept. 30, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Joseph Acosta, Esq., at Condon Tobin Sladek Thornton Nerenberg, PLLC. SOUTH TOWN: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: South Town by 4M LLC 1919 S. Industrial Hwy. Ann Arbor, MI 48104 Business Description: South Town by 4M LLC provides services related to real estate, including property management and other real estate support activities, operating within the NAICS 5313 classification. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-40805 Judge: Hon. Lisa S Gretchko Debtor's Counsel: Kimberly Ross Clayson, Esq. TAFT STETTINIUS & HOLLISTER LLP 27777 Franklin Rd., Suite 2500 Southfield, MI 48034 Tel: (248) 351-3000 E-mail: kclayson@taftlaw.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The Debtor's petition was executed by Heidi Poscher, personal representative of the Estate of Margaret S. Poscher, the Debtor's sole member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SCAFTHY/South_Town_by_4M_LLC__miebke-26-40805__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. G2 $26,425 Attn: Jason Stoops 1350 Eisenhower Pl Ann Arbor, MI 48108 2. Higley Construction $948,115 Attn: Ryan Doyle 1274 Library St. #400 Detroit, MI 48226 3. Learfield $180,000 Attn: Shelby Koelling 922 Walnut Street Kansas City, MO 64106 4. SmithGroup $695,625 Attn: Michael Johnson 201 Depot St #100 Ann Arbor, MI 48104 5. Synecdouche Studios $805,832 Lisa Sauve 626 Harper Ave, Suite A Detroit, MI 48202 SPAC RECOVERY: Seeks to Extend Plan Exclusivity to March 25 ----------------------------------------------------------- SPAC Recovery Co. asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 25 and May 24, 2026, respectively. The Debtor explains that this case presents significant complexity due to the nature of its principal asset, the Litigation, and the fact that several of its creditors, including the Movants, are defendants in the Litigation. A plan must account for the centralized administration and prosecution of the Litigation, the establishment of an estate-controlled trust or liquidating vehicle, and the separate classification and/or designation of votes of conflicted litigation defendant creditors from unconflicted creditors. The Debtor requires additional time to address these complexities in developing its plan. Further, the Debtor's attention has been diverted by the delayed hearing on and approval of its DIP Financing and litigation by the Movants. Now that the Debtor has secured financing for this case and is past the hearing on the MTD, it has the resources and ability to focus on formulating and drafting a plan of liquidation and should be provided sufficient time to do so. The Debtor believes that it has made significant progress in good faith towards achieving this goal despite significant circumstances beyond its control, including the continuance of the DIP Motion hearing due to the government shutdown and the necessity of responding to the objections to the DIP Motion and the MTD filed by FS Fund and Nomura. The Debtor claims that following approval of the DIP Financing, the company has the ability to and has been working to fund and pay its post-petition bills as they become due. The Debtor is otherwise complying on a timely basis with all other post-petition obligations of a debtor-in-possession. The requested extension of the Exclusive Periods will not jeopardize the rights of creditors and other parties in this case. The Debtor cites that it has diligently pursued the administration of this case despite significant circumstances beyond its control. The Debtor is seeking only a modest sixty-day extension to allow sufficient time to formulate and file a plan of reorganization now that the DIP Financing has been approved. The Debtor is committed to exiting chapter 11 as expeditiously as possible and will propose a plan as soon as practicable. The Debtor expects to propose a confirmable liquidating plan that transfers the Litigation to an estate-controlled trust or liquidating vehicle, funds administrative expenses from a combination of the DIP Financing and exit financing, funds creditor distributions from Litigation proceeds, and provides appropriate governance to ensure fiduciary decision-making in the creditors' best interests. The Debtor intends to develop a fair plan, but one that equitably distributes the value of the Debtor's assets. Such a plan is certainly viable. The Debtor asserts that its request to extend the Exclusive Periods is not intended to maintain leverage over any group of creditors. Rather, the Debtor is seeking an extension so that it may devote the resources required to propose a confirmable plan that is in the best interest of all parties in interest. The only creditors that have been active in the case thus far, the Movants, have expressed their opposition to this case and any plan of liquidation that continues the Litigation against them. The Debtor further asserts that it is in the best interest of its non-litigation creditors to provide the Debtor continued exclusivity and a sufficient amount of time under the circumstances to formulate and file a plan of liquidation. Allowing the Debtor to remain in control of the chapter 11 plan process will save time and money and likely lead to the filing of a reorganization plan that has the best possible chance of success. Accordingly, the Debtor submits that more than sufficient cause exists for the relief requested herein. SPAC Recovery Co. is represented by: Bonnie Pollack, Esq. Matthew G. Roseman, Esq. CULLEN AND DYKMAN LLP The Omni Building 333 Earle Ovington Blvd, 2nd Fl. Uniondale, NY 11553 Telephone: (516) 357-3700 E-mail: bpollack@cullenllp.com mroseman@cullenllp.com - and - Michelle McMahon, Esq. Michael Traison, Esq. CULLEN AND DYKMAN LLP One Battery Park Plaza, 34th Fl. New York, NY 10004 Telephone: (212) 510-2296 E-mail: mmcmahon@cullenllp.com mtraison@cullenllp.com About SPAC Recovery Co. SPAC Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name SPAC Recovery and is focused on litigation and recovery efforts connected to its prior activities. SPAC Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reported total assets of $57,306,134 and total liabilities of $9,469,770. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq., at Cullen and Dykman, LLP. SPV LIT Fund, LLC, as DIP lender, is represented by: Michael Smiley, Esq. Samantha Espino, Esq. The Underwood Law Firm 500 S. Taylor, Suite 1200 Amarillo, TX 79101 mike.Smiley@uwlaw.com samantha.espino@uwlaw.com SPIRIT AIRLINES: Castlelake Enters Talks to Buy Bankrupt Airline ---------------------------------------------------------------- Doyinsola Oladipo and Sabrina Valle of Reuters report that investment firm Castlelake has entered talks to acquire Spirit Airlines, injecting fresh interest into the bankrupt discount carrier. This follows a previously failed offer from Frontier Group Holdings in November, which sources familiar with the matter said was unworkable. Though negotiations may not produce a finalized acquisition, Castlelake's involvement has revived the possibility that Spirit could exit Chapter 11 through a sale rather than continue shrinking or risk liquidation. CNBC first reported Castlelake's interest, and neither Spirit nor Castlelake provided comment, the report relays. At a recent hearing in the Southern District of New York, Spirit’s legal counsel described the airline as "substantially reenvisioned," with leaner operations and a smaller fleet. The company is positioning itself as more efficient, aiming to demonstrate value to potential buyers while restructuring, according to Reuters. Emergency financing from creditors has kept Spirit operational during its bankruptcy, including a $100 million infusion in December. However, the airline's long-term viability remains uncertain, with union leaders urging bondholders to release additional funding to prevent liquidation and preserve South Florida's carrier, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. STATION CASINOS: Moody's Ups CFR to Ba3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded the ratings of Station Casinos LLC ("Station"), including the company's Corporate Family Rating to Ba3 from B1 and Probability of Default Rating to Ba3-PD from B1-PD. Moody's additionally upgraded the company's senior unsecured notes to B2 from B3 and the company's senior secured term loan B and senior secured revolving credit facility to Ba1 from Ba2. The company's Speculative Grade Liquidity rating remains unchanged at SGL-2, and the outlook was changed to stable from positive. The upgrades and stable outlook reflect Station's consistent operating performance and solid operating margins which has resulted in a reduction in debt/EBITDA to 4.2x LTM September 30, 2025 as well as its good liquidity including significant positive free cash flow generation. RATINGS RATIONALE Station Casinos LLC's Ba3 CFR reflects the historically stable operating results, limited supply growth in the Las Vegas locals market and solid margins. Positive free cash flow before growth capex and good liquidity further support the credit profile. Moody's expects debt to adjusted EBITDA to continue to decline as the company's Durango property has ramped and debt levels are reduced over time. Station owns its real estate and has multiple parcels of gaming entitled land to support future development and growth opportunities. Station continues to see strong operating results and improved EBITDA margins as compared to pre-pandemic levels. Key challenges are the company's geographic concentration and vulnerability to changes in the economic environment given the highly discretionary nature of consumer spending on casino gaming. The stable outlook reflects Moody's expectations for continued strength in its operating performance, good liquidity, and for stable to improving credit metrics including debt/adjusted EBITDA. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company generates consistent positive free cash flow, continues to grow in size and scale, and maintains debt-to-EBITDA below 3.5x. Ratings could be downgraded if EBITDA margins decline, liquidity deteriorates, or if debt-to-EBITDA is maintained over 4.5x. Station Casinos LLC owns and operates 7 major hotel/casino properties and 11 smaller casino properties (three of which are 50% owned) in the Las Vegas metropolitan area. Station's net revenue for the LTM period ended September 30, 2025 was approximately $2 billion. Station Casinos LLC is owned by Red Rock Resorts, Inc., a publicly traded holding company whose principal asset is Station. The Fertitta family controls approximately 90% of the voting rights in Red Rock Resorts, Inc. The principal methodology used in these ratings was Gaming published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TEAM SERVICES: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned first-time 'B' Long-Term Issuer Default Ratings (IDRs) to TEAM Services Holding, Inc. and RMS Holding Company, LLC (together, "TEAM"). The Rating Outlook is Stable. Fitch has also assigned ratings of 'B(EXP)' with a Recovery Rating of RR4 to the expected first-lien senior secured revolver and term loan. Fitch will assign final ratings to the first-lien revolver and term loan contingent upon receiving final documentation consistent with the transaction information provided to date. The ratings capture Fitch's expectation that TEAM can maintain manageable leverage and positive FCF generation over the rating horizon, enabling the company to pursue additional bolt-on M&A activity without raising significant debt. Business profile factors such as limited business line diversity and payor concentration with Medicaid are relative credit weaknesses. These risks are partially mitigated by TEAM's diversity across states and good long-term growth potential, supported by favorable demographic trends and its position as a lower-cost provider compared to institutional settings. Key Rating Drivers Manageable Financial Structure: Fitch expects TEAM's EBITDA Leverage (defined as Fitch-adjusted EBITDA minus dividends to minorities/gross debt) to be 5.4x upon the close of the General Atlantic acquisition based on the LTM