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260203.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 3, 2026, Vol. 30, No. 34 Headlines 1544 MULTIFAMILY: Hires Arthur Lander CPA PC as Accountant 3103 TEN: Seeks Chapter 11 Bankruptcy in Columbia 339 RIVER ROAD: Taps Cleary Gicobbe Alfieri Jacobs as Counsel 40 FULLER AVENUE: Employs Robert C. Nisenson as Legal Counsel 547 DUNCAN: Starts Chapter 11 Bankruptcy in Virginia 584 STARKWEATHER: Commences Chapter 11 Bankruptcy in Michigan 70 04 ROOSEVELT: Hires ERealty Advisor's as Real Estate Brokers 72 S THOMAS PLACE: Hires Forbes Law LLC as Bankruptcy Counsel A& M AUTOBODY: Gets OK to Use Cash Collateral Until March 12 A&M AUTOBODY: Hires Lipton Law Group LLC as Counsel AGEAGLE AERIAL: Four Key Proposals Approved at Special Meeting AKTIVATE INC: Seeks to Hire Ordinary Course Professionals AKTIVATE INC: Seeks to Hire Telos Arete PC as Special Counsel AMERICAN CONTRACTORS: Case Summary & 20 Top Unsecured Creditors AMI ENTERPRISES: Seeks to Hire Jordan & Zito LLC as Counsel ANTELOPE HOSPITALITY: Hires Accountative Inc. as Accountant APOLLO COMMERCIAL: Moody's Affirms 'Ba3' CFR, Outlook Stable ATLANTIC OVERSEAS: Unsecureds Wil Get 5% of Claims in Plan AVFUND CAPITAL: Hires Robert S. Altagen Inc. as Counsel AZUL SA: Taps Grant Thornton Auditores Independentes as Auditor BANNERS OF ABINGDON: Continued Operations & Litigation to Fund Plan BEACH CLUB PROMOTIONS: Seeks Chapter 7 Bankruptcy in Florida BEINGWIZARD LLC: Seeks Chapter 11 Bankruptcy in California BERNARD L. MADOFF: BBVA Wins Bid to Dismiss Adversary Complaint BRANAVA INC: Stephen Darr of Huron Named Subchapter V Trustee BUDDY MAC: Committee Hires Dykema Gossett as Bankruptcy Counsel BULMAKS INC: Seeks to Hire David Freydin PC as Counsel BUZZ FINCO: Moody's Cuts CFR to B2, Outlook Remains Negative CANDYWAREHOUSE.COM INC: Unsecureds Will Get 8.03% over 5 Years CANO ELECTRIC: Hires The Lane Law Firm PLLC as Bankruptcy Counsel CARROLL CREEK: Case Summary & 20 Largest Unsecured Creditors CDR TRANS: Unsecureds Will Get 3% of Claims over 60 Months CENTER FOR EMOTIONAL: PCO Hires SAK Management Services as Advisor CENTER FOR EMOTIONAL: PCO Taps Fox Rothschild LLP as Legal Counsel CHARIOT BUYER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable CHOICE LABS: To Exit Receivership in February Under New Owner CLAY STREET: Seeks to Hire Gould & Ratner LLP as Special Counsel CLEARWATER PAPER: S&P Downgrades ICR to 'B+', Outlook Negative COLOR CODE: Seeks to Hire Boyle Legal LLC as Counsel CONTAINER STORE: To Close 2 Venture County Stores COURTESY SCREENING: Aaron Cohen Named Subchapter V Trustee CRESTMONT PROPERTIES: Hires Anthony P. Ambrosio as Attorney D.R. PATEL: Gets Final OK to Use Cash Collateral DBJ US CORP: Case Summary & 19 Unsecured Creditors DEL MONTE: Pushes for Creditor Settlement, Chapter 11 Asset Sales DIMMER'S PRECISION: Unsecureds to Get Share of Income for 5 Years DIOCESE OF BURLINGTON: Plan Exclusivity Period Extended to Feb. 27 DIOCESE OF OAKLAND: Creditors, Abuse Survivors Oppose Fee Deferral DRIFTWOOD YOGA: Case Summary & 19 Unsecured Creditors EAST TEXAS MACHINING: Court Says STV's Security Interest Avoidable EDMUNDSON INC: Seeks Chapter 11 Bankruptcy in Colorado ELK RUN PROPERTY: Hires K&L Gates LLP as Bankruptcy Co-Counsel ELK RUN PROPERTY: Hires Kevin S. Neiman PC as Bankruptcy Counsel ELK RUN PROPERTY: Hires Omni Agent as Claims and Noticing Agent ELK RUN PROPERTY: Mark Dennis Named Subchapter V Trustee ELK RUN PROPERTY: Section 341(a) Meeting of Creditors on Feb. 18 ERMAJO LLC: Seeks to Hire Marcus & Millichap as Real Estate Broker F-STAR SOCORRO: Gets Interim OK to Use Cash Collateral FIRST BRANDS: Commences Mediation with Creditors to Settle Debt FLEXSHOPPER INC: Taps Micheal Shenk of GlassRatner Advisory as CFO G D FAMILY: Case Summary & 20 Largest Unsecured Creditors GDC TECHNICS: MAZAV Not Entitled to Costs, Attorney's Fees GOLD RESOURCE: Agrees to US$372MM All-Stock Merger With Goldgroup HANDLE PREFORMS: Case Summary & 16 Unsecured Creditors HOPE COMMUNITY: S&P Affirms 'B-' Rating on 2015/2020A Revenue Bonds HRZN INC: Seeks to Hire Maese Fulmer CPAs PLLC as Accountant HUNTSMAN CORP: S&P Lowers ICR to 'BB', Outlook Negative INDEPENDENCE REALTY: Nandrajog Wins Bid to Dismiss Adversary Case INGEVITY CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable INTEGRITY INVESTMENT FUND: Case Summary & 10 Unsecured Creditors INTEGRITY INVESTMENT REO: Case Summary & Nine Unsecured Creditors IROBOT CORP: Cancels Equity Awards Upon Plan Effectiveness IROBOT CORP: Exits Bankruptcy Under Picea Ownership IZP PROPERTIES: Initiaties Chapter 11 Bankruptcy in Florida J KRUSE INVESTMENTS: Seeks to Hire JB James Law Firm as Attorney J.A. CARRILLO: Hires Carney Badley Spellman as Special Counsel J.A. CARRILLO: Hires Gordon Tilden Thomas as Special Counsel J.A. CARRILLO: Hires Holmes Weddle and Barcott as Special Counsel J.A. CARRILLO: Hires Rocke Law Group PLLC as Special Counsel JSL COMPANIES: Seeks to Hire Flagel Huber Flagel as Accountant JUST LOGISTICS: Hires Collins Vella & Casello LLC as Attorney KCAP DOMINIK: Final Cash Collateral Hearing Set for Feb. 9 KCAP VILLA: Hearing Today on Bid to Use Cash Collateral KENNISON STRATEGIC: Amneds Several Secured Claims Pay Details KIDS FIRST PEDIATRIC: Hires Marshack Hays Wood LLP as Attorney KKHR CONSTRUCCIONES: Hires Bufete Emmanuelli LLC as Attorney KSENIA LOGISTICS: Hires David Freydin PC as Bankruptcy Counsel LABL INC: S&P Lowers ICR to 'D' on Chapter 11 Bankruptcy Filing LEFEVER MATTSON: Hires Dinsmore & Shohl LLP as Special Counsel LUMIERE ESTATES: Hires RHM Law LLP as General Bankruptcy Counsel LUMINAR TECHNOLOGIES: Sues NEXT to Recover $2.2MM Loan MADIJAC LLC: Hires Branson Ainsworth PLLC as Counsel MAGNITE INC: Moody's Ups CFR to Ba3 & Alters Outlook to Positive MERCER INTERNATIONAL: Fitch Lowers LongTerm IDR to 'B-' MEZMEREYES PLLC: Gets Final OK to Use Cash Collateral MICK'S GRASS: Hires Jones Murray LLP as Bankruptcy Co-Counsel MONDAK PORTABLES: Seeks to Extend Plan Exclusivity to Feb. 26 MOSAIC MENTAL: Gets Final OK to Use Cash Collateral MTF MANAGEMENT: Cash Collateral Hearing Set for Feb. 25 MULTI-COLOR CORP: Rejects Financing From Canyon, Crossover Group MULTI-COLOR CORP: Says Unsecured Creditors Unimpaired in Plan MULTI-COLOR CORPORATION: Case Summary & 30 Unsecured Creditors NATIONWIDE TREE: Hires Ford & Semach P.A. as Bankruptcy Counsel NEAREST GREEN: Founders Ask Court for Speedy Receivership Hearing NEO ZONE: Seeks to Hire David Freydin PC as Counsel NEW JERSEY: Retains ETS Vision as Ophthalmology Finder NINE ENERGY: Files for Chapter 11 With Prepackaged Plan NOBLE PROPERTY: Hires La Guarida & Saladrigas as Special Counsel NUO THERAPEUTICS: Closes $1MM Initial Tranche Under Loan Agreement NUO THERAPEUTICS: Scott Pittman Holds 11.6% Equity Stake OROVILLE HOSPITAL: Hires Berkeley Research Group LLC as Consultant OUT ON A LIMB: Case Summary & 19 Unsecured Creditors PANOCHE ENERGY: S&P Alters Outlook to Stable, Affirms 'B+' ICR PARKERVISION INC: Issues Performance-Based Options to CEO, CFO PARTNERS PHARMACY: Hires Dickinson Wright PLLC as Co-Counsel PLENARY JUSTICE: Moody's Cuts Rating on Sr. Secured Notes to Ba2 PM INVESTMENTS: Seeks to Hire Diego A. Bello CPA PC as Accountant POINT CLEAR: Seeks to Extend Plan Exclusivity to April 6 POSEIDON INVESTMENT: S&P Lowers ICR to 'D' on Bankruptcy Filing PPS REALTY 800: Hires Robert C. Nisenson LLC as Bankruptcy Counsel PPW REALTY 1408-10: Taps Robert C. Nisenson as Bankruptcy Counsel PRAESUM HEALTHCARE: Hires Amie R. Berlin P.A. as Special Counsel PRAESUM HEALTHCARE: Trustee Hires Furr and Cohen as Attorney PRECIPIO INC: Registers 89,045 Additional Shares Under 2017 Plan PREMIER ROOFING: Jerrett McConnell Named Subchapter V Trustee PRESTIGE HEALTHCARE: Case Summary & 20 Top Unsecured Creditors QHSLAB INC: Major Q4 2025 Debt Reduction Strengthens Balance Sheet RAMOS ROOFING: Seeks to Extend Plan Exclusivity to April 26 RAPID METALS: Dismissal of Bank of America Adversary Case Affirmed RAY SPECIALIZED: Initiates Chapter 7 Bankruptcy in Maryland RED RIVER: Court Tosses Patients’ Bankruptcy Fraud Allegations RENAISSANCE BALTIMORE: Court Places Hotel in Receivership RENEWAL REALTY: Seeks to Hire Tran Singh LLP as Counsel RINCHEM CO: S&P Downgrades ICR to 'D' on Distressed Exchange ROCKY MOUNTAIN: Moody's Lowers Revenue Bond Rating from Ba1 RUINS LLC: Red River Case Remanded to South Dakota Circuit Court RVFW LLC: Unsecured Creditors Unimpaired in Lender's Plan RXO INC: Fitch Assigns First Time 'BB' IDR, Outlook Stable SANCHO LOCO: Hires RHM Law LLP as General Bankruptcy Counsel SAVANNAH HOLDINGS: Hires Law Offices of Charles Wertman as Counsel SEDILLO REALTY: Seeks to Tap Guidant Law PLC as Bankruptcy Counsel SEIC HOLDINGS: Seeks to Hire Bush Law Firm as Bankruptcy Counsel SHAMARI HAIR: Hires Paul Reece Marr P.C. as Attorney SHIVSANYA CORP: Files Amendment to Disclosure Statement SKYLINE TOWER: Employs Hilco Real Estate as Real Estate Agents SOUTHEASTERN INDUSTRIAL: Hires Bush Law Firm as Bankruptcy Counsel SPEAR SECURITY: Unsecureds to Get 100 Cents on Dollar in Plan SPEEDHAUS 405: Unsecureds to Get Share of Income for 36 Months SPIN HOLDCO: S&P Downgrades ICR to 'SD' on Debt Exchange SPLASH BEVERAGE: Issues $525,000 Note in Lieu of ELOC Shares STG LOGISTICS: Seeks to Retain Ordinary Course Professionals STORM TEAM: Aleida Martinez Molina Named Subchapter V Trustee STS GROUP: Taps Geno and Steiskal PLLC as Bankruptcy Counsel SYNAPSE FINANCIAL: Former Compliance Head Settles FINRA Case TEAM SERVICES: Fitch Rates New $750MM First Lien Notes 'B(EXP)' TONKA INTERNATIONAL: Gets Interim OK to Use Cash Collateral TONOPAH SOLAR: Hires Epiq Corporate as Noticing Agent VERACODE PARENT: S&P Downgrades ICR to 'CCC+', Outlook Negative VIAJEHOY LLC: Seeks to Retain Ordinary Course Professional VPR HOLDINGS: Hires James E. Dickmeyer PC as Legal Counsel WELLPATH HOLDINGS: Court Lifts Stay in Bradley, et al. Lawsuit [] Fitch Affirms Ratings on 4 N.A. Midstream Holding Companies ********* 1544 MULTIFAMILY: Hires Arthur Lander CPA PC as Accountant ---------------------------------------------------------- 1544 Multifamily, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Arthur Lander, C.P.A., P.C. as accountant. The firm's services include: a. compiling books and records; preparing and filing all necessary tax returns on behalf of the estate; b. advising Debtor of his duties and responsibilities under the Internal Revenue Code; c. working with the Debtor in assessing the Estate's financial condition; and d. providing other matters that arise in the administration of this estate in bankruptcy relating to accounting matters. The firm will receive these fees: Arthur Lander, CPA $560 per hour Thai Ton $200 per hour Chris Mueller $200 per hour Bookkeeping $85 per hour The firm will hold in an separate escrow account a monthly retainer of $1,500. As disclosed in the court filings, Arthur Lander, C.P.A., P.C. is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Arthur Lander, Esq. Arthur Lander CPA PC 300 N. Washington St. #104 Alexandria, Va 22314 Tel: (703) 486-0800 Fax: (702) 527-7207 Email: law@businesslegalserviceinc.com About 1544 Multifamily LLC 1544 Multifamily LLC is a single asset real estate company. 1544 Multifamily LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00561) on December 3, 2025. In its petition, the Debtor reports estimated assets of $10 million-$50 million and estimated liabilities of $10 million-$50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Richard G. Hall, Esq. 3103 TEN: Seeks Chapter 11 Bankruptcy in Columbia ------------------------------------------------- On January 28, 2026, 3103 Ten, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About 3103 Ten, LLC 3103 Ten, LLC is a real estate investment and property management company based in the District of Columbia, specializing in residential and commercial property holdings and operations. 3103 Ten, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00038) on January 28, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Christianna Annette Cathcart, Esq. of The Belmont Firm. 339 RIVER ROAD: Taps Cleary Gicobbe Alfieri Jacobs as Counsel ------------------------------------------------------------- 339 River Road Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain Brian M. Chewcaskie of Cleary Gicobbe Alfieri Jacobs LLC to serve as its special counsel. Mr. Brian M. Chewcaskie will represent the Debtor in the appeal filed by the Planning Board of the Borough of Edgewater to the judgment against it by the Superior Court of New Jersey finding the denial of zoning to be arbitrary, capricious and unreasonable, Appellate Case No. A-004133-24. Mr. Chewcaskie will be compensated at an hourly rate of $450. Payment of fees is guaranteed by The Maxal Group, LLC. Court filings state that neither Mr. Chewcaskie nor Cleary Gicobbe Alfieri Jacobs LLC holds or represents any interest adverse to the estate and that they are disinterested persons within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian M. Chewcaskie, Esq. CLEARY GICOBBE ALFIERI JACOBS LLC 169 Ramapo Valley Road Upper Level Suite 105 Oakland, NJ 07436 About 339 River Road Holdings LLC 339 River Road Holdings LLC is a real estate company that owns a single property located at 339 River Road in Edgewater, New Jersey. The property has an appraised value of $80 million. 339 River Road Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16275) on June 12, 2025. In its petition, the Debtor reports total assets of $80 million and total liabilities of $55,569,838. Honorable Judge Vincent F. Papalia oversees the case. The Debtors are represented by Bruce H. Levitt, Esq. at LEVITT & SLAFKES, P.C. 40 FULLER AVENUE: Employs Robert C. Nisenson as Legal Counsel ------------------------------------------------------------- 40 Fuller Avenue LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Robert C. Nisenson of Robert C. Nisenson, LLC to serve as its attorney. Mr. Nisenson will provide these services: (a) represent the Debtor-in-Possession so that its interests may be properly represented before the Court; (b) provide legal services under a general retainer in anticipation that extensive legal services will be required; and (c) represent the Debtor-in-Possession in connection with its ongoing Chapter 11 proceedings. Under the proposed compensation arrangement, the Debtor will pay a retainer of $4,000 and filing fees in the amount of $1,726, and Mr. Nisenson will be compensated at an hourly rate of $350. According to court filings, Mr. Nisenson does not hold or represent an interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The application for retention was filed on January 22, 2026, and has not yet been approved by the Court. The firm can be reached at: Robert C. Nisenson, Esq. ROBERT C. NISENSON, LLC 10 Auer Court East Brunswick, NJ 08816 Telephone: (732) 238-8777 About 40 Fuller Ave LLC 40 Fuller Ave LLC is a real estate holding company that owns and manages property at 40 Fuller Avenue in New Jersey, focusing on commercial and residential real estate operations. 40 Fuller Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10112) on January 6, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtor is represented by Robert C. Nisenson, Esq., of Robert C. Nisenson, LLC. 547 DUNCAN: Starts Chapter 11 Bankruptcy in Virginia ---------------------------------------------------- On January 28, 2026, 547 Duncan LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About 547 Duncan LLC 547 Duncan LLC is a real estate and property management company operating in Virginia, specializing in residential and commercial property holdings and leasing. 547 Duncan LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10202) on January 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Klinette H. Kindred handles the case. 584 STARKWEATHER: Commences Chapter 11 Bankruptcy in Michigan ------------------------------------------------------------- On January 31, 2026, 584 Starkweather LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 584 Starkweather LLC 584 Starkweather LLC is a limited liability company engaged in real estate ownership and related property activities. 584 Starkweather LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41066) on January 31, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Thomas J. Tucker handles the case. The Debtor is represented by Stuart Sandweiss, Esq., of Legal Solutions Group, P.C. 70 04 ROOSEVELT: Hires ERealty Advisor's as Real Estate Brokers --------------------------------------------------------------- 70 04 Roosevelt Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Svitlana Niskoklon of ERealty Advisor's, Inc. as real estate broker. The broker will handle a real estate transaction and closing related to the sale of Debtor's property located at 70-04 Roosevelt Avenue, Woodside, NY 11377. She will be paid a commission of 6 percent of the selling price. As disclosed in a court filing that Ms. Niskoklon and the firm are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Svitlana Niskoklon ERealty Advisor's, Inc. 1129 Northern Blvd #404 Manhasset, NY 11030 Tel: (646) 453-4855 About 70 04 Roosevelt Corp. 74 04 Roosevelt Corp. is the owner of a two-level multi-purpose structure located at 74-04 Roosevelt Ave, Woodside, NY 11377, with an estimated worth of $1.4 million. 74 04 Roosevelt Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41224) on March 13, 2025. In its petition, the Debtor reports total assets of $1,403,000 and total liabilities of $2,631,450. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Bedford Hills, NY 10507 Tel: (917) 673-3768 E-mail: charles@freshstartesq.com 72 S THOMAS PLACE: Hires Forbes Law LLC as Bankruptcy Counsel ------------------------------------------------------------- 72 S Thomas Place, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Forbes Law LLC as attorneys. The firm will render these services: a. advise the Debtor as to its rights, duties and powers as a Debtor in possession; b. prepare and file the Statements, Schedules, Plans and other documents and pleadings necessary to be filed by the Debtor in this case; c. represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and d. perform other legal services as may be necessary in connection with this case. The firm will bill these hourly rates: Attorneys $425 Associates $250 Paralegals $175 Forbes Law received a retainer fee of $12,000. Glenn E. Forbes, Esq. attests that he and his law firm are disinterested persons, as that term is defined in the Bankruptcy Code, and do not hold or represent an interest adverse to the estate with respect to the matter on which they are proposed to be employed. The counsel can be reached through: Glenn E. Forbes, Esq. FORBES LAW LLC 166 Main Street Painesville, OH 44077 Tel: (440) 357-6211 Fax: (440) 357-1634 E-mail: gforbed@geflaw.net About 72 S Thomas Place, LLC 72 S Thomas Place, LLC is a limited liability company. 72 S Thomas Place, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50069) on January 16, 2026. In its petition, the debtor reports estimated assets of $100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Alan M. Koschik handles the case. The debtor is represented by Glenn E. Forbes, Esq., of Forbes Law LLC. A& M AUTOBODY: Gets OK to Use Cash Collateral Until March 12 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order extending A&M Autobody, Inc.'s authority to use cash collateral until March 12. The next hearing is set for March 12. The order is available at https://urlcurt.com/u?l=sv4BRZ from PacerMonitor.com. As of the petition date, A&M's assets consist of approximately $15,000 in cash and bank deposits; fixtures, machinery, and equipment of presently unknown value; and accounts receivable less than 90 days old totaling $93,662.48. The secured creditors asserting interests in the Debtor's cash collateral include Akzo Nobel Coatings, Inc., the U.S. Small Business Administration, Quantum Lending Services, On Deck Funding, LLC, Kapitus, LLC, Fratello Capital, LLC, Uptown Fund, LLC, Forward Financing, LLC, and Orange Advance, LLC, with total claims of $1,036,314.35. The Debtor's financial difficulties began with the COVID-19 pandemic. Its shop closed for several months in 2020, and business was slow to recover after reopening as remote work reduced driving. To survive the pandemic, the Debtor obtained $500,000 in SBA Economic Injury Disaster Loans, which were exhausted before the business fully recovered. In 2023, the Debtor refinanced the mortgage on its business premises, increasing the monthly payment from $4,300 to $5,780. The higher financing costs further strained cash flow, causing the Debtor to fall behind on routine obligations, accumulate credit card debt, and ultimately rely on merchant cash advance loans to maintain operations. 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, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. James LaMontagne of Sheehan Phinney Bass & Green serves as Subchapter V trustee. 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. A&M AUTOBODY: Hires Lipton Law Group LLC as Counsel --------------------------------------------------- A&M Autobody, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Lipton Law Group, LLC as counsel. The firm's services include: a. advising the Debtor with respect to its duties as a debtor-in-possession; b. advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization; c. representing the Debtors at all hearings in this matter; d. preparing all necessary and appropriate applications, schedules, statements, motions, answers, proposed orders, reports, pleadings and other documents, and review all financial and other reports to be filed in the Chapter 11 proceeding; e. reviewing and analyzing the nature and validity of any liens asserted against the Debtors' property; f. reviewing and analyzing claims against the Debtor, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; and g. performing all other legal services as may be necessary or appropriate during the course of the Debtors' bankruptcy proceeding. The firm will be paid at these rates: Marques C. Lipton $375 per hour The firm was paid a retainer in the amount of $15,000. The amount of $4,973 of the retainer was applied to an invoice for pre-petition services and an additional $1,738.00 was applied to the Debtor's Chapter 11 filing fee. As of the petition date, after payment of the pre-petition invoice and Chapter 11 filing fee, the firm is holding a retainer balance of $8,325 in his IOLTA account to be applied to payment for post-petition services and reimbursement of expenses. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lipton 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: Marques C. Lipton, Esq. Lipton Law Group, LLC 945 Concord Street Framingham, MA 01701 Telephone: (508) 202-0681 Email: marques@liptonlg.com About A& M Autobody, Inc. A& M Autobody, Inc. is an auto body repair company operating in Massachusetts. A& M Autobody, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40056) on January 20, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The case is assigned to Chief U.S. Bankruptcy Judge Elizabeth D. Katz. The debtor is represented by Marques C. Lipton, Esq., of Lipton Law Group. AGEAGLE AERIAL: Four Key Proposals Approved at Special Meeting -------------------------------------------------------------- AgEagle Aerial Systems Inc. convened its Special Meeting of Stockholders. Each proposal presented at the Special Meeting is described in the Company's definitive proxy statement for the Special Meeting, which was filed with the Securities and Exchange Commission on December 9, 2025. The matters that were voted upon at the Special Meeting, and the number of votes cast for or against, as well as the number of abstentions and broker non-votes, as to each such matter are: 1. Series G Issuance Proposal. The issuance of shares of the Company's common stock issuable upon the conversion of 100,000 shares of the Company's Series G Convertible Preferred Stock, par value $0.001 per share, with an initial conversion price equal to $1.23 per share, was approved, with the following votes tabulated: For: 7,443,238 Against: 942,640 Abstain: 83,594 Broker Non-Vote: 12,316,989 2. Equity Incentive Plan Amendment Proposal. The amendment to the Company's 2017 Omnibus Equity Incentive Plan was approved, with the following votes tabulated: For: 7,058,612 Against: 1,321,797 Abstain: 89,063 Broker Non-Vote: 12,316,989 3. Ratification of Accountants Proposal. The appointment of Grassi & Co., CPAs, P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified, with the following votes tabulated: For: 19,846,486 Against: 658,143 Abstain: 281,832 Broker Non-Vote: 0 4. ESPP Proposal. The AgEagle Aerial Systems Inc. Employee Stock Purchase Plan was approved, with the following votes tabulated: For: 8,012,942 Against: 412,061 Abstain: 44,469 Broker Non-Vote: 12,316,989 About EagleNXT AgEagle Aerial Systems Inc. (dba, EagleNXT) (NYSE: UAVS) is a leading developer of high-performance drones, advanced sensors, and intelligent software solutions that deliver critical aerial intelligence to customers around the world. With more than one million flights conducted globally, EagleNXT's platforms are trusted across defense, public safety, agriculture, infrastructure, and environmental monitoring applications. The Company's drone systems have achieved multiple industry firsts, including FAA approvals for Operations Over People (OOP) and Beyond Visual Line of Sight (BVLOS), as well as EASA C2 certification in Europe and inclusion on the U.S. Department of Defense's Blue UAS list. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $34,465,282 in total assets, $6,129,041 in total liabilities, and a total stockholders' equity of $28,336,241. AKTIVATE INC: Seeks to Hire Ordinary Course Professionals --------------------------------------------------------- Aktivate, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Ordinary Course Professionals. The Debtor hires these ordinary course professionals: -- Elan Yaish to serve as External Chief Financial Officer, who services commenced on or about December 17, 2025. -- PW Advisors, LLC to serve as defacto outsource comptroller with primary accounting and logistics functions consisting of (1) providing generic services in connection with maintaining and facilitating the Debtor's school fundraising work and school disbursement functions; (2) working with employees, vendors and service providers connected with the schools; (3) bookkeeping services and assisting the Debtor's CFO regarding budget and cash flow projections and ad hoc reports as requested by parties, thereby optimizing the functionality of the Debtor and its school partners; (4) providing service relating to accounts receivable, accounts payable and interaction with the Debtor's payroll service; and (5) preparing the Debtor's corporate tax returns. The Debtor the amount of $6,750 for prepetition services. About Aktivate, Inc. Aktivate, Inc., doing business as FamX, provides a sports and activities management platform primarily for K-12 schools and athletic programs in the US, offering tools for registration, scheduling, communications, fundraising, and fee collection, and digital management of coach certifications and athlete records. Aktivate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-46069) on December 19, 2025. In its petition, the Debtor reported assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ian Braunstein, Esq., at Iemer & Braunstein, LLP. AKTIVATE INC: Seeks to Hire Telos Arete PC as Special Counsel ------------------------------------------------------------- Aktivate, Inc., doing business as FamX, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Telos Arete P.C. as special counsel. The firm's services include: (a) advising the Debtor with respect to the management of its business, intellectual property, assets, and contractual and organizational relationships; particularly with its schools, school programs and vendors; (b) assisting in communications, negotiations, and documentation with Debtor's, contractual counterparties, investors, donors, and other parties-in-interest in furtherance of consensual outcomes as well as the inter play with the Debtor's affiliates; (c) advising on, negotiating, and documenting transactions, governance matters, financing arrangements, and other corporate transactions, including in furthering objectives in formulating with Debtor's proposed bankruptcy counsel in structuring a feasible plan with strategic alliance with its customers; and (d) advising and assisting the Debtor in connection with the preservation development and deployment of its intellectual property and growth initiatives to formulate strategic transactions designed to seamlessly align with the overall restructuring transaction as contemplates by the Debtor and in collaboration with its non-debtor affiliates. The firm's hourly rates are: General Counsel $675 Senior Counsel $550 Managing Associate $450 Associate $400 Paralegals $275 Dirk Sampselle, Esq., a managing attorney of Telos Arete, P.C., assured the court that the firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Dirk Sampselle, Esq. TELOS ARETE, P.C. 1072 Bristol St Ste 201 Costa Mesa, CA 92626-8652 Tel: (240) 285-0673 Email: dsampselle@telosarete.law About Aktivate Inc. Aktivate, Inc., doing business as FamX, provides a sports and activities management platform primarily for K-12 schools and athletic programs in the US, offering tools for registration, scheduling, communications, fundraising, and fee collection, and digital management of coach certifications and athlete records. Aktivate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-46069) on December 19, 2025. In its petition, the Debtor reported assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ian Braunstein, Esq., at Iemer & Braunstein, LLP. AMERICAN CONTRACTORS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: American Contractors Equipment Co. 3802 Neville Road Pittsburgh PA 15225 Business Description: American Contractors Equipment Co. offers rental and maintenance services for heavy construction and industrial machinery, including cranes, forklifts, and aerial lifts, supporting contractors and industrial clients across Western Pennsylvania, Maryland, and Northern West Virginia. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-20234 Judge: Hon. Carlota M. Bohm Debtor's Counsel: Kirk B. Burkley, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street 9th Floor Pittsburgh, PA 15219 Tel: 412-456-8100 E-mail: kburkley@bernsteinlaw.com Total Assets: $1,546,101 Total Liabilities: $3,283,292 The petition was signed by James Bulger as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QGIKU5Q/American_Contractors_Equipment__pawbke-26-20234__0001.0.pdf?mcid=tGE4TAMA AMI ENTERPRISES: Seeks to Hire Jordan & Zito LLC as Counsel ----------------------------------------------------------- AMI Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Jordan & Zito LLC as counsel. The firm's services include: a. providing advice to the Debtor regarding its rights, duties, and powers as a debtor and debtor in possession in the continued management and operation of its business; b. attending meetings and negotiating with representatives of creditors and other parties in interest; c. taking all necessary actions to protect and preserve the Debtor's bankruptcy estate, including the prosecution and defense of actions on its behalf, and the representation of the Debtor's interests in negotiations concerning litigation involving the Debtor, except as delineated in this Application, including objections to claims against its bankruptcy estate; d. preparing and submitting on behalf of the Debtor's bankruptcy estate, among other things, various applications, motions, answers, pleadings, orders, notices, schedules, and other legal papers to be prepared and submitted in the Case and to assist in the preparation of and review of financial and other reports to be filed in this Application; e. taking all actions necessary on the Debtor's behalf in connection with the formulation, negotiation, drafting, and promulgation of a disclosure statement and plan of reorganization and related documents; f. appearing before this Court, any appellate court and the otherwise protect the interests of the Debtor's bankruptcy estate before such court; g. appearing at statutory meetings of creditors and with the United States Trustee to represent the interests of the Debtor's bankruptcy estate; h. consulting with the Debtor and special counsel to be engaged regarding tax matters; i. investigating the nature and validity of any liens asserted against the Debtor's assets and advising its estate concerning the enforceability of any such liens; j. investigating and providing advice to the Debtor's bankruptcy estate concerning the taking of such actions as may be necessary to collect and, under the applicable law, recover property for the benefit of the estate; and k. representing the Debtor and performing all other legal services for the Debtor's bankruptcy estate that may be necessary in connection with the Case except as delineated in this Application. The firm will be paid at these rates: Gregory J. Jordan, Manager $600 per hour Mark R. Zito, Manager $500 per hour The firm provided a retainer in the amount of $11,800. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory J. Jordan, a partner at Jordan & Zito LLC, 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: Gregory J. Jordan, Esq. Mark R. Zito, Esq. Jordan & Zito LLC 350 N. LaSalle Drive., Suite 700 Chicago IL 60654 Telephone: (312) 854-7181 Email: gjordan@jz-llc.com mzito@jz-llc.com About AMI Enterprises LLC AMI Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18803) on December 8, 2025, with up to $50,000 in assets and liabilities. Judge David D. Cleary presides over the case. Gregory J. Jordan, Esq., at Jordan & Zito, LLC represents the Debtor as legal counsel. ANTELOPE HOSPITALITY: Hires Accountative Inc. as Accountant ----------------------------------------------------------- Antelope Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Accountative Inc. as accountant. The firm will perform ordinary course bookkeeping services, payroll services, tax return preparation services, and any other accounting related services that Debtor may require during the pendency of this case. The firm will be paid at monthly fee of $1,000. The firm will perform its tax return preparation services for $1,500, charged once per year during preparation of Debtor's tax returns. Apurva Sheth, CPA, a partner at Accountative Inc, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Apurva Sheth, CPA Accountative Inc. 1700 E Lincoln Ave Ste 203 Anahem, CA 92805 Tel: (714) 414-5888 About Antelope Hospitality Antelope Hospitality LLC, doing business as Scenic View Inn, operates a full-service hotel in Page, Arizona. The hotel is positioned near major Northern Arizona attractions including Antelope Canyon, Horseshoe Bend, Glen Canyon National Recreation Area, Lake Powell, and local dining and shopping options, serving as a base for tourists, photographers, and adventurers. Antelope Hospitality filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12347) on December 22, 2025, listing up to $10 million in estimated assets and up to $50 million in estimated liabilities. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Bradley D. Pack, Esq., at Engelman Berger, PC. APOLLO COMMERCIAL: Moody's Affirms 'Ba3' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings has affirmed Apollo Commercial Real Estate Finance, Inc.'s (ARI) Ba3 long-term corporate family rating and Ba3 senior secured notes and backed senior secured bank credit facility ratings. The outlook is stable. The rating action follows ARI's announcement that it has entered into an agreement to sell its entire loan portfolio including its non-performing loans for a purchase price of 99.7% of total loan commitments. ARI intends to sell the assets to affiliates of funds managed by Apollo Global Management, Inc. (Apollo, A2 senior unsecured, stable), including Athene Co-Investment Reinsurance Affiliate and Athene Holding Ltd. (Athene, Baa1 senior unsecured, stable). Completion of the transaction is expected to occur in the second quarter and is subject to majority shareholder approval as well as customary regulatory approvals and closing conditions. RATINGS RATIONALE The ratings affirmation reflects Moody's expectations of ARI's meaningfully enhanced liquidity profile and simplified balance sheet following completion of the transaction. The action also incorporates Moody's views that ARI's financial policies will remain consistent and that the company will continue to deliver sound, through the cycle profitability while maintaining a solid capital position. These strengths are balanced against ARI's continued concentration in the cyclical commercial real estate (CRE) sector, which weighs on asset quality. Post-close, ARI plans to repay nearly all of its liabilities, resulting in approximately $1.4 billion of net cash and approximately around $1.7 billion of common stockholders' equity. As such, Moody's expects capitalization, as measured by tangible common equity to tangible managed assets, to rise materially. Over time, however, capitalization will gradually revert to historical levels as ARI reinvests capital and rebuilds its investment portfolio. The transaction will also allow ARI to exit its non-performing loans at close to par value. These loans, which hold substantial reserves for future credit losses, have weighed on profitability. ARI will continue managing its real estate owned portfolio, totaling $466 million of net book value across four properties, to resolution. A simplified balance sheet would provide ARI the flexibility to invest strategically in new opportunities that maximize risk-adjusted returns while improving operational efficiency. Execution of ARI's post-sale strategy introduces certain risks. The company may encounter challenges in redeploying capital and sourcing investments that meet its targeted return thresholds. Successful reinvestment will be sensitive to market conditions and timing, which could contribute to earnings volatility. Additionally, as ARI rebuilds its portfolio, concentration levels will initially be high, heightening exposure to potential credit losses should market conditions weaken. Offsetting these risks is ARI's affiliation with its external manager, Apollo, which supports the sourcing, evaluation and risk management of investments. In the near term, ARI plans to invest cash proceeds in short-duration, highly liquid, investment-grade commercial mortgage-backed securities (CMBS) and CRE collateralized loan obligations (CLOs) to maintain its status as a real estate investment trust (REIT). These assets are expected to generate yields sufficient to cover corporate operating costs, but not the company's unchanged common stock dividend. As a result, tangible common equity is likely to decline over the next year, even as leverage remains low. Moody's believes that ARI is exposed to moderate governance risks arising from its high dividend payout ratio as a REIT and the significant influence over governance exerted by its external manager, as reflected in its governance issuer profile score (IPS) of G-3. The scale of the transaction and ARI's decision to maintain its current dividend are further evidence of these governance risks. These factors are a key driver of the rating action, and an important consideration in Moody's assessments of governance under Moody's Ratings' General Principles for Assessing Environmental, Social and Governance Risks. ARI's Ba3 long-term senior secured debt rating reflects the bond's priority ranking but also the absence of lower priority instruments in ARI's capital structure. The stable outlook reflects Moody's expectations that ARI will successfully complete its portfolio sale and rebuild its investment portfolio while maintaining its existing financial policies over the next 12-18 months. Moody's also expects that ARI will continue to generate sound, through-the-cycle profitability while maintaining a solid capital position, although challenges may persist given the company's exposure to the cyclical CRE sector. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade ARI's ratings if the company: 1) diversifies its funding sources to sustainably lower its reliance on secured debt and market-sensitive repurchase facilities; 2) maintains strong, stable profitability and low credit losses; 3) implements policies that establish more granular loan-level concentrations; and 4) maintains a strong capital position. ARI's ratings could be downgraded if the company: 1) increases its risk appetite such that loan-level or sector concentrations during the redeployment period remain high without an expectation for either a reduction in concentrations or a larger capital cushion to absorb potential losses; 2) suffers a sustained decline in profitability commensurate with difficulty in sourcing and allocating capital into new investments; or 3) increases exposure to volatile funding sources or otherwise encounters material liquidity challenges. The principal methodology used in these ratings was Finance Companies published in July 2024. 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. ATLANTIC OVERSEAS: Unsecureds Wil Get 5% of Claims in Plan ---------------------------------------------------------- Atlantic Overseas Express, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization for Small Business dated January 22, 2026. The Debtor was incorporated as a freight forwarding business. The Debtor is owned 100% by Maria L. Leon-Roosevelt. Additionally, Maria L. Leon-Roosevelt is the President, and her daughter Carmen S. Gomez-Leon is the Vice President. The Debtor's principal place of business is located at 8501 N.W. 17th Street, Suite 102 Doral, FL 33126. This warehouse space is rented by the Debtor from one of Debtor's creditors, Prologis. The Debtor is current on the post-petition lease payments and the pre petition amounts owed are being treated as described in detail within the instant Plan. The Debtor had cash flow issues due to delayed receivables. Thereafter, a dispute arose between the Debtor and their commercial landlord owning the real property located at 8501 NW 17th St., Suite 102, Doral, Florida 33126. After further analysis, it was determined that the Debtor could benefit from a reorganization. As such, the Debtor filed the bankruptcy to ensure the business' continued operations while developing a plan to restore profitability. This Plan under chapter 11 of the Code proposes to pay creditors of Debtor from Cash on hand and operating income, unless otherwise stated. Class 3 consists of all the Allowed General Unsecured Claims of Debtor. As reflected in the list of general unsecured creditors, Debtor estimates the aggregate amount of Allowed Class 3 Claims totals not more than $598,848.08. Among the Allowed General Unsecured Claims are the following claims: * Claim of Shipco Transport, Inc. Shipco Transport Inc. filed Proof of Claim No. 1-1 in the amount of $1,721.07. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Amerisource Funding, Inc. as Assignee for Veryable, Inc. Amerisource Funding, Inc. as Assignee for Veryable, Inc. filed Proof of Claim No. 2-1 in the amount of $247.50. The claim relates back an A/R Factoring debt owed by the Debtor. This claim will be allowed as general unsecured only. * Claim of Armstrong Transport Group. Armstrong Transport Group filed Proof of Claim No. 3-1 in the amount of $37,372.43. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only * Claim of American Express National Bank. American Express National Bank filed Proof of Claim No. 4-1 in the amount of $6,406.60. The claim relates back to credit card debt owed by the Debtor. This claim will be allowed as general unsecured only * Claim of King Ocean Services, Ltd. King Ocean Services, Ltd. filed Proof of Claim No. 5-1 in the amount of $17,963.74. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of AMB HTD- Beacon Centre, LLC. AMB HTD-Beacon Centre, LLC filed Proof of Claim No. 7-1 in the amount of $256,858.18. This claim relates to the pre-petition unpaid rent owed to AMB HTD- Beacon Centre, LLC. Additionally, the Debtor estimates that AMB HTD- Beacon Centre, LLC will have an approximate claim for $412,288.95 in relation to the rejection of the commercial lease. As such, the total claim is estimated to be $669,147.13. This claim will be allowed as general unsecured only. * Claim of Skylake Inland Solutions LLC. Skylake Inland Solutions LLC filed Proof of Claim No. 8-1 in the amount of $27,041.72. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Skylake Inland Solutions LLC. Skylake Inland Solutions LLC filed Proof of Claim No. 8-1 in the amount of $27,041.72. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Intuit Financing Inc. Intuit Financing Inc. filed Proof of Claim No. 9-1 in the amount of $34,163.71. The claim relates back to a lien of credit borrowed by the Debtor. This claim will be allowed as general unsecured only. * Claim of Caraval d/b/a All Over Export, Inc. Caraval d/b/a All Over Export, Inc. filed Proof of Claim No. 10-1 in the amount of $2,961.59. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of GSA Skynet LLC d/b/a Americas GSA. GSA Skynet LLC d/b/a Americas GSA filed Proof of Claim No. 11-1 in the amount of $9,169.67. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Concept Brokerage, Inc. Concept Brokerage, Inc. filed Proof of Claim No. 12-1 in the amount of $1,955.00. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Apex Forklift Sales Corp. Apex Forklift Sales Corp. filed Proof of Claim No. 13-1 in the amount of $1,337.50. The claim relates back to the rental of a forklift by the Debtor. This claim will be allowed as general unsecured only. * Claim of Extreme PU & Delivery Inc. Extreme PU & Delivery Inc. filed Proof of Claim No. 14-1 in the amount of $3,305.00. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of ILS Cargo Spa a/k/a SLI Cargo. ILS Cargo Spa a/k/a SLI Cargo filed Proof of Claim No. 15-1 in the amount of $8,401.06. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Onboard Logistics Colombia SAS. Onboard Logistics Colombia SAS filed Proof of Claim No. 16-1 in the amount of $10,373.44. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. * Claim of Versaci Group International Inc. Versaci Group International Inc. filed Proof of Claim No. 17-1 in the amount of $1,655.62. The claim relates back to invoices for services provided to the Debtor. This claim will be allowed as general unsecured only. As provided in additional detail in the Liquidation Analysis, the Debtor estimates that if this case were converted to a Chapter 7 case, the holders of Class 3 Claims would receive a zero percent (0.0%) distribution. If Debtor's Plan is confirmed, each holder of an Allowed general unsecured claim against Debtor receives five percent (5.0%) of its Allowed Claim upon the confirmation of the Chapter 11 Plan. The Debtor estimates a total monthly payment of $694.35 to be pro rata to the members of this class. As such, the members of this class are impaired, and these payments shall be in full satisfaction, settlement, release, and extinguishment of their respective Allowed Claims. This Class is impaired and may vote for the plan. All payments under the Chapter 11 Plan shall be paid through the Debtor's disposable income as well as contributions from the Debtor's principals, if necessary. A full-text copy of the Plan of Reorganization dated January 22, 2026 is available at https://urlcurt.com/u?l=fItRZf from PacerMonitor.com at no charge. Counsel to the Debtor: Nicholas G. Rossoletti, Esq. Bilu Law, PA 2760 W. Atlantic Blvd. Pompano Beach, FL 33069 Telephone: (954) 596-0669 Facsimile: (954) 427-1518 Email: nrossoletti@bilulaw.com About Atlantic Overseas Express Inc. Atlantic Overseas Express, Inc. provides freight forwarding and logistics services from its headquarters in Doral, Florida, specializing in project cargo and complex shipments. The company operates domestically and internationally, offering air, ocean, truckload, rail, and air, ocean, truckload, rail, and distribution services, and maintains a Customs-bonded warehouse as a licensed Non-Vessel Operating Common Carrier (NVOCC). Atlantic Overseas Express filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22574) on October 24, 2025, with $699,334 in assets and $1,301,998 in liabilities. Maria L. Leon-Roosevelt, president of Atlantic Overseas Express, signed the petition. Judge Robert A. Mark presides over the case. Nicholas Rossoletti, at Ron S. Bilu, PA, is the Debtor's legal counsel. AVFUND CAPITAL: Hires Robert S. Altagen Inc. as Counsel ------------------------------------------------------- Avfund Capital Group Inc seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law Offices of Robert S. Altagen, Inc. as counsel. The firm will provide these services: a. give the Applicant legal advice with respect to Applicant's powers and duties as debtor-in-Possession in the continued operation of Applicant's business and management of Applicant's property; b. consult with Applicant, the United States Trustee and other parties-in-interest in the administration of the case; c. investigate the acts, conduct, liabilities, assets and financial condition of Applicant, the operation of Applicant's business and any other matter relevant to the case; d. prepare on behalf of Applicant as Debtor-in-Possession all necessary applications, answers, motions, orders, reports and other legal papers; e. participate in Applicant's formulation of a Plan of Reorganization and any amendment thereto, if so required, and to collect and file with the Court acceptances and/or rejections of said Plan(s); f. provide general legal preparation of Applicant in all aspects relating to Applicant's bankruptcy proceeding; and g. perform such other services as are appropriate regarding Attorney's capacity as counsel in this case. The firm will be paid at these rates: Robert S. Altagen $500 per hour Associate Attorney $375 per hour Paralegal $175 per hour The Debtor has agreed to pay the firm a retainer in the amount of $2,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Robert S. Altagen, Esq., a partner at Law Office of Robert S. Altagen, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Altagen, Esq. Law Office of Robert S. Altagen, Inc., 1111 Corporate Center Drive #201 Monterey Park CA 91754 Telephone: (323) 268-9588 Email: robertaltagen@altagenlaw.com About Avfund Capital Group Inc. Avfund Capital Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-21725) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge Sheri Bluebond presides over the case. Robert S. Altagen, Esq., at the Law Offices of Robert S. Altagen represents the Debtor as bankruptcy counsel. AZUL SA: Taps Grant Thornton Auditores Independentes as Auditor --------------------------------------------------------------- Azul S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Grant Thornton Auditores Independentes Ltda. as auditor. The firm's services include: a. review and revision of the offering memorandum prepared by Azul S.A. in connection with the Offering; b. preparation and issuance of comfort letters related to the review of interim financial statements for the three- and nine-month periods ended September 30, 2025, in connection with the offering. Grant Thornton Brazil intends to charge Azul R$650,000 for the services performed. Grant Thornton is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Elica Daniela da Silva Martins Grant Thornton Auditores Independentes Ltda. Avenida Jose de Souza Campos, 507 Campinas, Sao Paulo, Brazil Tel: (55) 11 3886-5100 About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. BANNERS OF ABINGDON: Continued Operations & Litigation to Fund Plan ------------------------------------------------------------------- Banners of Abingdon, LLC, and affiliates filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement describing Plan of Reorganization dated January 23, 2026. The Debtor operates 39 Hallmark-branded stores throughout the Commonwealth of Virginia, while also consisting of an overarching management company for those stores and an entity that formerly operated one such store in the State of Maryland before selling substantially all tangible assets, to a third party, in 2025. Between September 14 and 16, 2025, the 41 related entities comprising the Debtor all petitioned for relief under Section 301 of the Bankruptcy Code; pursuant to a subsequent order of the Bankruptcy Court, the 41 entities were substantively consolidated into a singular entity for reorganizational purposes. Banners entered chapter 11 with approximately $9,570,285.41 in assets and $20,204,865.58 in liabilities. These numbers are approximate because (i) they do not include a value for any litigation claims held by the Debtor, either as pre-petition assets or on account of bankruptcy-centric litigation rights that accrued upon the filing of a petition for relief; and (ii) the claims of certain creditors, as disclosed on the Debtor's schedules, are slightly, albeit not materially, at odds with those later asserted by the correlative creditors through the filing of proofs of claim. During the ensuing months, the Debtor has continued in operation of Hallmark-branded stores through the 2025 holiday season. The Debtor's retail operations have generally been without incident or issue for the life of this case, with a somewhat-seasonal business showing an anticipated spike in sales during the last quarter of the calendar year. Banners has remained current on post-petition monetary obligations and, through two debtor-in-possession loan facilities ("DIP Facilities") discussed in greater detail infra, has been able to accommodate the seasonal demand for consumer products. Banners now looks to use the Plan to pay the Allowed Claims of creditors, in full. Macroscopically, the Debtor proposes to do so through paying (i) the Claims of Landlords, whose leases are being assumed, over a period of four months; (ii) Secured Claims over a period of five years; and (iii) Unsecured Claims over a period of time commencing in December 2026 and ending in December 2035. The Debtor generally proposes to make these payments with funds realized through the operation of retail Hallmark stores, though the Plan also has allowances for (a) the Claim of one Secured Creditor to be paid through the monetization of assets held by a third party, and for (b) the recovery of monies through pursuit of various litigation rights (which the Plan breaks into the categories of "Bankruptcy Litigation Rights" and "Non-Bankruptcy Litigation Rights"). The Plan provides for the Debtor to (i) continue to operate retail stores; (ii) pursue litigation; and (iii) use the monetization of equipment, by a third party, to pay down at least one Secured Claim. Class 5 consists of the allowed Claims of general unsecured trade Creditors and lenders who are not (i) employees of the Debtor; or (ii) Secured Creditors. Class 5 is an Impaired Class. Class 7 consists of the equity Claim of A & S, Inc., which shall retain all Equity Interest in the Reorganized Debtor but which shall be prohibited from taking any dividend or member distribution until such a time as the Claims of all other Classes are paid, in full. Class 7 is an Impaired Class by reason of the prohibition on the taking of dividends and/or member distributions. Class 7 is comprised exclusively of an Insider of the Debtor. Except as otherwise provided herein, on the Effective Date, all assets of the Debtor's Estate shall vest in LBPO Management LLC (the "Reorganized Debtor"), and the Reorganized Debtor shall continue to—and, to the extent not already so doing, commence to carry on business under the name of LBPO Management LLC, inclusive of all trade names held, utilized, reserved, or otherwise associated with the Debtor. Pursuant to Section 1123(a)(5) of the Bankruptcy Code, the Reorganized Debtor shall assume and take all Property of the Estate, except as expressly provided hereunder, for the life of this Plan, and shall use the same to operate the same retail stores operated by the Debtor during the life of this Bankruptcy Cases. The Debtor reasonably projects the operation of said stores will provide cash sufficient to (i) pay ongoing operational expenses; and (ii) make all payments called for in this Plan, in the manner and on the dates provided for in Article 6 hereto. The Claims of Classes 1.2, 3.2, 4.2, 5 and 6 shall be paid by the Debtor over a period commencing on the first Business Day of December 2026, and extending through the first Business Day of December 2035, through the making of monthly payments in irregular sums computed to address the seasonal nature of the Debtor's business, as set forth on the payment schedule. A full-text copy of the Disclosure Statement dated January 23, 2026 is available at https://urlcurt.com/u?l=hxjLwk from PacerMonitor.com at no charge. Counsel for the Substantively Consolidated Debtor: Maurice Verstandig, Esq. Christianna Cathcart, Esq. THE BELMONT FIRM 1050 Connecticut NW Suite 500 Washington, DC 20036 Tel: (202) 991-1101 Email: mac@mbvesq.com About Banners of Abingdon, LLC Banners of Abingdon, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00378-ELG) on Sept. 14, 2025. In the petition signed by Michael Postal, authorized agent, the Debtor disclosed up to $50 million in assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Maurice Verstandig, at The Belmont Firm, is the Debtor's legal counsel. BEACH CLUB PROMOTIONS: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------------ On January 23, 2026, Beach Club Promotions, Inc. filed for Chapter 7 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 Beach Club Promotions, Inc. Beach Club Promotions, Inc. is a Florida-based company engaged in event promotion and marketing services, with a focus on entertainment- and hospitality-related promotional activities. Beach Club Promotions, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00426) on January 23, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Marc E. Dwyer, Esq., of Dwyer & Knight. BEINGWIZARD LLC: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- On January 30, 2026, Beingwizard LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Beingwizard LLC Beingwizard LLC is a limited liability company. Beingwizard LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10770) on January 30, 2026. In its petition, the debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The debtor is represented by Donald W. Reid, Esq., of the Law Office of Donald W. Reid. BERNARD L. MADOFF: BBVA Wins Bid to Dismiss Adversary Complaint --------------------------------------------------------------- Judge Lisa G. Beckerman of the U.S. Bankruptcy Court for the Southern District of New York granted Banco Bilbao Vizcaya Argentaria, S.A.'s motion to dismiss the amended complaint in the adversary proceeding captioned as IRVING H. PICARD, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and the Chapter 7 Estate of Bernard L. Madoff, Plaintiff, v. BANCO BILBAO VIZCAYA ARGENTARIA, S.A., Defendant, Adv. Pro. No. 10-05351 (Bankr. S.D.N.Y.). Irving Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS") commenced this Adversary Proceeding by filing the Complaint (the "Original Complaint") on December 8, 2010. The Original Complaint alleged seven causes of action against Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA" or the "Defendant"). The Original Complaint sought recovery from BBVA of transfers in the amount of $45 million that BBVA allegedly received from Fairfield Sentry Limited. The transfers resulted from BBVA's investments in the Madoff Feeder Funds to hedge BBVA's risk exposure arising from structured notes issued by BBVA and related entities. On July 31, 2024, the Trustee filed the Amended Complaint. Of relevance for the Motion, the AC alleges that BBVA Miami received approximately $7 million in an additional eleven transfers from Fairfield Sentry. The Motion The Motion seeks to dismiss the claims for the Newly Alleged Transfers under Count 1 of the AC pursuant to Rule 12(b)(6). It argues that claims for the Newly Alleged Transfers fall outside the statute of limitations period provided by 11 U.S.C. Sec. 550(f). Further, BBVA argues that the Newly Alleged Transfers do not relate back to the Original Complaint under Rule 15. As a result, those claims should be dismissed. The Newly Alleged Transfers are barred by the one-year statute of limitations period proscribed by Sec. 550(f). Additionally, BBVA argues in the Motion that BBVA Miami is a separate entity from BBVA and that BBVA Miami was not named as a defendant in the Original Complaint. BBVA argues that the relevant statute of limitations expired on June 12, 2012. BBVA also argues that BBVA Miami was sold to Banco Sabadell in 2008 which assumed BBVA's Miami's liabilities and thus, BBVA is not liable for the Newly Alleged Transfers. In the Motion, BBVA also argues that the initial transfers cannot be avoided since they are protected by the safe harbor provisions 11 U.S.C. Secs. 546(g) and 546(e) and/or are not avoidable under 11 U.S.C. Sec. 548(a)(1)(A). BBVA also seeks dismissal on the basis that the AC establishes that BBVA is entitled to the good faith defense under section 550(b). The Trustee argues that the Newly Alleged Transfers are not untimely since they relate back to the filing of the Original Complaint pursuant to Rule 15(c)(1)(B). The Trustee states that the subsequent transfers at issue originated from Sentry, involve similar legal theories, occurred during the same time period as the subsequent transfers at issue in the Original Complaint and were received by BBVA. Although the Original Complaint outlines a relationship between Fairfield Sentry and BBVA, Rule 15 still requires that the Newly Alleged Transfers arise out of the conduct, transaction, or occurrences set out in the Original Complaint. The Trustee argues that the subsequent transfers arise out of the conduct and occurrences alleged in the Original Complaint. The Court finds this argument unpersuasive. According to the Court, in this case, BBVA did not receive notice since the operative facts for the Newly Alleged Transfers are fundamentally different from the facts alleged in the Original Complaint. The Original Complaint did not allege the existence of any transfers from the Fairfield Sentry to BBVA Miami or any transfers involving BBVA Miami or its private banking clients. While the Original Complaint alleges nefarious conduct on the part of BBVA, that conduct must still be related to the Newly Alleged Transfers. The Court says since the Newly Alleged Transfers rely on entirely distinct facts than those alleged in the Original Complaint, they are also not the "offshoot" of the conduct pled in the Original Complaint. In this case, the Court concludes allegations against BBVA in the Original Complaint are insufficient to have put BBVA or BBVA Miami on notice and the generalized allegations contained in the AC do not cure this deficiency. A copy of the Court's Memorandum Opinion and Order dated January 28, 2026, is available at https://urlcurt.com/u?l=sE1DUx from PacerMonitor.com. Attorneys for the Defendant: Christian Vandergeest, Esq. David Livshiz, Esq. Elischke De Villiers, Esq. FRESHFIELDS BRUCKHAUS DERINGER US LLP 3 World Trade Center, 175 Greenwich Street New York, NY 10007 Email: christian.vandergeest@freshfields.com david.livshiz@freshfields.com elischke.devilliers@freshfields.com Attorneys for Irving H. Picard, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and the Chapter 7 Estate of Bernard L. Madoff: Brian Song, Esq. Ariana Dindiyal, Esq. BAKER & HOSTETLER LLP 45 Rockefeller Plaza New York, NY 10111 Email: bsong@bakerlaw.com adindiyal@bakerlaw.com About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of Jan. 31, 2021, and since his appointment in December 2008, the SIPA Trustee has amassed more than $14.413 billion as a result of recoveries and settlement agreements. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered. Eligible BLMIS customers have now received almost 70% of their allowed claims, and the SIPA Trustee is optimistic that this figure will rise as the Trustee secure more recoveries and distributions in the future. BRANAVA INC: Stephen Darr of Huron Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Branava Inc. Mr. Darr will be paid an hourly fee of $875 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Branava Inc. Branava Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40063) on January 22, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Christopher L. Murray, Esq., at Murray Law Firm, P.C. represents the Debtor as bankruptcy counsel. BUDDY MAC: Committee Hires Dykema Gossett as Bankruptcy Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Buddy Mac Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Dykema Gossett, PLLC as its counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; b. participate in in-person and telephonic meetings of the Committee and subcommittees formed thereby, if any; c. assist and advise the Committee in its meetings and negotiations with the Trustee and other parties in interest regarding these Chapter 11 Cases; d. assist the Committee in analyzing claims asserted against, and interests in, the Debtors, and in negotiating with the holders of such claims and interest and bringing, or participating in, objections or estimation proceedings with respect to such claims and interests; e. assist the Committee in analyzing the Debtors' assets and liabilities, including in its review of the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs, and other reports prepared by the Debtor, investigating the extent and validity of liens and participating in and reviewing any proposed transfer, sale, or disposition of the Debtors' assets, financing arrangements, and cash collateral stipulations or proceedings; f. assist the Committee in its investigation of the acts, conduct, assets, liabilities, management, and financial conditions of the Debtors, the Debtors' historic and ongoing operations of its business, and any other matters relevant to these Chapter 11 Cases; g. assist the Committee in its analysis of, and negotiations with the Debtors or any third party related to, financing, asset disposition transactions, and compromises of controversies, reviewing and determining the Debtors' rights and obligations under leases and executory contracts, and assisting, advising, and representing the Committee in any manner relevant to the assumption and rejection of executory contracts and unexpired leases; h. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party related to, the formulation, confirmation, and implementation of a chapter 11 plan and all documentation related thereto (including the disclosure statement); i. assist, advise, and represent the Committee in understanding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; j. assist and advise the Committee with respect to communications with the general creditor body regarding significant matters in these Chapter 11 Cases; k. respond to inquiries from individual creditors as to the status of, and developments in, these Chapter 11 Cases; l. represent the Committee at hearings and other proceedings before the Court and other courts or tribunals, as appropriate; m. review and analyze complaints, motions, applications, orders, and other pleadings filed with the Court, and advise the Committee with respect to formulating positions with respect, and filing responses, thereto; n. assist the Committee in its review and analysis of, and negotiations with the Debtors and their non-Debtor affiliates related to intercompany claims and transactions; o. review and analyze third-party analyses and reports prepared in connection with the Debtors' potential claims and causes of action, advise the Committee with respect to formulating positions thereon, and perform such other diligence and independent analysis as may be requested by the Committee; p. advise the Committee with respect to applicable federal and state regulatory issues, as such issues may arise in these Chapter 11 Cases; q. assist the Committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters, and administrative proceedings as may be necessary or appropriate in furtherance of the Committee's duties; r. take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates, including with respect to a chapter 11 plan and related disclosure statement; and s. perform such other legal services as may be necessary or as may be requested by the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: William Hotze, Member $750 Nicholas Zugaro, Senior Counsel $715 Dominique A. Douglas, Associate $550 As disclosed in the court filings, Dykema is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code and represents no interest adverse to the Committee, the Debtors, their estates, or any other party in interest in the matters upon which it is to be engaged. The firm can be reached through: Jeffrey R. Fine, Esq. DYKEMA GOSSETT PLLC Comerica Bank Tower 1717 Main Street, Suite 4200 Dallas, TX 75201 Telephone: (214) 462-6400 Email: JFine@dykema.com About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. BULMAKS INC: Seeks to Hire David Freydin PC as Counsel ------------------------------------------------------ Bulmaks, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Law Offices of David Freydin PC as counsel. The firm will represent the Debtor in matters concerning negotiation with creditors, preparation of a plan, corporate restructuring, analysis of claims and potential causes of action and other assets, and to otherwise represent the Debtor in matters before the Court. The firm will be paid at these rates: David Freydin $450 per hour Jan Michael Hulstedt $425 per hour Derek V. Lofland $425 per hour The firm received a $15,000 prepetition retainer prior to the filing of the case. In addition, the firm will seek reimbursement for its out-of-pocket expenses. David Freydin, a partner at Law Offices of David Freydin PC, 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: David Freydin, Esq. Law Offices of David Freydin, 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Bulmaks Inc. Bulmaks, Inc., established in 2012, is an independent, family-owned logistics and freight trucking company based in Huntley, Illinois, providing truckload and less-than-truckload general freight transportation services across the contiguous United States. The Company operates a fleet of dry van trailers and works with both company drivers and owner-operators, offering long-haul and short-haul routes using solo and team drivers, with a strong presence in the eastern United States. Bulmaks also employs technology-enabled logistics systems to support nationwide freight movements and around-the-clock operations. Bulmaks Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. Case No. 26-00067) on January 5, 2026. In its petition, the Debtor reports total assets of $2,012,747 and total liabilities of $6,706,091. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq. of LLAW OFFICES OF DAVID FREYDIN. BUZZ FINCO: Moody's Cuts CFR to B2, Outlook Remains Negative ------------------------------------------------------------ Moody's Ratings downgraded Buzz Finco L.L.C.'s (a subsidiary of Bumble Inc.) corporate family rating to B2 from B1, the existing senior secured first lien credit facilities to B2 from B1, and the probability of default rating to B2-PD from B1-PD. The speculative grade liquidity (SGL) rating was downgraded to SGL-4 from SGL-2. The outlook remains negative. The downgrade of the CFR reflects the approaching maturity of almost $600 million in term loans due January 29, 2027, which represents all the company's outstanding debt. Bumble's $50 million revolving credit facility matures in June 2026 and is undrawn. The downgrade also includes Moody's expectations of continuing declines in revenue through 2026 as Bumble undertakes efforts to improve the quality of the user base and the overall customer experience. Leverage is 2.5x, including Moody's standard adjustments, but Moody's expects leverage to increase above 3x in 2026 due to declines in EBITDA. The downgrade of the SGL rating to SGL-4 reflects the approaching debt maturities. Bumble will have $122 million in cash as of Q3 2025 pro forma for the settlement of the Tax Receivable Agreement (TRA) ($419 million obligation as of Q3 2025) with certain investment vehicles affiliated with Blackstone Inc. and the company's founder for $186 million in Q4 2025 . The company also generates substantial free cash flow (FCF) with FCF as a percentage of debt of 28% as of LTM Q3 2025, but FCF and cash on the balance sheet will not be sufficient to repay the approaching term loan maturity. Governance was a factor in the rating outcome due to the approaching debt maturities of the company's outstanding debt. RATINGS RATIONALE Buzz Finco L.L.C.'s B2 CFR reflects the parent's, Buzz Holdings L.P., approaching debt maturities and the highly competitive industry, characterized by low entry barriers and several different operators. The revenue base is relatively modest and the company operates in a narrow service offering. After several years of rapid growth, revenue performance has turned negative and Moody's expects it will continue to decline through 2026. The company is undertaking several initiatives to revive growth but there is a high degree of uncertainty about the timing of a recovery. There is also litigation risk that may result in cash outlays for legal costs and unfavorable court rulings and/or settlements. Bumble benefits from its leading market positions in the online dating category including the company's Bumble and Badoo dating and social networking apps to find romantic partners as well as other service offerings. Leverage levels are modest, but likely to increase above 3x in 2026 as a result of challenging industry conditions and ongoing efforts to improve the user experience. The company generates strong FCF given the recurring revenue base and modest capital expenditures, which may be used for stock buybacks, debt repayment, or other investments to facilitate growth. The negative outlook reflects Moody's expectations that Bumble's revenue will decline in the low teens percentage range in 2026 with a larger decline in EBITDA given the high operating leverage of the business. Revenue and paying users have decreased 8% YTD as of Q3 2025 and revenue is expected to remain under pressure as the company undertakes efforts to improve the quality of the customer base and the user experience. Operating performance has been supported by cost-cutting measures and reduced marketing spend YTD as of Q3 2025, but Moody's don't expect these efforts will offset revenue declines in 2026. Despite the negative pressures on the company, Moody's expects leverage levels to remain relatively modest and that Bumble will continue to generate good FCF. The strategy of increasing the user experience is likely to lead to improved operating performance over time, but the timing of a sustained recovery remains uncertain. The SGL-4 liquidity rating reflects the near term maturity of the term loan in January 2027 and the revolver in June 2026. Bumble has $122 million of pro forma cash on the balance sheet as of Q3 2025 and projected FCF of over $100 million in 2026. Moody's expects excess cash will be used for debt repayment but additional share repurchases ($69 million as of LTM Q3 2025) are possible if the company refinances its debt structure. The company used $186 million of cash from the balance sheet in November 2025 to retire the TRA liability. Under the terms of the prior TRA agreement, the company was required to pay 85% of its realized tax benefits to pre-IPO owners as a result of an increase in tax basis that arose from the sale or exchange of their Common Units in the February 2021 IPO. The term loan is covenant-lite. The revolver contains a Springing Maximum Consolidated First Lien Net Leverage covenant set at 5.75x (as defined) with no step downs that is triggered when more than 35% of the facility is drawn. Moody's expects Bumble will remain within compliance with the covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A further downgrade of the ratings could occur if the company is unable to refinance its debt maturities in the near term. Leverage expected to increase above 4x (as calculated by us) or inability to improve revenue or paid subscriber trends could also result in a downgrade. A weakened liquidity position due to a significant decline in FCF or sizable shareholder distributions could also put negative pressure on the ratings. An upgrade of the ratings could occur if the leverage was maintained below 3x (as calculated by Moody's) with positive subscriber trends and organic revenue growth of at least 5%. The company would also need to maintain a good liquidity position with FCF as a percentage of debt well above 15% and no near term debt maturities. Buzz Finco L.L.C. is a subsidiary of Bumble Inc. (Bumble), which is headquartered in Austin, TX, and is a leading provider of online dating and social networking services via its Bumble and Badoo mobile dating apps. In 2020, Blackstone and other investors purchased the parent company of Bumble and Badoo apps in a leveraged buyout valued at roughly $2.9 billion. In 2021, Bumble Inc. completed its IPO. Revenue totaled about $1 billion LTM Q3 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Buzz Finco L.L.C.'s B2 CFR is three notches below the scorecard-indicated outcome of Ba2. The difference reflects among other factors, the challenging operating performance including declines in revenue and the number of paying users. CANDYWAREHOUSE.COM INC: Unsecureds Will Get 8.03% over 5 Years -------------------------------------------------------------- CandyWarehouse.com, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Subchapter V Plan of Reorganization dated January 22, 2026. Candywarehouse.com, Inc. was formed in December 1999. Debtor operates an online candy retail store. The Debtor is currently owned 65.00% by Mimi Kwan-Nguyen and 35.00% by Hugh Nguyen. Mrs. Kwan-Nguyen will remain managing member and retain her 65% ownership interest going forward. The Debtor's operations were excellent for a couple of decades until the Covid-19 Pandemic brought a halt to all in person activities which were Debtor's main sources of generating revenue. Debtor elected to file chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. This Class is impaired. All allowed unsecured creditors, shall receive a pro rata distribution at zero percent per annum over the next five years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. The Debtor will distribute $247,000.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, includes the under-secured claim portions. The Debtor’s General Allowed Unsecured Claimants will receive 8.03% of their allowed claims under this plan. The allowed unsecured claims total $3,075,900.78. Class 6 consists of Equity Interest Holder (Current Owner). Mimi Kwan-Nguyen and Hugh Nguyen are the equity interest holders. They will receive no payments under the Plan; however, they will be allowed to retain ownership of the Debtor. Class 6 is not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Subchapter V Plan dated January 22, 2026 is available at https://urlcurt.com/u?l=AKLHEN from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Candywarehouse.com Inc. CandyWarehouse.com, Inc., operates an e-commerce platform that sells bulk candies, snacks, and party supplies, offering products such as chocolates, gummies, and international confections. It provides customers with search options by flavor, color, event, or holiday, and caters to both individual and wholesale buyers. CandyWarehouse.com sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34192) on October 24, 2025, with $223,957 in assets and $3,244,950 in liabilities. Mimi Kwan-Nguyen, president of CandyWarehouse.com, signed the petition. Judge Michelle V. Larson presides over the case. Robert C. Lane, at The Lane Law Firm, represents the Debtor as bankruptcy counsel. CANO ELECTRIC: Hires The Lane Law Firm PLLC as Bankruptcy Counsel ----------------------------------------------------------------- Cano Electric Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm's services include: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Robert Lane, Partner $650 Joshua Gordon, Partner $625 Zachary Casas, Partner $600 Kyle Garza, Partner $550 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Cano Electric Inc. Cano Electric is an electrical service contractor that provides on-demand electrical services to the multi-family housing sector and its commercial clients. Cano Electric Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40225) on January 16, 2026. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities also between $1 million and $10 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert Lane, Esq., of The Lane Law Firm PLLC. CARROLL CREEK: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Carroll Creek Whisky, LLC 55 E. Patrick St. Frederick MD 21701 Business Description: Carroll Creek Whisky, LLC, doing business as Tenth Ward Distilling Company, is a woman-owned distillery based in Frederick, Maryland, founded in 2016 in the historic Tenth Ward district. The Company produces a range of spirits, including Absinthe Nouvelle, Genever Gin, Maryland Rye Whiskey, and Smoked Bourbon, as well as seasonal liqueurs and canned cocktails, with its whiskey distilled in-house using locally sourced grains. Tenth Ward Distilling also operates a cocktail bar and tasting room, hosts events in its Whiskey Hall venue, and distributes its products through retail and offsite events. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-10931 Debtor's Counsel: David Cahn, Esq. LAW OFFICE OF DAVID CAHN, LLC 129 West Patrick Street Suite 10 Frederick MD 21701 Tel: (301) 799-8072 E-mail: david@cahnlawoffice.