through Q3 2025. Fitch expects leverage to decline to 5.0x at YE26 and could decline further to below 5.0x thereafter depending on capital allocation. Fitch's forecast incorporates the expectation that the company will use FCF to pursue acquisitions rather than voluntarily reduce debt. EBITDA contributions from forecasted acquired entities and improving operating leverage support deleveraging modestly through EBITDA growth. Medicaid Reimbursement Uncertainty: TEAM's business is exposed to changes in federal Medicaid funding. The Congressional Budget Office (CBO) expects the recent U.S. tax and spending bill to lower federal Medicaid funding by over $1 trillion over the next 10 years. About 89% of company EBITDA is generated from public payors, the vast majority of which are from Medicaid or Medicaid Managed Care Organization (MCO) payors. Fitch assumes Medicaid funding changes could modestly pressure gross margins over the next several years if pressure on state Medicaid budgets causes reimbursement to under-pace wage inflation. Fitch's Rating Case forecast incorporates this risk by assuming gross margins decline, driving EBITDA margins toward 10% beyond FY26 compared to 11.0% in Fitch's FY26 forecast. Fitch's Rating Case does not assume that states cut optional PCS program coverage and Fitch would revisit its assumptions should that occur. Changes to state-level coverage in large states like NY and CA would meaningfully impact credit metrics and possibly pressure ratings. Reimbursement risks are partially mitigated by TEAM's presence in 34 states and its position as a lower-cost provider compared to institutional settings, incentivizing states to maintain reimbursement growth and coverage. Weak Payor Mix and Diversification: Substantially all company revenues are generated from known caregiver personal care services (PCS). This concentration exposes the company to risk associated with payor concentration and external factors that drive market demand. TEAM's largest individual payor comprises 12% of revenue, but Fitch considers the high proportion Medicaid and MCO payor sources (comprising about 89% of EBITDA) to be concentrated. Risks associated with payor concentration are partially mitigated by its position as a low-cost provider, demographic tailwinds, and some (11% of EBITDA) exposure to private payors. Well Positioned for Growth: TEAM's credit profile benefits from its position within the known caregiver PCS industry which Fitch expects will continue to grow. Growth is supported by demographic trends (an aging population), TEAM's lower-cost position versus nursing facilities and institutional settings, and consumers' increasing preference for at-home care. TEAM's organic revenue has grown at a 16% CAGR since 2015, driven by patient volume increases and improved reimbursement. Fitch expects the pace to moderate primarily due to Medicaid funding pressures, though patient and caregiver demand should remain strong. Good Profitability and FCF: Fitch views TEAM's profitability metrics as a relative credit strength and supportive of positive FCF generation. Reported EBITDA margins have been around 10%, and Fitch expects margins to remain in the 10%-11% range during the rating horizon. FCF has historically been near breakeven due primarily to a high interest burden relative to reported EBITDA. A lower relative interest burden under the pro forma capital structure should support positive FCF generation and give the company the financial flexibility to pursue bolt-on M&A activity without raising significant debt. Financial Flexibility and Policy: Fitch expects liquidity to be adequate following the close of the General Atlantic acquisition, supported by the undrawn $250 million first lien senior secured revolver and approximately $25 million in cash. Fitch expects EBITDA interest coverage to sustain in the mid-2x range. FCF generation over the rating horizon should be supportive of the liquidity position and be sufficient to make required term loan amortization payments. Fitch anticipates that the company will maintain a relatively high leverage tolerance under General Atlantic ownership and pursue further bolt-on M&A in lieu of material debt reduction over the rating horizon. Parent and Subsidiary Linkage: Fitch applies the weaker parent, stronger subsidiary path in its Parent and Subsidiary Linkage Rating Criteria to derive IDRs for RMS Holding Company, LLC (subsidiary) and TEAM Services Holding, Inc. (parent). Fitch views the subsidiary as having the stronger credit profile, given it has no outstanding debt and shares the parent's consolidated business profile. Legal ring-fencing and access & control are considered open because both entities are within the same restricted group and the parent directly owns the subsidiary. As a result, both entities are rated at the parent's consolidated profile of 'B'. Peer Analysis TEAM's closest peer within Fitch's public U.S. healthcare provider coverage is Aveanna Healthcare Holdings Inc. (Aveanna; B-/Positive). TEAM and Aveanna are similarly exposed to Medicaid reimbursement and operate at similar revenue and EBITDA scale. Both issuers have similar profitability metrics and FCF generating ability. Fitch expects TEAM to maintain slightly lower leverage, at 4.5x-5.0x versus Aveanna's 5.0x-5.5x over the rating horizons. TEAM is slightly less diversified by business line and payor than Aveanna, but this risk is partially mitigated by TEAM's historically lower profitability volatility. Higher-rated peers such as Universal Health Services, Inc. (BB+/Stable), Tenet Healthcare Corporation (BB-/Positive/UCO) and AMN Healthcare Services, Inc. (BB/Negative) broadly have stronger leverage metrics and greater scale, better business line diversity, and stronger geographic diversity than TEAM. Fitch's Key Rating-Case Assumptions -- Total pro forma revenue of about $2.4 billion in FY25 with organic growth in the low- to mid-single digit percentages in FY26 through FY28, driven by continued patient census growth but partially constrained by Fitch's expectation that Medicaid reimbursement will slow in the later years of the forecast. -- Fitch-adjusted EBITDA margins of approximately 11.0% in FY25 and FY26. The Rating Case assumes EBITDA margins to decline to around 10.0%-10.5% in FY27-FY28 to account for potential Medicaid reimbursement headwinds which could negatively impact gross margins. -- FCF sustained in the 3%-5% of revenue range, primarily driven by significant EBITDA improvement anticipated in the forecast versus historic levels, when FCF was near breakeven. -- Bolt-on acquisition activity resuming in FY27, funded with FCF and available liquidity. Corporate Rating Tool Inputs and Scores Fitch scored TEAM 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 (b, Moderate), Market & Competitive Positioning (b-, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (b-, Higher), Profitability (bb-, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb-, 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. - The B+ to CC Considerations apply in Fitch's analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Recovery Analysis Key Recovery Assumptions -- The recovery analysis assumes that TEAM Services Group would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. -- Fitch applies a $140 million GC EBITDA assumption and 6.0x enterprise value (EV) multiple for a total EV of $840 million. Recoverable value is reduced to $756 million, assuming 10% administrative claims in bankruptcy. -- Fitch assumes that the $250 million first lien senior secured revolver is fully drawn at the time of default. GC EBITDA rationale Fitch applies a $140 million GC EBITDA assumption to the recovery analysis, which reflects Fitch's view of a sustainable post-reorganization EBITDA level upon which Fitch bases the EV. The GC EBITDA assumption is below LTM 3Q25 Fitch EBITDA of $256 million. The decline in GC EBITDA versus LTM EBITDA reflects assumed depletion of the current operating position that could cause a level of distress to provoke a default plus a level of corrective action assumed to occur during restructuring. Fitch identifies heightened payment pressure from Medicaid funding cuts, changes in state-level optional Medicaid coverage for PCS, or competitive pressures as the most likely causes of operational stress. In order to provoke default, these factors in combination would likely drive EBITDA to levels below Fitch's $140 million GC EBITDA estimate for a period leading up to default. Fitch's GC EBITDA estimate assumes that corrective actions would occur during a bankruptcy process, such as exiting underperforming states where the company has limited scale or right sizing corporate SG&A to levels appropriate to the pro forma footprint. Fitch estimates that this would improve EBITDA from trough levels but remain considerably below the long-term Rating Case forecast levels, translating to Fitch's GC EBITDA estimate of $140 million. EV Multiple rationale The GC multiple of 6.0x reflects the company's overall moderate scale in a fragmented market and its capacity to generate average EBITDA margins compared to healthcare provider peers. Strong industry demand for at-home health services supports the distressed multiple, but this is offset by the business's relatively limited intangible value and low barriers to entry. The 6.0x GC EBITDA multiple compares to the General Atlantic purchase price at approximately 11.5x Fitch-adjusted EBITDA and historical bankruptcy case study exit multiples for peer companies in the healthcare industry of 6.3x. Recovery Waterfall A $250 million first lien senior secured revolver (assumed fully drawn at the time of default), $625 million first lien senior secured term loan, and $750 million of other first lien senior secured debt are expected to rank pari passu and rank equally in right of payment. The $756 million of recoverable value is distributed pro rata to each instrument, translating to an 'RR4' recovery rating for the first lien senior secured revolver and term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch's expectation that EBITDA leverage will be sustained above 5.5x; -- Fitch's expectation that EBITDA interest coverage will be sustained below 2.0x; -- Fitch's expectation that FCF margins will be consistently breakeven or lower; -- Greater-than-expected effects from Medicaid funding and eligibility changes in the U.S. Tax and Spending Bill of 2025 that reduce profitability and push credit metrics to Fitch's negative sensitivity triggers. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Fitch's expectation that EBITDA leverage will be sustained below 4.5x, supported by clear indications from states, industry participants, and/or management that Medicaid funding changes will not significantly affect EBITDA generation, together with sustainable deleveraging actions; -- Fitch's expectation that EBITDA interest coverage will be sustained above 3.0x. Liquidity and Debt Structure TEAM has sufficient liquidity, with total cash expected to be approximately $25 million after the close of the General Atlantic acquisition with full availability under its new $250 million first lien senior secured revolver set to expire in 2031. Fitch expects liquidity to remain adequate through the rating horizon, as modestly positive FCF should support a stable liquidity profile. The company's new $625 million first lien senior secured term loan will mature in 2033. Until then, debt due is limited to $6.25 million of expected annual term loan amortization. Issuer Profile TEAM Services Holding, Inc. is a leading provider of personal care services (PCS) and related household employment services (HES) via known caregivers for seniors and individuals with disabilities. RATING ACTIONS Entity / Debt Rating Recovery ------------- ------ -------- TEAM Services Holding, Inc. LT IDR B New Rating senior secured LT B(EXP) Expected Rating RR4 RMS Holding Company, LLC LT IDR B New Rating TEAM SERVICES: Moody's Rates New Secured Notes Due 2033 'B2' ------------------------------------------------------------ Moody's Ratings assigned a B2 rating to TEAM Services Holding, Inc.'s ("TEAM Services") proposed senior secured notes due in 2033. The company's B2 Corporate Family Rating, B2-PD Probability of Default Rating, B2 rating on the existing backed senior secured first lien bank credit facility and the stable outlook remain unchanged. TEAM Services will use the money raised from these senior secured notes, along with funds raised from senior secured first lien bank credit facility and approximately $1.6 billion in sponsor/rollover equity contribution, to fully acquire RMS Holdings Company, LLC ("RMS") and pay down all of its outstanding debt. Concurrent with the close of this debt refinancing transaction, the private equity firm General Atlantic will acquire all businesses under the umbrella of RMS, including that of Moody's rated entity -- TEAM Services Group, LLC (B3/stable), which is a subsidiary of RMS. RATINGS RATIONALE TEAM Services' B2 CFR reflects Moody's expectations that the company will operate with moderately high adjusted debt/EBITDA in the low-5.0x range over the next 12 to 18 months. The rating is constrained by the company's moderate but improving scale and geographic concentration with three states – New York, California, and Minnesota- representing approximately 66% of the total revenue across all busineses. The rating also reflects Moody's expectations that TEAM Services will continue to pursue acquisitions, including the debt-funded ones. Despite having a large exposure to Medicaid reimbursement, TEAM Services benefits from insulation given the state-by-state nature of reimbursement changes driven by Managed Care Organizations (MCOs). The company's ratings are supported by moderate but improving scale, diversified nature of its services, growing demand for home-based long-term care, and long-term contractual relationships. The rating is also supported by growing demand for home-based long-term care, the preference of the known caregiver model and long-term contractual relationships. Moody's expects the company to maintain very good liquidity over the next 12 months. The company will likely generate $50-$100 million in free cash flow in the next 12 months. Liquidity is also supported by $25 million of cash on hand and no borrowing under the proposed $250 million revolver (except for small amount of LCs) when the refinancing transaction closes. The stable outlook reflects Moody's views that TEAM Services' financial leverage will remain high, with Moody's adjusted debt/EBITDA in the low 5 times range over the next 12 to 18 months. In addition, Moody's expects that the company will continue to remain highly acquisitive. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be downgraded if TEAM Services' revenue or profitability weakens or the company fails to effectively manage its rapid growth. A downgrade could also occur with negative changes to Medicaid reimbursement rates or if the company's financial policies become more aggressive. The ratings could also be downgraded if liquidity erodes or if debt/EBITDA is sustained above 6.0 times. The ratings could be upgraded if TEAM Services continues to successfully execute its acquisition growth strategy leading to improved scale, generates a track record of consistent positive free cash flow, and debt/EBITDA is sustained below 5.0 times. TEAM Services Holding, Inc., headquartered in San Diego, CA, is a leading provider of employment administration and risk management solutions that facilitate self-directed home care for seniors and people with long-term disabilities. The business assets TEAM Services will acquire (represented by RMS Holdings Company, LLC) generated approximately $2.5 billion in net contract revenues for the last twelve-month period ending September 30, 2025. The principal methodology used in this rating 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. THRIFTY COOLING: James Bailey Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed James Bailey, III of Butler Snow, LLP as Subchapter V trustee for Thrifty Cooling & Heating, doing business as One Hour. Mr. Bailey will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bailey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Bailey III Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Phone: (901) 680-7347 Email: Jeb.Bailey@butlersnow.com About Thrifty Cooling & Heating Thrifty Cooling & Heating, doing business as One Hour, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-20385) on January 20, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge M Ruthie Hagan presides over the case. Curtis D. Johnson, Jr., Esq., at the Law Office of Johnson and Brown, P.C. represents the Debtor as bankruptcy counsel. TOGETHER GOOD: Plan Exclusivity Period Extended to March 20 ----------------------------------------------------------- Judge Scott W. Everett of the U.S. Bankruptcy Court for the Northern District of Texas extended Together Good Deeds IV, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 20 and May 19, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has started work on its plan of reorganization and intends to file well in advance of the extended deadline. The Debtor will continue to diligently work through its proposed plan. Therefore, the Debtor respectfully requests an extension of the exclusive period to file and confirm a plan of reorganization through March 20, 2026, and May 19, 2026, respectively. The Debtor submits that the requested extension is not sought for delay or to prejudice any party and is of a minimal amount of time necessary to file and confirm its plan. Together Good Deeds IV LLC is represented by: Vickie L. Driver, Esq. Christina W. Stephenson, Esq. Driver Stephenson, PLLC 13155 Noel Road, Ste. 900 Dallas, TX 75240 Telephone: (214) 910-9558 E-mail: vickie@driversteplaw.com E-mail: crissie@driversteplaw.com About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Vickie L. Driver, Esq., at Driver Stephenson, PLLC as counsel and Andre + Associates PC as accountant. Capitol Indemnity Corporation, as lender, is represented by: Emory G. Allen, Esq. Troy T. Kramer, Esq. CLARK HILL PLC 2600 Dallas Parkway, Suite 600 Frisco, TX 75034 Telephone: 214.651.2185 Facsimile: 469.227.6575 eallen@clarkhill.com tkramer@clarkhill.com TONKA INTERNATIONAL: Hires DeMarco-Mitchell PLLC as Legal Counsel ----------------------------------------------------------------- Tonka International Corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will receive these hourly compensation: Robert T. DeMarco $450 Michael S. Mitchell $400 Paralegal Barbara Drake $150 The firm received from the Debtor a retainer of $12,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. DeMarco-Mitchell, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco-Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Tonka International Corporation Tonka International Corp was founded in 2013. The company's line of business includes the wholesale distribution of construction or mining cranes, excavating machinery and equipment. [BN] Tonka International Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40210) on January 15, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge Mark X. Mullin. The Debtor is represented by Robert Thomas DeMarco, Esq. TONOPAH SOLAR: Court Stays CMB, et al. Case Due to Bankruptcy ------------------------------------------------------------- Judge Cristina D. Silva of the U.S. District Court for the District of Nevada stayed further proceedings against Tonopah Solar Energy, LLC, in the case captioned as CMB Infrastructure Group IX, LP et al., Plaintiffs v. Cobra Energy Investment Finance, Inc., et al., Defendants, Case No. 2:21-cv-00214-CDS-DJA (D. Nev.), pending resolution of its bankruptcy proceedings. Tonopah Solar filed a notice of bankruptcy and automatic stay of proceedings, asserting that it commenced a voluntary chapter 11 case in the United States Bankruptcy Court for the District of Delaware. Tonopah Solar contends that, under 11 U.S.C. Sec. 362(a)(1), its voluntary petition gives rise to an automatic stay of all proceedings. Tonopah Solar is ordered to file a status report every 180 days regarding the status of the District of Delaware bankruptcy proceedings, with the first status report due on or before July 27, 2026. A copy of the Court's Order dated January 26, 2026, is available at https://urlcurt.com/u?l=u344Ef from PacerMonitor.com. About Tonopah Solar Energy Tonopah Solar Energy, LLC owns and operates a net 110-megawatt concentrated solar energy power plant located near Tonopah in Nye County, Nevada. The power plant is also known as the Crescent Dunes Solar Energy Project, which is the first utility-scale concentrated solar power plant in the United States to be fully integrated with energy storage technology. Tonopah Solar Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11884) on July 30, 2020. At the time of the filing, the Debtor had estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge Karen B. Owens oversees the case. The Debtor tapped Young, Conaway, Stargatt & Taylor LLP and Willkie Farr & Gallagher LLP as its legal counsel, Houlihan Lokey Inc. as investment banker, and Epiq Corporate Restructuring, LLC as claims agent and administrative advisor. FTI Consulting, Inc., provides turnaround management services. 2nd Try Tonopah Solar Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10060) on January 21, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor is represented by Aaron S. Applebaum, Esq. of DLA PIPER LLP (US). The Debtor's investment banker is SSG ADVISORS, LLC and EPIQ CORPORATE RESTRUCTURING, LLC is its claims & noticing agent. TRANSPORTING CARS: Case Summary & 10 Unsecured Creditors -------------------------------------------------------- Debtor: Transporting Cars Champion, Inc. 9405 Tamarillo Ct. Elk Grove, CA 95624 Business Description: Transporting Cars Champion, Inc. provides vehicle transportation and auto hauling services, operating as a trucking and logistics business based in Elk Grove, California. Chapter 11 Petition Date: January 24, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-20337 Judge: Hon. Christopher D Jaime Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, A 90240 Tel: 213-202-6070 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrey Gelis as president. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IKTSS2Q/Transporting_Cars_Champion_Inc__caebke-26-20337__0001.0.pdf?mcid=tGE4TAMA TREEHOUSE FOODS: Moody's Rates New $550MM First Lien Notes 'B2' --------------------------------------------------------------- Moody's Ratings assigned a B2 rating to TreeHouse Foods, Inc. (New)'s ("TreeHouse Foods" or "TreeHouse") proposed $550 million senior secured first lien notes due 2033. TreeHouse's B2 Corporate Family Rating, B2-PD Probability of Default Rating, B2 rating on the senior secured first lien term loan, and stable outlook are not affected. Industrial F&B Investments III, Inc. will be the initial borrower. Immediately following closing, Industrial F&B Investments III, Inc. is expected to merge with TreeHouse Foods, Inc., with TreeHouse Foods, Inc. continuing as the surviving corporation and becoming the borrower. Additionally, Moody's has corrected the display on its websites to reflect that all the ratings, including CFR, PDR and senior secured first lien term loan ratings, as well as the outlook, previously assigned to Industrial F&B Investments III, Inc. apply to TreeHouse Foods, Inc. (New). TreeHouse will utilize the proceeds from the $550 million senior secured first lien notes in conjunction with the planned proceeds from the $1,250 million senior secured first lien term loan and an equity contribution from private equity firm Investindustrial to fund its leveraged buyout (LBO) of TreeHouse Foods, Inc. The proposed issuance is in line with Moody's expectations for the company to issue $550 million of first lien senior secured debt that is expected to have the same guarantee and collateral package, as the proposed term loan when Moody's assigned the initial ratings. This rating action follows Moody's 21-Jan-2026 rating action where Moody's assigned first time ratings to the company for the leveraged buyout including a B2 CFR with a stable outlook. Please see Moody's 21-Jan-2026 press release for details on the rationale