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Monica Pearce as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MCXFOCQ/Carroll_Creek_Whisky_LLC__mdbke-26-10931__0001.0.pdf?mcid=tGE4TAMA CDR TRANS: Unsecureds Will Get 3% of Claims over 60 Months ---------------------------------------------------------- CDR Trans, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California a Small Business Plan of Reorganization under Subchapter V dated January 22, 2026. The Debtor is a Limited Liability Company. Since 2019, the Debtor has been in the business of freight transportation and logistics company headquartered in South San Francisco, California. The Debtor provides trucking and warehouse services to a range of commercial clients and has built a strong reputation for reliability and service quality in the Bay Area logistics market. The Debtor's financial projections show that the Debtor will have projected disposable income of $579.43 (est.). The final Plan payment is expected to be paid on October 1, 2030, which is anticipated to be 60 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations/future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 3 cents on the dollar, consistent with the liquidation analysis in Exhibit A and projected disposable income in Exhibit B. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of non-priority unsecured creditors. Class 3 Non-Priority/General Unsecured Claims total $1,158,859.64 and shall receive an aggregate distribution of $34,765.79, representing three percent of allowed claims, payable pro rata in equal monthly installments over sixty months. This Class is impaired. Class 4 consists of equity security holders of the Debtor. Christopher Dela Rosa (sole owner) will retain 100% equity in the reorganized Debtor. Distributions to Creditors under this Plan will be funded primarily from: Debtor's cash on hand on the Plan's Effective Date; and net income from the continued operations of the business. The Plan proposed to pay creditors using the net disposable income of the Debtor over the 5-year period after the Plan's Effective Date. This Plan offers a Pot recovery of $34,765.79 to the Class 3 (general unsecured and non-insider creditors/claimants) which is more than the 0% they would receive if the Debtor's assets were sold in a hypothetical Chapter 7 liquidation and the proceeds paid out to each respective creditor. The Debtor believes that the Plan will successfully reorganize the Debtor and that the confirmation of this Plan is in the best interests of the Debtor, its creditors, and the equity interest holders. A full-text copy of the Plan of Reorganization dated January 22, 2026 is available at https://urlcurt.com/u?l=XyNSiG from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About CDR Trans LLC CDR Trans, LLC offers freight transportation services in the U.S., operating trucks to move general goods, with its headquarters in South San Francisco, California. CDR Trans sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30895) on Oct. 30, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher H. Dela Rosa, chief executive officer of CDR Trans, signed the petition. Judge Dennis Montali oversees the case. Arasto Farsad, at Farsad Law Office, P.C., is the Debtor's bankruptcy counsel. CENTER FOR EMOTIONAL: PCO Hires SAK Management Services as Advisor ------------------------------------------------------------------ Suzanne Koenig, the patient care ombudsman of Center for Emotional Health, PC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire SAK Management Services, LLC d/b/a SAK Healthcare as her medical operations advisor. The firm's services include: a. conducting interviews of patients, family members, guardians and hospital staff as required; b. reviewing license and governmental permits; c. reviewing adequacy of staffing, supplies, and equipment; d. reviewing safety standards; e. reviewing hospital maintenance issues or reports; f. reviewing patient, family, staff, or employee complaints; g. reviewing risk management reports; h. reviewing litigation relating to the Debtor; i. reviewing patient records; j. reviewing any possible sale, closure, or restructuring of the Debtor and how it impacts patients; k. reviewing other information, as applicable to the Debtor and this case including, without limitation, patient satisfaction survey results, regulatory reports, utilization review reports, discharged and transferred patient reports, staff recruitment plans and nurse/patient/acuity staffing plans; l. reviewing various financial information, including, without limitation, current financial statements, cash projections, accounts receivable reports and accounts payable reports to the extent such information may impact patient care; and m. assisting the Ombudsman with such other services as may be required under the circumstances of this case, including any diligence or investigation required for the reports to be submitted by the Ombudsman. The firm's services include: Principals/Executives $575 per hour Senior Managing Director/ Vice Presidents $525 per hour Senior Directors/Regional Directors/Directors $475 per hour Staff/Administrative $300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Suzanne Koenig, Founder & Chief Executive Officer at SAK Management Services, LLC d/b/a SAK Healthcare, 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: Suzanne Koenig SAK Management Services, LLC 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Tel: (847) 446-8400 Fax: (847) 446-8432 Email: skoenig@sakmgmt.com About Center for Emotional Health PC Center for Emotional Health, PC provides outpatient mental health services, including therapy for children and adults, counseling, and medication management, operating from Salisbury, North Carolina. The practice offers treatment for substance-use disorders and specialized programs for veterans, serving patients through a combination of individual and group sessions. It is classified within the healthcare industry, specifically in behavioral and mental health services. Center for Emotional Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on November 10, 2025, listing between $1 million and $10 million in assets and liabilities. Jonathan Stoudmire, president of Center for Emotional Health, signed the petition. Judge Pamela W. McAfee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CENTER FOR EMOTIONAL: PCO Taps Fox Rothschild LLP as Legal Counsel ------------------------------------------------------------------ Suzanne Koenig, the patient care ombudsman of Center for Emotional Health, PC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Fox Rothschild LLP as her counsel. The firm's services include: (a) representing the Ombudsman in any proceeding or hearing in the Bankruptcy Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of this case; (b) advising the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the discharge of her duties under section 333 of the Bankruptcy Code; (c) advising and representing the Ombudsman in evaluating patient or healthcare related issues including, in connection with any sale, reorganization, or liquidation; and (d) performing such other legal services as may be required under the circumstances of this case in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code, including assisting the Ombudsman with reports to the Court, fee applications, or other matters. Fox Rothschild's current hourly rates are: Brian R. Anderson, Partner $685 Brian R. Anderson, Esq., a partner of Fox Rothschild LLP, assured the court 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: Brian R. Anderson, Esq. Fox Rothschild LLP 230 N. Elm Street, Suite 1200 Greensboro, NC 27401 Tel: (336) 378-5205 Email: BRAnderson@FoxRothschild.com About Center for Emotional Health PC Center for Emotional Health, PC provides outpatient mental health services, including therapy for children and adults, counseling, and medication management, operating from Salisbury, North Carolina. The practice offers treatment for substance-use disorders and specialized programs for veterans, serving patients through a combination of individual and group sessions. It is classified within the healthcare industry, specifically in behavioral and mental health services. Center for Emotional Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on November 10, 2025, listing between $1 million and $10 million in assets and liabilities. Jonathan Stoudmire, president of Center for Emotional Health, signed the petition. Judge Pamela W. McAfee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CHARIOT BUYER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Chariot Parent LLC and Chariot Buyer LLC's (dba Chamberlain Group) Long-Term Issuer Default Ratings (IDRs) at 'B-'. Fitch has also affirmed the company's first lien secured revolver and term loan, including the proposed add-on to the term loan, at 'B-' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Chamberlain Group's 'B-' IDR and Stable Outlook reflect its high leverage, offset by strong profitability and pre-dividend free cash flow (FCF) margins, solid competitive position, and diversified end markets. The rating also considers the company's financial policy, including occasional large debt-funded shareholder distributions, along with its extended maturity schedule and tariff exposure stemming from concentrated manufacturing. Key Rating Drivers Volatile Post-Dividend FCF: Chamberlain's FCF is volatile, driven primarily by the timing and size of shareholder distributions. Fitch expects Chamberlain to generate $125 million-$150 million of positive FCF in 2025, reflecting solid underlying cash generation and no distributions. In 2024, FCF before distributions was positive, but $300 million of shareholder distributions more than offset it, resulting in reported FCF of negative $107 million. In 2026, Fitch expects FCF before distributions to remain positive, but planned $400 million of shareholder distributions will push reported FCF to negative $200 million-$250 million. High Leverage Levels: Fitch projects EBITDA leverage at 7.6x at the end of 2025, up slightly from 7.5x at year-end 2024, reflecting higher debt levels from the acquisition of Arrow Tru-Line, and expects leverage to remain at similar levels in 2026 as EBITDA margins only improve slightly. Fitch's rating case does not assume debt repayment beyond required term loan amortization; therefore, any additional debt reduction or margin improvement above expectations could result in lower leverage. Projected Margin Improvement: Fitch projects EBITDA margins to expand by 40 bps-80 bps, supported by continued price realization and SG&A efficiency initiatives. Chamberlain has implemented price increases to mitigate potential tariff impacts, and Fitch expects the company to continue pushing through incremental pricing to support further margin improvement into 2026. Solid Overall Competitive Position: Chamberlain holds a strong competitive position, supported by well-recognized brands and leadership in both residential and commercial garage door opener markets. Its diversified distribution network includes dealers, installers, OEMs, and major retailers like Home Depot and Lowe's. This reinforces its value chain presence and supports stable to growing margins. The acquisition of Arrow further enhances Chamberlain's suite of product offerings, which could provide revenue synergies longer term. Repair Segment Exposure Limits Cyclicality: Chamberlain's diverse end-market exposure is about 50% residential, 40% commercial, and 10% automotive and international, which limits cyclicality. Approximately 76% of residential revenue comes from the less cyclical retrofit market, primarily non-discretionary break-fix replacements. This supports stable revenues and cash flow through economic cycles. Manufacturing and Distribution Footprint: The majority of Chamberlain's products are manufactured at its Nogales, Mexico facility. Recent U.S.-based acquisitions, including Arrow, have increased domestic production capacity and reduced reliance on Nogales. This strategic footprint enables competitive costs but also exposes the company to significant risks from facility disruptions or adverse tariff changes. Fitch expects management to further evaluate alternatives to hedge against manufacturing concentration risk. Blackstone Ownership Supports Leverage Tolerance: Fitch expects Blackstone's private equity ownership to support a higher leverage tolerance, with capital allocation likely to prioritize equity returns over accelerated debt repayment. As a result, Fitch expects excess cash flow to be directed toward shareholder distributions and/or growth initiatives (including acquisitions), limiting deleveraging beyond required amortization and keeping leverage elevated. At the same time, Fitch expects Chamberlain to benefit from Blackstone's sponsorship through enhanced resources and execution support to accelerate growth in commercial garage door openers and access solutions. Parent-Subsidiary Linkage: Fitch applied the strong subsidiary/weak parent approach under its "Parent and Subsidiary Linkage Criteria." Fitch views the linkage as strong between Chariot Parent LLC (issuer of financial statements) and Chariot Buyer LLC (borrower under the credit agreements) given the openness of access and control by the parent and relative ease of cash movement within the structure. Fitch views the rated entities on a consolidated basis. Peer Analysis Chamberlain has similar profitability and FCF metrics but meaningfully higher leverage than Fitch's publicly rated universe of building products manufacturers, which are concentrated in the low-investment-grade rating categories. These peers typically have EBITDA leverage of less than or equal to 3.0x and global operating profiles. Chamberlain's leverage is modestly lower than that of Park River Holdings, Inc. (B-/Stable), but higher than LBM Acquisition, LLC's (B/Negative). While smaller in scale, Chamberlain is better positioned in the value chain, with significantly higher profitability and stronger FCF metrics compared to these building products distributors. Fitch's Key Rating-Case Assumptions - Revenue grows mid-to-high single digits in 2025 and 2026; - Positive FCF of $125 million-$175 million in 2025, and negative FCF of $200 million-$250 million in 2026; - No shareholder distributions in 2025; $400 million of distributions in 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 (bbb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (ccc+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a(n) consolidated approach. Recovery Analysis Key Recovery Assumptions The recovery analysis assumes that Chamberlain would be considered a going-concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. Chamberlain's GC EBITDA estimate of $300 million projects a post-restructuring sustainable cash flow, which is about 30% below the pro forma LTM EBITDA. Fitch assumes that a default would occur from a meaningful and continued decline in residential and commercial construction activity, combined with the loss of one of its top customers. Fitch estimates revenue that is 18% lower than the LTM revenue and EBITDA margin of about 19% (over 200 bps below the Sep 30, 2025) would result in about $300 million GC EBITDA. This would capture the lower revenue base of the company after emerging from a downturn plus a sustainable margin profile after right sizing. An Enterprise Value (EV) multiple of 6.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The 6.5x multiple is below the 14.7x purchase multiple for the Chamberlain Group. The EV multiple is higher than the 6.0x multiple Fitch uses for LBM Acquisition, LLC and Park River Holdings, respectively. Fitch believes Chariot has a stronger competitive position in the value chain as a manufacturer compared with LBM and Park River, both of which are distributors. The company also benefits from a dominant market share, which is reflected in the EBITDA margins in the 20% range. The revolver is assumed to be fully drawn at default. The analysis results in a recovery corresponding to an 'RR4' for the $250 million first lien revolver and the existing first lien secured term loan. The distributable value was reduced by the company's $125 million Accounts Receivables Securitization facility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- EBITDA interest coverage sustained below 1.5x; -- FCF generation sustained at neutral or negative levels, leading to liquidity issues or concerns; -- CFO less capex to debt sustained in negative territory (below 0%) on a consistent basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- EBITDA leverage sustained below 6.5x; -- EBITDA interest coverage sustained above 2.5x. Liquidity and Debt Structure Fitch expects Chamberlain's liquidity position to remain adequate to fund operations and service its debt. The company had $338 million of cash as of Sep 30, 2025, and no borrowings under its $250 million revolver that matures in 2028 and its $125 million accounts receivable securitization facility expiring in January 2029. The company has no debt maturities until 2032, when its first-lien term loan B mature. Annual TL amortization is manageable at around $37 million on a pro forma basis. The company is issuing a $300 million add-on to its existing term loan B to partly fund a $400 million shareholder distribution. The incremental term loan will have the same maturity and amortization and will be pari passu with the revolver. Issuer Profile Chariot Parent, LLC (d/b/a The Chamberlain Group) is a leading North American provider of access control solutions. It holds the No. 1 position in residential garage door openers, commercial garage door openers, commercial gate controls, and automotive garage access remotes. RATING ACTIONS Entity / Debt Rating Recovery Prior ------------- ------ -------- ----- Chariot Buyer LLC LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- Chariot Parent LLC LT IDR B- Affirmed B- CHOICE LABS: To Exit Receivership in February Under New Owner ------------------------------------------------------------- mmj daily reports that the Jackson, Michigan‑based cannabis processor Choice Labs is on track to exit receivership in early February under the direction of new owner Chicago Atlantic, marking an end to a year‑long restructuring. Chicago Atlantic became the primary lender after purchasing approximately $52 million of Choice’s debt, taking over from Massachusetts‑based Needham Bank in the receivership process. Both Choice Labs and its parent, Glorious Cannabis, were placed into receivership in February 2025 following reported defaults on more than $108 million in Farm Credit Mid‑America loans and complications stemming from a federal investigation involving a minority owner. Chicago Atlantic acted as the stalking horse bidder, and its acquisition positions the processor for operational continuity outside of court supervision. About Choice Labs Choice Labs is a leading Michigan cannabis processor based in Jackson and producer of brands including Crude Boys and Choice Chews. Choice Labs along with its parent company Glorious Cannabis, was placed under receivership in February 2025 following mounting financial and legal challenges. The action, requested by Needham Bank, was prompted by debt defaults and legal disputes with a minority owner, as well as a federal investigation into alleged fraud. The court’s appointment aimed to preserve creditor interests and maintain operational stability during the company’s financial restructuring. CLAY STREET: Seeks to Hire Gould & Ratner LLP as Special Counsel ---------------------------------------------------------------- Clay Street Commons, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Gould & Ratner LLP as special counsel. The firm will represent the Debtor of the estate in its ongoing arbitration matter in Nashville, Tennessee. The current rate for the services of Garrett Graff, the partner that will be the Debtor's main contact, is $570 per hour. Other Gould & Ratner attorneys may also provide services to the Debtor in this case, including Ellen Chapelle, whose current rate is $700 per hour. As disclosed in the court filings, Gould & Ratner does not represent or hold any interest adverse to the Debtor or to the estate. The firm can be reached through: Garrett Graff, Esq. Gould & Ratner LLP 1801 Wewatta Street, 18th Floor Denver, CO 80202 About Clay Street Commons, LLC Clay Street Commons, LLC owns and manages a residential property at 1919 Ninth Avenue North in Nashville, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00026) on January 6, 2026. In the petition signed by Scott Woosley as the authorized individual, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. Austin McMullen, Esq., at Bradley Arant Boult Cummings, LLP, represents the Debtor as legal counsel. CLEARWATER PAPER: S&P Downgrades ICR to 'B+', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Clearwater Paper Corp. to 'B+' from 'BB-' because it expects S&P Global Ratings-adjusted leverage above 4x and free operating cash flow (FOCF) to debt at the lower end of the low- to mid-single-digit percentage range. S&P also lowered its issue-level rating on the company's $275 million unsecured notes to 'B-' from 'B'. The '6' recovery rating is unchanged. Below-average utilization rates and downward pricing pressure that S&P expects in 2026 will contract Clearwater's earnings. The negative outlook reflects the possibility of a downgrade if Clearwater underperforms our forecast, keeping adjusted leverage elevated and leading to an FOCF deficit. Weak operating performance will likely continue in 2026. S&P said, "We lowered our issuer credit rating on Clearwater because we expect S&P Global Ratings-adjusted leverage will deteriorate above 4x for the next 12 months mainly because of weak earnings. Increasing excess solid bleached sulfate (SBS) paperboard capacity in the U.S. market will likely pressure industry pricing as market participants secure volume in 2026. We expect Clearwater will generate adjusted EBITDA of about $87 million. With about $375 million of adjusted debt outstanding, S&P Global Ratings-adjusted debt to EBITDA will likely be in the 4x-5x range at the end of 2026. Material unplanned downtime across the fiscal year could lower adjusted EBITDA further." Cash flow deficits are a substantial risk across the forecast horizon. Clearwater's high capital expenditure (capex) needs will continue to pressure cash flow as absolute earnings remain weak. Persistent cash flow deficits could pressure our ratings further, especially since the company's asset-based lending (ABL) revolving facility goes current in November 2026 and $275 million unsecured notes go current in 2027 (maturing in August 2028). Nonetheless, we believe Clearwater has the capacity to and will temporarily reduce growth capex to preserve cash. S&P said, "We expect it to reduce capex to about $70 million in 2026 from roughly $100 million per year in 2024 and 2025. We anticipate working capital should be a source of cash flow support in 2026 as the company manages its inventory in line with SBS demand." S&P said, "We revised our projections downward, reflecting capacity oversupply. We expect Clearwater will operate its facilities at about 85% capacity in 2026, below the 90%-95% we believe characterizes normal demand. Similarly, we expect additional industry capacity announced in 2025 to be fully ramped up in 2026. This will likely increase downward pressure on SBS pricing if industry demand lags supply. While increasing demand for sustainable and renewable packaging support favorable medium to longer term industry fundamentals, we believe near term --over the next 12 months--, industry demand will lag available supply. This, in our view, will keep Clearwater's utilization rate low, further pressuring margins and restricting its ability to increase prices. The negative outlook reflects a possible lower rating if Clearwater cannot generate sustainable positive FOCF. S&P could lower its ratings on Clearwater if over the next 12 months operating trends weaken beyond its forecast, such that: -- S&P expects persistent cash flow deficits; or -- S&P Global Ratings-adjusted leverage approaches 5x. S&P could revise the outlook to stable if: -- Clearwater maintains S&P Global Ratings-adjusted leverage well below 5x; and -- S&P expects sustained meaningful FOCF. COLOR CODE: Seeks to Hire Boyle Legal LLC as Counsel ---------------------------------------------------- Color Code Painting Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Boyle Legal, LLC as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to my powers and duties as Debtor-in- Possession in the continued reorganization of its debts; b. take necessary actions to avoid liens against the Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances and liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; c. take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor in which property of the Debtor has substantial equity; d. represent the Debtor, as Debtor-in-Possession, in any proceedings which may be instituted in this Court by Debtor, Creditors, or other Parties-in-Interest during the course of this proceeding; e. prepare necessary pleadings, answers, orders, reports, and other legal papers; f. perform all other Bankruptcy legal services for Debtor-in-Possession or to employ attorneys, or other Professionals, for such other non-Bankruptcy legal services during the pendency of this Case. The firm will be paid at these rates: Michael Boyle (partner) $400 per hour Paralegals $100 to $150 per hour The firm received an initial retainer in the amount of $9,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Michael L. Boyle, Esq., a partner at Boyle Legal, LLC, 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 L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy NY 12180 Telephone: (518) 407-3121 Email: mike@boylebankruptcy.com About Color Code Painting Inc. Color Code Painting, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10014) on January 9, 2026, listing up to $100,000 in assets and up to $500,000 in liabilities. Bryan Berry, president of Color Code Painting, signed the petition. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal, LLC, represents the Debtor as bankruptcy counsel. CONTAINER STORE: To Close 2 Venture County Stores ------------------------------------------------- Fernanda Tronco of The Street reports that Container Store is set to close its Ventura County stores in Thousand Oaks and Oxnard, reducing its Southern California presence to six stores and California total to 13. The Thousand Oaks location will close in January 20256, with the Oxnard store following in February 2026, as listed on the company website. Local customers will now need to travel to the nearest store at 21949 Ventura Boulevard in Woodland Hills. The move ends The Container Store’s operations in Ventura County, bringing a close to its longtime service in the area. The remaining store locations in Southern California that are still open are: * Century City: 10250 Santa Monica Boulevard * Costa Mesa: 901-G South Coast Drive Costa Mesa * El Segundo: 710 S Sepulveda Boulevard * Pasadena: One East Union Street * San Diego: 7097 Friars Road * Woodland Hills: 21949 Ventura Boulevard About Container Store Group Inc. Container Store Group Inc. is a company renowned for for selling closet organizers and storage solutions. Container Store Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on December 22, 2024. In its petition, the Debtor reports assets and liabilities between $100 million and $500 million. Judge: Hon. Alfredo R Perez Debtors' Legal Counsel is Timothy A. ("Tad") Davidson II, Esq., Ashley L. Harper, Esq., and Philip M. Guffy, Esq., at HUNTON ANDREWS KURTH LLP, in Houston, Texas. Debtors' Legal Counsel is George A. Davis, Esq., Hugh Murtagh, Esq., Tianjiao (TJ) Li, Esq., and Jonathan J. Weichselbaum, Esq., at LATHAM & WATKINS LLP, in New York, and Ted A. Dillman, Esq., in LATHAM & WATKINS LLP, in Los Angeles, California. Debtors' Investment Banker is HOULIHAN LOKEY CAPITAL, INC. Debtors' Claims, Noticing & Solicitation Agent is VERITA GLOBAL (Previously KURTZMAN CARSON CONSULTANTS LLC). COURTESY SCREENING: Aaron Cohen Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Courtesy Screening, Inc. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Courtesy Screening Inc. Courtesy Screening, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacob A. Brown presides over the case. Scott A. Stichter, Esq. at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. CRESTMONT PROPERTIES: Hires Anthony P. Ambrosio as Attorney ----------------------------------------------------------- Crestmont Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Anthony P. Ambrosio, Esq. as counsel to handle its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ambrosio 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: Anthony P. Ambrosio, Esq. 105 Grove Street, Suite 1 Montclair, NJ 07042 Tel: (973) 746-6655 Fax: (973) 744-1110 Email: anthonyambrosio@me.com About Crestmont Properties, LLC Crestmont Properties, LLC is a real estate company engaged in the ownership, management, and operation of residential and/or commercial properties. The companyâ€™s activities typically include property acquisition, leasing, and day-to-day property management. Crestmont Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23408) on December 19, 2025. In its petition, the debtor reports estimated assets in the range of $1 million to $10 million, with liabilities listed as unknown. The Honorable Vincent F. Papalia handles the case. The debtor is represented by Anthony P. Ambrosio, Esq. D.R. PATEL: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, entered a final order authorizing D.R. Patel Investments, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with an approved budget, with a 10% monthly variance. The order caps usage at $90,000 per month, with any unused amounts rolling forward to the next month. Although the budget is categorized, the Debtor may spend up to the total monthly amount regardless of category. The Debtor projects total monthly operational expenses of $63,910.75. As adequate protection, Joseph and Beverly Giraudo, trustees of the Giraudo Trust, will receive $20,000 per month, to be distributed in waterfall priority and applied pursuant to applicable terms of each corresponding note and deed of trust. The trust holds five secured liens totaling approximately $5.88 million. In addition, the Giraudo Trust and other secured creditors will be granted replacement liens on post-petition property (excluding Chapter 5 causes of action) in case of any diminution in their collateral, with the same priority and validity as their pre-bankruptcy liens. The authority to use cash collateral continues until confirmation of a Chapter 11 plan (unless it is extended by the plan); appointment of a trustee; dismissal or conversion of the Debtor's Chapter 11 case to Chapter 7; or entry of an order granting relief from the automatic stay as to the cash collateral. The final order is available at https://is.gd/1i8TeK from PacerMonitor.com. About D.R. Patel Investments LLC D.R. Patel Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30866) on Oct. 23, 2025, listing up to $10 million in both assets and liabilities. Matthew D. Metzger, Esq., at Beldevere Legal, PC serves as the Debtor's counsel. DBJ US CORP: Case Summary & 19 Unsecured Creditors -------------------------------------------------- Debtor: DBJ US Corp. d/b/a Denny's America's Diner d/b/a Denny's 1427 Washington Ave Miami Beach, FL 33139-4109 Business Description: DBJ US Corp. is a Florida profit corporation based in Miami, FL, operating in the restaurant industry as a franchisee of Denny's under a franchise agreement with DFO LLC, managing restaurant operations at commercial locations including Miami Beach. The Company, managed by members of the Saavedra family, provides full-service diner operations and related food service services. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-11015 Judge: Hon. Robert A Mark Debtor's Counsel: James B. Miller, Esq. JAMES B. MILLER, P.A. 19 West Flagler St. #416 Miami, FL 33130 Tel: 305-374-0200 Email: bkcmiami@gmail.com Total Assets: $106,600 Total Liabilities: $1,563,118 The petition was signed by Brenda Saavedra as secretary and authorized agent. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FF46YRY/DBJ_US_CORP__flsbke-26-11015__0001.0.pdf?mcid=tGE4TAMA DEL MONTE: Pushes for Creditor Settlement, Chapter 11 Asset Sales ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Del Monte Foods Corp. II urged a bankruptcy court to greenlight asset sales exceeding $500 million and approve a comprehensive settlement with lenders and unsecured creditors, a move the company says would pave the way for an orderly wind-down. The debtor argued the transactions are fair, lawful and in the best interests of creditors overall. Following the close of a two-day hearing Thursday, January 29, 2026, in the U.S. Bankruptcy Court for the District of New Jersey, Del Monte defended the sales and settlement against objections lodged by a small group of lenders. U.S. Bankruptcy Judge Michael B. Kaplan said he would consider the arguments and rule at a later date, the report cites. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DIMMER'S PRECISION: Unsecureds to Get Share of Income for 5 Years ----------------------------------------------------------------- Dimmer's Precision Grading, LLC, filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization dated January 22, 2026. The Debtor is a grading and site work company and was created in 2019. The Debtor grew rapidly, financing the purchase of equipment from various lenders. The Debtor owns real property where it maintains a shop and office. The Debtor's owner, Brandon Dimmer, and his family also reside on the Debtor's real property. The real property is encumbered by two mortgages in favor of Belmont Savings Bank. Due to a slowdown in the industry and a customer's payment default on a large project, the Debtor began to struggle with cash flow. The Debtor began exploring its bankruptcy options after falling into default on loans to creditors holding liens on its equipment. The Debtor filed for relief under Chapter 11, Subchapter V of the Bankruptcy Code to restructure its secured debt and commit its disposable income to unsecured creditors for the duration of the plan term. Class 18 consists of Holders of Allowed General Unsecured Claims. Allowed General Unsecured Creditors shall be paid a Pro Rata share of the Reorganized Debtor's projected "disposable income" less Claims of higher priority, if any, for the first five full years following confirmation (i.e. 2026, 2027, 2028, 2029, and 2030) with payments being made on or before June 1 of 2027, 2028, 2029, 2030, and 2031. This Class is impaired. In the Financial Projections, the Debtor has provided its best estimate of the claims with a priority higher than Class 18 Claims that will be owing so that holders of Allowed Class 18 Claims may reasonably calculate the projected amount they will be paid pursuant to this Plan. That said, to the extent claims with a priority higher than Class 18 Claims are less than projected, holders of Allowed Class 18 Claims will receive a higher distribution than shown in the Financial Projections. However, to the extent claims with a priority higher than Class 18 Claims are more than projected, holders of Allowed Class 18 Claims will receive a lower distribution than shown in the Financial Projections. All Equity Interests held prior to the Petition Date shall be retained. The Plan contemplates that distributions will be funded by revenues generated during the Debtor's post-petition earnings and, potentially, through litigation claims, including collection actions on unpaid invoices. A full-text copy of the Plan of Reorganization dated January 22, 2026 is available at https://urlcurt.com/u?l=9FP139 from PacerMonitor.com at no charge. Counsel to the Debtor: Cole Hayes, Esq. COLE HAYES LAW 601 S. Kings Drive, Suite F PMB #411 Charlotte, NC 28204 Phone: (980) 416-4266 Email: info@colehayeslaw.com About Dimmer's Precision Grading Dimmer's Precision Grading, LLC, is a grading and site work company and was created in 2019. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40239) on Nov. 5, 2025. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Ashley Austin Edwards oversees the case. Cole Hayes serves as the Debtor's legal counsel. DIOCESE OF BURLINGTON: Plan Exclusivity Period Extended to Feb. 27 ------------------------------------------------------------------ Judge Heather Cooper of the U.S. Bankruptcy Court for the District of Vermont extended The Roman Catholic Diocese of Burlington Vermont's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 27 and April 29, 2026, respectively. As shared by Troubled Company Reporter, the Diocese believes that the limited proposed extension to formulate and file a plan sought in the Motion will be beneficial to the estate, will allow the plan to be based on more accurate information, and will result in a more efficient use of the estate's assets for the benefit of all creditors. The Debtor explains that the status of the case and the application of the factors identified support the conclusion that an extension of the exclusivity period and solicitation period is warranted in the Diocese's case, including because: * The Diocese's case is large and complex, involving complicated property of the estate and claim issues; * The Diocese and the Committee require more time to negotiate a plan of reorganization and prepare adequate information for a disclosure statement; * The Diocese has been working diligently and in good faith toward a Chapter 11 plan, including in consultation with the Committee; * The Diocese is paying its bills as they become due; and * The Diocese is about to participate in continued mediation with the Committee. In sum, the Diocese believes that the extensions sought will be beneficial to the Diocese as well as creditors and other parties in interest; will provide time to attempt to reach a consensus regarding plan terms; will allow the plan to be based on more accurate information; and will result in a more efficient use of estate assets for the benefit of all creditors. The Roman Catholic Diocese Of Burlington is represented by: Raymond J. Obuchowski, Esq. OBUCHOWSKI LAW OFFICE 1542 Route 107, PO Box 60 Bethel, VT 05032 Phone: (802) 234-6244 Email: ray@oeblaw.com James L. Baillie, Esq. Steven R. Kinsella, Esq. Samuel M. Andre, Esq. Katherine A. Nixon, Esq. FREDRIKSON & BYRON, P.A. 60 South Sixth Street, Suite 1500 Minneapolis, MN 55402-4400 (612) 492-7000 Email: jbaillie@fredlaw.com skinsella@fredlaw.com sandre@fredlaw.com knixon@fredlaw.com About Roman Catholic Diocese Of Burlington Vermont Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, at Fredrikson & Byron, P.A. as bankruptcy counsel and Obuchowski Law Office as local counsel. DIOCESE OF OAKLAND: Creditors, Abuse Survivors Oppose Fee Deferral ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the unsecured creditors and sex abuse claimants in the Diocese of Oakland’s bankruptcy case are pushing back against a bid to delay payment of professional fees, saying the request would give the diocese an unfair advantage in plan negotiations. According to a Wednesday, January 28, 2026, court filing, the committee argued that the diocese is attempting to move toward confirmation of a reorganization plan while accumulating approximately $11 million in unpaid professional fees through March. The group said the strategy amounts to a de facto cramdown that disadvantages abuse survivors and other unsecured creditors. The dispute follows a motion by the diocese seeking changes to interim fee orders that would defer payment of 25% of professional compensation until later in the case. The committee maintained that the proposal shifts financial risk onto creditors while insulating the diocese from the immediate cost of its bankruptcy, the report cites. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DRIFTWOOD YOGA: Case Summary & 19 Unsecured Creditors ----------------------------------------------------- Debtor: Driftwood Yoga, Spa & Boutique, Inc. 294 NC Hwy 16, Suite B Denver, NC 28037 Business Description: Driftwood Yoga, Spa & Boutique, Inc. operates a wellness studio in Denver, North Carolina, providing spa treatments, yoga classes, and related boutique products. The Company focuses on holistic health services designed to support physical, mental, and spiritual well-being. It is classified within the health and wellness services industry. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 26-40021 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: Matthew A. Winer, Esq. HAMILTON STEPHENS STEELE + MARIN, PLLC 525 North Tryon Street, Suite 1400 Charlotte, NC 28202 Tel: (707) 344-1117 Fax: (704) 344-1483 Email: mwiner@lawhssm.