for the rating assignments. RATINGS RATIONALE TreeHouse's B2 CFR reflects its relatively high leverage and Moody's expectations of a more aggressive financial policy under private equity ownership. The rating also incorporates Moody's expectations of weaker free cash flow for at least a year following the leveraged buyout compared to when it was a public company due to higher interest costs. The credit profile is further constrained by a modest operating profit margin and the risk of low or declining growth in certain product lines, which could prompt acquisitions or significant portfolio reshaping. Additionally, TreeHouse's focus in the highly competitive private label food industry and exposure to commodity costs creates execution risk to meaningfully and sustainably improve the EBITDA margin. These challenges are partially offset by the company's significant scale as a leading private label food manufacturer, good product diversification, good liquidity, and projected positive free cash flow. TreeHouse also benefits from growing consumer interest in private label products as elevated grocery prices drive cost-conscious shopping and as product quality continues to improve. Additionally, the broader food industry's low cyclicality provides an element of stability. The comment on the scorecard in the Principal Methodology section below is based on a scorecard pro forma for the leveraged buyout as of September 2025. TreeHouse's good liquidity is supported by a modest cash balance at closing and full availability on a new $400 million ABL revolver. Moody's expects positive free cash flow of $40–$50 million over the next 12 months. The forecast reflects the increase in cash interest, restructuring costs, and elevated capital spending as the sponsor ramps up investments across plants to enhance manufacturing efficiency over the next few years. The ABL is expected to contain a springing minimum fixed charge coverage ratio covenant (based on the credit agreement definition) that will be tested if availability falls below the greater of $40 million and 10% of the line cap. The term loan and secured notes are not expected to contain financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that TreeHouse will maintain good liquidity and that earnings growth will support debt-to-EBITDA deleveraging to around the mid-5x range (Moody's Ratings adjusted) over the next 12–18 months. Moody's also expects the company to generate positive free cash flow of $40–$50 million over the next 12 months. A rating upgrade could occur if TreeHouse achieves sustained organic revenue growth, a higher EBITDA margin, and consistent, solid free cash flow generation, including free cash flow-to-debt maintained above 5%. The company would also need to maintain a financial policy consistent with debt-to-EBITDA leverage sustained below 5.0x. A rating downgrade could occur if operating earnings weaken due to factors such as volume or market share losses, pricing pressure or cost increases. A downgrade could also occur if liquidity or free cash flow deteriorate, debt-to-EBITDA is sustained above 6.5x, or if the financial policy becomes more aggressive. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Consumer Packaged Goods published in June 2022. 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. COMPANY PROFILE TreeHouse Foods is a leading US private label food manufacturer servicing primarily the retail grocery channel. TreeHouse sells products within a wide array of food categories. Sales for the trailing 12 months as of September 30, 2025 were approximately $3.3 billion. TreeHouse Foods, Inc. is currently publicly listed, but will become privately held following the leveraged buyout by Investindustrial. On November 10, 2025, TreeHouse Foods, Inc. announced that it had entered into a definitive agreement to be acquired by Investindustrial in an all-cash transaction valued at approximately $2.9 billion. The transaction is expected to close in the first quarter of 2026. TURTLE LANE: Amends Unsecured Claims Pay Details ------------------------------------------------ Turtle Lane LLC submitted a First Amended Disclosure Statement with respect to Plan of Reorganization dated January 21, 2026. The Plan provides that the Debtor's principal asset, a certain piece of real estate located at 283 Melrose Street, Newton, Massachusetts (the "Property") will be re-financed or sold and the proceeds made available for distribution to the holders of Allowed Secured, Administrative, Priority, and Unsecured Claims. Such proceeds will exceed the amount of all Allowed Claims. The Debtor is marketing the Property for sale. In order to locate potential purchasers for the Property, the Debtor retained Coldwell Banker Realty as broker (the "Broker"). The Broker is licensed in Massachusetts and has significant experience in refinancing and marketing properties like the Property for sale. Pursuant to the application to employ, the Broker is entitled to (a) a commission equal to 2.5% of the purchase price of the Property, which increases to 4% if the Debtor accepts an offer from a purchaser who is not represented by a broker. The Debtor has reached an agreement in principle with a ready, willing, and able purchaser to purchase the Property for $14,100,000 and develop it. The Debtor anticipates that it will shortly document the proposed sale and file appropriate papers in the Bankruptcy Case to seek approval of the sale. The Debtor plans to sell the Property to fund payments to creditors under the Plan. The Debtor has an agreement in principle with a prospective willing and able buyer which it believes will exceed the amount of Allowed Claims. After payment of Secured, Administrative, Priority Claims, General Unsecured Claims, and payment of, or reservation for, the amounts necessary to administer the Plan, any balance of the proceeds will be distributed to the Debtor. Class 3 consists of General Unsecured Claims. The Debtor asserts that that the total amount of Allowed Class 3 claims is less than $200,000 based upon the schedules of assets and liabilities filed in the case, exclusive of the City's claim for fines. The City asserts an unsecured claim of $6,977,000, which the Debtor disputes for the reasons set forth above and believes should be disallowed in its entirety. If the Debtor is successful in reducing the City's asserted claim to less than $2,000,000, it is anticipated that holders of general unsecured claims will receive an amount equal to 100% of their allowed claims. If the City's asserted claim is allowed in full, it is anticipated that holders of general unsecured claims will receive an amount equal to approximately 33% of their allowed claims. In addition, there is the claim of the DIP Lender for amounts advanced to the Debtor during its chapter 11 case, which claim is subordinated to the claims of all other creditors and receive a distribution only after all other allowed claims against the Debtor are paid in full. Allowed Class 3 Claims may be impaired and the holder of such Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. Commencing upon the later of the 30th day following the Effective Date or such date as the Claim becomes an Allowed Claim, in full and complete satisfaction, settlement, release and discharge of the Allowed General Unsecured Claims, the holders of Allowed General Unsecured Claims shall receive payment of their Allowed General Unsecured Claims: (i) in Cash, (ii) from the Net Proceeds of the sale of the Property, (iii) in equal monthly installments for a period of six months following the Effective Date, (iv) upon such terms as is agreed to in writing between the Debtor and the holder of an Allowed Class 3 Claim, or (v) upon such terms as may be determined by the Bankruptcy Court. Confirmation of the Plan shall constitute authorization for the Debtor or the Reorganized Debtor to: (i) effectuate the Plan and to enter into all documents, instruments and agreements reasonably necessary to effectuate the terms of the Plan, and (ii) liquidate any Assets remaining after the Effective Date. The Debtor shall remain in existence as the Reorganized Debtor until dissolved pursuant to the Plan. In order to confirm the Plan, the Debtor must demonstrate that he can make the payments called for under the Plan. The Plan calls for the sale of the Property to generate proceeds to pay creditors. The Property is capable of generating sale proceeds sufficient to satisfy the Claims against the Debtor or pay them in accordance with the Plan. The Plan is therefore feasible and confirmation of the Plan is not likely to be followed by liquidation or the need for further financial reorganization by the Debtor. A full-text copy of the First Amended Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=Kl78fi from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher M. Condon, Esq. BOWDITCH & DEWEY LLP 75 Federal Street Boston, MA 02110 Telephone: (617) 757-6513 E-mail: ccondon@bowditch.com About Turtle Lane LLC Turtle Lane LLC focuses on real estate operations, primarily offering property-related services. Turtle Lane LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11733) on Aug. 21, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos oversees the case. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY, LLP. TWO JAYS PROPERTIES: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Two Jays Properties & Rentals, LLC 340 Old Norman Park Road Norman Park, GA 31771 Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Northern District of Florida Case No.: 26-40045 Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Blanche Berry as manager. 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/AOSUZ7A/Two_Jays_Properties__Rentals__flnbke-26-40045__0001.0.pdf?mcid=tGE4TAMA UNIQUE DENTAL: Gets Interim OK to Use Cash Collateral Until March 1 ------------------------------------------------------------------- Unique Dental Care Professional Limited Liability Company received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral through March 13, consistent with its two-month cash budget. As adequate protection, Live Oak Banking Company and other secured creditors will be granted a replacement lien on post-petition receipts, with the same validity, priority and extent as their pre-bankruptcy liens. As additional protection, Live Oak will receive $10,000 monthly starting February 6 until the Debtor's plan of reorganization is confirmed or the Chapter 11 case is dismissed or converted. The court will hold a hearing on March 11. The order is available at https://shorturl.at/N3Hiu from PacerMonitor.com. Unique Dental Care Professional derives revenue from patient payments and insurance reimbursements and acknowledges that certain creditors may assert liens on its cash and receivables, although the Debtor expressly reserves all rights to dispute the validity, scope, perfection, and enforceability of those liens. A preliminary lien review identified several potential cash collateral lienholders, including Live Oak, Bankers Healthcare Group, GreatAmerica Financial Services, CFG Merchant Solutions and the U.S. Small Business Administration, based on various UCC-1 filings asserting blanket liens, equipment liens, or interests in future receipts. The Debtor emphasizes that some filings contain discrepancies, including naming issues and stated indebtedness of zero. About Unique Dental Care Professional Limited Liability Company Unique Dental Care Professional Limited Liability Company provides general, cosmetic, and restorative dental services from its office in Tennessee, offering treatments including preventive care, crowns, bridges, veneers, teeth whitening, dental bonding, inlays and onlays, and dental implants. The practice emphasizes modern dental techniques and sedation options such as nitrous oxide to accommodate patient comfort while maintaining safety and efficiency. It serves local residents with a focus on comprehensive oral health care, combining state-of-the-art equipment with personalized patient services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05234) on December 12, 2025. In the petition signed by Franklin Daniel, owner, the Debtor disclosed $266,764 in assets and $3,143,552 in total liabilities. Judge Charles M. Walker oversees the case. Henry E. Hildebrand, IV, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. UNITED AIRLINES: Fitch Assigns BB+ Rating to Proposed Unsec. Notes ------------------------------------------------------------------ Fitch Ratings assigned a 'BB+' rating with a Recovery Rating of 'RR4' to United Airlines Holdings, Inc.'s proposed senior unsecured notes. Fitch also affirmed the Issuer Default Rating (IDR) for United Airlines Holdings, Inc. and United Airlines, Inc. at 'BB+'. The Rating Outlook is Stable. Fitch upgraded United's IDR in December 2025 to 'BB+'. The upgrade reflected United's solid execution on strategic initiatives that resulted in an improved market position and margin performance relative to peers. Fitch incorporated 2025 debt reduction, including the repayment of United's remaining loyalty program debt, and Fitch's expectation that United will continue to prioritize a healthy balance sheet in the upgrade. Fitch may consider positive rating actions in the next year if United delivers its targeted margin expansion and continues to generate FCF through upcoming capital spending. The rating is constrained by heavy upcoming capital spending for United's fleet renewal, which will limit FCF generation. Key Rating Drivers Proposed Notes Issuance: United intends to issue senior unsecured notes and use proceeds for general corporate purposes. The planned issuance is offset by scheduled maturities in 2026. Fitch expects gross debt to decline over the year. While United's capital structure is expected to remain predominantly secured, a higher share of unsecured debt—resulting in a larger pool of unencumbered assets—would be credit positive over time. Debt Reduction, Improving Credit Metrics: United's credit metrics are improving, driven by debt repayment and strategic initiatives. Fitch expects further gains as the operating environment strengthens after a soft 2025. EBITDAR leverage fell to 3.5x in 3Q25 from 3.8x at YE 2024, after United fully repaid its remaining $1.52 billion loyalty notes. Fitch's rating case projects leverage declining toward or below 3x over the next one to two years as debt balances fall. Upside exists if United achieves its margin expansion goals. United's liquidity remains high, resulting in net metrics roughly in line with higher-rated Delta Air Lines. However, Fitch expects Delta to have better FCF over the next several years. United is targeting adjusted net leverage below 2x, down from 2.3x at YE 2024. EBITDAR fixed-charge coverage has also improved to the high-3x range, above Fitch's previous positive rating sensitivity. Fitch expects incremental EBITDAR coverage to improve to the low- to mid-4x range through the forecast. Healthy Cash Flows and Liquidity: United generated substantial FCF in 2025, driven by a healthy operating profits and reduced capital spending from delays in aircraft deliveries. FCF is likely to decline but remain positive in 2026 as aircraft deliveries increase. This expectation considers only measured margin improvement in Fitch's base case, with potential upside if United hits its margin expansion goals. Upcoming capex is well covered by United's projected cash flow generation and liquidity position, which remains above its peers. Initiatives Strengthen Market Position: United's investments in its network and loyalty program strengthen its market position in strategic hubs across the U.S. Leveraging its network and loyalty program, United provides customers with competitive travel offerings, including high-frequency routes across a wide range of destinations and comprehensive rewards and benefits. This combination of services attracts and retains a loyal customer base around its key hubs, allowing the company to benefit from premium pricing compared to its peers. Solid Profitability: Profit margins have declined modestly in the past three quarters but have consistently performed well compared with peers. Fitch expects a slight increase in margins in the next few years. Margin generation should result in sufficient cash flows to allow for continued credit metric improvement over time. Fitch believes there is potential upside to Fitch's forecast. Recent industry capacity cuts and benefits from United's ongoing United Next program may lead to more significant unit revenue gains in 2026. Improving Operating Environment: Fitch expects low-single-digit U.S. passenger growth in 2026, supported by solid 4Q25 booking trends and reduced economic uncertainty versus early 2025. Risks persist from consumer health pressures, particularly for budget travelers. Fitch expects premium travel to have sustained growth this year, driven by stable demand from higher-income segments. Business travel may improve further with ongoing return-to-office trends. Pullbacks from smaller airlines are likely to aid the domestic supply/demand balance. Fleet Renewal Benefits: United is seeing benefits from its fleet renewal plan, with further improvement likely as deliveries accelerate in 2026. Fitch believes United's fleet transformation will have a positive impact on its cost structure and competitive position in domestic markets. The aircraft on order will be significantly more fuel efficient in terms of engine technology and seats per departure. Fitch views the fleet renewal as particularly impactful for United's regional operations as it replaces smaller inefficient regional jets. Peer Analysis United's 'BB+' rating is three notches above American Airlines (B+/Stable). The rating differential is driven by lower leverage at United (3.5x on a gross basis as of Sept. 30, 2025, compared to 5.8x at American) and stronger profit margins. The differential is partly balanced by American's deleveraging prospects in coming years, driven by lower planned capital spending. Fitch also views United's more aggressive growth plans as carrying greater incremental execution risk than American's. United is rated one notch below Delta Air Lines (BBB-/Positive), with the difference driven by higher gross leverage at United, though the two are similar when compared on a net basis, as well as by Fitch's expectations of better near-term FCF generation at Delta. Delta also benefits from slightly higher operating margins and a pre-pandemic track record of FCF generation. United also compares well with network carriers outside of the U.S., including Air France (BBB-/Stable) and Deutsche Lufthansa (BBB-/Stable). United's gross leverage metrics are similar to Lufthansa's, and lower than Air France's. United also exhibits better fixed-charge coverage metrics than both peers. Corporate Rating Tool Inputs and Scores To derive the IDR: 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 (bbb, Lower), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact 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 -- Adjusted debt/EBITDAR sustained above 3.3x or adjusted net debt/EBITDAR sustained above 2.3x -- EBITDAR margins deteriorating into the low double-digit range; -- Persistently negative or negligible FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Adjusted debt/EBITDAR sustained below 2.7x, or adjusted net debt/EBITDAR sustained below 1.7x -- Sustained positive FCF generation; -- EBITDAR margins expanding into the upper teens; -- Progress towards United's fleet renewal efforts while maintaining financial flexibility, including maintaining or increasing unencumbered assets. Liquidity and Debt Structure United ended 4Q25 with cash and short-term investments totaling $12.2 billion and $3 billion available under its revolver, equivalent to 26% of United's LTM revenue. United's liquidity balance was higher than either of its major peers and provides a material amount of protection against potential economic pressure. Fitch expects the company's current liquidity balance, along with improving operating cash flows, to be more than sufficient to cover near-term obligations. Fitch expects United to direct cash toward aircraft deliveries and scheduled debt maturities. As such, unencumbered assets are expected to rise through Fitch's forecast period. Issuer Profile United Airlines is one of the largest airlines in the world. The company maintains hubs at Newark Liberty International Airport, Chicago O'Hare International Airport, Denver International Airport, George Bush Intercontinental Airport in Houston, and Los Angeles International Airport, among others. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- United Airlines, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ United Airlines Holdings, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ New Rating RR4 UNIVERSAL DESIGN: To Sell Jacksonville Property to CD Properties ---------------------------------------------------------------- Universal Design Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 11555 Central Parkway #1002, Jacksonville, FL 32224. The Debtor wants to sell the Property to CD Properties LLC for the purchase price of $275,000. The Purchaser is not an insider of the Debtor. The purchase price of $275,000.00 was arrived at through arms-length negotiations. The lienholders of the Property are TD Bank, N.A. and UDS, Inc. The Debtor proposes to sell the Property, free and clear of liens, claims, interests, and encumbrances. The proposal was filed following the Debtor's withdrawal of Motion to Sell Property of 11555 Central Parkway #1002, Jacksonville, FL 32224 to Fuada Velic for the purchase price of $270,000. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by Amanda Klopp, Esq., at Akerman LLP, in West Palm Beach, Florida. UNLIMITED DELIVERIES: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Unlimited Deliveries, LLC d/b/a MK Trucking 517 W. North Street Suite C Pass Christian, MS 39571 Business Description: Unlimited Deliveries, LLC, doing business as MK-Trucking, is a Pass Christian, Mississippi–based freight trucking company providing specialized interstate transportation services across the United States. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 26-50139 Judge: Hon. Katharine M Samson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Rennaissance Way Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mykhaylo Kalyn as CEO and managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3QCBYFY/Unlimited_Deliveries_LLC__mssbke-26-50139__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. BankFirst $640,945 P.O. Box 1248 Columbus, MS 39703 2. BankPlus $505,956 1320 S. Morrison Blvd Hammond, LA 70403 3. BMO Bank, N.A. $453,361 300 E. John Carpenter Irving, TX 75062-2712 4. Clarence Roberts Judgment $6,000,000 c/o W. Bradford Kittre P.O. Box 2187 Daphne, AL 36526 5. Hancock Whitney Bank $1,969,021 P.O. Box 4019 Gulfport, MS 39502-4019 6. Hancock Whitney Bank $1,250,785 P.O. Box 4019 Gulfport, MS 39502-4019 7. Hancock Whitney Bank $420,535 P.O. Box 4019 Gulfport, MS 39502-4019 8. Hancock Whitney Bank $360,229 P.O. Box 4019 Gulfport, MS 39502-4019 9. Hancock Whitney Bank $674,443 P.O. Box 4019 Gulfport, MS 39502-4019 10. Hancock Whitney Bank $607,438 P.O. Box 4019 Gulfport, MS 39502-4019 11. M&T Equipment Finance $457,967 P.O. Box 463 Brattleboro, VT 05302-0463 12. M&T Equipment Finance $303,411 P.O. Box 463 Brattleboro, VT 05302-0463 13. PACCAR Financial Corp. $1,389,774 1501 North Plano Road Suite 100 Richardson, TX 75081 14. PACCAR Financial Corp. $1,370,536 1501 North Plano Road Suite 100 Richardson, TX 75081 15. PACCAR Financial Corp. $1,032,127 1501 North Plano Road Suite 100 Richardson, TX 75081 16. PACCAR Financial Corp. $3,294,137 1501 North Plano Road Suite 100 Richardson, TX 75081 17. PACCAR Financial Corp. $3,201,584 1501 North Plano Road Suite 100 Richardson, TX 75081 18. PACCAR Financial Corp. $3,130,702 1501 North Plano Road Suite 100 Richardson, TX 75081 19. PACCAR Financial Corp. $2,735,118 1501 North Plano Road Suite 100 Richardson, TX 75081 20. Trustmark National $517,171 Ban Commercial Banking - M 1695 Popps Ferry Road Biloxi, MS 39532 USA CRICKET: Trustee Hires Davis Graham & Stubbs LLP as Counsel --------------------------------------------------------------- Mark D. Dennis, as Chapter 11 trustee of USA