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jacqueline Regalado as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/23LKRZQ/Driftwood_Yoga_Spa__Boutique__ncwbke-26-40021__0001.0.pdf?mcid=tGE4TAMA EAST TEXAS MACHINING: Court Says STV's Security Interest Avoidable ------------------------------------------------------------------ The Hon. Joshua P. Searcy of the U.S. Bankruptcy Court for the Eastern District of Texas granted the motion for partial summary judgment filed by East Texas Machining & Manufacturing, LLC in the adversary proceeding captioned as East Texas Machining & Manufacturing, LLC, Plaintiff v. STV ENGINE 001, LLC, AXLE BOX INNOVATIONS, LLC & TEXAS TACTICAL MACHINING & MANUFACTURING, LLC, Defendants, Adversary No. 24-06043 (Bankr. E.D. Tex.) ETMM is a Texas Limited Liability Company which operates in the metal and firearm manufacturing industry. STV loaned ETMM $500,000.00, ostensibly secured by a security interest in all of its personal property, inventory, and equipment. Both parties signed a promissory note and a security agreement memorializing their agreement. To perfect its security interest, STV filed a UCC-1 financing statement with the Texas Secretary of State under filing number 20-0017723991 on May 13, 2020. ETMM filed its chapter 11, subchapter V petition on December 14, 2023. STV filed a proof of claim in ETMM's bankruptcy case on January 8, 2024, which included a copy of its financing statement. ETMM argues it is entitled to partial summary judgment because STV's security interest is "unperfected, invalid, and unenforceable," and therefore avoidable pursuant to 11 U.S.C. Sec. 544(a). STV is opposed, and frames the issue as whether the mistake in its financing statement is "seriously misleading," which STV says it is not. The Court concludes that no genuine dispute of any material fact exists as to the grounds asserted by ETMM in its motion. The Court finds that the purportedly perfected security interest of STV Engine 001, LLC in and to the property of ETMM, including as described in that certain UCC-1 financing statement filed on May 13, 2020 with the Texas Secretary of State under filing number 20-0017723991, is avoided pursuant to 11 U.S.C. 544(a)(1) such that the claim, if any, of STV Engine 001, LLC is unsecured. Judge Searcy explains, " STV's financing statement incorrectly shows ETMM's name as 'East Texas Machine & Manufacturing.' Summary judgment evidence shows that a search of the financing statement records of the Office of the Texas Secretary of State under the incorrect name 'East Texas Machine & Manufacturing' does not reveal STV's financing statement. STV's financing statement does not meet the name requirements in Tex. Bus. & Com. Code Sec. 9.503(a)(1), is seriously misleading under Sec. 9.506(b), and is ineffective. Therefore, STV's security interest is unperfected and avoidable under 11 U.S.C. Sec. 544(a)(1)." A copy of the Court's Memorandum Opinion dated January 29, 2026, is available at https://urlcurt.com/u?l=CzFNX6 from PacerMonitor.com. About East Texas Machining & Manufacturing East Texas Machining & Manufacturing is a manufacturer of concealed carry rifles, compact weapons, sub compact weapons, complete uppers, barrel systems, and weapon system kits. East Texas Machining & Manufacturing, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-60629) on Dec. 14, 2023. The petition was signed by Corby Hall as managing member. At the time of filing, the Debtor estimated $2,955,141 in assets and $2,985,878 in liabilities. Michael E Gazette, Esq. at the Law Offices of Michael E. Gazette represents the Debtor as counsel. EDMUNDSON INC: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------------ On January 2, 2026, Edmundson, Inc. filed for Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 100–199 creditors. About Edmundson, Inc. Edmundson, Inc., doing business as Arbor Valley Nursery, is a Colorado-based corporation engaged in nursery and garden center retail and wholesale operations, offering plants, landscaping supplies, and related products. The Company operates nursery facilities in Brighton, which serves as its headquarters, as well as Fort Collins and Franktown, serving residential and commercial customers throughout Colorado. Edmundson, Inc. and Edmundson Land LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case Nos. 26-10019 & 26-10021, respectively) on January 2, 2026, listing $10 million to $50 million in both assets and liabilities. The petitions were signed by Matthew Edmundson as CEO and member. J. Brian Fletcher, Esq. at ONSAGER FLETCHER JOHNSON PALMER LLC serves as the Debtor's counsel. ELK RUN PROPERTY: Hires K&L Gates LLP as Bankruptcy Co-Counsel -------------------------------------------------------------- Elk Run Property Owners Association, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Colorado to hire K&L Gates LLP as bankruptcy co-counsel. The firm's services include: (a) advising Debtors with respect to their rights, powers, and duties as debtor-in- possession in the continued management and operation of their business and assets, as well as management of the Properties; (b) advising Debtors with respect to the conduct of these Chapter 11 Cases, including all legal and administrative requirements imposed by the Bankruptcy Code and Bankruptcy Rules; (c) taking all necessary actions to protect and preserve Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against any Debtor, the negotiation of disputes in which any Debtor is involved, and the preparation of objections to claims filed against any Debtor's estate; (d) preparing on behalf of the Debtors all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of Debtors' estates; (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 Debtors' estates; (f) appearing before the Court and any other courts to represent the interests of Debtors' estates; (g) attending meetings and representing the Debtors 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 the Debtors, including in connection with the marketing and sale of the Debtors' interests in the Properties together with the interests of all Association Members in the Properties; (i) advising the Debtors on transactions and matters relating to any sale of each Debtor's respective assets, including the Association Interests together with the interests of all Association Members in the Properties; and (j) performing such other legal services for the Debtors as may be necessary and appropriate in the administration of these Chapter 11 Cases, including: analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; analyzing the validity of liens against any Debtor's assets; and advising the Debtors on corporate matters and governance issues. The firm will be paid at these rates: Daniel M. Eliades, Partner $865 per hour Brandy A. Sargent, Partner $730 per hour Jonathan N. Edel, Partner $760 per hour Ryan W. DeSimone, Associate $540 per hour Joy M. VanDerWeert, Paralegal $380 per hour Kyra Swinney-Darby, Paralegal $380 per hour On August 25, 2025 and January 14, 2026, K&L Gates received retainer payments from Elk Run in the amounts of $37,500 and $40,000 respectively. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Eliades 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: Daniel M. Eliades, Esq. K&L Gates LLP 1085 Raymond Boulevard Newark, NJ 07102 Tel: (973) 848-4000 About Elk Run Property Owners Association, Inc. Elk Run Property Owners Association, Inc., Village Pointe Property Owners Association, Inc., and Masters Place Condominiums Property Owners Association, Inc. are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. Elk Run Property Owners Association, Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 26-10311) on January 20, 2026. At the time of filing, Elk Run Property Owners estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petitions for Elk Run Property Owners, Masters Place Condominiums, and Village Pointe Property were signed by their respective presidents, LuAnn Blea, Rusty Nabors, and Amy Bornmann. Kevin S. Neiman, Esq. at LAW OFFICES OF KEVIN S. NEIMAN, PC represents the Debtor as counsel. ELK RUN PROPERTY: Hires Kevin S. Neiman PC as Bankruptcy Counsel ---------------------------------------------------------------- Elk Run Property Owners Association, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Colorado to hire the Law Offices of Kevin S. Neiman, PC as bankruptcy counsel. The firm's services include: a. providing legal advice to the Debtor with respect to its powers and duties as debtor-in-possession; b. advising 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. preparing motions, pleadings, orders, applications, complaints, and other legal documents necessary in the administration of the case; d. protecting the interests of the Debtor in all matters pending before the Court; and e. representing the Debtor in negotiating with its creditors to prepare a plan of reorganization or other exit plan. The firm's current hourly rates are: Kevin S. Neiman $425 Paralegal $150 The firm received a retainer in the amount of $10,000. Kevin Neiman, Esq., an attorney at the Law Offices of Kevin S. Neiman, 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: Kevin S. Neiman, Esq. Law Offices of Kevin S. Neiman, PC 999 18th Street, Suite 1230 S Denver, CO 80202 Telephone: (303) 996-8637 Facsimile: (877) 611-6839 Email: kevin@ksnpc.com About Elk Run Property Owners Association, Inc. Elk Run Property Owners Association, Inc., Village Pointe Property Owners Association, Inc., and Masters Place Condominiums Property Owners Association, Inc. are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. Elk Run Property Owners Association, Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 26-10311) on January 20, 2026. At the time of filing, Elk Run Property Owners estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petitions for Elk Run Property Owners, Masters Place Condominiums, and Village Pointe Property were signed by their respective presidents, LuAnn Blea, Rusty Nabors, and Amy Bornmann. Kevin S. Neiman, Esq. at LAW OFFICES OF KEVIN S. NEIMAN, PC represents the Debtor as counsel. ELK RUN PROPERTY: Hires Omni Agent as Claims and Noticing Agent --------------------------------------------------------------- Elk Run Property Owners Association, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Colorado to hire Omni Agent Solutions, Inc. as notice, claims, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $10,000. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Elk Run Property Owners Association, Inc. Elk Run Property Owners Association, Inc., Village Pointe Property Owners Association, Inc., and Masters Place Condominiums Property Owners Association, Inc. are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. Elk Run Property Owners Association, Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No. 26-10311) on January 20, 2026. At the time of filing, Elk Run Property Owners estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petitions for Elk Run Property Owners, Masters Place Condominiums, and Village Pointe Property were signed by their respective presidents, LuAnn Blea, Rusty Nabors, and Amy Bornmann. Kevin S. Neiman, Esq. at LAW OFFICES OF KEVIN S. NEIMAN, PC represents the Debtor as counsel. ELK RUN PROPERTY: Mark Dennis Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for Elk Run Property Owners Association, Inc. Mr. Dennis 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. Dennis 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 D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About Elk Run Property Owners Association Inc. Elk Run Property Owners Association, Inc. Village Pointe Property Owners Association, Inc., and Masters Place Condominiums Property Owners Association, Inc. are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. The associations administer, manage, and maintain their respective properties at 42 Pinon Causeway, which collectively comprise 13 buildings and 70 residential units, including 18 units at Elk Run, 32 at Village Pointe, and 20 at Masters Place. The properties function as timeshare resorts with a combined total of 3,640 unit-weeks, or intervals, allocated across the three developments. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-10311) on January 20, 2026. The petitions for Elk Run Property Owners, Masters Place Condominiums, and Village Pointe Property were signed by their respective presidents, LuAnn Blea, Rusty Nabors, and Amy Bornmann. Elk Run Property Owners listed $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Masters Place Condominiums listed $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Village Pointe Property listed $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Judge Thomas B. McNamara presides over the case. The Debtors tapped Kevin S. Neiman, Esq. at the LAW OFFICES OF KEVIN S. NEIMAN, PC as general bankruptcy counsel; and K&L GATES LLP as general bankruptcy co-counsel. ELK RUN PROPERTY: Section 341(a) Meeting of Creditors on Feb. 18 ---------------------------------------------------------------- On January 20, 2026, Elk Run Property Owners Association, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on February 18, 2026 at 09:00 AM, ET, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 6896105 . About Elk Run Property Owners Association, Inc. Elk Run Property Owners Association, Inc. and affiliates are not-for-profit property owners associations incorporated in Colorado in 1986, 1988, and 1989, respectively, and operate timeshare condominium properties in Pagosa Springs, Colorado. The associations administer, manage, and maintain their respective properties at 42 Pinon Causeway, which collectively comprise 13 buildings and 70 residential units, including 18 units at Elk Run, 32 at Village Pointe, and 20 at Masters Place. The properties function as timeshare resorts with a combined total of 3,640 unit-weeks, or intervals, allocated across the three developments. Elk Run Property Owners Association, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10311) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $100,001 and $1,000,000. The Debtor is represented by Byron Wright, III, Esq., of Bruner Wright, P.A. ERMAJO LLC: Seeks to Hire Marcus & Millichap as Real Estate Broker ------------------------------------------------------------------ Ermajo LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Marcus & Millichap Real Estate Investment Services Inc. as real estate broker. The firm will market the Debtor's property located at 492 Third Street, Brooklyn, New York 11215. The commission payable to the broker shall be 4.5 percent, if no other broker is involved in the sale. Marcus & Millichap Real Estate Investment Services Inc. 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: John Horowitz Marcus & Millichap Real Estate Investment Services Inc. 260 Madison Avenue, 5th Floor New York, NY 10016 About Ermajo LLC Ermajo LLC operates in the real estate sector under NAICS 5313, providing specialized services such as property management, appraisal, listing, and related support functions. Ermajo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44337) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. F-STAR SOCORRO: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, entered an interim order authorizing F-Star Socorro, L.P. and its affiliates to use cash collateral. The court authorized the Debtors to use up to $4,214,985 in cash collateral solely to pay expenses related to the completion of the Ritz-Carlton branded villas. This cash collateral consists of net proceeds from the post-petition sales of the villas. As adequate protection, Madison Realty Capital L.P. and other pre-bankruptcy secured creditors will receive replacement liens on the 11751 Alameda property and Joe Battle property, subject to senior liens and the fee carveout. The Debtors' authority to use cash collateral terminates upon entry of a final order permitting surcharge of the Villa sale proceeds or application of the section 552(b)(1) equities-of-the-case exception. A final hearing is set for February 9, with objections due by February 4. The interim order is available at https://is.gd/6NBhSX from PacerMonitor.com. The Debtors are a commercial real estate development company with a diversified portfolio spanning hotel, retail, office, and industrial properties, including a 122-acre ultra-luxury mixed-use project on the Paradise Valley–Scottsdale border in Arizona. In May 2023, certain Debtors entered into a construction loan agreement with Madison for up to $585 million in project financing. The total amount owed remains under review, and the loan is secured, among other things, by the villas and their sale proceeds. The villas are a critical component of the project, establishing a residential presence that will create synergies with the planned Ritz-Carlton resort and the luxury retail, dining, and experiential district. After a comprehensive review of the costs to preserve and complete the remaining villas, the Debtors project $4,214,985 in interim expenses and total completion costs of $25,713,561. As of January 11, the Debtors have approximately $4,280,266.61 in available cash, which is insufficient to fund Chapter 11 administration and ongoing operating expenses for the project and their commercial properties. About F-Star Socorro L.P. F-Star Socorro, L.P. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90607) on November 4, 2025, listing up to $50,000 in both assets and liabilities. Judge Alfredo R Perez presides over the case. Nicholas J. Hendrix, Esq., at O'Melveny & Myers, LLP represented the Debtor as legal counsel. FIRST BRANDS: Commences Mediation with Creditors to Settle Debt --------------------------------------------------------------- Steven Church of Bloomberg Law reports that First Brands Group and its principal creditors are embarking on confidential mediation in an effort to resolve deepening disputes that have brought the auto‑parts maker to the brink of collapse. With a shutdown looming that could displace an estimated 13,000 workers, the parties are seeking a negotiated settlement to move the restructuring forward. The bankrupt company, its senior lenders and an unsecured creditors committee will meet in Houston over the next two weeks under the guidance of U.S. Bankruptcy Judge Marvin Isgur. Key issues to be addressed include which portions of the debt are secured by specific collateral, the ownership of disputed assets currently claimed by third‑party financiers, and strategies for sustaining operations long enough to market and sell the business, according to report. Mediation is intended to facilitate direct dialogue among stakeholders and narrow the issues before the court. If the parties can reach agreement, it may pave the way for a restructuring plan or sale that preserves jobs and enhances creditor recoveries; if not, litigation and contested hearings are likely to follow, Bloomberg 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. FLEXSHOPPER INC: Taps Micheal Shenk of GlassRatner Advisory as CFO ------------------------------------------------------------------ FlexShopper, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ GlassRatner Advisory & Capital Group, LLC to provide additional people and designate Micheal Shenk as chief financial officer. The firm's services include: a. leading all aspects of the Debtors' business activities and operations, including budgeting, cash management and financial management; b. opening and closing bank accounts; c. working with Debtors to hire and terminate employees; d. reviewing daily operating activity, purchases, and expenses; e. reviewing historical and projected financial information, including operating results, capital structure and funding mechanics, for the Debtors and each of their affiliates; f. working with the Debtors to develop financial projections and a liquidity projection model to help assess capital needs; and/or g. leading the existing accounting and finance team to assist with month end close, cash management and other typical CFO functions. The current standard hourly rates are: Senior Managing Directors $550 - $750 Managing Directors $450 - $550 Other $285 - $450 In addition, GlassRatner will be paid a monthly fee of $40,000 for services rendered by Mr. Shenk as Interim CFO. The Debtors paid GlassRatner an advanced payment retainer of $115,000. GlassRatner is a "disinterested persons" as that term is defined in Sec. 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtors' Estates, according to court filings. The firm can be reached through: Micheal Shenk GlassRatner Advisory & Capital Group, LLC 3445 Peachtree Road, Suite 1225 Atlanta, GA 30326 Phone: (470) 346-6800 Email: mshenk@chartis.com About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. G D FAMILY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: G D Family Inc. d/b/a Hobak BBQ Restaurant 5808 Spring Moutain Rd., Suite 101 Las Vegas, NV 89146 Business Description: G D Family Inc. runs Hobak BBQ Restaurant in Las Vegas, Nevada, serving Korean cuisine with a 1980s street-inspired theme, featuring traditional meat displays and warehouse-style interiors, and catering to a younger audience that values both food quality and dining experience. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-10539 Judge: Hon. August B. Landis Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Email: mzirzow@lzlawnv.com Total Assets as of January 7, 2026: $1,310,760 Total Liabilities as of January 7, 2026: $3,802,026 The petition was signed by Jang Hyun Kim as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BIMTKZA/G_D_FAMILY_INC__nvbke-26-10539__0001.0.pdf?mcid=tGE4TAMA GDC TECHNICS: MAZAV Not Entitled to Costs, Attorney's Fees ---------------------------------------------------------- Chief Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the Western District of Texas denied MAZAV Management, LLC's motion for costs and attorney's fees in the adversary proceeding captioned as GDC INVESTCO LP, Plaintiff, v. MAZAV MANAGEMENT, LLC; GILAT SATELLITE NETWORKS LTD., Defendants, ADV. NO. 25-05063-cag (Bankr. W.D. Tex.) On August 28, 2025, Plaintiff filed this adversary proceeding, requesting this Court to find a breach of contract and to make a declaratory judgment. On December 4, 2025, the Court entered an order dismissing the case under Fed. R. Civ. P. 12(b)(1) for lack of subject matter jurisdiction. Two weeks after entry of the order, MAZAV filed its Motion for Costs and Attorneys' Fees. Defendant claims it is entitled to just costs under 28 U.S.C. Sec. 1930(d) because the statute permits the Court to award such costs. Defendant also claims it is entitled to attorneys' fees as Plaintiff acted in bad faith by filing its claims in this Court. Plaintiff argues MAZAV has no recoverable costs and that Defendant is not entitled to attorneys' fees as Plaintiff acted in good faith throughout the case. MAZAV gives no reason why this Court should award just costs nor why its costs are "just" costs. Based on the totality of circumstances of this case, the Court does not find Defendant is entitled to its costs. Therefore, the Court will not award costs to Defendant. In this case, MAZAV contends Plaintiff has acted in bad faith by filing its state law claims in the Bankruptcy Court, post-confirmation of the bankruptcy plan, between non-debtors, which does not affect the execution or implementation of the bankruptcy plan. The Court disagrees. Based on the law, Plaintiff's arguments and construction of the law do not rise to the level of bad faith. While there is a line of bad faith attorneys may cross in the midst of zealous advocacy, Plaintiff did not cross that line in this case based on the totality of the circumstances. Therefore, Defendant is not entitled to attorneys' fees. A copy of the Court's Order dated January 27, 2026, is available at https://urlcurt.com/u?l=C7dw2G from PacerMonitor.com. About GDC Technics Headquartered in Fort Worth, Texas, GDC Technics LLC -- https://www.gdctechnics.com/ -- is a global aerospace company with expertise in engineering and technical services, modifications, electronic systems, R&D, and MRO services. GDC Technics sought Chapter 11 bankruptcy protection (Bankr. W.D. Texas Lead Case No. 21-50484) on April 26, 2021. CEO Brad Foreman signed the petition. At the time of the filing, the Debtor had between $10 million and $50 million in both assets and liabilities. The case is handled by Judge Craig A. Gargotta. The Debtor tapped Wick Phillips Gould & Martin, LLP and SierraConstellation Partners, LLC as its bankruptcy counsel and restructuring advisor, respectively. Carl Moore, managing director at SierraConstellation, serves as the Debtor's chief restructuring officer. Oliver Zeltner of Jones Day is representing Boeing Co. Gabe Morgan of Weil, Gotshal & Manges is representing the pre-bankruptcy lenders. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 case of GDC Technics, LLC. The committee tapped Troutman Pepper Hamilton Sanders LLP as bankruptcy counsel, Kane Russell Coleman Logan PC as local counsel, and Berkeley Research Group, LLC as financial advisor. GOLD RESOURCE: Agrees to US$372MM All-Stock Merger With Goldgroup ----------------------------------------------------------------- Gold Resource Corporation disclosed in a regulatory filing that it entered into an Arrangement Agreement and Plan of Merger with Goldgroup Mining Inc., a corporation incorporated under the laws of the Province of British Columbia, and Goldgroup Merger Sub Inc., a Colorado corporation and direct subsidiary of Goldgroup. The Arrangement Agreement provides that, among other things and subject to the terms and conditions of the Arrangement Agreement, Purchaser Sub will merge with and into the Company, with the Company surviving and continuing as the surviving corporation as a direct, wholly owned subsidiary of Goldgroup. At the Effective Time, each outstanding share of common stock of the Company, par value $0.001 per share, will be converted into the right to receive 1.4476 common shares of Goldgroup post-Merger (adjusted to 0.3619 Resulting Issuer Shares as a result of a four-for-one share consolidation to be completed by Goldgroup prior to closing). Based on the closing price of Goldgroup's common shares on January 23, 2026, the exchange ratio represents a value of US$2.25 per share of the Company's common stock, reflecting a 39% premium to the Company's closing price on January 23, 2026. The Transaction values the Company's common stock at approximately US$372 million on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23. Any stockholder of the Company who would otherwise be entitled to receive a fraction of a Resulting Issuer Share pursuant to the Merger (after taking into account all the Company Shares held immediately prior to the Effective Time by such holder) shall have their holdings of Resulting Issuer Shares rounded up to the nearest whole share. In connection with the entry into the Arrangement Agreement, the board of directors of the Company unanimously: (a) determined that the Arrangement Agreement and the transactions contemplated thereby, including the Merger, are fair to, and in the best interests of, the Company and its stockholders; (b) approved, adopted and declared advisable the Arrangement Agreement and the transactions contemplated thereby, including the Merger; (c) approved the execution, delivery and performance of the Arrangement Agreement and the consummation of the transactions contemplated thereby, including the Merger; (d) resolved to recommend approval and adoption of the Arrangement Agreement by its stockholders; and (e) resolved that the Arrangement Agreement be submitted to the stockholders of the Company. Treatment of Company Equity Awards: Pursuant to the Arrangement Agreement, at the Effective Time all outstanding stock options, deferred share units, and restricted share units of the Company will be assumed by Goldgroup and converted into equivalent awards for Resulting Issuer Shares, adjusted by the Exchange Ratio. Vested DSUs and RSUs subject to delayed settlement may be paid out if terminated at closing. Performance share units of the Company will convert into time-vested RSUs based on performance through the effective date of the Merger, as determined by the Company Board. Other Terms; "Non-Solicitation" Restrictions: The Arrangement Agreement contains customary representations, warranties and covenants made by each of the Company, Goldgroup and Purchaser Sub, including, among others, the obligation of the Company to conduct its business in the ordinary course, consistent with past practice and to refrain from taking certain specified actions without the consent of Goldgroup. In addition, the Arrangement Agreement contains covenants that require the Company to call and hold a meeting of the stockholders and use reasonable best efforts to solicit the Company Stockholder Approval, except to the extent that the Company Board has made a Company Change of Recommendation (as defined in the Arrangement Agreement) as permitted by the Arrangement Agreement. The Company is also subject to customary "non-solicitation" restrictions on its ability (and the ability of its subsidiaries and representatives) to: (i) solicit alternative acquisition proposals from third parties; (ii) subject to certain exceptions, engage or participate in discussions or negotiations regarding alternative acquisition proposals; or (iii) subject to certain exceptions, furnish to any person non-public information in connection with an alternative acquisition proposal. Prior to the receipt of the Company Stockholder Approval, the Company Board may, upon receipt of a Company Superior Proposal (as defined in the Arrangement Agreement), change its recommendation that the Company's stockholders approve the Arrangement Agreement and the Merger, subject to complying with certain notice requirements and other specified conditions, including giving Goldgroup the opportunity to propose changes to the Arrangement Agreement in response to such Company Superior Proposal. Closing Conditions: The completion of the Merger is subject to satisfaction or waiver of certain customary mutual closing conditions, including: (i) approval by Goldgroup's shareholders and the Company's stockholders at their respective meetings, (ii) the absence of any order or law prohibiting consummation of the Merger, (iii) receipt of all required regulatory, court, and stock exchange approvals (including the TSX Venture Exchange and NYSE American, the Mexican National Antitrust Commission (Comision Nacional Antimonopolio), and the Supreme Court of British Columbia) and (iv) exemption from U.S. registration under Section 3(a)(10) of the Securities Act of 1933, as amended, or if applicable, the effectiveness of a registration statement on Form F-4 (or such other registration statement form then available to Goldgroup) under the Securities Act. The obligation of each party to consummate the Merger is also conditioned upon the other party having performed in all material respects its obligations under the Arrangement Agreement and the other party's representations and warranties in the Arrangement Agreement being true and correct (subject to certain materiality qualifiers). Termination Rights: The Arrangement Agreement contains termination rights for each of the Company and Goldgroup, subject to the additional terms and conditions set forth in the Arrangement Agreement. The Arrangement Agreement may be terminated at any time prior to the Effective Time by: (i) mutual written consent or (ii) either party if: (A) the Effective Time does not occur by July 31, 2026, unless the party's breach caused the delay; (B) either party if the required Company Stockholder Approval and Goldgroup shareholder approval are not obtained at the respective meetings (unless the party's breach caused the failure); or (C) a law or order makes the transaction illegal or impossible (unless the party's breach caused the issue). Goldgroup may terminate if: (i) the Company Board withdraws or changes its recommendation, fails to reaffirm its recommendation upon request, or recommends a Company Acquisition Proposal; (ii) the Company breaches the non-solicitation covenant; (iii) the Company breaches its representations, warranties, or covenants and such breach is not cured within 15 business days after notice (provided that willful breaches are deemed incurable); (iv) the board of directors of Goldgroup approves a Purchaser Superior Proposal (as defined in the Arrangement Agreement); or (v) a Company Material Adverse Effect (as defined in the Arrangement Agreement) occurs and is continuing, which is incapable of being cured prior to the Outside Date. The Company may terminate if : (A) the Goldgroup Board withdraws or changes its recommendation, fails to reaffirm its recommendation upon request, or recommends a Purchaser Acquisition Proposal; (B) Goldgroup breaches the non-solicitation covenant; (C) Goldgroup breaches its representations, warranties, or covenants and such breach is not cured within 15 business days after notice (provided that willful breaches are deemed incurable); (D) the Company Board approves a Company Superior Proposal; (E) a Purchaser Material Adverse Effect (as defined in the Arrangement Agreement) occurs and is continuing, which is incapable of being cured prior to the Outside Date; or (F) the Default (as defined in the Arrangement Agreement) has not been removed on before February 24, 2026 on terms satisfactory to the Company. Termination Fees: The Company must pay a termination fee of $5 million if any of the following occurs: (i) Goldgroup terminates because the Company Board changes or withholds its recommendation or the Company signs or recommends a competing deal; (ii) Goldgroup terminates due to the Company's material breach of the non-solicitation covenant; (iii) either party terminates because: (a) the Outside Date passes, (b) the Company stockholder vote fails, or (c) Goldgroup terminates for a Company breach and, before termination pursuant to (a), (b) or (c), a competing proposal was publicly announced and not withdrawn, and within 12 months the Company signs and later closes, or directly closes, a competing transaction involving 50% or more of the Company (equity or assets); or (iv) the Company terminates to accept a Company Superior Proposal. Goldgroup must pay a termination fee of $5 million if any of the following occurs: (i) the Company terminates because the Goldgroup Board changes or withholds its recommendation or Goldgroup signs or recommends a competing deal; (ii) the Company terminates due to Goldgroup's material breach of the non-solicitation covenant; (iii) either party terminates because: (a) the Outside Date passes, (b) the Goldgroup shareholder vote fails, or (c) the Company terminates for a Goldgroup breach and, before termination pursuant to (a), (b) or (c), a competing proposal was publicly announced and not withdrawn, and within 12 months Goldgroup signs and later closes, or directly closes, a competing transaction involving 50% or more of Goldgroup (equity or assets); or Goldgroup terminates to accept a Purchaser Superior Proposal. Voting and Support Agreements: Contemporaneously with the execution of the Arrangement Agreement, each of the directors and officers of the Company entered into a Voting and Support Agreement, pursuant to which, among other things, such stockholders agreed to vote in favor of the Merger, not to transfer its shares (or any securities convertible into shares) other than in support of the Merger, and not to solicit or negotiate any alternative acquisition proposal. The Voting Agreement does not preclude a director, in his or her capacity as such, from exercising his or her fiduciary duties and electing to terminate the Arrangement Agreement in the circumstances permitted in the Arrangement Agreement. The expected benefits of the Transaction for the Company's stockholders include: * Immediate Significant Premium: Premium of 39% based on the closing price on January 23, 2026. * Enhanced and Complementary Asset Portfolio: The combined company's assets will include the Company's producing Don David Gold Mine and the PEA-stage Back Forty Project, and Goldgroup's producing Cerro Prieto Mine and recently acquired San Francisco Mine, creating a robust portfolio of producing assets with significant exploration and growth potential. * Creation of a Multi-Mine Producer: An asset portfolio with multiple mines reduces the reliance on any one mine's operation and could significantly enhance cash generation of the combined company through increased production. * Creation of a Leading, Mexico-Focused Junior Producer: The combination creates a larger, more diversified mining company with a strong focus on Mexico, one of the leading venues for mineral potential and production, with an extensive history of mining. * Revitalization of a silver-focused vehicle: Pro forma revenues are expected to be predominantly silver, driven by production at the Don David Gold Mine benefiting from a strong silver price momentum. * Significant Synergy Potential: Expected operational, general and administrative synergies from combining operations and leveraging shared expertise and infrastructure. * Strengthened Financial Position: The combined entity is expected to have a stronger balance sheet and increased financial flexibility to fund growth projects and exploration initiatives. * Increased Market Presence and Shareholder Value: The larger scale and enhanced profile of the combined company are expected to attract a broader institutional investor base and drive long-term value for all shareholders. "Having successfully executed a turnaround at the Don David Gold Mine, the Company is positioned to expand production through the proposed transaction," stated Allen Palmiere, the Company's President and CEO. "The addition of the San Francisco Mine and the Cerro Prieto mine is expected to increase gold exposure and materially enhance cash generation through higher overall output." Advisors and Counsel: Cormark Securities Inc. is acting as a financial advisor to the Company and provided a fairness opinion to the Company in connection with the Transaction. Davis Graham & Stubbs LLP is acting as the Company's U.S. legal counsel, Cassels Brock & Blackwell LLP is acting as the Company's Canadian legal counsel, and Sanchez Mejorada, Velasco y Ribe, S.C. is acting as the Company's Mexican legal counsel. A full text copy of the Arrangement Agreement and Plan of Merger is available at https://tinyurl.com/mtajexnc About Goldgroup Goldgroup is a Canadian-based mining company with two high-growth gold assets in Mexico. The company has a 100% interest in the producing Cerro Prieto heap-leach gold mine located in the State of Sonora and, subject to final approval from the TSX Venture Exchange, has recently acquired Molimentales del Noroeste, S.A. de C.V., which owns the concessions comprising the formerly producing San Francisco gold mine, located in Sonora State, Mexico. For further information on Goldgroup, please visit www.goldgroupmining.com. Gold Resource Corporation may be reached at Allen Palmiere Chief Executive Officer Gold Resource Corporation Email: Allen.Palmiere@GRC-USA.com About Gold Resource Corporation Gold Resource Corporation -- http://www.goldresourcecorp.com-- is a mining company focused on the development of precious and base metal projects that have the potential for high returns and limited development capital requirements. DDGM is the Company's cornerstone operating asset, comprised of six contiguous land parcels. The Company's focus is unlocking the significant upside potential of DDGM through optimization of the current operations, growing the existing mineral resource by investing in exploration drilling, and identifying new opportunities near existing infrastructure. The primary mineral production comes from the Arista and Switchback underground mining areas, along with the recently added Three Sisters vein system. The mine and its processing facilities can produce gold and silver dore, as well as concentrates of copper, lead, and zinc. As of September 30, 2025, the Company had $164.3 million in total assets, $138.4 million in total liabilities, and $26 million in total stockholders' deficit. Although the Company has significantly improved its financial position year to date, the lower production and grades from the mine through the third quarter of 2025 raise substantial doubt about the Company's ability to continue as a going concern, as reflected by the year-to-date net losses of $24.5 million and the cash used in operations of $2.5 million. HANDLE PREFORMS: Case Summary & 16 Unsecured Creditors ------------------------------------------------------ Debtor: Handle Preforms, LLC d/b/a Bottle One d/b/a Handle Solution 92 Stoneridge Court Dawsonville GA 30534 Business Description: Handle Preforms, LLC, based in Dawsonville, Georgia, develops and commercializes PET bottle preform technology featuring an integral handle, marketed under the BottleOne brand, for the packaging industry, producing containers designed to compete with traditional HDPE jugs while improving durability and recyclability. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court Northern District or Georgia Case No.: 26-20125 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Greg Kershner as managing member. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D6A2XSI/Handle_Preforms_LLC__ganbke-26-20125__0001.0.pdf?mcid=tGE4TAMA HOPE COMMUNITY: S&P Affirms 'B-' Rating on 2015/2020A Revenue Bonds ------------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' long-term rating on the St. Paul Housing and Redevelopment Authority, Minn.'s series 2015 and 2020A revenue bonds, issued for HOPE Community Academy (HOPE). The outlook is stable. S&P said, "We consider HOPE's governance risk to be somewhat elevated within our credit rating analysis. This is based on our view of the lingering risks resulting from the school's aggressive expansion, given it has missed crucial enrollment targets since expanding to its high school, leading to a deteriorated credit profile. In addition, we believe the school's governances structures and processes have historically been insufficient in providing oversight for school operations. We view the management's urgency in addressing the recent intervention level escalation as somewhat offsetting this risk and would view amendments of the intervention levels as mitigating factors. "We view HOPE's environmental and social factors as neutral in our credit rating analysis. "The stable outlook reflects our view of HOPE's healthier operating results in fiscal 2024 and 2025, leading to an increase in liquidity that we anticipate will provide some cushion in the one-year outlook period as the school navigates fiscal 2026's weaker operations. We understand that the school expects to violate its DSC covenant in fiscal 2026 due to one-time investments into crucial school changes, but believe coverage metrics will remain in line with the rating category. Additionally, the outlook reflects our expectation that the school will receive a charter renewal in 2026. We are closely monitoring enrollment trends, charter standing, and bondholder response to fiscal 2026 non-compliance once results are available. "We could take a negative rating action if the school fails to execute its communicated enrollment growth strategies, such that enrollment targets in fall 2026 are not met, leading to further compression of financial performance, lease-adjusted MADS coverage, or liquidity. Though not expected at this time given conversations with the authorizer, we could take a negative rating action if the school is not offered a renewal as anticipated. Finally, we could lower the rating if the school indicates it will be unable to make timely debt service payments. "We could take a positive rating action should HOPE successfully grow enrollment, sustain a trend of improved, covenant-compliant lease-adjusted MADS coverage in the absence of one-time funds, and improve liquidity, all while successfully executing its academic restructure such that charter risk is lessened." HRZN INC: Seeks to Hire Maese Fulmer CPAs PLLC as Accountant ------------------------------------------------------------ HRZN, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Maese Fulmer CPAs, PLLC, as accountants. The firm will prepare the Debtor's 2025 tax returns, review prior years' tax returns for potential amendments, assist the Debtor with its other tax filings and financial reporting (including Monthly Operating Reports), as well as assist counsel and the Debtor with preparation of the Debtor's projections for its Bankruptcy Plan and long term forecasting. The firm's current rates are: Partner $380/hr Tax Manager $260/hr CPA $275/hr Sr. Accountant $185/hr Jr. Accountant $165/hr As disclosed in the court filings, Maese Fulmer CPAs, PLLC is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Ben Maese, CPA Maese Fulmer CPAs, PLLC 109 S. Harris St. Suite 120 Round Rock, TX 78664 Tel: (512) 388-0582 Fax: (512) 244-1469 E-mail: info@maesefulmercpas.com About HRZN Inc. HRZN Inc. is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15925) on September 15, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by K. Jamie Buechler, Esq., at Buechler Law Office, LLC. HUNTSMAN CORP: S&P Lowers ICR to 'BB', Outlook Negative ------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Huntsman Corp. and subsidiary Huntsman International LLC to 'BB' from 'BB+'. The outlook is negative. S&P said, "We also lowered the issue-level rating on the company's senior unsecured revolving credit facility and unsecured notes to 'BB' from 'BB+', which is in line with the downgrade of the issuer credit rating. The recovery rating remains '3' (65%) "The negative outlook reflects our belief that EBITDA, while expected to improve, will remain under pressure through 2026 because of challenging macroeconomic conditions and a subdued housing market. We believe the company's liquidity position and financial policies will continue to support the rating. "Huntsman Corp.'s 2026 EBITDA margins and credit measures will likely remain weak for our expectations for the rating. "While we expect improvement over 2025, we believe earnings and credit metrics will remain soft through 2026. High inflation and elevated interest rates expected to persist in the first half of the year in the U.S. continue to suppress consumer durables and homebuilding activity, prolonging weak demand for polyurethane foams and other key materials across Huntsman's Polyurethanes and Performance Products divisions. In China, depressed consumer confidence and sluggish domestic spending are sustaining excess chemical capacity, deepening oversupply and intensifying the pricing and volume pressures Huntsman is already experiencing in MDI and related polyurethane chains. Europe's deindustrialization—magnified by persistently high energy costs, stringent regulations, and heavy tax burdens—is eroding regional competitiveness and has already forced Huntsman to close its loss‑making maleic anhydride plant in Moers, with further structural challenges likely ahead. Meanwhile, tight global supply chains and aggressive inventory reductions by European customers are putting additional downward pressure on pricing and margins, suggesting that Huntsman may face a tougher and more prolonged operating environment. "We now anticipate funds from operations (FFO) to debt of 12%-15%, which we consider weak for the current rating. We believe Huntsman's S&P adjusted 2025 EBITDA of $300-$325 million is at a trough. In our base-case forecast, for at least the next two years, we believe S&P Global Ratings-adjusted EBITDA will remain below the average of the last five years (about $600 million) with EBITDA margins of 7%-10%. Huntsman will likely continue to trail specialty chemical companies on average." Earnings and credit metrics will slowly recover over the next couple of years. S&P adjusted EBITDA will likely improve to around $375-$425 million this year from cost-reduction initiatives and gradually easing U.S. mortgage rates in 2026 from peak 2025 levels. Huntsman closed seven sites and eliminated or relocated over 600 positions as part of a $100 million cost-reduction strategy, with $40 million of incremental savings targeted for this year. In addition, inventory levels are likely lower than average entering 2026 to align production with actual demand, supporting EBITDA. By aggressively reducing excess inventory in late 2025—an action that temporarily reduced EBITDA by about $30 million—the company has removed a recurring drag on earnings, positioning stable inventory levels in 2026 to directly support year‑over‑year EBITDA growth. S&P said, "We think Huntsman has high operating leverage, so an eventual housing recovery, lower-than-expected mortgage rates, increased starts, or turnover could hasten improvement in EBITDA and EBITDA margins. However, this improvement may not come as early as we previously anticipated, which may delay the rebound in margins and credit measures. In 2026, we expect performance to improve from incremental cost savings, new product capacities, and growth in aerospace and power segments." The company estimates about 20% of the U.S. MDI market in 2024 was satisfied by imports from China, with market leader Wanhua based in China. The U.S. imposed antidumping tariffs on Chinese MDI imports, with a cited rate of 513% antidumping tariffs, which has reduced Chinese MDI imports into the United States. The drop-off in Chinese imports has been partially offset by increased imports from Europe, with additional capacity expected from Europe. S&P said, "We believe tariffs or antidumping duties could moderately benefit U.S.-based producers such as Huntsman. While this could lift operating rates and profitability, we expect sustained improvement would require higher demand, principally through a stronger housing market." The potential demand‑side improvements over the next couple years, together with the benefits of Huntsman's ongoing restructuring, cost‑reduction programs, and strategic pivot toward higher‑value formulations and systems, could position the company for a more constructive operating environment compared to the prior two years. S&P said, "We believe management will maintain supportive financial policies. While Huntsman's operating performance will likely remain soft compared to previous years throughout 2026, we expect it to remain free cash flow positive. The board reduced the dividend by 65%, resulting in a cash requirement of about $60 million for 2026. Given our forecast for moderately higher EBITDA and prudent financial policies, we expect weighted-average S&P Global Ratings-adjusted funds from operations (FFO) to debt to remain in the 12%-15% range, improving slightly from about 12% at year-end 2025. "We believe Huntsman will maintain a stronger business risk profile than similarly rated peers such as Ecovyst Catalyst Technologies LLC, Sparta Caymen 2 LP, and Derby Buyer LLC. If earnings continue to underperform, Huntsman will likely preserve cash flow by scaling back on capital expenditure (capex) and making minimal share repurchases or mergers and acquisitions. Huntsman displayed this discipline early in the COVID-19 pandemic, with essentially no share repurchases from the second quarter of 2020 through second quarter of 2021. "Huntsman's balance sheet remains much better than before it sold its chemical intermediates business for $2 billion in 2020, having cut S&P Global Ratings-adjusted debt essentially in half. Over the next few years, we expect the company could pursue small to midsized bolt-on acquisitions, particularly in its advanced materials segment. "The negative outlook on Huntsman reflects our belief that, despite our expectations for improvement in 2026, EBITDA and EBITDA margins will likely remain under pressure because of continued challenging macroeconomic conditions. In our base-case scenario, we expect weak FFO to debt for the rating through 2025, modestly improving over the next year to weighted-average FFO to debt of mid-teens percent. We expect earnings and credit metrics to modestly improve in 2026-2027 from EBITDA improvement due to cost-reduction initiatives and a gradual improvement in mortgage rates, as opposed to less debt. "The company's financial policies have a track record of supporting credit quality. Our base case does not assume any large share repurchases until EBITDA and credit metrics improve." S&P could lower its rating on Huntsman within the next year if: -- EBITDA remains around trough levels, and S&P does not expect it to sufficiently improve in 2026. This could occur due to softness in pricing or demand for some of its products, continued challenging fundamentals in the key building and construction end markets, industry oversupply conditions, underachieving targeted cost-reduction initiatives, or ongoing macroeconomic shocks; -- The company engages in large, debt-funded acquisitions or shareholder rewards that stretch leverage for an extended period; or -- Weighted-average FFO to debt falls below 12%. Under such a scenario, S&P Global Ratings-adjusted EBITDA margins remain depressed and do not improve from the high single digits; or -- Huntsman cannot maintain compliance with its financial covenants, or S&P views its liquidity as less than adequate. S&P could consider stabilizing the outlook within the next year if: -- Demand and pricing (particularly for MDI) are stronger than S&P projects, such that revenue and EBITDA well exceed our base-case assumptions. This could occur if automotive end markets strengthen, construction end markets perform better than expected, and the company's efforts to increase its value-added and specialty components improve the business and its earnings. These could improve S&P Global Ratings-adjusted EBITDA margins to the low-teens percent; -- S&P said, "We view an increase in margins as a fundamental strengthening of its business and not a cyclical upturn in some product lines. We would also have to expect that in any potential future downturn, EBITDA margins would not drop as far as they did in 2024;" and -- Credit measures improve such that weighted average FFO to total debt strengthens to 15%-20% on a sustained basis, even after factoring in S&P's expectations for acquisitions and share repurchases. INDEPENDENCE REALTY: Nandrajog Wins Bid to Dismiss Adversary Case ----------------------------------------------------------------- Judge Jennie D. Latta of the U.S. Bankruptcy Court for the Western District of Tennessee dismissed Laksh Nandrajog as defendant in the adversary case, Independence Realty & Investments, LLC, and Derrick Brown and Carla Brown, Plaintiffs/Counter -Defendants, v. Nexcel Properties, LLC, and Laksh Nandrajog, Defendants/Counter-Plaintiffs, Adv. Proc. No. 24-00121 (Bankr. W.D. Tenn.). Before the Court is the Motion to Dismiss Laksh Nandrajog as Defendant filed October 22, 2025, by Defendants/Counter-Plaintiffs Nexcel Properties, LLC and Laksh Nandrajog. The motion alleges that the complaint fails to state a claim for relief against Nandrajog and should be dismissed pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure made applicable in bankruptcy by Rule 7012(b) of the Federal Rules of Bankruptcy Procedure. Plaintiff Independence Realty is a Mississippi limited liability company that owns real property in the state of Tennessee. Plaintiffs Derrick Brown and Carla Brown are members of Independence Realty and a related company, Performance Property Management. Defendant Nexcel is a Mississippi limited liability company with its principal place of business in Olive Branch, Mississippi. Defendant Nandrajog is a member of Nexcel and is a resident of Tennessee. Nexcel made certain loans to Independence Realty in 2022 that were secured by real property owned by Independence Realty known as 4112 Summer Avenue, Memphis, Tennessee and 883 Hale Road, Memphis, Tennessee (the "Relevant Properties"), and guaranteed by the Browns. In addition to the deeds of trust held by Nexcel, as additional security, Independence Realty executed quitclaim deeds with respect to each of the relevant properties to be recorded only in the event of default. Count 1 of the amended complaint seeks a declaration that certain real property is property of the bankruptcy estate notwithstanding quitclaim deeds that were recorded by Nexcel. Nexcel has filed an answer to Count I denying that it has improperly clouded the title to the Relevant Properties and denying that the Plaintiffs are entitled to any relief. Nandrajog has filed the instant motion to dismiss asking that he be dismissed as a party defendant. The Court finds the complaint fails to state a claim against the defendant for which relief may be granted. The only count retained by this Court concerns title to the relevant properties. According to the Court, the complaint fails to show that Nandrajog holds or claims any interest in those properties. Some allegation that the defendant claims or holds an interest in the subject property is necessary to maintain an action to quiet title. The remaining counts of the complaint have been remanded to the state court. A copy of the Court's Order dated January 27, 2026, is available at https://urlcurt.com/u?l=x69DQY from PacerMonitor.com. About Independence Realty & Investments Independence Realty & Investments, LLC, a company in Memphis, Tenn., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-24362) on September 6, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Derrick Brown, managing member, signed the petition. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as bankruptcy counsel. INGEVITY CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Ingevity Corporation's Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed the company's senior secured long-term issue ratings at 'BB+' with a Recovery Rating of RR2 and the senior unsecured long-term issue ratings at 'BB'/RR4. The Rating Outlook remains Stable. The ratings reflect the company's strong margins and free cash flow (FCF) supported by Ingevity's technological and market leadership in activated carbon for auto emissions control, alongside healthy leverage and solid financial flexibility. While the simplified target product portfolio remains concentrated in the automotive end-market and overall scale remains relatively modest, tailwinds from increasing emissions standards and sustained infrastructure spending provide supportive offsets. The Stable Outlook reflects Fitch's expectations for EBITDA leverage to trend around 3.0x in 2026 and through the forecast horizon, with the company emphasizing debt reduction, share repurchasing, and modest capex over the near term. Key Rating Drivers Simplified Product Portfolio: Ingevity's streamlined target product portfolio comprising Performance Materials (PM) and Pavement Technologies (PT) is better focused and benefits from leading market positions, technological advantages, and entrenched customer relationships. The planned divestitures will modestly reduce scale but are expected to enhance profitability as the company exits lower-margin, more cyclical businesses and retains a low capital-intensity profile. While the pro forma portfolio remains concentrated in the automotive end market, tailwinds from increasing emissions standards and sustained infrastructure spending provide offsetting support. In December 2025, Ingevity announced plans to explore strategic alternatives for its Advanced Polymer Technologies segment and Road Markings businesses. In January 2026, the company completed the sale of its North Charleston crude tall oil (CTO) refinery and majority of its Performance Chemicals (PC) Industrial Specialties product line, effectively eliminating exposure to volatile CTO feedstocks and building on restructuring actions started in 2023 in response to unprecedented CTO cost spikes. Stable Leverage: Fitch expects Ingevity's EBITDA leverage to remain around 3.0x over the next several years. The company plans to deploy roughly $1 billion of expected operational cash flow and divestiture proceeds through 2027 toward debt reduction, share repurchases, and modest capex. With reported net leverage approaching the 2.0x-2.5x target range, Fitch expects moderate debt reduction in 2026 to reach the target, followed by a greater emphasis on share repurchases thereafter. Ingevity maintains strong financial flexibility to support its strategic priorities. Strong FCF: With most one-time outflows related to the PC restructuring now behind it, Ingevity's annual FCF is expected to improve to more than $150 million in 2025F and remain at that level thereafter. This is driven by strong PM segment margins, steady expected growth in the PT segment, and low ongoing capex requirements. Emissions Standards Benefit Materials: Gasoline vapor emissions regulation drives volume in Ingevity's PM segment. With strong market share and technology, Ingevity expects PM to sustain 50%+ EBITDA margins. Recent U.S./Canada rules favor higher-margin activated carbon, and other regions are tightening standards. Fitch expects global regulation growth to provide an offset to flat or lower auto production and the long-term electric vehicle (EV) shift. Pavement Technologies Provides Some Diversification: Although PT is expected to contribute only about 15% of total EBITDA over the forecast period, sustained profitability improvements that materially diversify earnings could strengthen Ingevity's credit profile over the longer term. Ingevity targets PT EBITDA margins in the mid-to-high teens or higher, driven by greater adoption of its warm mix asphalt products via advocacy, and stable demand for pavement preservation and reconstruction products. While the segment stands to benefit from a strong near-term pipeline of infrastructure activity, it may be adversely impacted by potential future declines in government infrastructure spending. Peer Analysis Ingevity is smaller than specialty chemical peers Celanese Corp. (Celanese; BB+/Negative), H.B. Fuller Company (H.B. Fuller; BB/Stable) and Koppers Holdings Inc. (Koppers; BB-/Stable). It maintains a comparatively conservative capital structure, with EBITDA leverage typically around 2.5x-3.5x, versus approximately 3.5x-4.5x for H.B. Fuller and Koppers, and above 5.0x for Celanese. Ingevity exhibits the most conservative financial policy in the peer group, targeting net leverage of 2.0x-2.5x. Ingevity's strong profitability is a key differentiator, with EBITDA margins projected around 37% throughout the forecast. This compares favorably with H.B. Fuller and Koppers, which are in the low- to mid-teens range, and Celanese at roughly 20%. The margin strength is driven primarily by Ingevity's market position and technological advantage in its PM segment, which Ingevity expects to sustain 50%+ EBITDA margins. While Ingevity's leverage and profitability profiles are the strongest among its peers, its comparatively smaller overall scale and concentrated exposure to the cyclical autos end-market temper these strengths and anchor the 'BB' IDR. Fitch’s Key Rating-Case Assumptions -- Fitch assumes the Advanced Polymer Technologies and road markings businesses are sold in 2026; -- Revenue for continuing business grows modestly through 2027 on flattish end-market demand; -- EBITDA margins improve to around 37% in 2026 and remain at similar levels thereafter, supported by product mix increasingly shifting towards the high-margin PM business following exits from lower-margin businesses; -- Annual capex of around $70 million, including moderate growth spending; -- Fitch assumes moderate debt reduction in 2026 to reach the targeted leverage range, followed by a greater tilt toward share repurchases thereafter; -- No acquisitions are forecasted. 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 as (assessment, relative importance): Management (bbb-, low), Sector Characteristics (bbb-, low), Market and Competitive Positioning (bb, moderate), Diversification and Asset Quality (bb-, high), Company Operational Characteristics (bbb-, moderate), Profitability (a, low), Financial Structure (bb, high), and Financial Flexibility (bbb-, moderate). --The quantitative financial subfactors are assessed based on custom financial period parameters of 5% for the latest historical fiscal year 2024, and the forecast years 2025 and 2026, 40% for the forecast year 2028, and 45% for the forecast year 2029. --The Governance assessment of 'Good' results in no adjustment. --The Operating Environment 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 3.5x; --Substantial sustained EBITDA margin deterioration, potentially stemming from unfavorable regulatory changes, competitive pressures or an inability to pass through costs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade --Increases in size, scale and/or diversification that further enhance the business profile; --Adherence to a financial policy demonstrating a clear commitment to deleveraging to EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure As of Sept. 30, 2025, Ingevity had approximately $83 million of cash and equivalents, and $477 million in availability under its $1 billion revolver, while its $100 million A/R securitization facility is nearly fully utilized. Fitch projects solid annual FCF generation throughout the forecast, which should provide the company with adequate liquidity over the ratings horizon. Issuer Profile Ingevity Corporation is a global manufacturer of activated carbon materials and specialty additives. Its Performance Materials segment produces carbon materials to control gasoline emissions in automobiles. Ingevity's Pavement Technologies segment produces performance additives primarily for asphalt road construction and preservation. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Ingevity Corporation LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BB+ Affirmed RR2 BB+ INTEGRITY INVESTMENT FUND: Case Summary & 10 Unsecured Creditors ---------------------------------------------------------------- Debtor: Integrity Investment Fund LLC 201 W. Lake Street #217 Chicago, IL 60606 Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-01587 Debtor's Counsel: Paul M. Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 E-mail: paul@bachoffices.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sarah Rothman Robins as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TXX3AVQ/Integrity_Investment_Fund_LLC__ilnbke-26-01587__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Chronicle Media, LLC $5,000 P.O. Box 203 Eureka, IL 61530 2. Daniel J. Depke $5,000 13373 335th Avenue Hull, IL 62343 3. Gregory J. Jordan $4,700 350 North LaSalle Steet, Suite 700 Chicago, IL 60654 4. John W. Stanko, Jr. $20,000 134 N. LaSalle St., Suite 1810 Chicago, IL 60602 5. Rotham Real Estate LLC $163,930 P.O. Box 4302 Wheaton, IL 60189 6. Sarah Robins $330,000 P.O. Box 4302 Wheaton, IL 60189 7. Segneri Law LLC $746,500 201 W. Lake #318 Chicago, IL 60606 8. SL Heeley $200 1001 E. Chicago Ave. Suite 119 Naperville, IL 60540 9. Steven Rothman $2,065,375 P.O. Box 4302 Wheaton, IL 60189 10. Thomas Costello $15,000 10124 W. Parkview Dr. Naperville, IL 60564 INTEGRITY INVESTMENT REO: Case Summary & Nine Unsecured Creditors ----------------------------------------------------------------- Debtor: Integrity Investment REO Holdings LLC 201 W. Lake #217 Chicago, IL 60606 Business Description: Integrity Investment REO Holdings LLC is a real estate company specializing in the acquisition and management of real estate-owned (REO) properties. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-01589 Debtor's Counsel: Paul M. Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60065 E-mail: paul@bachoffices.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sarah Rothman Robins as managing member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T72RUMA/Integrity_Investment_REO_Holdings__ilnbke-26-01589__0001.0.pdf?mcid=tGE4TAMA IROBOT CORP: Cancels Equity Awards Upon Plan Effectiveness ---------------------------------------------------------- iRobot Corp. disclosed in a regulatory filing that following the confirmation of the Prepackaged Chapter 11 Plan of Reorganization on January 22, 2026, the Company Parties filed a Notice of Effective Date with the U.S. Bankruptcy Court for the District of Delaware and the Plan became effective in accordance with its terms. All of the shares of common stock of the Company and any other equity interests outstanding immediately prior to the Effective Date, were cancelled, discharged, and extinguished and are of no force and effect. Pursuant to and subject to the terms of the Plan, on the Effective Date, the obligations of the Company Parties under the Company's Credit Agreement entered into on July 24, 2023, as amended, by and among the Company, each lender from time-to-time party thereto, and Santrum Hong Kong Co., Limited, as administrative agent and collateral agent, were cancelled. Unregistered Sales of Equity Securities: Upon the effectiveness of the Plan on the Effective Date, the Company issued an aggregate of 10,000 shares of common stock, par value $0.001, to the Company's new stockholder in accordance with the terms of the Plan and certain other agreements. The issuance of the New Common Stock described above was exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 1145 of the Bankruptcy Code (which generally exempts from such registration requirements the issuance of securities under a plan of reorganization). Departure of Directors: As of the Effective Date, pursuant to the Plan, the Existing Board of Directors dissolved without any further action required on the part of the Company. None of the directors resigned as a result of any disagreement with the Company on any matter relating to its operations, policies or practices. On the Effective Date and immediately following the Board Dissolution, the following individuals were appointed directors of the Company: "James" Yang Yong; "Ada" Feng Huiwei; "Garry" Liao Delin; Robert McCarthy; and Kenneth A. Mendelson. Pursuant to and subject to the terms of the Plan, on the Effective Date, the obligations of the Company under all equity incentive plans of the Company and all documentation related thereto, including options, restricted stock units, performance stock units, and other awards were terminated, extinguished and of no further force and effect. Amendments to Articles of Incorporation or Bylaws: Upon the effectiveness of the Plan on the Effective Date, the Company adopted an Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. Capital Stock. The Company's authorized capital stock consists of 10,000 shares, all of which consist of shares of New Common Stock. Voting. Each holder of shares of the New Common Stock is entitled to one vote for each share of the New Common Stock on all matters presented to the stockholders of the Company, including the election of directors. All matters at a meeting of stockholders where a quorum exists will be approved by the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter, unless applicable law requires a different vote. Stockholders may act by written consent in lieu of a meeting. Board of Directors. The Board will consist of such number determined from time to time by resolution of the Board. On the Effective Date, the Board consisted of five members. The Amended and Restated Bylaws provide that any action required or permitted to be taken by the Board at a duly called meeting may be taken by the unanimous written consent of the Board. Limitation of Liability and Indemnification of Officers and Directors. The Amended and Restated Certificate of Incorporation provides that no director shall be personally liable to the Company or the stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by the General Corporation Law of the State of Delaware (the "DGCL"). The Amended and Restated Certificate of Incorporation provides for mandatory indemnification of the Company's directors and officers and requires the mandatory advancement of expenses to the Company's directors. Exclusive Forum. The Amended and Restated Certificate of Incorporation provides that, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be, to the fullest extent permitted by law, the exclusive forum for (i) any derivative action or proceeding brought on the Company's behalf, (ii) any action asserting a breach of fiduciary duty, (iii) any action asserting a claim arising pursuant to the DGCL, or (iv) any action governed by the internal affairs doctrine. Any person or entity purchasing or otherwise holding any interest in shares of capital stock of the Company will be deemed to have notice of and consented to the foregoing forum selection provisions. A full text of the Amended and Restated Certificate of Incorporation of the Company and the Amended and Restated Bylaws of the Company, are available at https://tinyurl.com/4cf77f7u and https://tinyurl.com/3p8rkyty, respectively. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. IROBOT CORP: Exits Bankruptcy Under Picea Ownership --------------------------------------------------- iRobot Corporation announced the successful completion of its previously announced strategic transaction with Shenzhen PICEA Robotics Co., Ltd. and Santrum Hong Kong Co., Limited, through which Picea has acquired 100% of the equity interests in iRobot. The closing of the transaction marks the Company's emergence from the pre-packaged chapter 11 process with an improved financial foundation and additional capacity to invest in the next generation of smart home robotics. Picea has had a long-standing relationship with iRobot, serving as the Company's primary contract manufacturer and secured lender. During the restructuring process, Picea provided critical liquidity and operational support, helping ensure continuity for customers, employees, suppliers, and global partners. "It has been a privilege to lead iRobot through this pivotal period, and I'm incredibly proud of the team's resilience, focus, and commitment to our customers," said Gary Cohen, Chief Executive Officer, iRobot. "Building on iRobot's strong foundation, I look forward to working with the Picea leadership team as we enter our next chapter with renewed momentum. My conviction in iRobot has never been stronger, and together with Picea, we are focused on delivering reliable, high-quality products, supporting our customers, protecting consumer data, and operating with discipline as we move forward." Enhanced Data Governance Efforts: As part of its restructuring plan, iRobot has implemented a series of structural, legal, and governance safeguards specifically designed to protect U.S. and other global consumer data and connected devices. These measures include the creation of a separate, US-based subsidiary responsible for the protection of U.S. consumer data. iRobot Safe as well as other iRobot controls are designed to maintain a clear separation between iRobot's non-U.S. ownership and its U.S. and other global consumer data. iRobot Safe will be governed by an independent board composed of U.S. citizens and will include an independent US-based Data Security Officer with data protection authority and an iRobot Safe Chief Executive Officer, each subject to strict eligibility requirements. This structure and other controls are intended to provide regulators, consumers, and partners with confidence that iRobot's data governance framework designed to protect U.S. and other global consumer data remains transparent, enforceable, and effective following the transaction. Post-Emergence: iRobot will continue to be a US-based global consumer robotics company, maintaining its Bedford, Massachusetts headquarters with engineering, product development, marketing, and other corporate functions anchored in the United States. Following the transaction, iRobot is now a privately held company wholly owned by Picea. With the restructuring complete, iRobot will advance its long-term innovation strategy, focused on delivering trusted robotics and smart home devices, enhancing customer experiences, and investing in future product development all while utilizing data protection measures designed to protect U.S. and other global consumer data. Advisors: Paul, Weiss, Rifkind, Wharton & Garrison LLP served as lead legal counsel, Young Conaway Stargatt & Taylor, LLP served as Delaware counsel, Alvarez & Marsal served as investment banker and financial advisor, and C Street Advisory Group served as strategic communications advisor. White & Case LLP served as legal counsel to Picea. About Picea: Picea is a global manufacturer and service provider of robotic vacuum cleaners, with research and development and manufacturing facilities in China and Vietnam. Picea has over 7,000 employees globally and serves a diverse, international customer base. Picea maintains long-term, stable partnerships with many leading global enterprises. To date, Picea holds over 1,300 intellectual property rights worldwide and has manufactured and sold more than 20 million robotic vacuum cleaners. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. IZP PROPERTIES: Initiaties Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- IZP Properties LLC initiated a voluntary Chapter 11 bankruptcy filing on January 26, 2026, in the Middle District of Florida. Court records show the Debtor lists liabilities ranging from $100,001 to $1 million owed to approximately 1 to 49 creditors. About IZP Properties LLC IZP Properties LLC manages and invests in commercial and residential real estate in Florida. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code on January 26, 2026, under Bankruptcy Case No. 26-00301. The filing reflects estimated assets and liabilities both in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Jacob A. Brown presides over the case. The Debtor is represented by Bryan K. Mickler of Mickler & Mickler. J KRUSE INVESTMENTS: Seeks to Hire JB James Law Firm as Attorney ---------------------------------------------------------------- J Kruse Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire JB James Law Firm as attorneys. The firm will advise the Debtor regarding its duties under the Bankruptcy Code, and provide other legal services related to its Chapter 11 case. The firm received a retainer in the amount of $5,000. JB James does not represent any interest adverse to the Debtor, according to court filings. The firm can be reached through: Jim James, Esq. JB James Law Firm, PC 313 S. Glenstone Avenue Springfield, MO 65810 Tel: (417) 886-5940 Fax: (417) 886-4343 Email: jimjames@jbjameslawfirm.com About J Kruse Investments LLC J Kruse Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on December 17, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T. Fenimore presides over the case. James B. James, Esq., at JB James Law Firm, P.C. represents the Debtor as bankruptcy counsel. J.A. CARRILLO: Hires Carney Badley Spellman as Special Counsel -------------------------------------------------------------- J.A. Carrillo Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Attorneys Jason W. Anderson and Rory D. Cosgrove of Carney Badley Spellman, PS to serve its as special counsel. The firm will provide these services: (a) advise the Debtor on matters related to the appeal of the judgment entered in Maribel Tamayo Hernandez v. J.A. Carrillo Construction, LLC, King County Superior Court No. 24-2-04001-3; (b) perfect the appellate record and handle motions for extensions of time; (c) prepare and file the opening brief and reply brief; (d) present oral argument, if granted; and (e) coordinate with bankruptcy counsel to ensure compliance with bankruptcy-related restrictions and disclosures. The Debtor has agreed to pay Carney Badley Spellman, PS a flat fee of $175,000 for handling the appeal. On September 19, 2025, the firm received $10,000 paid by credit card on behalf of J.A. Carrillo Construction, LLC. On November 19, 2025, the firm received a $100,000 cashier's check from J.A. Carrillo Construction, LLC. The remaining $65,000 is due after the opening brief is filed. Unless otherwise agreed, all other work, if any, will be billed on an hourly basis at the firm's ordinary and customary hourly rates in effect when the work is performed. According to court filings, Carney Badley Spellman, PS is a "disinterested person" within the meaning of the Bankruptcy Code and does not hold or represent any interest adverse to the bankruptcy estate. The firm can be reached at: Jason W. Anderson, Esq. Rory D. Cosgrove, Esq. CARNEY BADLEY SPELLMAN, PS 701 Fifth Avenue, Suite 3600 Seattle, WA 98104 Telephone: (206) 622-8020 About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. (25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. Judge Christopher M. Alston oversees the case. Faye C. Rasch, Esq., at Wenokur Riordan PLLC represents the Debtor as bankruptcy counsel. J.A. CARRILLO: Hires Gordon Tilden Thomas as Special Counsel ------------------------------------------------------------ J.A. Carrillo Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Gordon Tilden Thomas & Cordell LLP as counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 2:25-cv-01952) filed in the US District Court for the Western District of Washington. The firm will be paid at these rates: Lawyer $325 to $780 per hour Paralegals $275 per hour Document clerks $50 per hour Franklin D. Cordell $780 per hour The firm was paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Franklin D. Cordell, Esq., a partner at Gordon Tilden Thomas & Cordell 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: Franklin D. Cordell, Esq. Gordon Tilden Thomas & Cordell LLP 600 University Street, Suite 2915 Seattle, WA 98101 Telephone: (206) 467-6477 E-mail: fcordell@gordontilden.com About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. (25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. Faye C. Rasch, Esq., at Wenokur Riordan PLLC represents the Debtor as counsel. J.A. CARRILLO: Hires Holmes Weddle and Barcott as Special Counsel ----------------------------------------------------------------- J.A. Carrillo Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ the law firm of Holmes Weddle and Barcott as special counsel. The Debtor requires special counsel to represent Debtor on matters concerning Labor and Industries claims including but not limited to Maribel Tamayo Hernandez Claim No. BK-39604 Docket Nos. 23-13397, 24-15758, 24-15759 and Karen Y. Zuniga Garcia Claim No. BH-73809. The firm's hourly rates are: Ann Silvernale, Attorney $320 Associate Attorneys $250 to $27 Paralegals $145 to $185 Holmes Weddle and Barcott have no connection with the Debtor, creditors of the Debtor, other parties in interest, their respective attorneys and accountants, the Chapter 11 Trustee, or any person employed by the Chapter 11 Trustee, according to court filings. The firm can be reached through: Ann Silvernale, Esq. Holmes Weddle and Barcott 701 W. 8th Ave, Suite 700 Anchorage, AK 99501 Tel: (907) 274-0666 Fax: (907) 277-4657 Email: asilvernale@hwb-law.com About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. (25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. Faye C. Rasch, Esq., at Wenokur Riordan PLLC represents the Debtor as counsel. J.A. CARRILLO: Hires Rocke Law Group PLLC as Special Counsel ------------------------------------------------------------ J.A. Carrillo Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Rocke Law Group, PLLC as special counsel. The Debtor needs the firm's legal assistance in connection with a case filed in the Superior Court of the State of Washington, King County, Case No. 24-3-04001-3 SEA. The firm will be paid at these rates: Aaron Rocke $525 per hour Attorney $325 to $495 per hour Paralegal $175 to $265 per hour The firm was paid an advance deposit of $5,000 by credit card, which currently remains in Rocke Law's trust account. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Aaron V. Rocke, Esq., a partner at Rocke Law Group, PLLC, 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: Aaron V. Rocke, Esq. Rocke Law Group, PLLC Logan Building, 500 Union Street Suite 909 Seattle, WA 98101 Tel: (206) 652-8570 About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. (25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. Faye C. Rasch, Esq., at Wenokur Riordan PLLC represents the Debtor as counsel. JSL COMPANIES: Seeks to Hire Flagel Huber Flagel as Accountant -------------------------------------------------------------- JSL Companies, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Flagel Huber Flagel as accountant. The firm's services include: (a) assisting the Debtor with preparation of tax returns; (b) assisting the Debtor with prepared financial statements; and (c) assisting the Debtor in preparation of monthly operating reports or other financial reporting required by the Bankruptcy Court. The professional services to be rendered by Flagel shall not include any compilation, review, or audit of the Debtor's records. The firm's hourly rates are: Chris McCaskey $415 Nancy Cavanaugh $290 Jenny Lee $275 Flagel staff $200 As disclosed in the court filings, Flagel holds no adverse interest to the Debtor's estate and is qualified to serve as accountant under Section 327(a) of the Bankruptcy Code. The firm can be reached through: Joseph Medsker JSL Companies LLC 400 Industry Dr Franklin, OH 45005-6300 About JSL Companies LLC JSL Companies, LLC doing business as Boat & RV Accessories, is a retailer of marine and recreational vehicle parts and equipment in the United States. The Company offers a wide range of products including boat accessories, RV appliances, HVAC parts, solar power systems, and power generation equipment. It distributes components from brands such as Dometic, Atwood, Thetford, and Battery Tender to boat and RV owners nationwide. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31919) on September 23, 2025. In the petition signed by Joseph Medsker, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tyson A. Crist oversees the case. Denis E. Blasius, Esq., at Thompsen Law Group, LLC, represents the Debtor as bankruptcy counsel. JUST LOGISTICS: Hires Collins Vella & Casello LLC as Attorney ------------------------------------------------------------- Just Logistics Group, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Collins, Vella & Casello, LLC as attorney. The firm will examine the Debtor's financial affairs and assist it in preparing, filing and confirming a Chapter 11 plan of reorganization. Joseph Casello, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500. Mr. Casello disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph M. Casello, Esq. Collins, vella & Casello, LLC 2430 Highway 34, B12 Manasquan, NJ 08736 Telephone: (732) 751-1766 About Just Logistics Group, Inc. Just Logistics Group, Inc. is a transportation and logistics company providing freight and supply chain solutions across multiple regions. Just Logistics Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10036) on January 4, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Joseph Casello, Esq., of Collins, Vella & Casello. KCAP DOMINIK: Final Cash Collateral Hearing Set for Feb. 9 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, is set to hold a hearing on February 9 to consider final approval of KCAP Dominik, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's interim order expires on February 5. The interim order entered on January 23 approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget. The interim order granted X-Caliber Funding, LLC adequate protection through replacement liens on post-petition assets similar to its pre-bankruptcy collateral; a superpriority administrative expense claim; and monthly payments equal to the non-default interest accruing on the secured debt, with a cash component estimated at approximately $32,000 per month. X-Caliber, a secured lender, holds valid, perfected, first-priority liens on the Debtor's property and related collateral securing approximately $17.3 million in debt. X-Caliber is represented by: David M. Clem, Esq. Blank Rome, LLP 200 Crescent Court, Suite 1000 Dallas, TX 75201 Telephone: (972) 850-1450 david.clem@blankrome.com -and- Kenneth J. Ottaviano, Esq. Paige B. Tinkham, Esq. Joseph M. Robinson Jr., Esq. Blank Rome, LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 Telephone: (312) 776-2514 ken.ottaviano@blankrome.com paige.tinkham@blankrome.com joseph.robinson@blankrome.com About KCAP Dominik LLC KCAP Dominik LLC, doing business as The Dominik Apartments, operates a residential apartment community in College Station, Texas, offering one-, two-, and three-bedroom units for rent. The property features amenities including a swimming pool, fitness center, clubhouse, playground, bark park, and landscaped grounds, with in-unit facilities such as all-electric kitchens, air conditioning, washers and dryers, and Wi-Fi. The Company serves residents seeking pet-friendly, amenity-rich apartment living with convenient access to local shopping, dining, entertainment, and major highways. KCAP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44740) on December 3, 2025, listing between $10 million and $50 million in assets and liabilities. Tie Lasater, chief executive officer of KCAP, signed the petition. Judge Mark X. Mullin oversees the case. Jeff Carruth, Esq., at Condon Tobin Sladek Sparks Nerenberg, PLLC represents the Debtor as legal counsel. KCAP VILLA: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, is set to hold a hearing today to consider final approval of KCAP Villa Gardens, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral under the court's January 23 second interim order expires today. The second interim order approved the payment of the Debtor's expenses from the cash collateral in accordance with its budget and granted Fannie Mae, a secured creditor, adequate protection through monthly payments, post-petition replacement liens on new assets and income, and a superpriority administrative claim if the protection proves insufficient. KCAP's cash collateral consists of rents and income generated by its apartment community property in Dallas, Texas. Fannie Mae holds a first-priority lien on the property and its rents, securing approximately $13.4 million in pre-bankruptcy debt. Although the Debtor reserves the right to later challenge certain defaults or amounts owed, it agrees that the rental income constitutes Fannie Mae's cash collateral. About KCAP Villa Gardens LLC KCAP Villa Gardens LLC is a single-asset real estate company that owns a multifamily apartment complex located at 2730 Fyke Road in Dallas, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44520) on November 19, 2025. In the petition signed by Tie Lasater, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark X Mullin oversees the case. Jeff Carruth, Esq., at Condon Tobin Sladek Sparks Nerenberg, PLLC, represents the Debtor as legal counsel. KENNISON STRATEGIC: Amneds Several Secured Claims Pay Details ------------------------------------------------------------- Kennison Strategic Development Co, LLC, submitted a Disclosure Statement to accompany Amended Plan dated January 23, 2026. The Plan is to be implemented by the reorganized Debtor through a mortgage modification, together with increased bookings by the businesses renting Debtor's property, leading to increased collection of rent. Any shortfall will be made up by The President's Pub and Grille. Attached is a Profit & Loss Statement for 2025, showing sufficient cash flow to make up any shortfall in payments. Additionally, the roof damage has been repaired, and wedding and event bookings are being scheduled. Class 2 consists of Secured Mortgage Claims. This Class is Impaired. The secured mortgage claim of Bridgeway Capital secured against real estate and business assets in the amount of $1,066,652.85 shall be an anticipated lump sum of $650,000.00 upon the sale of real estate. The remaining $416,652.85 shall be paid at a 20-year term at 7% interest with monthly payments of $3,230.31. The secured mortgage claim of Bridgeway Capital secured against real estate and business assets in the amount of $54,909.30 shall be paid over 20 years at 7% interest with monthly payments of $425.71. Class 4 consists of Secured Non-Tax Claims. This Class is Impaired. The secured claim of Leasing Management Associates, Inc. secured against business assets in the amount of $69,000.00 shall be paid at a 30-year term at 7% interest with monthly payments of $399.18. Like in the prior iteration of the Plan, an annual distribution of $2,000.00 will be made to general unsecured creditors in Class 5. The unsecured claim of Zurich American Insurance Company in the amount of $1.00 shall be paid in full within 30 days of confirmation of Plan. Source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Disclosure Statement dated January 23, 2026 is available at https://urlcurt.com/u?l=Tj6sop from PacerMonitor.com at no charge. Kennison Strategic Development Co. LLC is represented by: Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com About Kennison Strategic Development Kennison Strategic Development Co. LLC is engaged in activities related to real estate. Kennison Strategic Development Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21944) on August 8, 2024. In the petition filed by Mark Kennison, as president, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Brian C. Thompson, Esq. at Thompson Law Group, P.C. KIDS FIRST PEDIATRIC: Hires Marshack Hays Wood LLP as Attorney -------------------------------------------------------------- Kids First Pediatric Therapy Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Marshack Hays Wood LLP as counsel. The firm will render these services: (a) develop and draft the Plan; (b) negotiate with creditors to gain support for the Plan; (c) file motions and applications to protect the Debtor's interests as necessary; (d) assist in any possible liquidation of the Debtor's assets and administer the bankruptcy estate; (e) ensure compliance with the Bankruptcy Code, the Federal Rule Bankruptcy Procedure and the Local Bankruptcy Rules; (f) review and, if appropriate, objecting to creditor claims; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court and in any action where its rights or the estate may be litigated or affected; and (h) perform any and all other legal services incident and necessary for the smooth administration of this bankruptcy case. The firm's counsel will be paid at these hourly rates: Richard Marshack, Partner $770 D. Edward Hays, Partner $770 David Wood, Partner $670 Aaron de Leest, Partner $670 Kristine Thagard, Of Counsel $670 Matthew Grimshaw, Of Counsel $670 Chad Haes, Of Counsel $670 Laila Rais, Partner $590 Alina Mamlyuk, Of Counsel $570 Tinho Mang, Senior Counsel $570 Bradford Barnhardt, Associate $470 Sarah Hasselberger, Associate $470 Devan de los Reyers, Associate $400 Pamela Kraus, Paralegal $380 Chanel Mendoza, Paralegal $380 Layla Buchanan, Paralegal $380 Cynthia Bastida, Paralegal $380 Sandra Pineda, Paralegal $380 Laurel Dinkins, Paralegal $380 Chantaal Arnold, Paralegal $380 In addition, the firm will seek reimbursement for expenses incurred. Pre-petition, the firm received from the Debtor a $30,000 retainer on December 12, 2025. Mr. Wood disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David A. Wood, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 Email: dwood@marshackhays.com About Kids First Pediatric Therapy Inc. Kids First Pediatric Therapy, Inc. is a pediatric healthcare company providing therapy services for children, including physical, occupational, and speech therapy. The company is committed to enhancing developmental progress and overall well-being for its patients. Kids First Pediatric Therapy, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21513) on December 22, 2025. In its petition, the Debtor disclosed up to $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by David Wood, Esq., at Marshack Hays Wood, LLP. KKHR CONSTRUCCIONES: Hires Bufete Emmanuelli LLC as Attorney ------------------------------------------------------------ KKHR Construcciones & Associados, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Bufete Emmanuelli LLC as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Rolando Emmanuelli-Jimenez, Esq. $285 per hour Paralegal $40 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Jimenez 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: Rolando Emmanuelli Jimenez, Esq. Bufete Emmanuelli LLC P.O. Box 10779 Ponce, PR 00732 Tel: (787) 848-0666 Fax: (787) 841-1435 Email: notificaciones@bufete-emmanuelli.com About KKHR Construcciones & Associados, Inc. KKHR Construcciones & Asociados Inc., doing business as KKHR Construction, provides construction services that include heavy equipment operations and concrete foundation work. KKHR Construcciones & Asociados Inc. d/b/a KKHR Construction in Ponce, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 26-00134) on Jan. 21, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Norhem Martinez Perez as president, signed the petition. BUFETE EMMANUELLI, C.S.P. serve as the Debtor's legal counsel. KSENIA LOGISTICS: Hires David Freydin PC as Bankruptcy Counsel -------------------------------------------------------------- Ksenia Logistics Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as its bankruptcy counsel. The firm's services include: (a) negotiating with creditors; (b) preparing of a plan and financial statements; and (c) examining and resolving claims filed against the estate. The Debtor proposes to retain the Law Offices of David Freydin PC on an hourly basis at these rates: David Freydin $450 Jan Michael Hulstedt $425 Derek V. Lofland $425 The firm received a $10,000 pre-petition retainer. As disclosed in the court filings, Law Offices of David Freydin PC believes he does not hold or represent any interest adverse to the Estate and is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: David Freydin, Esq. Law Offices of David Freydin, Ltd. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About Ksenia Logistics Inc. Ksenia Logistics, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19801) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. LABL INC: S&P Lowers ICR to 'D' on Chapter 11 Bankruptcy Filing --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on LABL Inc. to 'D' from 'SD'. In addition, S&P lowered the 'CCC+' secured issue-level rating and 'CCC' unsecured issue-level rating to 'D' and removed them from CreditWatch, where S&P placed them with negative implications on Jan. 21, 2026. LABL Inc. has initiated a prepackaged Chapter 11 bankruptcy, which it had announced as part of its restructuring support agreement. The downgrade follows LABL Inc.'s Chapter 11 bankruptcy filing. The high interest expenses from the company's leveraged balance sheet constrained its ability in meeting ongoing obligations. LABL expects it could eliminate approximately $3.9 billion of debt and $330 million of cash interest expense in the bankruptcy process while extending debt maturities to 2033. The company also expects $250 million of new money from debtor in possession financing. S&P expects to re-evaluate the ratings once the company emerges from the Chapter 11 proceedings. LEFEVER MATTSON: Hires Dinsmore & Shohl LLP as Special Counsel -------------------------------------------------------------- Lefever Mattson, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Dinsmore & Shohl LLP as special residential real estate counsel. The firm's services include: a. initiating residential evictions; and b. dealing with routine landlord/tenant disputes in the San Diego area, and advising on tenants' rights. The firm will be paid at these rates: John Mayer $550 per hour Partners $445 to $945 per hour Associates $265 to $485 per hour Patent Agents $290 to $375 per hour Paralegals $205 to $365 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John A. Mayers, a partner at Dinsmore & Shohl 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: John A. Mayers, Esq. Dinsmore & Shohl LLP 655 West Broadway, Suite 800 San Diego, CA 92101 Telephone: (619) 400 0501 Facsimile: (619) 400-0501 About About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use realestate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LUMIERE ESTATES: Hires RHM Law LLP as General Bankruptcy Counsel ---------------------------------------------------------------- Lumiere Estates LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ RHM Law LLP as general bankruptcy counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the United States Trustee ("UST"); b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and g. appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Matthew D. Resnick, Partner $700 per hour Roksana D. Moradi-Brovia, Partner $650 per hour W. Sloan Youksetter, Associate $450 per hour Russell J. Strong III, Associate $400 per hour Rosario Zubia, Paralegal $175 per hour Priscilla Bueno, Paralegal $175 per hour Rebecca Benitez, Paralegal $135 per hour Susie Segura, Paralegal $135 per hour M. Jonathan Hayes, Senior Bankruptcy Associate $725 per hour The firm will be paid a retainer in the amount of $71,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law 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: Roksana D. Moradi-Brovia, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About Lumiere Estates LLC Lumiere Estates LLC is a California-based limited liability company that owns residential properties at 1000 North Bundy Dr., Los Angeles, CA 90049; 15207 Whitfield Ave., and 1545 Umeo Rd, Pacific Palisades, operating in the real estate ownership and property management sector. Lumiere Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12402) on December 23, 2025. In its petition, the debtor reports estimated assets in the range of $10 million to $50 million and estimated liabilities in the same range. The Honorable Martin R. Barash handles the case. The debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. LUMINAR TECHNOLOGIES: Sues NEXT to Recover $2.2MM Loan ------------------------------------------------------ Gina Kim of Law360 reports that Luminar Technologies, which is currently operating under Chapter 11 protection, has sued Next Semiconductor in Texas bankruptcy court to recover more than $2.2 million it says is owed under a loan agreement. The autonomous vehicle technology developer alleges the chipmaker has stopped making payments and is attempting to avoid repayment by pointing to Luminar's bankruptcy case. In its filing, Luminar argues that its restructuring does not excuse Next's obligations and that the loan remains in full force. The company is asking the court to reject Next's interpretation and order repayment of the outstanding balance. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. MADIJAC LLC: Hires Branson Ainsworth PLLC as Counsel ---------------------------------------------------- Madijac LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Branson Ainsworth PLLC as counsel. The firm will provide these services: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; and c. provide all other services of a legal nature. The firm will be paid at these rates: Attorneys $590 per hour Paralegals $150 per hour The firm was paid an advance fee of $1,972.50 for post-petition services and expenses in connection with this case and the filing fee of $1,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Jeffrey S. Ainsworth, Esq., a partner at Branson Ainsworth PLLC, 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: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. Branson Ainsworth PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com cole@bransonlaw.com amanda@bransonlaw.com About Madijac LLC Madijac LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00137) on January 08, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A. Colton presides over the case. Jeffrey Ainsworth, Esq. at Bransonlaw PLLC represents the Debtor as legal counsel. MAGNITE INC: Moody's Ups CFR to Ba3 & Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings upgraded Magnite, Inc.'s ("Magnite" or the "company") corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. Concurrently, Moody's affirmed the Ba3 ratings on the senior secured bank credit facilities (consisting of the $175 million revolving credit facility (RCF) due 2029 and $361 million outstanding term loan due 2031). The company's SGL-1 Speculative Grade Liquidity rating was unchanged. The outlook was changed to positive from stable. The CFR upgrade reflects Magnite's strong operating performance momentum driven by continued secular industry trends and company specific successes that have collectively led to an improving credit profile. This is evidenced by the company's solid 7% revenue growth at YTD September 30, 2025 (11% in Q3 2025), EBITDA margin expansion, continued deleveraging, and strong free cash flow (FCF) conversion. At September 30, 2025, LTM financial leverage strengthened to 3.6x total debt to EBITDA compared to 4x at September 30, 2024 with LTM EBITDA margin expanding to 25% from 20% and FCF to EBITDA conversion at 93%, equivalent to 26% FCF to debt (all metrics are Moody's adjusted). The Ba3 ratings on the bank credit facilities were affirmed despite the upgrade of the CFR to Ba3 given Moody's expectations for an all-bank debt capital structure with secured obligations the sole class following anticipated repayment of the unsecured convertible notes (unrated) when they mature in March 2026. The positive outlook incorporates Moody's expectations that financial leverage will decrease to the 2x-2.5x range over the rating horizon driven primarily by Magnite's planned cash redemption of the $205 million outstanding convertible notes at maturity (March 15, 2026), but also with continued EBITDA expansion. The outlook also reflects Moody's views for revenue and contribution ex-traffic acquisition cost (TAC) growth in the low-teens percentage range in 2026 chiefly supported by connected-TV (CTV) and secondarily by DV+ channels (display, video and other formats such as native, audio and digital out of home), as well as Magnite's expanding partnerships and even-numbered year cyclical revenue. Moody's expects EBITDA margins to strengthen driven by top-line revenue growth, economies of scale on operating expenses, optimization of tech infrastructure, and ongoing benefits from realizing full integration of prior acquisitions. Governance risk considerations were a key driver of the rating actions due to Magnite's balance sheet deleveraging, which Moody's expects to benefit from the near-term settlement of the convertible notes at maturity with cash-on-hand, which is reflected in the G-3 governance score (previously G-4). In connection with the change in governance risk, Moody's also changed the Credit Impact Score to CIS-3 from CIS-4. RATINGS RATIONALE Magnite's Ba3 CFR reflects the company's solid market position as an independent advertising technology solutions provider that automates buying and selling of digital advertising inventory to digital publishers and ad networks. With nearly 85% of revenue derived from CTV and mobile markets, Magnite has benefitted from fast growth in these segments, which has led to the modest leverage profile. Moody's expects both market segments to collectively sustain industry growth rates in the 10%-12% area, on average, over the next several years supported by the secular shift of advertising to digital/mobile platforms and convergence of TV and digital. The company has entered into and expanded relationships with a number of CTV partnerships and industry-leading streaming content providers, and Moody's expects Magnite to add more partners over the rating horizon to solidify its market position as a leader in identity solutions that facilitate precise audience targeting. The company currently serves every major CTV publisher. Key industry growth drivers include: (i) the continued shift to digital advertising from linear TV; (ii) automation of buying and selling of ad inventory at scale using software solutions like programmatic advertising; (iii) continued adoption of CTV programmatic advertising and accelerated growth in CTV viewership owing to expansion of the total addressable market (TAM); and (iv) advanced audience targeting solutions that add value to both ad buyers and sellers. Company specific long-term growth drivers include Magnite's domestic programmatic CTV ad launch with Netflix in Q3 2024, which will continue to ramp up in other geographic markets in 2026, continued scaled growth across other major streaming partners, and new DV+ publishers beginning to ramp in 2026. Additionally, the company launched the Magnite SDK (software development kit) in Q4 2025, which is gaining traction with mobile demand side platforms seeking more branding opportunities and should be a tailwind for the DV+ business in H2 2026. Magnite is also well-positioned for favorable growth trends in live sports programming, and its investments will benefit from the 2026 Olympic and FIFA World Cup Games given that its partners hold ad-serving rights, primarily with international broadcasters. The Ba3 CFR also considers Magnite's exposure to cyclical ad spending as well as rising tech infrastructure costs and TAC, which can lead to depressed margins. Despite solid revenue growth in recent quarters, margins have been pressured in the past due to increases in cloud hosting, data center and bandwidth costs, personnel expenses, and TAC. Margins can also be impacted by Magnite's increasing reliance on revenue from the sale of CTV ad inventory, which is concentrated among CTV sellers. This could influence the company's ability to access premium ad inventory and/or obtain favorable ad inventory pricing given that Magnite does not own or control the ad inventory on its platform and is reliant on CTV sellers making their inventory available to the company on satisfactory terms. Despite this, Moody's expects margins will continue to demonstrate improvement this year as revenue expands in the low-teens percentage region, amid a steady supply of premium-priced CTV ad inventory coming on stream (especially in live sports), and costs expand at a slower pace than revenue. The credit profile is constrained by Magnite's expanding but still small scale in a rapidly evolving landscape. The concentration of CTV among a small number of large sellers that enjoy significant negotiating leverage with respect to take rates also weighs on the profile. Though Magnite has experienced good penetration in the fast-growing CTV segment, there is potential for Big Media-Tech platforms or new entrants to develop competing technology solutions and expand their revenue share. The company's small market share in a very fragmented market and limited product diversity are risks if competitive dynamics become less favorable. The emergence and adoption of artificial intelligence by new entrants could be a threat, for example, if companies building large language models aggressively enter this market. Materialization of these risks would likely constrain upward rating pressure. Over the next 12-18 months, Moody's expects Magnite will maintain very good liquidity as indicated by the SGL-1 Speculative Grade Liquidity rating with cash balances of at least $250 million (cash-on-hand totaled $482 million at LTM September 30, 2025 or $277 million pro forma for repayment of the convertible notes) and access to the $175 million revolver, which Moody's forecasts will remain undrawn. The RCF has a springing first-lien net leverage covenant that requires Magnite to maintain a ratio of 3.25x when more than 35% of the facility is drawn. Moody's expects FCF over the next 12 months in the range of $140 million to $160 million with excess cash allocated primarily to cash balances and small tuck-in M&A growth investments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Magnite demonstrates solid revenue growth, improving scale at or just above $1 billion in revenue, and expanding EBITDA margins and profitability such that total debt to EBITDA is sustained below 2.5x, notwithstanding the potential for tuck-in acquisitions that could temporarily lead to higher-than-expected leverage. Magnite would also need to continue exhibiting a track record of consistent EBITDA and FCF growth while adhering to disciplined financial policies. Additionally, liquidity would need to be at least good with ample cash balances and FCF to total debt consistently in the 25%-30% area (all metrics are Moody's adjusted). Ratings could be downgraded if total debt to EBITDA is sustained above 3.5x due to operating underperformance, lack of progress with integrating acquisitions, or debt financed distributions or acquisitions among other factors. There could also be downward pressure on ratings if organic revenue growth decelerates to the low-single digit percentage range reflecting competitive/pricing pressures, industry challenges or poor execution. Ratings could also be downgraded if liquidity deteriorates or FCF to total debt is sustained below the mid-teens percentage range (all metrics are Moody's adjusted). With principal offices in New York, NY, Magnite, Inc. provides technology solutions to automate the purchase and sale of digital advertising inventory. GAAP revenue for the twelve months ended September 30, 2025 totaled around $703 million. 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. MERCER INTERNATIONAL: Fitch Lowers LongTerm IDR to 'B-' ------------------------------------------------------- Fitch Ratings has downgraded Mercer International Inc.'s Long-Term Issuer Default Rating (IDR) to 'B-' from 'B+'. The Rating Outlook is Negative. The downgrade reflects persistent weakness in the pulp and lumber markets keeping leverage elevated above 5.5x through most of the forecast period. Sustained negative free cash flow (FCF) generation pressures liquidity despite adequate current levels. Rising refinancing risk as maturities approach compounds credit concerns. The rating incorporates the company's favorable cost position in pulp, current liquidity cushion, and balanced capital allocation strategy. Key Rating Drivers Persistently High Leverage: Fitch forecasts EBITDA leverage will remain above 5.5x through most of the forecast period. This exceeds the previous negative rating sensitivity of 4.5x and supports the downgrade. Weak pulp demand and prices contribute to significantly lower EBITDA generation. Fitch expects pulp demand and prices to remain pressured in 2026 with a recovery beginning in 2027, resulting in leverage above 6.0x in 2027. This timeline limits near-term deleveraging prospects. The pulp business, primarily driven by Northern Bleached Softwood Kraft (NBSK), has experienced declining demand from China, a major global purchaser. Despite ongoing U.S.-China trade negotiations, Chinese purchases have not rebounded, and Fitch expects weak pulp revenue and EBITDA margins for most of the forecast period. High uncertainty around tariffs, Chinese buying patterns, and consumer demand adds volatility to the credit profile. Adequate but Pressured Liquidity: Mercer holds around $376 million in liquidity from revolver availability and cash as of Sept. 30, 2025, and Fitch expects a modest improvement in 4Q25 liquidity levels. Fitch's persistent negative FCF forecast erodes this buffer over time. The company will likely need alternative liquidity sources beyond cash flow from operations to maintain the current cushion, including strategic divestments. Fitch's ratings are sensitive to any material deterioration in this liquidity cushion. Housing and Construction Remain Muted: Post-pandemic lumber price declines kept Mercer's lumber operations below EBITDA breakeven in 2023 and 2024. Pricing has recovered near breakeven levels, but volatility persists. Fitch expects only gradual improvement through the forecast, although Mercer's European-domiciled lumber business may outperform Canadian peers given the tariff advantages of the European region. Weak consumer demand will likely delay a meaningful recovery in the U.S. housing market and limit improvements in the profitability of Mercer's Solid Wood segment. Deleveraging Capital Allocation Policy: Mercer's capital allocation has pivoted toward maintaining liquidity and deleveraging the balance sheet amid challenging market conditions. Management suspended dividends in the second quarter amid economic uncertainty. Fitch forecasts the dividend to remain suspended through the forecast period. Capex will be limited to maintenance levels to preserve liquidity. No share repurchases are anticipated. Management's leverage target is below current levels. However, Fitch does not foresee any significant organic decrease in gross debt. Favorable Cost Position: Mercer's pulp segment represents 75% of EBITDA. It benefits from a favorable global cost position in the middle second quartile. This advantage stems from modern, efficient pulp mills, proximity to raw materials, and favorable fiber procurement arrangements. Mercer can generate positive cash flows during most market conditions. Higher pulp prices than forecast could support quicker deleveraging. Peer Analysis Mercer's main competitors within Fitch's publicly rated universe are Domtar Corporation (Domtar; BB-/Negative), Sylvamo Corporation (Sylvamo; BB+/Stable) and Klabin S.A. (Klabin; BB+/Stable). Domtar's revenue is nearly 5x larger because, in addition to pulp, it manufactures and sells uncoated freesheet paper. Domtar's product mix is more developed than Mercer's, which helps maintain earnings in volatile markets. The company recently acquired Resolute Forest Products, Inc, increasing leverage, and has been further impacted by weak lumber prices. Mercer's solid wood segment operates in a lower cost curve position due to the location of the facilities. The pulp mills are comparable in cost positioning. Domtar can maintain a rating one notch higher due to lower forecast leverage and superior FCF generation. Klabin's historical EBITDA margins, typically between 30% and 40%, are considerably higher than Mercer's, between 3.8% and 26.4%, due to the former's leading scale and low-cost position in pulp products. Klabin's margins are more consistent despite operating in the same cyclical pulp industry. Klabin has significant exposure to the fast-growing Brazilian market, while Mercer is more exposed to China. Sylvamo is a top three producer of uncoated freesheet in Latin America, Europe and North America, with strong FCF generation and a balanced capital allocation strategy. Its leverage is meaningfully below its stated leverage target. Fitch believes Sylvamo has a profitable and lengthy runway in the uncoated freesheet segment despite the long-term trends affecting the sector. Its prudent capital allocation strategy lowers its credit risk. Fitch's Key Rating-Case Assumptions -- Lumber prices remain subdued for most of the forecast period, reflecting a high-interest-rate environment and subdued housing activity; -- Pulp market recovers in 2027, becomes supportive in 2028; -- Projects completed on schedule with improvements to the solid woods segment's profitability; -- Dividends and capex in line with management guidance; -- Refinancing of debt at maturities modestly increases interest expense without material decrease in gross debt outstanding. 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 (bb-, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (ccc+, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the forecast year 2024, 5% for the forecast year 2025, 45% for the forecast year 2026, 30% for the forecast year 2027 and 15% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b-'. Recovery Analysis Key Assumptions -- The recovery analysis assumes that Mercer would be reorganized as a going concern in bankruptcy rather than liquidated; -- A bankruptcy scenario could result from a steeper and longer-than-anticipated trough in the pulp and lumber markets that consistently compresses margins, leading to a liquidity crisis; -- Unsecured bonds issued by Mercer are structurally subordinated to the Canadian revolver, German revolver and German demand loan as a result of no subsidiaries guaranteeing the debt; thus the unsecured bonds are holding company obligations; -- Fitch assumes the revolver is 100% drawn; -- Fitch has assumed a 10% administrative claim. Going Concern (GC) Approach Fitch assumed a GC EBITDA of $250 million, representing what Fitch believes Mercer could reasonably generate in a recovering pulp and lumber market as the company emerges from bankruptcy. Fitch typically assigns EV/EBITDA multiples between 4.5x and 6.0x for packaging peers. Mercer's exposure to volatile end markets, favorable cost positioning and weak FCF generation leads Fitch to assign a 5.0x multiple. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Mid-cycle EBITDA leverage consistently above 6.5x; -- Mid-cycle EBITDA interest coverage consistently below 1.5x; -- A worsening liquidity profile; -- Failure to address upcoming maturities in a timely manner. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Mid-cycle EBITDA leverage consistently below 5.5x; -- Sustained improvement in EBITDA margins and consistent FCF; -- Material gross debt reduction. Liquidity and Debt Structure As of Sept. 30, 2025, Mercer reported $98 million in cash on hand and $278 million available under its revolving credit facilities. Fitch forecasts for the challenging market conditions in pulp and lumber will continue throughout 2026, before a gradual recovery begins in 2027. Fitch anticipates liquidity to reduce from current levels through 2027 due sustained negative FCF generation. The company's revolving credit facilities mature in 2027, followed by unsecured bond maturities in 2028 and 2029, giving the company time to repay or refinance the debt. Fitch believes the fully unsecured capital structure, which is broadly syndicated, will aid the company's refinancing efforts. Fitch anticipates a refinancing of the revolver to take place during the forecast period, albeit at a slightly higher interest rate. Issuer Profile Mercer manufactures market pulp and solid wood products in nine facilities located in Germany, Canada and the U.S. The Pulp segment is largely Northern Bleached Softwood Kraft. The Solid Wood segment consists of lumber, manufactured products, pallets, biofuels and energy. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Mercer International Inc. LT IDR B- Downgrade B+ senior unsecured LT B- Downgrade RR4 B+ MEZMEREYES PLLC: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division entered a final order authorizing Mezmereyes, PLLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in the ordinary course of business solely to pay post-petition expenses set forth in the approved budget, which covers the period from January 5 to March 4. As adequate protection, Bank of America, N.A. and the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition cash and accounts receivable, with the same priority, validity, type and extent as their pre-bankruptcy liens. Bank of America asserts a first-priority lien securing approximately $420,374 under a 2013 loan and UCC filing while the SBA holds a second-priority lien securing approximately $49,865 under an EIDL loan and 2020 UCC filing. Both lenders claim liens on all business assets, including cash, making the Debtor's operational revenue cash collateral under the Bankruptcy Code. Mezmereyes filed for Subchapter V Chapter 11 relief on December 5 after opening a second clinic -- the Frisco East location -- whose rent obligations of $8,500 per month have consistently exceeded revenue, prompting the need for reorganization and lease rejection. A copy of the final order and the Debtor's budget is available at https://shorturl.at/T1BPJ from PacerMonitor.com. Bank of America, as secured creditor, is represented by: Richard G. Dafoe, Esq. Waddell Serafino Geary Rechner Jenevein, PC 1717 Main Street, Suite 2500 Dallas, TX 75201 Phone: 214-979-7427 / 214-979-7400 Fax: 214-979-7402 rdafoe@wslawpc.com About Mezmereyes PLLC Mezmereyes, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43708) on December 5, 2025. In the petition signed by Kirtesh Patel, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as legal counsel. MICK'S GRASS: Hires Jones Murray LLP as Bankruptcy Co-Counsel ------------------------------------------------------------- Mick's Grass & Sod Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Jones Murray LLP as general bankruptcy co-counsel. The firm's services include: a. advising and representing the Debtor during the bankruptcy process. b. representing the Debtor in any negotiations and discussion with third parties. c. representing the Debtor in any meetings, hearings, and conferences including the 341 meeting of creditors. d. preparing pleadings, including any motions and applications necessary to facilitate the administration of this case. e. taking all actions needed to preserve the value of Debtor and its assets as a going concern for the benefit of creditors. f. facilitating the plan confirmation process; and Performing all other acts and services necessary to assist the Debtor during its Chapter 11 reorganization. The firm will be paid at these rates: Jacqueline Q. Chiba, (Lead) Associate $600 per hour Matthew W. Bourda, Partner $700 per hour Erin E. Jones, Partner $900 per hour Christopher R. Murray, Partner $900 per hour Nancy Santana, Senior Paralegal $250 per hour Joshua Sosa, Paralegal $100 per hour The firm received a retainer in the amount of $15,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Matthew W. Bourda, Esq., a partner at Jones Murray 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: Matthew W. Bourda, Esq. Jones Murray LLP 602 Sawyer Street, Suite 400 Houston, TX 77007 Telephone: (832) 529-1999 Facsimile: (832) 529-3393 Email: jackie@jonesmurray.com matthew@jonesmurray.com About Mick's Grass & Sod Service, Inc. Mick's Grass & Sod Service, Inc. operates as a landscaping and sod service provider offering grass installation and related services. Mick's Grass & Sod Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30192) on January 8, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Elias Marwan Yazbeck, Esq., of The Law Office of Elias M. Yazbeck, PLLC. MONDAK PORTABLES: Seeks to Extend Plan Exclusivity to Feb. 26 ------------------------------------------------------------- MonDak Portables, LLC, asked the U.S. Bankruptcy Court for the District of North Dakota to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 26 and April 27, 2026, respectively. The Debtor explains that the Petition Date was September 29, 2025. Consequently, this case has been pending for just four months. Debtor is paying its bills as they come due and has made substantial progress in what it anticipates to be a consensual plan of reorganization. The Debtor claims that it is working in good faith toward its reorganization and rather than file a "placeholder" plan, Debtor seeks a brief extension to finalize the terms of its plan and move this Chapter 11 case toward confirmation. The Debtor submits that it is close in finalizing the terms of such plan of reorganization with multiple involved parties and does not anticipate seeking a further extension of such deadlines. MonDak Portables, LLC is represented by: CAROTHERS & HAUSWIRTH LLP Patrick W. Carothers, Esq. Gregory W. Hauswirth, Esq. Foster Plaza 10 680 Andersen Drive, Suite 230 Pittsburgh, PA 15220 Telephone: 412-414-6996 Facsimile: 412-910-7510 Email: pcarothers@ch-legal.com ghauswirth@ch-legal.com - and - Maurice B. VerStandig, Esq. Christianna A. Cathcart, Esq. The Dakota Bankruptcy Firm 1630 1st Avenue N Suite B PMB 24 Fargo, North Dakota 58102-4246 Phone: (701) 394-3215 Email: mac@dakotabankruptcy.com christianna@dakotabankruptcy.com About MonDak Portables LLC MonDak Portables, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.D. Case No. 25-30429) on Sept. 29, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Hon. Shon Hastings oversees the case. Christianna A. Cathcart, Esq., at The Dakota Bankruptcy Firm is the Debtor's legal counsel. MOSAIC MENTAL: Gets Final OK to Use Cash Collateral --------------------------------------------------- Mosaic Mental Health, PLLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral, including funds held in PNC Bank and Chase accounts and revenues generated in the ordinary course of business, in accordance with its budget. The Debtor's 30-day budget projects total operational expenses of $79,427.98. As adequate protection, secured creditors with interest in the cash collateral will be granted replacement liens on cash collateral and post-petition acquired property, maintaining the same priority held as of the petition date. These replacement liens do not apply to Chapter 5 causes of action. The order includes a carveout subordinating secured creditors' liens to payment of certain administrative expenses, including court fees, U.S. Trustee fees, trustee expenses up to $15,000, and approved fees of the Subchapter V trustee and the Debtor's counsel. The Debtor's banks, including PNC Bank, were authorized to continue ordinary-course banking functions, honor certain pre-bankruptcy transactions, and rely on the Debtor's representations without liability. The authorization to use cash collateral will automatically terminate upon dismissal or conversion of the Debtor's Chapter 11 case, appointment of a trustee, expiration of the interim period, or material breach of the budget. The final order is available at https://is.gd/5soQXU from PacerMonitor.com. The creditors asserting security interests in the Debtor's cash and accounts based on UCC filings with the Texas Secretary of State are Solutions/Fintegra and CFG Merchant Solutions. Solutions/Fintegra is listed as the first-priority secured creditor, holding a blanket lien on all assets and a disputed secured claim of approximately $62,000, which the Debtor acknowledges is fully secured given the scheduled asset value of $67,089. Meanwhile, CFG Merchant Solutions is listed as a second-priority secured creditor with a disputed claim of approximately $98,000, secured only up to about $5,089, with the balance undersecured. A third alleged secured creditor filed a blanket lien anonymously through an agent and its identity remains unknown at this stage. About Mosaic Mental Health PLLC Mosaic Mental Health, PLLC operates a multi-state outpatient psychiatric and counseling practice. Mosaic Mental Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-37534) on December 11, 2025, with up to $100,000 in assets and up to $500,000 in liabilities. Elizabeth Macshadiya, company owner, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. MTF MANAGEMENT: Cash Collateral Hearing Set for Feb. 25 ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania will hold a further hearing on February 25 to consider the request of MTF Holdings, LLC and its affiliated debtors to use cash collateral. The Debtors were initially authorized to access their cash collateral under the court's January 23 interim order. The interim order authorized the payment of the Debtors' expenses from the cash collateral in accordance with their budget and granted the U.S. Small Business Administration and other creditors with interests in cash collateral adequate protection through replacement liens on post-petition collateral and potential superpriority administrative claims. The Debtors were also authorized under the interim order to make regular monthly payments to the SBA as additional protection. Prior to their Chapter 11 filing, the Debtors entered into various loans and financing arrangements with the SBA and other lenders. They also received funds from merchant cash advance lenders prior to the petition date. The Debtors believe that the SBA holds a first lien on most of their assets. About MTF Holdings MTF Holdings, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Holdings and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10236) on January 21, 2026. At the time of the filing, MTF Holdings listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MULTI-COLOR CORP: Rejects Financing From Canyon, Crossover Group ---------------------------------------------------------------- Multi-Color Corporation commenced Chapter 11 cases after securing debtor-in-possession financing of up to $657.5 million from first-lien lenders and insiders while rejecting alternative financing from a group led by Canyon Capital Advisors, LLC. The Restructuring Support Agreement with first lien lenders and sponsor Clayton, Dubilier & Rice, LLC provides for up to the $657.5 million DIP financing facility comprised of (a) $250 million of new money commitments, (b) a 1:1 "roll up" of First Lien Secured Claims with respect to the funding in clause (a), (c) a $7.5 million DIP Backstop Premium, and (d) up to $150 million in incremental new money loans with no related economics (except for principal) or "roll up." On Jan. 25, 2026, following the Debtors' entry into the Restructuring Support Agreement, the Debtors received a debtor-in-possession financing proposal from the Crossover Ad Hoc Group. The Crossover Group DIP Proposal contemplated a $[350-500] million new money financing facility, included a 1.0% OID, and would be secured by a junior lien on ABL Priority Collateral (as defined in the ABL Credit Agreement) held by U.S. Borrowers and Non-U.S. Borrowers under the ABL Credit Agreement and by a first lien on the Debtors' unencumbered property. Although the Debtors and their advisors engaged with the Crossover Ad Hoc Group and its advisors on the terms of the Crossover Group DIP Proposal, the Debtors believe such Proposal was ultimately unactionable because it did not have the support of the Secured Ad Hoc Group and, most importantly, was not coupled with a viable chapter 11 plan. Thus, the Debtors determined that proceeding with the Crossover Group DIP Proposal would delay the commencement of these Chapter 11 Cases, send a negative signal to customers, suppliers, and the Debtors' over 9,000 vendors regarding the go-forward viability of the business and its ability to meet obligations in the ordinary course, and provide a path to nowhere, leaving the Company stranded in bankruptcy. The Cross-Holder Ad Hoc Group, including Canyon Capital Advisors, LLC, said in court filings, "The request to approve the proposed DIP facility (the "Insider DIP Facility") should be denied because it fails to satisfy the requirements of section 364 of the Bankruptcy Code and represents an improper attempt to reallocate value from unsecured creditors to the Debtors' controlling private equity sponsor, Clayton, Dubilier & Rice, LLC (the "Sponsor"), and its favored lenders, who were willing to facilitate a transfer to the Sponsor on account of its out-of-the-money equity position. Rather than serve the interests of the Debtors' estates, the Insider DIP Facility is designed to entrench a predetermined restructuring outcome that was negotiated prepetition between the Debtors, their private equity sponsor and certain undersecured creditors (the "Favored Lenders") -- all while depriving unsecured creditors of the procedural protections guaranteed by the Bankruptcy Code." The Cross-Holder Ad Hoc Group said it offered an actionable, superior alternative DIP facility (the "Alternative DIP Facility"), which provides up to $500 million of new money at lower cost, on better terms, without any roll-up of prepetition debt, and without the restrictive covenants that tie the Debtors to a predetermined plan of reorganization. The Cross-Holder Ad Hoc Group added that the Insider DIP Facility constitutes a prohibited sub rosa plan. "The Insider DIP Facility is "inextricably" tied to the Restructuring Support Agreement, which locks in plan terms before creditors can vote or object. The DIP's maturity provisions, milestone requirements, and economic terms are all designed to ensure that the predetermined restructuring proceeds on the Sponsor's preferred timeline to the Sponsor's preferred outcome. Sub rosa plans are prohibited precisely to prevent transactions that will, in effect, short circuit the requirements of chapter 11," the Group said. The Cross-Holder Ad Hoc Group says the Alternative DIP Facility is superior to the Insider DIP Facility in every material respect. The Group compares the key economic terms of the Alternative DIP Facility and the Insider DIP Facility: A. Size: * Insider DIP Facility: $507.5 million DIP facility consisting of (i) $250 million of new money; (ii) a roll-up of $250 million; (iii) $7.5 million Backstop Premium; and (iv) a to-be-determined amount of Incremental DIP Loans * Alternative DIP Facility: $350-$500 million DIP facility comprised of 100% new money B. Roll-up Feature: * Insider DIP Facility: $250 million roll-up of undersecured prepetition debt * Alternative DIP Facility: None C. Interest Rate: * Insider DIP Facility: S + 6.75% Cash * Alternative DIP Facility: S + 5.50% Cash D. Original Issue Discount ("OID"): * Insider DIP Facility: 2.0% Cash * Alternative DIP Facility: 1.0% Cash E. Backstop Fee * Insider DIP Facility: $7.5 million * Alternative DIP Facility: None F. Tenor: * Insider DIP Facility: 10 months, subject to certain early maturity triggers * Alternative DIP Facility: 18 months; no RSA requirement or similar early maturity triggers Counsel for the Cross-Holder Ad Hoc Group: Paul R. DeFilippo, Esq. James N. Lawlor, Esq. Joseph F. Pacelli, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue New York, NY 10110 Telephone: (212) 382-3300 Facsimile: (212) 382-0050 E-mail: pdefilippo@wmd-law.com jlawlor@wmd-law.com jpacelli@wmd-law.com - and - Bruce Bennett, Esq. JONES DAY 555 South Flower Street, Fiftieth Floor Los Angeles, CA 90071 Telephone: (213) 243-2382 Facsimile: (213) 243-2539 E-mail: bbennett@jonesday.com - and - Benjamin Rosenblum, Esq. JONES DAY 250 Vesey Street New York, New York 10281 Telephone: (212) 326-8312 Facsimile: (212) 755-7306 E-mail: brosenblum@jonesday.com * * * On Jan. 30, 2026 and Feb. 2, 2026, the Court issued bench rulings authorizing the Debtors to incur up to $125 million of debtor-in-possession financing. The final hearing to consider the relief requested in the DIP Motion on a final basis will be held on (prevailing Eastern Time). About Multi-Color Corp Multi-Color Corporation (MCC) provides prime label solutions to some of the world’s most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. Jones Day represents the Crossover Ad Hoc Group. MULTI-COLOR CORP: Says Unsecured Creditors Unimpaired in Plan ------------------------------------------------------------- Multi-Color Corporation commenced prepackaged Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey in order to implement a restructuring support agreement (the "RSA") that will recapitalize the Company and fundamentally reset the balance sheet. Founded in 1916 in Cincinnati, Ohio as Franklin Development Company, the Company has conceived and created labels for some of the world's most iconic brands over the past century. Now headquartered in Atlanta, Georgia, MCC commands a global presence across more than 25 countries with over 90 total facilities -- including 39 facilities in North America -- and employs 12,800 individuals worldwide, with 4,870 in the United States. Given expected revenue decline at the Company through FY2026, the mismatch of cash flows currently generated by the business to its funded debt obligations, and certain near-term maturities on such funded debt obligations, the Debtors have proactively approached holders of their funded debt obligations along with other key stakeholders regarding potential strategic and financial alternatives. To that end, starting around September 2025, MCC commenced discussions with its secured and unsecured creditors, as well as Clayton, Dubilier & Rice, LLC ("CD&R"), in its capacity as both a secured and unsecured creditor, equity sponsor, and, potentially, a new money plan sponsor, concerning one or more potential transactions. By late October 2025, the holders of MCC's funded debt had formed three groups: (i) a group of MCC's ABL Lenders; (ii) a group consisting primarily of MCC's secured first lien debt holders (the "Secured Ad Hoc Group"); and (iii) a group consisting primarily of MCC's unsecured noteholders (the "Crossover Ad Hoc Group"). Shortly before the Chapter 11 filing, the RSA was entered into with holders of approximately 72% in amount of MCC's secured first lien debt and its equity sponsor, CD&R, on the terms of a comprehensive financial restructuring. The transactions contemplated by the RSA will significantly deleverage MCC's balance sheet, reducing its net debt load from $5.9 billion to approximately $2.0 billion. The Company's annualized cash interest will also be reduced from approximately $475 million to $140 million in 2026, a reduction of over $330 million, with long-term debt maturities extended to 2033 following consummation of the restructuring transactions. Additionally, the RSA provides for an $889 million new common and preferred equity investment that will support long-term growth and investment. Upon emergence, MCC will have more than $500 million of liquidity. Importantly, the RSA provides for $250 million of new money debtor-in-possession financing to capitalize the business throughout the prepackaged Chapter 11 process. Subject to the Court's approval, the Company anticipates this financing, together with the Company's available cash and cash flow from operations, will allow the business to continue operating in the ordinary course during the restructuring without impacting trade creditors, customers, employees, vendors, or suppliers and will allow the Company to honor its commitments to strategic partners. All General Unsecured Creditors Unimpaired The Plan provides for a $3.9 billion reduction of net debt of the business -- a benefit not achievable through any of the alternatives available to the Company in the months preceding the chapter 11 filing. The Plan additionally contemplates (i) adequate capitalization for the go-forward business with over $550 million of liquidity at closing, (ii) cash savings of approximately $350 million in debt service obligations on an annual basis, and (iii) a seven-year maturity runway on the New Debt issued under the Plan. According to the Debtors, the Plan additionally provides the business with approximately $889 million in new money, and leaves unimpaired all general unsecured creditors, encompassing all trade, customer, employee, vendor, and supplier claims. Moreover, the immediate infusion of liquidity provided by the DIP Facility will send a positive message to the Company's unsecured trade creditors and employees, each of which are crucial to the continued success of the business. About Multi-Color Corp Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on Jan. 29, 2026. In its petition, MCC estimated assets between $1 billion and $10 billion. MCC says liabilities total $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. Jones Day represents the Crossover Ad Hoc Group. MULTI-COLOR CORPORATION: Case Summary & 30 Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Multi-Color Corporation 3284 Northside Parkway NW, Suite 400 Atlanta, Georgia 30327 Business Description: Multi-Color Corporation is a global label printing company that provides prime label solutions to brands across end markets including food and beverage, wine and spirits, home and personal care, healthcare, automotive, and pharmaceuticals, using technologies such as pressure-sensitive, cut-and-stack, roll-fed, in-mold, shrink sleeve, and RFID labeling. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court District of New Jersey Fifty-six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Multi-Color Corporation (Lead Case) 26-10910 MCC-Norwood, LLC 26-10909 W/S Packaging Group, LLC 26-10911 MCC Smart Packaging Solutions, LLC 26-10912 MCC Manufacturing, Inc. 26-10913 Collotype International Holdings Pty Ltd 26-10914 Cunamara Investments Pty Limited 26-10915 Exportaciones IM -Promocion, S.A. de C.V. 26-10916 LABL Acquisition Corporation 26-10917 Grafo Regia, S. de R.L. de C.V. 26-10918 Multi-Color Bingen Germany GmbH 26-10919 MCC Labels Australia Holdings Pty Ltd 26-10920 Hally Group Pty Ltd 26-10921 Hally Labels Pty Limited 26-10922 Hexagon Holdings Limited 26-10923 Multi-Color Canada, Inc. 26-10924 LABL Holding Corporation 26-10925 MCC Labels Australia Pty Ltd 26-10926 Kiwi Labels Limited 26-10927 Labels Buyer, LLC 26-10928 Multi-Color Clydebank Scotland Limited 26-10929 MCC Melbourne Pty Ltd 26-10930 Multi-Color Cwmbran UK Limited 26-10931 LABL Intermediate Holding Corporation 26-10932 MCC Nantes France SAS 26-10933 Multi-Color Daventry England Ltd 26-10934 LABL, Inc. 26-10935 Multi-Color Hann. Muenden Germany GmbH 26-10936 MCC Perth Pty Ltd 26-10937 MCC Ablis France SAS 26-10938 Multi-Color Heiligenstadt Germany GmbH 26-10939 MCC Adelaide Pty Ltd 26-10940 MCC Poznan Sp. z o.o. 26-10941 Multi-Color Label Corporation-Mexico, S.A. de C.V. 26-10942 MCC Albany Limited 26-10943 MCC Verstraete Australia Pty Ltd 26-10944 Multi-Color Labels Castlebar Ireland Limited 26-10945 MCC Auckland Limited 26-10946 MCC Verstraete In Mold Labels USA Inc. 26-10947 MCC Cardiff Ltd. 26-10948 Multi-Color Labels Ireland Limited 26-10949 MCC Verstraete N.V. 26-10950 MCC Christchurch Limited 26-10951 Multi-Color Montreal Canada Corporation 26-10952 Multi-Color (New Zealand) Holdings Pty Limited 26-10953 MCC France EST SAS 26-10954 Multi-Color UK Holdings 2 Limited 26-10955 Multi-Color (New Zealand) Pty Limited 26-10956 MCC France Ouest SAS 26-10957 Multi-Color Warsaw Poland Sp. z o.o. 26-10958 Multi-Color (QLD) Pty Ltd 26-10959 MCC Griffith Pty Ltd 26-10960 Multi-Color Australia Acquisition Pty. Limited 26-10961 Spear Group Holdings Limited 26-10962 MCC Label Sydney Pty Ltd 26-10963 Multi-Color Australia Holdings Pty. Limited 26-10964 Judge: Hon. Michael B. Kaplan Debtors' General Co-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. 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 AND Rachael M. Bentley, Esq. Peter A. Candel, Esq. Ashley L. Surinak, 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: rachael.bentley@kirkland.com peter.candel@kirkland.com ashley.surinak@kirkland.com Debtors' Investment Banker: EVERCORE GROUP L.L.C. Debtors' Financial Advisor: ALIXPARTNERS, LLP Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC (d/b/a VERITA GLOBAL) Special Counsel to LABL, Inc.: QUINN EMANUEL URQUHART & SULLIVAN Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Garrett Gabel as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JV4NQPA/Multi-Color_Corporation__njbke-26-10910__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Wilmington Trust, National 10.50% Senior $728,237,500 Association, as Trustee Notes due Corporate Trust Office July 15, 2027 350 Park Avenue New York, NY, 10022 Attn: LABL, Inc. Notes Administrator Stuart Lurie Phone: (973) 725-0093 Email: slurie@wilmingtonpaper.com 2. Wilmington Trust, National 8.25% Senior $478,344,800 Association, as Trustee Notes due Corporate Trust Office November 1, 2029 350 Park Avenue New York, NY, 10022 Attn: LABL, Inc. Notes Administrator Stuart Lurie Phone: (973) 725-0093 Email: slurie@wilmingtonpaper.com 3. Avery Dennison Corp Trade Vendors $27,954,896 8035 Lakewinds Drive Oak Harbor, Ohio 43449 Ryan Yost Phone: 440-725-6339 Email: ryan.yost@averydennison.com 4. INX International Ink Co. Trade Vendors $8,274,343 97141 Eagle Way Chicago, Illinois 60678 Sean J. Toomey Phone: 612-381-7516 Email: sean.toomey@inxintl.com 5. Sappi Trade Vendors $7,577,528 Dept 1705 Pay Sphere Circle Chicago, Illinois 60674 Don Titherington Phone: 704 -904-8053 Mike Haws (for emails) - Email: mike.haws@sappi.com 6. Mitsubishi Corporation Trade Vendors $6,625,010 2001 Hood Road Greer, South Carolina 29650 Eric Mossbrook Phone: 864-420-2988 Email: eric.mossbrook@mcgc.com 7. Sun Chemical Corp Trade Vendors $6,382,469 35 Waterview Boulevard Parsippany, New Jersey 07054 Russ Henke Phone: 513-417-8639 Email: russ.henke@sunchemical.com 8. Innovia Films Trade Vendors $5,607,808 6001 Gun Club Road Winston Salem, North Carolina 27103 Simon Huber Phone: +41 (0)79 470 95 51 Email: Simon.Huber@innoviafilms.com 9. UPM-Kymmene Oyjz Trade Vendors $5,253,041 Dept. CH 19515 Palatine, Illinois 60055-9515 Brinder Gill Phone: 267 218 3002 Email: brinder.gill@upmraflatac.com 10. Green Bay Packaging Trade Vendors $4,922,372 1700 N Webster Court Green Bay, Wisconsin 54302 Jon Bast Phone: 715-525-1565 Email: jbast@gbpcoated.com 11. Bain & Company, Inc. Professional $4,393,000 131 Dartmouth Street Services Boston, Massachusetts 02116 Adam Forman Phone: 773-510-2326 Email: Adam.Forman@Bain.com 12. Siegwerk Druckfarben Trade Vendors $4,299,271 AG & Co. KGaA 1 Quality Products Rd Morganton, North Carolina 28655 Todd Blumsack Phone: +001 704-254-515 Email: Todd.Blumsack@siegwerk.com 13. Redwood-Levantor Sales Finance Trade $4,271,054 Spaces Moorgate Financing 30 Moorgate London, EX2R 6DA United Kingdom Alex Daw Phone: +44 737 933 3745 Email: alex.daw@Levantor.com 14. YUPO Corporation Trade Vendors $3,809,374 PO Box 7777 W-502067 Philadelphia, Pennsylvania 19175-2067 Alex Cruz Phone: 757-752-1918 Email: acruz@yupo.com 15. Mark Andy, Inc. Trade Vendors $3,628,173 18081 Chesterfield Airport Road Chesterfield, Missouri 63005 Steve Schute Phone: 314-614-3391 Email: steve.schultte@markandy.com 16. Microworks America Inc. Trade Vendors $3,270,678 1000 SKC Drive Covington, Georgia 30014 Mark Cho Phone: 470-418-7597 Email: mcho@m-wks.com 17. Taghleef Industries LLC Trade Vendors $3,024,994 500 Creek View Road, Suite 301 Newark, Delaware 19711 Duncan Henshall Phone: 1 336 2070494 Email: duncan.henshall@ti-films.com 18. Heidelberg Materials Trade Vendors $2,895,054 PO Box 5160 Carol Stream, Illinois 60197 Frank Steigleder Phone: 49 172 7363601 Email: frank.steigleder@heidelberg.com 19. Uber Freight US Transportation $2,493,804 1515 3rd Street and Logistics San Francisco, California 94158 Valerie Robinson Phone: 775-544-533 Email: valerie.robinson@uberfreight.com 20. Flint Group Trade Vendors $2,262,418 1455 Paysphere Circle Chicago, Illinois 60674 Nicole Hummer Phone: 1330-461-7061 Email: nicole.hummer@flintgrp.com 21. Inteplast Group Corporation Trade Vendors $2,192,408 9 Peach Tree Hill Road Livingston, New Jersey 07039 Michael Demchinski Phone: 973-908-2188 Email: mdemchinski@inteplast.com 22. Klockner Pentaplast Europe Trade Vendors $2,056,682 PO Box 784067 Philadelphia, Pennsylvania 19178-4067 Andrew Lewandowski Phone: 540-406-9641 Email: Andrew.Lewandowski@kpfilms.com 23. Flexcon Company, Inc. Trade Vendors $2,032,829 1 Flexcon Industrial Park Spencer, Massachusetts 01562 Nick Tucci Phone: (440) 289-9469 Email: ntucci@flexcon.com 24. Synthomer plc. Trade Vendors $1,646,990 3379 Peachtree Road NE, Suite 750 Atlanta, Georgia 30326 Michael Watson Phone: (864) 208-6900 Email: mike.watson@synthomer.com 25. Kurz Transfer Products Trade Vendors $1,614,602 PO Box 63182 Charolette, North Carolina 28263-3182 Myron W. Werner Phone: 704-564-0863 Email: myron.werner@kurzusa.com 26. Ahlstrom NA Specialty Trade Vendors $1,575,602 Solutions LLC 707 Arlington Place Stevens Point, WI 54481 Bob Van Helden Phone: 920-450-6628 Email: Bob.vanhelden@pixelle.com 27. Oliver Wyman Inc Professional $1,556,727 1166 Avenue of the Americas Services New York, NY 10036 Jessica Stansbury Phone: 212-345-8000 Email: Jessica.stansbury@oliverwyman.com 28. The Flemish Region Litigation Unknown 35 Koning Albert II Laan Box 90 Brussels 1030 Belgium Ms. Francine Lemaire Phone: +3225229751 Email: lemaire.francine@proximus.be 29. Ricardo Martinez-Porte Litigation Unknown Contact - Available Upon Request Valdemar Martinez Garza Phone: 81 8348 8080 30. California Class Litigation Unknown Action Wage and Hour Lawsuits Multiple Contacts - Available Upon Request NATIONWIDE TREE: Hires Ford & Semach P.A. as Bankruptcy Counsel --------------------------------------------------------------- Nationwide Tree Service, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. as bankruptcy counsel. The firm's services include: a. analyzing of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advising the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. representing the Debtor at the § 341 Creditors' meeting; e. providing legal advice to the Debtor with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protecting the interest of the Debtor in all matters pending before the court; i. representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. providing all other legal services for Debtor as Debtor-in-Possession which may be necessary herein. The firm will be paid at these rates: Buddy D. Ford $550 per hour Jonathan A. Semach $500 per hour Heather M. Reel $450 per hour Paralegal $150 per The firm was paid an advance fee of $15,000, as follows: a. $12,000 pre-filing fee retainer which also includes the filing fee of $1,738 (paid pre-filing, as set forth in paragraph 9 above) and; b. $3,000 post-filing fee/cost retainer (paid pre-filing). The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford, Esq., a partner at Ford & Semach, P.A., 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: Buddy D. Ford, Esq. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Nationwide Tree Service Nationwide Tree Service, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00450) on January 21, 2026, listing up to $50,000 in assets and liabilities. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. NEAREST GREEN: Founders Ask Court for Speedy Receivership Hearing ----------------------------------------------------------------- Samantha Dorisca of AfroTech reports that Uncle Nearest founders Fawn and Keith Weaver are asking a federal court to reconsider the receivership imposed on their whiskey company, filing an emergency motion that challenges whether continued oversight remains justified. The filing, submitted Jan. 20 in the Eastern District of Tennessee, seeks a fast-tracked evidentiary hearing to determine if the receivership should be lifted or significantly curtailed. The whiskey maker entered receivership in August 2025 after Farm Credit Mid-America alleged defaults exceeding $108 million. The Weavers dispute that characterization, saying the default stemmed from actions by a former chief financial officer who allegedly overstated whiskey inventory, prompting lenders to extend additional credit. Judge Charles E. Atchley Jr. appointed Phillip G. Young as receiver, granting him broad control over the company's operations and assets, the report states. Court records show Young has managed the distillery while exploring refinancing and potential asset sales. However, the founders argue those efforts have coincided with declining sales and erosion of brand value. They also point to interest from investor group NexGen2780 as evidence that alternatives to receivership exist, including a possible debt buyout that would preserve the company as a going concern. In their motion, the Weavers seek removal of the receiver or interim limits on his authority, including restoring daily operational control to management. They maintain that inventory was not missing, citing forward contracts and third-party financing arrangements, and say planned leadership hires and governance reforms have been paused under receivership. The founders warn that prolonged court control risks undervaluing the brand and are pressing for swift judicial review. About Nearest Green Distillery Nearest Green Distillery, also known as Uncle Nearest Distillery, is a Shelby, Tennessee-based distillery. A Tennessee federal judge on August 14, 2025, granted Farm Credit Mid-America's motion to place Nearest Green Distillery and its related companies under receivership after alleged loan defaults of more than $108 million. The lender accused the distillery of overstating its barrel inventory, which served as collateral, and violating key financial covenants. The court appointed Phillip G. Young Jr. to oversee operations and protect the company's assets amid the dispute. NEO ZONE: Seeks to Hire David Freydin PC as Counsel --------------------------------------------------- Neo Zone, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ David Freydin PC as counsel. The firm will represent the Debtor in matters concerning negotiation with creditors, preparation of a plan, corporate restructuring, analysis of claims and potential causes of action and other assets, and to otherwise represent the Debtor in matters before the Court. The firm will be paid at these rates: David Freydin $450 per hour Jan Michael Hulstedt $425 per hour Derek Lofland $425 per hour The firm received a $20,000 prepetition retainer prior to the filing of the case. In addition, the firm will seek reimbursement for its out-of-pocket expenses. David Freydin, a partner at David Freydin PC, 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: David Freydin, Esq. Law Offices of David Freydin 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Neo Zone Inc. Neo Zone, Inc., a company based in Shorewood, Illinois, provides intermodal transportation and logistics services, including container drayage, yard operations, and related freight handling, serving customers in the United States. It operates a fleet of intermodal chassis, trailers, and material-handling equipment supporting port-and terminal-based cargo movements. Neo Zone filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19703) on December 29, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Deborah L. Thorne presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. NEW JERSEY: Retains ETS Vision as Ophthalmology Finder ------------------------------------------------------ New Jersey Vision Associates, P.C. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain ETS Vision to serve as an Ophthalmology Recruiter/Finder for Buyer. ETS Vision will provide these services: (a) list and market the Reorganized Debtor for sale as an ongoing business; (b) arrange for access to the physical premises; and (c) assist in the presentation and prosecution of a sale and/or modified plan of reorganization to be approved by the Bankruptcy Court. ETS Vision is to receive, as a commission, and only in the event of a completed transaction, a commission or finder's fee in the amount of $24,000, or equal to 4% of the consideration paid or to be paid to your company and/or its shareholders, whichever amount is greater. To the best of the applicant's knowledge, ETS Vision does not hold or represent an adverse interest to the estate and is a "disinterested person: within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. About New Jersey Vision New Jersey Vision Associates, P.C. provides comprehensive eye care services including routine eye examinations, screenings for eye problems related to diabetes, high blood pressure, and thyroid disease, as well as eye disorders such as cataract, glaucoma, and macular degeneration. New Jersey Vision Associates filed a Chapter 11 petition (Bankr. D.N.J. Case No. 23-15043) on June 9, 2023, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mitchell Vogel, MD, president, signed the petition. Judge Stacey L. Meisel oversees the case. Jeffrey A. Cooper, Esq., at Rabinowitz, Lubetkin & Tully, LLC, is the Debtor's legal counsel. Virgina Plaza, R. Ph., the patient care ombudsman appointed in this Chapter 11 case, is represented by Formanlaw LLC, doing business as Forman Holt. NINE ENERGY: Files for Chapter 11 With Prepackaged Plan ------------------------------------------------------- Nine Energy Service, Inc., an onshore completion solutions provider, sought Chapter 11 protection after it said it has reached an agreement with its debtholders on a comprehensive recapitalization transaction designed to strengthen its capital structure and support the Company's long-term financial health. Nine Energy Service, Inc. and certain of its U.S. and Canadian subsidiaries have filed a voluntary, prepackaged chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas. The Company's operations outside the U.S. and Canada are not included in the filing. Nine said in a statement that through the restructuring transactions, it will eliminate approximately $320 million of senior secured notes, reducing its annual interest expense by roughly $40 million. The Company will continue operating as usual throughout the court‑supervised process, delivering its full suite of innovative well solutions to customers without interruption. "Since our founding, we have consistently risen to meet the challenges of an ever-changing industry and support our oil and gas partners in North America and abroad. Today, we are taking an important strategic step to position the business for long-term success and ensure we have the appropriate capital structure to support us going forward," said Ann Fox, President and Chief Executive Officer, Nine Energy Service. "We are confident that entering into this agreement will enable us to stay focused on what matters most -- supplying the teams, the tools and the technology to ensure success for our customers, safely and efficiently. I would like to thank our Nine team for their resilience, tenacity and commitment and our customers and vendors for their ongoing partnership and support. We look forward to emerging from this process with a healthier financial foundation, well-positioned to offer comprehensive well solutions for many years to come." The Company began to solicit votes on its restructuring plan in advance of filing the chapter 11 petitions and expects to complete the process and emerge from chapter 11 within 45 days. Nine has received a commitment for $125 million in debtor-in-possession financing (the "DIP ABL Facility") from its existing ABL lender to support the business throughout the chapter 11 process. The existing ABL lender also committed to providing an exit ABL facility (the "Exit ABL Facility") of $135 million upon emergence from chapter 11. The Company has filed a number of customary motions with the Court to support ordinary course operations, enabling the Company to pay employees as usual and continue benefits without disruption. The Company has also filed an "all-trade" motion with the Court that will allow it to pay vendors for all goods and services that were provided in ordinary course of business before and after the chapter 11 filing. Nine expects to receive approval for these requests. For additional information regarding the process, please visit Nine's dedicated microsite at https://NineEnergyFuture.com. Additional information on the Company's Chapter 11 Cases can be found at https://dm.epiq11.com/NineEnergy or by contacting Epiq, the Company's noticing and claims agent, at (877) 269-3874 (USA or Canada) (Toll Free), or +1 (971) 257-1895 (International). About Nine Energy Service Nine is a leading oilfield services business that supplies cutting edge solutions for unconventional oil and gas resource extraction and development across North America and abroad. Nine's culture is driven by an intense focus on performance and wellsite execution as well as a commitment to forward-leaning technologies that aid the development of smarter, customized applications that drive efficiencies and reduced emissions for customers. Nine is headquartered in Houston, Texas with operational reach that extends across all major onshore basins in the United States and Canada. On the Web: http://www.nineenergyservice.com/ Nine Energy Service, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 26-90295) on Feb. 1, 2026. Nine is advised in this matter by Kirkland & Ellis LLP and Kane Russell Coleman Logan PC as legal counsel, Moelis & Company as investment banker and FTI Consulting as financial and communications advisors. Epiq is the claims agent. Certain noteholders under the Company's senior secured notes indenture are advised by Milbank LLP as legal counsel and Houlihan Lokey as investment banker. The ABL lender is advised by Paul Hastings LLP as legal counsel. NOBLE PROPERTY: Hires La Guarida & Saladrigas as Special Counsel ---------------------------------------------------------------- Noble Property, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Office of De La Guarida & Saladrigas as special counsel. The firm will render these services: a. advise the Debtor with respect to his rights, powers and duties as a Debtor and Debtor-In-Possession; b. prepare on behalf of the Debtor all necessary and appropriate applications, motions, draft orders, other pleadings, notices, schedules and other documents, and review all financial and other reports to be filed in this Chapter 11 Sub V case; c. advise the Debtor concerning, and prepare responses to, applications, motions, other pleadings, notices and other papers that may be filed and served in this Chapter 11 Sub V case, including complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; d. advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; e. review the nature and validity of any liens asserted against the Debtor's property and advise the Debtor concerning the enforceability of such liens; f. counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; g. advise and assist the Debtor in connection with any potential property dispositions; h. advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructurings and recharacterizations; i. assist the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate. j. commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 Sub V estate or otherwise further the goal of completing the Debtor's successful reorganization; k. provide general corporate, litigation and other non-bankruptcy services for the Debtor as requested by the Debtor; and l. perform all other necessary or appropriate legal services in connection with this Chapter 11 Sub V case for or on behalf of the Debtor. The firm's current hourly rates are: Attorneys $650 