Cricket, seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Davis Graham & Stubbs LLP as his counsel. The firm's services include: a. helping to amend the Debtor's petition to remove its subchapter V election; b. advising the Trustee on his rights, powers, obligations, and duties and advising and consulting on the status and conduct of the Bankruptcy Case; c. preparing, negotiating, and prosecuting a plan of reorganization and associated disclosure statement; d. obtaining and requesting approval of any financing that may be necessary in the Bankruptcy Case; e. preparing and prosecuting appropriate applications, complaints, objections, answers, motions, orders, reports, notices, and other pleadings and documents that the Trustee may submit in the Bankruptcy Case; f. representing the Trustee in litigation, including, without limitation, any contested matters and adversary proceedings; and g. providing other legal services for the Trustee that may be necessary, appropriate, and proper in connection with his duties in the Bankruptcy Case under Section 1106 of the Bankruptcy Code or as otherwise ordered by the Court. The firm's hourly rates are: Adam L. Hirsch $742.50 Kyler K. Burgi $645 Amanda L. Haugland $472.50 In addition, the firm will seek reimbursement for expenses incurred. Mr. Hirsch disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam L. Hirsch, Esq. DAVIS GRAHAM & STUBBS LLP 1550 17th Street, Suite 500 Denver, CO 80202 Telephone: (303) 892-9400 Facsimile: (303) 893-1379 Email: adam.hirsch@davisgraham.com About USA Cricket USA Cricket manages national team programs for men, women, and youth, administers domestic competitions, and works to grow cricket's presence across the U.S. through coaching, facilities development, and community engagement. The organization also represents the United States in ICC events and works closely with regional cricket leagues and associations. USA Cricket sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16381) on October 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,001 and $1 million. The Debtor is represented by Yanni Kakouris, Esq. VELOCITY FINANCIAL: Fitch Gives 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'B' to Velocity Financial, Inc. and its subsidiary, Velocity Commercial Capital, LLC. (VCC; together, Velocity). The Rating Outlook is Stable. Fitch has also assigned an expected rating of 'B(EXP)' to VCC's proposed $500 million senior unsecured debt issuance, with a Recovery Rating of RR4. The fixed rate of interest and maturity date will be determined at the time of issuance. Velocity intends to use the net proceeds from the issuance for general corporate purposes, including repaying a portion of the borrowings under outstanding repurchase agreements (repos) and to repay $215 million senior secured notes due March 2027. Key Rating Drivers Niche Franchise Strength: Velocity's ratings reflect its differentiated franchise as an established financing provider for investor-owned residential rental and small balance commercial properties, improving profitability, solid growth, strong portfolio diversity and low charge-offs through robust credit management. Leverage, Secured Funding are Constraints: Velocity's ratings are constrained by elevated leverage, a fully secured funding profile, reliance on short-duration repurchase agreements and warehouse lines for originations, dependence on the capital markets for long-term securitized funding, and the highly cyclical nature of the real estate industry. High Loan Impairments, Low Net Charge-Offs: The impaired loans ratio was 9.8% at 3Q25, consistent with the four-year average of 9.9% from 2021-2024, and at the upper end of Fitch's 'bb' benchmark range of 4%-10% for balance sheet-heavy finance and leasing firms with a sector risk operating environment (SROE) score in the 'bbb' category. Impaired loans are elevated compared to peers, which reflects a higher risk portfolio profile, but this is partially mitigated by structural protections, personal guarantees, solid collateral coverage, and a favorable regulatory environment for business-purpose lending. Velocity has consistently realized gains on asset resolutions, which supports net charge offs under 10 bps since 2020. Fitch expects credit losses to remain relatively low over time. Improving Earnings: Velocity reported a pretax ROAA of 2.3% for the trailing twelve months (TTM) ended Sept. 30, 2025. This is above 1.9% in 2024 and an average of 1.7% from 2021-2024, with the recent improvement driven primarily by positive operating leverage, increasing income from agency originations, and strong asset resolution results. Velocity's pre-tax ROAA is within Fitch's 'bb' benchmark range of 1% to 4% for balance sheet-heavy finance and leasing firms with a SROE score in the 'bbb' category. Fitch expects earnings to remain in the 'bb' category range over time. Elevated Leverage: Fitch considers leverage to be a rating constraint. Velocity's gross debt to tangible equity was 10.1x at Sept. 30, 2025, which is within Fitch's 'b' category benchmark range of 7.0x-20.0x for balance sheet intensive finance and leasing companies with a SROE score in the 'bbb' category. Leverage has risen steadily in recent years, from 7.5x at YE21. Management targets leverage at-or-below 10x, on a debt-to-equity basis, including non-controlling interests. Leverage was 9.7x on this basis as of Sept. 30, 2025. Management's leverage target corresponds to about 10.5x on Fitch's tangible equity basis. Further, management targets recourse leverage in the range of 0.5x-1.5x, which excludes non-recourse securitization debt. On this basis, leverage was 1.0x as of Sept. 30, 2025. Fitch believes leverage could decline over time with earnings retention and periodic equity issuances but could be offset by continued portfolio growth. Fully Secured Funding Profile: At 3Q25, Velocity's funding profile was fully secured, consisting of repurchase and warehouse facilities and securitizations. Pro forma for the proposed $500 million senior unsecured note issuance, unsecured debt would represent 8.1% of total debt at 3Q25, within Fitch's 'b' benchmark range of 0%-10% for finance and leasing companies with a SROE score in the 'bbb' category. Fitch believes the reliance on secured funding constrains Velocity's funding flexibility, particularly in times of stress. Fitch would view an increase in the share of unsecured funding, approaching 10% of total debt positively from a credit perspective. Adequate Liquidity: Liquidity is deemed adequate by Fitch with $99 million of unrestricted cash and $97 million of unpledged loans at 3Q25. Aside from its warehouse borrowings, which are typically termed out through securitizations within two to three months of origination, there are no near-term debt maturities. Fitch views Velocity's liquidity as adequate for the rating and expects the firm to maintain sufficient liquidity to address operational funding needs and debt repayment over time. Stable Outlook: The Stable Outlook reflects Fitch's view that Velocity will maintain leverage consistent with its leverage target, sustain credit losses in line with historic trends and maintain pre-tax profitability at current levels. Fitch also expects the company to appropriately manage its debt maturity profile and maintain sufficient liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A sustained increase in leverage above the firm's stated leverage target, which corresponds to 10.5x as calculated by Fitch; -- Material deterioration in credit performance resulting in write- offs well-above long-term historical levels; -- An inability to maintain sufficient liquidity relative to covenants, debt maturities, and unfunded commitments; -- A sustained reduction in pre-tax ROAA below 1%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- The maintenance of leverage at or below 7.0x on a Fitch-calculated basis, including non-recourse debt; -- A sustained increase in the proportion of unsecured debt approaching 10% of total debt; -- The maintenance of strong asset quality performance; -- Consistent core earnings performance with pretax ROAA in excess of 2.0%; -- Maintenance of an adequate liquidity profile relative to near-term debt maturities and unfunded commitments. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected senior unsecured debt rating of VCC is equalized with VCC and Velocity's Long-Term IDR, reflecting the largely secured funding mix and the limited availability of unencumbered assets pro forma for the contemplated unsecured notes issuance, which indicates average recovery prospects for creditors under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected unsecured debt rating is primarily sensitive to changes in Velocity's Long-Term IDR and secondarily to recovery prospects for noteholders based on available unencumbered assets. Upon execution of the proposed unsecured debt issuance, Fitch would expect to convert VCC's expected unsecured debt rating to a final rating of 'B'/RR4. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS VCC is a wholly owned, debt issuing entity of Velocity. Therefore, its Long-Term IDR is equalized with that of its parent. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES VCC's rating is sensitive to any change in Velocity's ratings and would be expected to move in tandem. ADJUSTMENTS -- The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason(s): Weakest Link - Capitalization & Leverage (negative). -- The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). -- The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). -- The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Funding flexibility (negative). RATING ACTIONS Entity/Debt Rating Recovery ----------- ------ -------- Velocity Financial, Inc. LT IDR B New Rating Velocity Commercial Capital, LLC LT IDR B New Rating senior unsecured LT B(EXP) Expected Rating RR4 VISTANCE NETWORKS: S&P Upgrades ICR to 'B-' on Debt Repayment ------------------------------------------------------------- S&P Global Ratings upgraded its issuer credit rating on network connectivity provider Vistance Networks Inc. (formerly CommScope Holding Co. Inc.) to 'B-' and kept the rating on CreditWatch with positive implications. S&P will resolve the CreditWatch placement after it collects the necessary information about Vistance's new capital structure, operating strategy, outlook, and financial policy, potentially raising the issuer credit rating if FOCF to debt is in the mid-to-high-single-digit percent area. Vistance has closed the sale of its connectivity and cable solutions (CCS) business to Amphenol for approximately $10.5 billion. Vistance stated it used those sale proceeds to repay all of its debt and preferred equity. S&P said, "We upgraded Vistance and kept its rating on CreditWatch positive after its full debt repayment. Vistance closed its CCS asset sale with Amphenol for roughly $10.5 billion. It used those sale proceeds to fully repay all of its debt and preferred equity. Due to this, we no longer believe Vistance has an unsustainable capital structure, so we upgraded our rating on the company to 'B-' from 'CCC+' and withdrew all issue-level ratings on all its debt. We believe Vistance will look to add debt to its capital structure over the next few months, but it has not disclosed the amount. We maintained the CreditWatch with positive implication on the 'B-' rating because we could upgrade Vistance after we review its new capital structure, operating structure, outlook, and financial policy." WESTLAKE SENIOR: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: Westlake Senior Living Center, LLC 27200 Riverview Center Boulevard, #310 Bonita Springs, FL 34134 Business Description: Westlake Senior Living Center, LLC owns a residential property used for senior living at 95 Duesenberg Drive in Westlake Village, California, with an appraised value of $70 million. The Company focuses on real estate ownership and property management, while a third-party firm operates the senior living facility. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10110 Judge: Hon. Ronald A Clifford III Debtor's General Bankruptcy Counsel: Stella Havkin, Esq. STELLA HAVKIN 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 Tel: 818-999-1568 E-mail: shavkinesq@gmail.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by Matthew Griffin as manager of Duesenberg ALMC, LLC, operating member of the Debtor. The Debtor listed the Ventura County Tax Collector, located at 800 South Ventura Avenue, in Ventura, California, as its only unsecured creditor, with a $1 million claim tied to property taxes. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VSH2UXY/Westlake_Senior_Living_Center__cacbke-26-10110__0001.0.pdf?mcid=tGE4TAMA WHITE WILSON: Hires Dennis Jackson Martin & Fontela as Counsel -------------------------------------------------------------- White Wilson Medical Center, PA seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Dennis, Jackson, Martin & Fontela, P.A. as counsel. The firm will represent the Debtor in connection with the State Court Litigation, styled Paula Fisher, as Personal Representative of the Estate of James Fisher v. Fort Walton Beach Medical Center, Inc., et al., Case No. 2023-CA-004435-F, including discovery, motion practice, mediation, trial, and appeals, to the extent such representation is provided pursuant to and covered by ProAssurance. The counsel will not seek compensation or reimbursement from the Debtor or the estate and will not file applications under sections 330 or 331 of the Bankruptcy Code. As disclosed in the court filings, Dennis, Jackson, Martin & Fontela, P.A. does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached through: William Jackson, Esq. Dennis, Jackson, Martin & Fontela, P.A. 1591 Summit Lake Dr, Suite 200 Tallahassee FL 32317 Tel: (850) 422-3345 Fax: (850) 422-1325 About White Wilson Medical Center 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. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. WHITE WILSON: Taps Warren Averett as Accountants and Tax Advisor ---------------------------------------------------------------- White Wilson Medical Center, PA seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Warren Averett LLC as accountants and tax advisors. The firm's services include: (1) preparation of federal, state and local tax returns; (2) assistance with tax compliance and tax-related reporting obligations; and (3) limited accounting consultation related to historical financial data and tax returns. Warren Averett estimates that the total fee for the 2025 tax services will be approximately $8,000. Warren Averett CPAs 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: Adam West, CPA Warren Averett CPAs 2500 Acton Road #200 Birmingham, AL 35243 Telephone: (205) 979-4100 About White Wilson Medical Center 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. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. WHITEEAGLE PROPERTIES: Seeks to Sell Lindsborg Property at Auction ------------------------------------------------------------------ WhiteEagle Properties 22 Corp. seeks permission from the U.S. Bankruptcy Court for the District of Kansas, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Real Estate is located at North 30 feet of Lot 10 and the South Half of Lot 8, Main Street, Lindsborg, McPherson County, Kansas. The Debtor's Personal Property is comprised of personal properties that will be auctioned separately a nd not together. The lienholders of the Property are: a. Unpaid ad valorem taxes for fiscal year 2024 in the amount of $5,540.28; b. Unpaid ad valorem taxes for fiscal year 2025 in the amount of $7,858.08; c. Mortgage dated November 17, 2023 and recorded November 20, 2023, at Book 668, Page 32987 in favor of Michael Losik III and Barbara HessLosik in the principal amount of $145,000.00; d. Judgment Lien arising out of Case No. 2025-CV-000013 filed in the District Court of McPherson County, Kansas, styled Michael Losik III and Barbara Hess-Losik, et al. vs. David White Eagle and White Eagle Properties 22, Corp., with Journal Entry of Judgment filed February 24, 2025 in favor of Michael Losik III and Barbara Hess-Losik in the amount of $395,000.00, plus interest; and e. Purported Mechanic's Lien filed in the District Court of McPherson County, Kansas on May 20, 2025 as 2025-SL-12 by Breeze Construction, Inc. in the amount of $47,458.43. The Real Estate will be sold in its present, “as is” condition, with no express or implied warranties. The Real Estate will be sold subject to all rights of way, easements, and other matters of record. The Personal Property is not subject to, or otherwise encumbered by, any lien or encumbrance. Each of the items comprising the Personal Property will be sold in their present, "as is, where is" condition, with no express or implied warranties. The Auctions will be conducted by McCurdy Real Estate & Auction, LLC through its online bidding platform in accordance with McCurdy's standard online terms and the listing agreements previously filed by the Debtor. Bidding on the Real Estate will open on February 24, 2026 at 2 p.m. CST and close on March 4, 2026 at 2 p.m CST. Following the auction, the winning bidder will be required to execute and deliver to McCurdy a purchase agreement and to tender an earnest money deposit of $25,000.00. The Purchase Agreement will provide for closing within 30 days after the auction concludes. The Real Estate will be sold subject to the Buyer's Premium, as set forth in McCurdy's terms and conditions, and subject to bankruptcy court approval. Bidding on the Personal Property will open on March 3, 2026 at 12 p.m. CST and close on March 12, 2026 at 12 p.m. CST (subject to any extended-bidding feature on McCurdy's platform). The Personal Property will be available for physical pick-up by the winning bidders on March 13, 2026 at the Real Estate or such other location as may be announced by McCurdy. The Personal Property will be sold subject to the Buyer's Premium, as set forth in McCurdy’s terms and conditions. Objections to the intended auction(s) or proposed auction procedures and terms shall be made in writing to the Clerk of the United States Bankruptcy Court, Room 167, 401 N. Market, Wichita, Kansas 67202, on or before February 20, 2026. Copies of any objections must be served on Debtor's attorney at 3500 N. Rock Rd., Bldg. 300, Suite B, Wichita, Kansas, 67226. If an objection is timely filed, a hearing on said objection will be scheduled for March 12, 2026 at 10:30 a.m. in Courtroom 150 of the United States Bankruptcy Court, 401 North Market, Wichita, Kansas 67202; provided, however, that Debtor may move the Court to hear such objection(s) on an expedited basis prior to commencement of the auctions. About Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. WILDEC LLC: Files Amendment to Disclosure Statement --------------------------------------------------- Decker & Williams, LLC, a debtor affiliate of Wildec LLC, submitted an Amended Disclosure Statement for Plan of Liquidation dated January 21, 2026. Pursuant to and in accordance with the specific terms of the Plan, funds realized from the Debtor's assets will be distributed to Holders of Allowed Claims and others in accordance with the priorities set forth in the Bankruptcy Code. The Debtor's primary asset is a 3,430 square foot commercial office building located at 202 Lincoln Avenue, Mukilteo, Washington 98275 (the "Lincoln Avenue Property") that it currently leases to Grady Excavating, Inc. The Lincoln Avenue Property is currently listed for sale with Lee & Associates Commercial Real Estate Services ("Lee & Associates" or the "Listing Agent"). The Debtor estimates the value of the Lincoln Avenue Property to be at least $1,600,000 and likely greater. On November 19, 2025, the Court entered the Order Authorizing the Assumption of Executory Contract and Approving Sale of Real Property Free and Clear of Liens (the "WILDEC Property Sale Order" approving the sale of WILDEC's real property located at 1720 75th St. SW, Everett, Washington (the "WILDEC Property"). The sale is expected to close on December, 31, 2025, the proceeds of which are expected to pay Markel, a second position lien holder of the WILDEC Property and an unsecured creditor of the Debtor, in full, thereby reducing Markel's unsecured claim against the Debtor's estate proportionately to the amount it is paid from the WILDEC Property sale proceeds. Like in the prior iteration of the Plan, each Holder of a Class 1 Allowed Unsecured Claim shall be paid its Pro Rata share of the Net Sale Proceeds and Net Estate Cash within 10 days of Closing. Class 2 consists of the Equity Interests. Each Holder of an Equity Interest shall retain such Interest following Confirmation but shall receive no distribution on account of such Interest unless and until Class 1 has been paid in full. To the extent the Net Sale Proceeds and Net Estate Cash are insufficient to pay Class 1 in full, the Equity Interests shall be extinguished. The Lincoln Avenue Property will continue to be marketed pursuant to the Listing Agreement. The Debtor shall close the sale of the Lincoln Avenue Property on or before the date that is one year from the Effective Date. During that one-year period, the Lincoln Avenue Property listing will be published by the Commercial Brokers Association ("CBA") and the listing will be distributed to all CBA members through the CBA's listing distribution systems. Failure to sell the Lincoln Avenue Property within one year from the Effective Date shall constitute a default under the terms of the Plan. Class 1 Claims will be paid from a combination of Net Estate Cash, if any, and the Net Sale Proceeds. Net Estate Cash and Net Sale Proceeds will be insufficient to pay Class 1 Claims in full. On the Effective Date, the Debtor shall continue to exist in accordance with the laws in the jurisdiction in which it is formed and pursuant to its Operating Agreement in effect prior to the Effective Date, except to the extent such Operating Agreement is amended under the Plan. Except as otherwise provided in the Plan, on and after the Effective Date, each item of property of the Debtor, including all claims, rights and causes of action and any property acquired by the Debtor shall vest in the Debtor free and clear of all Claims, liens, charges, other encumbrances and interests. A full-text copy of the Amended Disclosure Statement dated January 21, 2026 is available at https://urlcurt.com/u?l=yn8sIS from PacerMonitor.com at no charge. The Debtor's Counsel: Lesley D. Bohleber, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: 206-292-2110 Fax: 206-292-2104 E-mail: lbohleber@bskd.com About Wildec LLC Wildec, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01749) on October 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Frederick P. Corbit oversees the case. The Debtor is represented by Lesley D. Bohleber, Esq., at Bush Kornfeld, LLP. WILLOW CREEK: Taps Schwabe Williamson & Wyatt as Bankruptcy Counsel ------------------------------------------------------------------- Willow Creek Manor Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Schwabe, Williamson & Wyatt, P.C. as its bankruptcy counsel. The firm's services include: 1. advising Debtor with respects to its powers and duties as debtor-in-possession in the continued operation of its business and management of its property; 2. assisting, advising, and representing Debtor relative to the administration of the Chapter 11 Case; 3. attending meetings and conferences and otherwise communicating and negotiating with representatives of creditors and other parties in interest as to matters arising in or related to the Chapter 11 Case; 4. assisting Debtor in the formulation, preparation, drafting, negotiation, and obtaining approval of a plan of reorganization and corresponding disclosure statement; 5. assisting Debtor in the review, analysis, negotiation, and approval of any debtor-in-possession financing; 6. taking all necessary actions to protect and preserve the interests of Debtor, its business operations, and its bankruptcy estate, including, without limitation, the investigation and prosecution of actions against third parties; 7. reviewing, analyzing, evaluating, and (where appropriate) filing objections to claims filed or asserted against the Debtor in the Chapter 11 Case; 8. assisting Debtor in the review, analysis, negotiation, and approval of any transactions as an alternative to confirmation of plans of reorganization; 9. generally preparing on behalf of Debtor all appropriate and necessary motions, applications, responses, replies, answers, orders, reports, and other papers and pleadings in support and furtherance of the Chapter 11 Case; 10. appearing, as appropriate, before this Court and any other courts or regulatory bodies in which matters may be heard, and to protect the interests of Debtor before said courts, regulatory bodies, and the United States Trustee; and 11. performing such other legal services as may be required or deemed to be in the interests of Debtor, the bankruptcy estate, and the Chapter 11 Case. The firm will be paid at these hourly rates: Daniel R. Kubit $580 Davis Leigh $470 Attorneys $370 to $900 Paralegal $175 to $390 Schwabe Williamson will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel Kubitz, shareholder of Schwabe Williamson & Wyatt, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Schwabe Williamson can be reached at: Daniel R. Kubitz, Esq. Davis Leigh, Esq. 700 Washington Street, Suite 701 Vancouver, WA 98660 Telephone: (360) 694-7551 Facsimile: (503) 796-2900 E-mail: dkubitz@schwabe.com dbleigh@schwabe.com About Willow Creek Manor Inc. Willow Creek Manor Inc. is a single asset real estate company. Willow Creek Manor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13073) on October 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. WOLFSPEED INC: Alleges Jaguar Land Rover Reneged on Supply Deal --------------------------------------------------------------- Hayley Fowler of Law360 reports that Wolfspeed Inc., a semiconductor manufacturer based in North Carolina, claims Jaguar Land Rover breached a supply agreement by withholding payments tied to an alleged failure to meet minimum purchase commitments. According to Wolfspeed, the automaker bought fewer products than required under the contract last year but declined to compensate for the shortfall. Wolfspeed asserts that Jaguar Land Rover’s reliance on slowing automotive demand elsewhere does not excuse its payment obligations. The company says the agreement expressly bars the automaker from shifting market risk back to the supplier. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. YS GARMENTS: S&P Lowers ICR to 'D' on Capital Structure Amendment ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating and issue-level ratings on YS Garments LLC's (dba Next Level Apparel) first-lien debt to 'D' from 'CCC-'. S&P will reassess its ratings in the coming days. Next Level Apparel amended its credit agreement to extend the maturities of its capital structure, consisting of a $203 million outstanding first-lien term loan and $41.2 million revolving credit facility, to August 2027 from August 2026 and February 2026, respectively. Equity holders contributed $20 million of class F capital. The amendment allows for a portion of cash interest on these borrowings, nearly all its outstanding debt, to be converted to payment-in-kind (PIK) for the next three quarters through September 2026 at the company's election. It also includes an amortization holiday through 2026 and relief from its total net leverage covenant until September 2027. S&P said, "We view the transaction as distressed and tantamount to default because the amortization holiday and conversion of its debt to allow for part-cash and part-PIK interest at the company's election slows timing of payments compared with the original promise. High leverage, weak profitability, and tight credit market conditions have delayed its ability to refinance on satisfactory terms, and we believe there was a realistic possibility Next Level would experience a default over the near term. "We view Next Level's amendment as tantamount to default. On Dec. 22, 2025, Next Level amended and extended its capital structure to August 2027. The amendment also provides the company the ability to extend until August 2028 for an additional fee, subject to various conditions including covenant compliance. The net leverage covenant is waived for the next seven quarters through Sept. 30, 2027. Next Level's amended term loan and revolver now provide the option for minimum 300 basis points of cash interest and the remainder in PIK for the next three quarters at the company's election. It also exempts the company from quarterly amortization payments through December 2026. "We understand that Next Level will not elect PIK in the foreseeable future. Although pricing modestly increases if the company elects PIK, we believe this is not adequate compensation for its lenders to offset the maturity extension, covenant relief, and amortization holiday that slows timing of payments compared with the original promise. Additionally, we believe that absent this transaction, there was a realistic possibility that Next Level would have faced a conventional default over the near term given its looming maturities and constrained liquidity, with revolver draws limited by restrictive covenants." The company entered multiple waivers with its lender group in 2025 to address compliance with its financial maintenance covenants following years of weak profitability, elevated leverage, and ongoing cash flow deficits. S&P will reassess its ratings on Next Level in the coming days. [] Gordon Novod Joins Boies Schiller's NY Office as Partner ----------------------------------------------------------- Boies Schiller Flexner LLP announced that Gordon Z. Novod has joined the firm as a partner in its New York City office. Mr. Novod will strengthen the firm's growing bankruptcy litigation capabilities, which has added to its bench strength in recent months and secured high-profile representations. Mr. Novod has extensive experience litigating on behalf of trustees as well as institutional investors in matters involving bankruptcy avoidance, state law fraudulent transfer, fiduciary duty, unlawful dividend, and corporate governance claims. He has also litigated issues related to corporate debt securities in default and distressed situations, including exchange transactions, redemptions, and the Trust Indenture Act. His disputes experience includes all aspects of Chapter 11 plans of reorganization, valuation, and plan confirmation proceedings; contested debtor-in-possession financing and cash collateral use; and other matters involving bankruptcy-related litigation. "I have long admired Boies Schiller Flexner for its national and international reputation as a litigation powerhouse," Mr. Novod said. "More recently, as I've begun to think about expanding my own practice, I was drawn to the collaborative, entrepreneurial culture of the firm as well. BSF is a growing player in the restructuring space, and I'm looking forward to helping build our capability in this area." Mr. Novod's experience spans industries and includes disputes relating to the restructurings of Bed Bath & Beyond Inc., Rite Aid, Loyalty Ventures Inc., Joann Inc., General Motors, Bethlehem Steel, WCI Steel, and the Tribune Company, among others. "Litigation work in the bankruptcy and restructuring context continues to be an area of focus for our growth," said Chairman Matthew L. Schwartz. "I first met Gordon years ago, when we worked for different clients -- him the Official Creditors Committee and me the United States Treasury -- in the General Motors bankruptcy. Gordon combines substantive bankruptcy expertise with the litigation skills needed to succeed in court. We're happy to welcome him to the firm." Mr. Novod is a frequent writer and speaker on bankruptcy-related issues. He is the author of Driving the Recovery Bus: Augmenting Creditor Recoveries Through Claims Brought by a Litigation Trustee, published by the American Bankruptcy Institute in 2024. Currently, Mr. Novod is a member of the Federal Bar Council and its Bankruptcy Litigation Committee, the American Bankruptcy Institute, and previously he has served on the New York City Bar Association's Committee on Bankruptcy and Corporate Reorganization. "Gordon is an excellent addition to our bankruptcy practice, and we are excited to welcome him to the firm," said Marc Ayala, New York's co-administrative partner and co-leader of BSF's creditor rights, bankruptcy, and restructuring practice group. "He brings deep experience litigating complex Chapter 11, distressed debt, and restructuring matters, along with a strong track record of representing key stakeholders in high-stakes proceedings. Our clients will immediately benefit from him joining our team." Mr. Novod is the most recent in a number of bankruptcy-related additions to the firm over the last two-plus years. Benjamin Waisbren and Robert Gordon joined the partnership in the fall of 2023 and late last year, respectively. BSF regularly represent creditors, ad-hoc groups, trustees, and sponsors in distressed or special situations where litigation is a key driver of value. The firm's lawyers have acted on numerous major corporate insolvencies and restructurings around the world, including in connection with the bankruptcies of Revlon, Intelsat, First Brands, Lehman Brothers, The Hertz Corporation, and LBI Media. [] Justin Winerman Joins BCLP's Insolvency Practice in Chicago -------------------------------------------------------------- International law firm BCLP announced the addition of Partner Justin Winerman to the firm's Financial Restructuring & Insolvency Practice. He joins the firm's Chicago office. Having practiced 17 years at Skadden, Arps, Slate, Meagher & Flom, Justin brings a wealth of experience, advising on all aspects of complex corporate restructurings. Justin has counseled parties across a wide range of industries, including health care, financial services, airlines, energy and media. His experience includes successful in-court Chapter 11 and Chapter 15 cases, as well as out-of-court restructurings. "Justin's arrival to the firm is instrumental in our ongoing effort to bring aboard talent to meet the needs of our broad global client base. His experience, particularly with respect to company-side work and cross-border transactions, across a wide spectrum of restructuring deals, including in-court bankruptcy cases, distressed transactions and corporate workouts with companies across the globe, makes him an invaluable addition to the team," said Joel Lander, Regional Leader – Corporate & Finance Transactions. In addition to counseling companies, creditors, lenders, equity sponsors and other parties in restructuring matters, Mr. Winerman maintains an active pro bono practice and has been recognized by the Chicago Lawyers' Committee for Civil Rights with the 2023 Outstanding Pro Bono Works Volunteer award in recognition of his transactional pro bono work helping first-time homebuyers, small business owners and nonprofits with various corporate needs. "Justin brings a combination of deep technical skills and the ability to build meaningful client relationships. His background in high‑stakes restructuring work positions us to capture opportunities and we are thrilled to welcome him as a cornerstone of our continued growth," said Karen Fries, Global Leader – Finance Transactions. Mr. Winerman has been named to The Best Lawyers in America for his work in bankruptcy, insolvency and reorganization law, and is a member of the American Bankruptcy Institute and Turnaround Management Association. "I'm thrilled to be joining BCLP and to contribute to the expansion of the firm's cross‑border restructuring practice," he said. "I look forward to working with the team and collaborating across practices and regions to deliver practical, globally focused strategies for clients as distress‑driven opportunities continue to rise." Mr. Winerman is the second Chicago-based lateral to join the firm this month, following the arrival of Katie Hausfeld to the Litigation & Investigations Practice. They are the latest in a group of strategic lateral partner hires who have joined the firm over the past 20 months. In 2025, BCLP added 25 lateral partners globally across all three of its departments. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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