Paralegals $300 Rodolfo H. De La Guardia, Esq., a partner at Law Office of De La Guarida & Saladrigas, 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: Rodolfo H. De La Guardia, Esq. LAW OFFICES OF DE LA GUARDIA & SALADRIGAS 2000 Northwest 89th Place, Suite 201 Doral, FL 33172 Tel: (305) 443-4217 Email: Pleadings@bkclawmiami.com About Noble Property LLC Noble Property, LLC, a Miami-based company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10407) on January 14, 2026, with $1 million to $10 million in assets and liabilities. Nabil Abu Nahlah, member, signed the petition. Judge Robert A. Mark presides over the case. Rodolfo H. De La Guardia, Esq., at De La Guardia & Saladrigas represents the Debtor as legal counsel. NUO THERAPEUTICS: Closes $1MM Initial Tranche Under Loan Agreement ------------------------------------------------------------------ Nuo Therapeutics, Inc. disclosed in a regulatory filing that it entered into a Loan and Security Agreement with four lenders. The Loan Agreement provides for loans in an aggregate principal amount of up to $1.6 million with: (a) $1.0 million funded on the initial closing date and (b) $600 thousand to be funded, if requested in advance by the Company and subject to closing conditions, on September 30, 2026. The closing of the Initial Funding occurred on January 23, 2026. The Company intends to use the funding proceeds under the Loan Agreement for general working capital purposes. The Lenders include: * Scott M. Pittman, a member of the Board of Directors of the Company and a more than 10% beneficial owner of the Company's common stock. Mr. Pittman loaned $200,000 in the Initial Funding and committed to loaning $210,000 in a Second Funding, if any. * Paul Anthony Jacobs, a more than 5% beneficial owner of the Company's common stock. Mr. Jacobs loaned $300,000 in the Initial Funding and did not commit to loaning additional funds in a Second Funding. The other Lenders consist of an affiliate of an existing distributor of the Company's Aurix product and a third party unaffiliated with the Company. At the closing of the Initial Funding, the Company issued a Secured Promissory Note to each of the Lenders and upon any Second Funding, the Company will issue an additional Secured Promissory Note. The Initial Note bears interest at an annual rate of 10%. If the Company requests a Second Funding, the Second Note will bear interest at an annual rate of 12% and the interest rate of the Initial Note will also increase to an annual rate of 12% upon the Second Funding. The maturity date of the Initial Note and any Second Note is December 31, 2028. Interest on the Initial Note and, if any, the Second Note will be payable in Interest Warrants, and not in cash. Interest on the Notes will be payable and issued at the Maturity Date (or earlier upon certain prepayments). Interest on the Notes will accrue on a quarterly calendar basis without regard to partial quarters. The Notes are interest only through December 31, 2026. The principal on the Notes is repayable in cash in equal quarterly installments on the last business day of each calendar quarter commencing March 31, 2027 and continuing to the Maturity Date. The Company may, at its option on the last business day of a calendar quarter commencing December 31, 2026, voluntarily prepay the Notes in their entirety by paying the then outstanding principal balance and all accrued interest on the Notes, subject to a prepayment fee equal to 1.5% of the then outstanding principal balance if the Notes are prepaid on or after December 31, 2026 but before December 31, 2027, with no prepayment fee applicable to such prepayments on or after December 31, 2027. The prepayment fee, if any, is payable in Prepayment Warrants as described below, and not in cash, that will vest in the event of a voluntary prepayment. In addition, the Loan Agreement mandates the prepayment of the Notes in the event of: (A) an equity financing of at least $5 million, (B) certain changes in control as defined in the Loan Agreement, or (C) a default by the Company. In the event of such an equity financing or change in control, the Company has agreed to repay the Notes in their entirety by paying the then outstanding principal balance and all accrued interest on the Notes, subject to a prepayment fee equal to 2.75% of the then outstanding principal balance if such event occurs before December 31, 2026 and 1.5% of the then outstanding principal balance if such event occurs on or after December 31, 2026 but before December 31, 2027, with no prepayment fee applicable if such event occurs on or after December 31, 2027. In the event of a default, the Company has agreed to repay the Notes in their entirety by paying the then outstanding principal balance and all accrued interest on the Notes, subject to a prepayment fee equal to 2.75% of the then outstanding principal balance. The prepayment fee, if any, is payable in Prepayment Warrants, and not in cash, that will vest in the event of a mandatory prepayment. The Notes are secured by a lien upon and security interest in all of the Company's assets, including intellectual property. The Loan Agreement contains customary representations, warranties, and covenants. A full text copy of the Loan Agreement is available at https://tinyurl.com/mwmhbjhc Warrants: On January 23, 2026, the closing date of the Initial Funding, and pursuant to the Loan Agreement, the Company issued to each Lender warrants, some of which are subject to vesting provisions, to purchase shares of the Company's common stock and agreed to issue additional warrants to purchase shares of the Company's common stock as payment for accrued interest under the Notes. The warrants issued by the Company at the closing of the Initial Funding consisted of: (i) warrants representing a fee of 0.75% of each Lender's commitment pursuant to the Loan Agreement; (ii) warrants representing a fee of 1.0% of each Lender's loan amount in the Initial Funding; (iii) warrants representing 20% coverage of each Lender's loan amount in the Initial Funding; (iv) warrants representing a fee of 1.25% of each Lender's loan commitment amount, if any, in a Second Funding, vesting on September 30, 2026 only upon the occurrence of a Second Funding; (v) warrants representing 25% coverage of each Lender's loan commitment amount, if any, in a Second Funding, vesting on September 30, 2026 only upon the occurrence of a Second Funding; and (vi) warrants representing a fee, if any, vesting only in the event of a voluntary or mandatory prepayment and at a percentage of each Lender's then outstanding principal balance. In addition, warrants are issuable by the Company at the Maturity Date (or earlier upon voluntary or mandatory prepayment) as payment for accrued interest on the Notes. Except as described, each of the warrants issued and issuable under the Loan Agreement contains similar material terms. The exercise price of each of the warrants is $1.50 per share of the Company's common stock. The determination of the number of shares issuable upon exercise of each of the warrants is calculated based upon the same $1.50 exercise price. Each of the warrants contains provisions for anti-dilution and certain other adjustments, such as due to stock dividends, stock splits, and reverse stock splits. The expiration date of each warrant is January 23, 2031, which is five years from the closing date of the Initial Funding. Subject to the vesting provisions, each of the warrants is exercisable at any time, or from time to time up to and including the Expiration Date, by: (a) making a cash payment equal to the exercise price multiplied by the quantity of shares, or (b) on a cashless basis by receiving a net number of shares calculated pursuant to the formula set forth in the warrant, provided that the shares issuable upon exercise are not registered for sale under the Securities Act of 1933, as amended. Accordingly, upon the Initial Funding on January 23, 2026, the Company issued: (i) Commitment Warrants immediately exercisable for an aggregate of 8,000 shares; (ii) Origination Initial Warrants immediately exercisable for an aggregate of 6,667 shares; (iii) Capital Initial Warrants immediately exercisable for an aggregate of 133,333 shares; (iv) Origination Second Warrants, vesting upon a Second Funding, exercisable for an aggregate of 5,000 shares; (v) Capital Second Warrants, vesting upon a Second Funding, exercisable for an aggregate of 100,000 shares, and (vi) Prepayment Warrants, vesting upon a voluntary or mandatory prepayment event, exercisable for an aggregate of up to 29,332 shares. In addition, the Company has agreed to issue Interest Warrants at the Maturity Date (or earlier upon voluntary or mandatory prepayment) immediately then exercisable for an aggregate of up to 226,000 shares representing the maximum amount of $1.6 million potentially funded under the notes and then repaid by the Maturity Date per the terms of the Loan Agreement. As a party to the Loan Agreement, Mr. Pittman, a member of the Board of Directors of the Company and a more than 10% beneficial owner of the Company's common stock, was among the Lenders to whom the Company agreed to issue warrants. In particular, Mr. Pittman was issued upon the Initial Funding on January 23, 2026: (i) a Commitment Warrant exercisable for 2,050 shares; (ii) an Origination Initial Warrant exercisable for 1,333 shares; (iii) a Capital Initial Warrant exercisable for 26,667 shares; (iv) an Origination Second Warrant exercisable, subject to vesting, for 1,750 shares; (v) a Capital Second Warrant exercisable, subject to vesting, for 35,000 shares; and (vi) a Prepayment Warrant exercisable, subject to vesting, for up to 7,516 shares. In addition, an Interest Warrant exercisable for up to 55,100 shares is issuable to Mr. Pittman at the Maturity Date (or earlier upon voluntary or mandatory prepayment). As a party to the Loan Agreement, Mr. Jacobs, a more than 5% beneficial owner of the Company's common stock, was among the Lenders to whom the Company agreed to issue warrants. In particular, Mr. Jacobs was issued upon the Initial Funding on January 23, 2026: (i) a Commitment Warrant exercisable for 1,500 shares; (ii) an Origination Initial Warrant exercisable for 2,000 shares; (iii) a Capital Initial Warrant exercisable for 40,000 shares; and (iv) a Prepayment Warrant exercisable, subject to vesting , for up to 5,500 shares. In addition, an Interest Warrant exercisable for up to 48,000 shares is issuable to Mr. Jacobs at the Maturity Date (or earlier upon voluntary or mandatory prepayment). The warrants, and shares of the Company's common stock issuable upon exercise, were offered and sold, or will be offered and sold, by the Company in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. A full text copy of the Commitment Warrants, Origination Initial Warrants, and Capital Initial Warrants (together, the "Initial Warrants") is available at https://tinyurl.com/687hs3ad A full text copy of the Origination Second Warrants and Capital Second Warrants (together, the "Second Warrants") is available at https://tinyurl.com/2pj8zw8h Full text copies of the Prepayment Warrants and Interest Warrants are available at https://tinyurl.com/2svar6fx and https://tinyurl.com/2dxx8kjv, respectively. About NUO Therapeutics Headquartered in Houston, Texas, Nuo Therapeutics, Inc. is a commercial-stage medical device company focused on developing and marketing products for chronic wound care primarily within the U.S. It commercializes innovative cell-based technologies that harness the regenerative capacity of the human body to trigger natural healing. The use of autologous (i.e., from self, the patient's own) biological therapies for tissue repair and regeneration is part of a clinical strategy designed to improve long-term recovery in inherently complex chronic conditions with significant unmet medical needs. According to the Company's Quarterly Report for the period ended September 30, 2025, its continuing losses and limited cash resources raise substantial doubt about its ability to continue as a going concern, and the Company needs to raise additional funds in order to continue to conduct our business. If the Company is unable to secure sufficient capital to fund our operating activities, it may be forced to delay further the completion of, or significantly reduce the scope of, its current business plan. It is uncertain whether the will be able to obtain such financing on satisfactory terms or at all. As of September 30, 2025, the Company had $1,927,637 in total assets, $2,347,243 in total liabilities, and $419,606 in total stockholders' deficit. NUO THERAPEUTICS: Scott Pittman Holds 11.6% Equity Stake -------------------------------------------------------- Scott M. Pittman, disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of January 23, 2026, he beneficially owns 5,610,050 shares of Nuo Therapeutics, Inc.'s Common Stock, consisting of 5,400,000 shares held directly, 30,050 shares issuable upon exercise of immediately exercisable Initial Warrants (issued in connection with the Loan and Security Agreement dated January 21, 2026), and 180,000 shares issuable upon exercise of options, representing 11.6% of shares based on 48,281,625 shares outstanding as of January 21, 2026, as represented by the Company in the Loan Agreement). Scott M. Pittman may be reached through: Scott M. Pittman c/o Nuo Therapeutics, Inc. 8285 El Rio, Suite 190 Houston, TX 77054 Tel: (346) 396-4770 A full-text copy of Scott M. Pittman's SEC report is available at: https://tinyurl.com/w2h69zb5 About NUO Therapeutics Headquartered in Houston, Texas, Nuo Therapeutics, Inc. is a commercial-stage medical device company focused on developing and marketing products for chronic wound care primarily within the U.S. It commercializes innovative cell-based technologies that harness the regenerative capacity of the human body to trigger natural healing. The use of autologous (i.e., from self, the patient's own) biological therapies for tissue repair and regeneration is part of a clinical strategy designed to improve long-term recovery in inherently complex chronic conditions with significant unmet medical needs. According to the Company's Quarterly Report for the period ended September 30, 2025, its continuing losses and limited cash resources raise substantial doubt about its ability to continue as a going concern, and the Company needs to raise additional funds in order to continue to conduct our business. If the Company is unable to secure sufficient capital to fund our operating activities, it may be forced to delay further the completion of, or significantly reduce the scope of, its current business plan. It is uncertain whether the will be able to obtain such financing on satisfactory terms or at all. As of September 30, 2025, the Company had $1,927,637 in total assets, $2,347,243 in total liabilities, and $419,606 in total stockholders' deficit. OROVILLE HOSPITAL: Hires Berkeley Research Group LLC as Consultant ------------------------------------------------------------------ Oroville Hospital and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Berkeley Research Group, LLC as consultant. The firm will provide transaction advisory services in connection with the sale of the Debtors' business. The firm's hourly rates are: Joseph Baxter $875 (2025) and $975 (2026) John Brock $925 (2025) and $1,050 (2026) Matt Gill $725 (2025) and $850 (2026) 2025 2026 Director/Managing Director $725-$925 $795-$1,050 Senior Managing Consultant/ Associate Director $595-$650 $650-$750 Consultant/Managing Consultant $460-$535 $500-$625 Associate/Senior Associate $360-$405 $395-$495 According to court filings, BRG is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, and as required by section 328(c) of the Bankruptcy Code. The firm can be reached through: Robert J. Wentz Berkeley Research Group, LLC 1800 M Street NW Washington, DC 20036 Tel: (202) 839-3924 About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. OUT ON A LIMB: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Out on a Limb, LLC d/b/a Carlin Construction 270 N. 50 E. Bloomington, ID 83223 Business Description: Out on a Limb, LLC, doing business as Carlin Construction, operates as a construction and excavation contractor based in Bloomington, Idaho, providing site preparation, grading, land clearing, home building, renovations, and related services for residential and commercial clients. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court District of Idaho Case No.: 26-40051 Judge: Hon. Brent R Wilson Debtor's Counsel: Steven Taggart, Esq. OLSEN TAGGART, PLLC P.O. Box 3005 Idaho Falls, ID 83403 Tel: (208) 552-6442 E-mail: admin@olsentaggart.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Troy Richard Carlin as member. A copy of the Debtor's list of its 19 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YKO7NJQ/Out_on_a_Limb_LLC__idbke-26-40051__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WBWMGLQ/Out_on_a_Limb_LLC__idbke-26-40051__0001.0.pdf?mcid=tGE4TAMA PANOCHE ENERGY: S&P Alters Outlook to Stable, Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings affirmed the 'B+' rating on California-based electric power generator Panoche Energy Center, LLC's (PEC) senior secured bonds due July 2029 and revised the outlook to stable from positive. The '1' recovery rating indicates S&P's expectation for very high (90%-100%; rounded estimate: 90%) recovery in a default scenario. PEC is a 427-megawatt (MW) gas-fired, simple-cycle power plant located in Firebaugh, Calif., about 50 miles west of Fresno. The project started commercial operations in 2009. It is a wholly owned subsidiary of EIF Panoche LLC, an indirect, wholly owned subsidiary of Ares Energy Investors Fund V L.P. PEC earns revenue through a long-term tolling agreement with PG&E (BB/Positive/--), through which it sells 417 MWs of its 427 MW capacity. The project's day-to-day O&M responsibilities are contracted to NAES Corporation (not rated). A contractual services agreement with GE Energy, an affiliate of General Electric Co. (A-/Stable/A-2), covers PEC's major maintenance requirements. According to the tolling agreement, PG&E pays monthly fixed capacity and O&M payments per CT unit. The units must maintain a minimum monthly availability of 70% in the summer and 60% in the winter (excluding scheduled outages). If the monthly availability of each unit falls below 97% in the summer and 93% in the winter, the project's fixed capacity and O&M payments are reduced. PEC once again experienced operational difficulties in 2025 that reduced its availability-based payments. However, the severity of these issues differed in magnitude from the outages the project experienced in 2023. S&P forecasts PEC will finish the year with average monthly availability per turbine of 87% and anticipate it will have missed five entire availability-based payments, reducing the project's cash flow. Note that these payments are made per turbine, so in the event one turbine is unavailable and does not receive a payment, if the others are available, they are still compensated in that respective month. Although this compares favorably with the project's performance in 2023, when its average availability was about 80% and it missed nine payments, it still represents a decline relative to 2024, when it maintained average availability of 94% and only missed two payments. Although the missed payments negatively affect the project's financial performance, these issues were far less severe and costly than those it experienced in 2023. During that year, failures in the CT's high-pressure compressors (HPC) and other severe events caused material damage to the equipment, which required longer-term and more costly repairs. In 2025, most of PEC's performance-related issues were identified during proactive inspections, which the facility has increased the frequency of in recent years, with GE opting to take the equipment in for repair. The project faced lower operating cash flows in 2025 due to outages and higher expenses related to historic outages and unbudgeted repairs. During the year, PEC used a mix of BI and EE insurance proceeds, as well as releases from its MMRA and loss proceeds account, to help meet unbudgeted and repair-related expenses and finish repaying its $5.5 million availability LC facility, which it had drawn on after the 2023 outages. Per our forecast, which treats the BI proceeds it received as revenue, nets the releases from the MMRA and loss proceeds account, as well as the extra expense receipts, against its total cash O&M payments, and treats the insurance premiums (paid by Ares) as a cash expense for the project, its DSCR came in at about 1.07x in 2025. However, excluding the insurance premiums, S&P calculates that the project's DSCR would have been closer to 1.3x. The sponsor has communicated that, if it maintains ownership of the project, it will continue to pay the PEC's insurance premiums. S&P said, "Using the same approach for our forecast on a go-forward basis, we estimate a minimum DSCR of 1.16x over the remainder of the debt term. We view our forecast, which haircuts availability payments, assumes higher run-rate maintenance expenses related to anticipated outages, and captures insurance premiums as a cash expense for the project, as appropriately conservative. In 2026, outside of the proceeds that directly offset the payments to GE for the final repair and installation of equipment damaged in the 2023 outages, we do not model any further insurance proceeds even though the project has several open BI claims." The increase in dispatch during 2024 has abated, though PEC's 2025 dispatch is still higher than normal. S&P said, "If the project's dispatch remains at similar levels for the remainder of our forecast, it's possible the project (or the sponsor) will need to purchase additional carbon certificates. 2024 featured the highest levels of dispatch the project has achieved over the course of its operational life, with its capacity factor coming in at about 36%. While it is uncertain what dynamics led to this level of dispatch, we view 2024 as an anomaly, especially because the trend has mostly abated in 2025 (we expect the plant to achieve a capacity factor of about 22%)." S&P said, "If the project dispatches at 2024 levels in 2026, it could run out of carbon allowances and need to purchase them from the market in November 2027. However, we view this as unlikely given the reversion in its generation in 2025. Additionally, the plant's capacity factor thus far over 2026 was about 10%, which compares with almost 53% at this time last year, which provides further indication that 2024 was as anomaly. "Despite this, our updated base case, which assumes the plant dispatches at 2026 levels through 2029, calculates an allowance deficit in 2029. The sponsor has communicated several avenues for resolving this deficit if it occurs, including the project bearing the cost of the allowances. As such, we assume the project purchases these credits in 2029 and have added the expense to our forecast. We note that the project is required to surrender credits in November of each year--with November 2029 being the date the PEC would need to meet its carbon obligations--and that its debt matures in July 2029. If the project seeks to procure credits before then, it is possible such a purchase would pressure its DSCRs. However, given the modest forecast shortfall through 2029 and (although they are somewhat volatile) the most recent allowance prices (about $30 in November 2025), we believe the project will likely be able to manage this cost. "The project is currently up for sale. PEC is currently for sale under an auction process as Ares looks to complete the divestiture of its conventional generation portfolio. PEC's credit agreement features a change-of-control provision, which includes a requirement to receive a reaffirmation of the rating on the project's bonds. We will continue to monitor the sale process for any updates. "The stable outlook reflects our expectation of modestly discounted availability payments and higher run-rate costs in-line with the project's operating history. Additionally, we expect the remainder of the project's expenses related to 2023 outages, which we anticipate being offset by insurance proceeds, to roll off in 2026. Under our base case, we expect Panoche to achieve DSCRs of above 1.15x through the remainder of the debt term." S&P could take a negative rating action on PEC if: -- Additional operational disruptions meaningfully reduce cash flow under its tolling agreement with PG&E or material increases in operating cost drop its DSCR below 1.10x; or -- Higher-than-anticipated dispatch requires the project to purchase carbon credits from the market and meaningfully deteriorates DSCRs, and we do not have a firm commitment that the sponsor would cover these costs. S&P could take a positive rating action on PEC if: -- Dispatch remains within S&P's expectations and does not require the project to purchase additional carbon credits, or if it exceeds expectations, it has a firm commitment that the sponsor would cover these costs, or the project would be able to comfortably shoulder them without a meaningful impact to coverage ratios; -- The project exhibits stable operating performance and minimal forced outages and controls operating costs such that S&P believes it will maintain DSCRs nearing 1.3x on a sustained basis PARKERVISION INC: Issues Performance-Based Options to CEO, CFO -------------------------------------------------------------- ParkerVision, Inc. disclosed in a regulatory filing that the Compensation Committee of the Board of Directors approved grants under the Company's 2019 Long-Term Incentive Plan of nonqualified performance-based stock options to its executive officers. The performance-based grants included a performance-based option to purchase up to 8,000,000 shares granted to Jeffrey Parker, Chief Executive Officer, and a performance-based option to purchase up to 500,000 shares granted to Cynthia French, the Company's Chief Financial Officer. The options have a five-year performance period, with quarterly measurement dates, and expire ten years from the date of grant. Vested options are exercisable at a price of $0.24 per share, which was the last sale price of the Company's common stock on the date of grant. The performance conditions for vesting of these options are based on cumulative net cash received by the Company from its patent enforcement actions, after deduction of all attorney contingency fees and contractual repayments of contingent payment obligations to third parties. The performance-based options provide for automatic acceleration of vesting, regardless of performance conditions, in the event: (i) the market capitalization of the Company meets or exceeds $1 billion for 20 consecutive trading days, or (ii) upon a change in control of the Company. The form of nonqualified performance-based stock option agreement is included at Exhibit 10.1 hereto. In addition, the Committee approved a grant, under the 2019 Plan, of a nonqualified time-based stock option for the purchase of up to 500,000 shares granted to the CFO. This option has an exercise price of $0.24 per share, vests in four equal biannual installments over a two-year period beginning July 22, 2026, and expires five years from the date of grant. The Committee also approved a 2.5% cost-of-living increase in the base salaries of the CEO and CFO, effective April 15, 2026. About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $1.9 million in total assets, $51.7 million in total liabilities, and $49.8 million in total shareholders' deficit. PARTNERS PHARMACY: Hires Dickinson Wright PLLC as Co-Counsel ------------------------------------------------------------ Partners Pharmacy Services, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Dickinson Wright PLLC as co-counsel. The firm's services include: a. advising the Debtors of their rights, powers and duties as debtors and debtors in possession; b. preparing (or reviewing and commenting on, as applicable) applications, motions, pleadings, proposed orders, notices, monthly operating reports, and other documents to be filed by the Debtors in these Chapter 11 cases; c. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors may become involved; d. advising the Debtors in connection with the sale of substantially all of their assets or the transfer of operations; e. preparing, filing, and pursuing approval of any Chapter 11 plan and disclosure statement filed by the Debtors in these Chapter 11 cases; f. representing the Debtors in matters with and before the United States Trustee and in hearings before this Court; and g. performing all other legal services for and on behalf of the Debtors that may be necessary or appropriate in these Chapter 11 cases. The firm will be paid at these rates: Patrick Potter, Member $1,605 per hour Ashley Jericho, Counsel $745 per hour Lexi Lauring, Associate $530 per hour Angela Coats, Paralegal $390 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Patrick J. Potter, Esq., a partner at Dickinson Wright PLLC, 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: Patrick J. Potter, Esq. Dickinson Wright PLLC 1825 Eye Street N.W. Suite 900 Washington, D.C. 20006 Tel: (202) 659-6964 Fax: (844) 670-6009 Email: PPotter@dickinson-wright.com About Partners Pharmacy Services, LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Judge Christopher M. Lopez oversees the case. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PLENARY JUSTICE: Moody's Cuts Rating on Sr. Secured Notes to Ba2 ---------------------------------------------------------------- Moody's Ratings has downgraded Plenary Justice Miami LLC's (Project or Project Co) senior secured notes to Ba2 from Ba1. The outlook is negative. Previously, the rating was on review for downgrade. This concludes the review for downgrade initiated on December 08, 2025. The rating action reflects the challenging relationship between the County and Project Co. This includes the County's recent action to offset availability payments to Project Co along with construction-related disputes that remain unresolved and contractual relief that has not been formally implemented. The lack of a collaborative approach to the contract weakens credit quality. The rating positively reflects that the Design-Builder has agreed to post an appeal bond for the defects award, which should both clarify responsibility for these damages and result in the County making the full availability payment. RATINGS RATIONALE The downgrade to Ba2 reflects the challenging relationship between project parties and lack of a collaborative approach to the contract. This includes the County's recent action to offset availability payments to Project Co along with construction-related disputes that remain unresolved and contractual relief that has not been formally implemented. The decision to exercise set-off rights in relation to the defects ruling would significantly impact liquidity for Project Co – eliminating 13 months of availability payments absent other relief – and indicates a lack of a partnership approach to the contract, which weakens credit quality. Positively, Moody's understands the Design-Builder has agreed to post an appeal bond in relation to the defects ruling. This should result in the County staying execution of the judgment and making the full availability payment to Project Co. The rating benefits from (1) the achievement of Occupancy Readiness in October 2025, with the Project now transitioning to an operating period characterized by a straightforward scope of services performed by a strong subcontractor; (2) the availability-based revenue stream and standard payment mechanism under the long-term Project Agreement with Miami-Dade (County of) FL (County, Aa2 stable); (3) Project Co's good liquidity position; and (4) a range of creditor protections included within the Project's financing structure, such as debt service and maintenance reserves. The rating is constrained by (1) the strained relationship between the County and the Project and (2) the Project's high financial leverage, which reduces its ability to withstand unexpected stress. Social and governance risks stemming from strained relations and a track record of disputes and unpredictable actions are key drivers of the rating action. OUTLOOK: The negative outlook reflects continued strained relations among project parties and uncertainty over how the operating period regime will be administered. This is partially balanced by the recent achievement of Occupancy Readiness, which positions the project for transition to a lower-risk operating period, along with an expectation that the Design-Builder will assume liability for the construction defects claim. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING -- The rating could be downgraded if additional claims or liquidity pressures materialize, or if there is evidence of further deterioration in the relationship between key parties. -- The rating could be upgraded with a track record of sound operating performance and evidence of an improved working relationship with the County. LIST OF AFFECTED RATINGS Issuer: Plenary Justice Miami LLC Downgrades: Senior Secured, Downgraded to Ba2 from Ba1 Outlook Actions: Outlook, Changed To Negative From Rating Under Review The principal methodology used in this rating was Operational Privately Financed Public Infrastructure (PFI/PPP/P3) Projects published in March 2023. The difference between the indicated outcome produced by the scorecard and the rating assigned reflects a challenged relationship between project parties. PM INVESTMENTS: Seeks to Hire Diego A. Bello CPA PC as Accountant ----------------------------------------------------------------- PM Investments & Consulting, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Diego A. Bello CPA, PC as its accountant and consultant. The firm will render these services: a) compile the Debtor's annual financial accounting statements and perform other accounting and consulting services required in the ordinary course of business; b) assist in advising in respect to tax matters, if required; c) prepare all necessary federal and state tax returns; d) provide other such accounting and consulting services as may be required by the Debtor throughout the Chapter 11 process; e) serve as accountant for the Debtor in this case and in any adversary proceeding commenced in connection with this case; f) consult with the Debtor, any statutory creditors committees, and the United States Trustee in the administration of this case; g) assist in the formulation and confirmation of a Chapter 11 Plan of Reorganization and Disclosure Statement for the Debtor; h) assist counsel for the Debtor, to provide expert testimony in relation to contested matters; i) assist the Debtor in the preparation of its monthly operating reports and other reports as may be required by the United States Trustee; and, j) provide all other accounting services required by the Debtor and to assist the Debtor in the discharge of its duties in connection with this Chapter 11 proceeding. The firm will charge $450 per hour for its services. As disclosed in the court filings, Diego A. Bello does not have any connection with or any interest adverse to the Debtor, his creditors or any other party in interest, or their respective attorneys. The firm can be reached through: Diego A. Bello, CPA Diego A. Bello CPA, PC 5302 La Branch St Houston, TX 77004 Tel: (713) 931-1809 Fax: (800) 974-5231 About PM Investments & Consulting, Inc. PM Investments & Consulting Inc., doing business as Moore Healthcare Group, operates a medical clinic in Lafayette, Louisiana, providing internal medicine and primary care services, including chronic disease management, preventive care, acute care, and weight management. PM Investments & Consulting Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50831) on September 17, 2025. In its petition, the Debtor reports total assets of $760,400 and total liabilities of $4,127,050. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by D. Patrick Keating, Esq. at THE KEATING FIRM, APLC. POINT CLEAR: Seeks to Extend Plan Exclusivity to April 6 -------------------------------------------------------- Point Clear Capital Advisors, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 6 and June 5, 2026, respectively. The Debtors explain that cause exists to extend the plan and disclosure statement filing deadline, as well as the exclusive periods within which only the Debtors may file and solicit acceptances of a plan. The Debtor Darryl Seelhorst is currently seeking employment and expects such income will enable him to commit more disposable income to the Debtors' Plan. Additionally, the Debtors continue to negotiate with creditors regarding investment properties held by the Debtor, are defending motions for relief from stay that will materially affect the proposals set forth in the Debtors' Plan, and are still working on submitting necessary tax returns. Additionally, the Debtors are working with Plaintiffs' Counsel, Mr. Bates, on a proposed scheduling order for mediation of the Plaintiffs' disputed claims against several of the Debtors, the result of which is expected to materially affect the terms of the Plan. The Debtors claim that extending the deadlines set forth herein will allow them to establish income, determine which assets can be retained to generate income for the estate, determine what their tax liabilities may be, and propose a feasible plan in good faith. The Debtors assert that this motion is not submitted for purposes of delay, and the companies submit that the relief requested in this motion will not materially prejudice any party. All creditors will ultimately benefit from the proposal of a feasible plan that maximizes disposable income that can be distributed to pay allowed claims. Counsel to the Debtors: Jodi Daniel Dubose, Esq. Stichter, Riedel, Blain & Postler, PA 440 Bayfront Pkwy. Pensacola, FL 32502 Telephone: (850) 637-1836 Email: jdubose@srbp.com About Point Clear Capital Advisors Point Clear Capital Advisors, LLC, provides investment management and advisory services and is based in Pensacola, Florida. Point Clear Capital Advisors and their affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30963) on Oct. 1, 2025. The case is jointly administered in Case No. 25-30963. In its petition, Point Clear Capital Advisors reported between $100 million and $500 million in assets and liabilities. Bankruptcy Judge Peggy Hunt handles the case. The Debtors are represented by Stichter, Riedel, Blain & Postler, PA. POSEIDON INVESTMENT: S&P Lowers ICR to 'D' on Bankruptcy Filing --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Poseidon Investment Intermediate L.P. to 'D' from 'CCC'. In addition, S&P lowered the issue-level ratings on Poseidon's super senior first-out (SSFO) loan and super senior second-out (SSSO) loan to 'D' from 'B-' and 'CCC', respectively. The issue-level ratings second-lien term loan remains 'D'. Poseidon has initiated a prepackaged Chapter 11 bankruptcy, which it had announced as part of its restructuring support agreement The downgrade follows Poseidon's Chapter 11 bankruptcy filing. The extremely high interest expenses from the company's overly leveraged balance sheet made meeting ongoing obligations increasingly challenging and unsustainable. As a result, Poseidon has entered a prearranged deal to equitize a majority of its $1.84 billion debt in the bankruptcy process. In an announcement on Jan. 30, 2026, the company stated it has lined up $533 million in debtor-in-possession (DIP) financing to fund the Chapter 11 bankruptcy. S&P expects to re-evaluate the ratings once the company emerges from bankruptcy proceedings. PPS REALTY 800: Hires Robert C. Nisenson LLC as Bankruptcy Counsel ------------------------------------------------------------------ PPS Realty 800 George St., LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Robert C. Nisenson, LLC to handle the bankruptcy proceedings. The Debtor will pay a retainer of $3,000 and $1,726 for filing fees and will be billed at the rate of $350 per hour. Robert C. Nisenson LLC is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Robert C. Nisenson, Esq. ROBERT C. NISENSON, LLC 10 Auer Court East Brunswick, NJ 08816 Tel: (732) 238-8777 Email: r.nisenson@rcn-law.com About PPS Realty 800 George St., LLC PPS Realty 800 George St., LLC is a New Jersey-based real estate holding company associated with the ownership and management of the commercial property located at 800 George Street. PPS Realty 800 George St., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10135) on January 7, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The Debtor is represented by Robert C. Nisenson, Esq. of Robert C. Nisenson, LLC. PPW REALTY 1408-10: Taps Robert C. Nisenson as Bankruptcy Counsel ----------------------------------------------------------------- PPW Realty 1408-10 W 3rd St LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Robert C. Nisenson, LLC to handle its Chapter 11 bankruptcy proceedings. The Debtor will pay a retainer of $3,000 and $1,726 for filing fees and will be billed at the rate of $350 per hour. Robert C. Nisenson LLC is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Robert C. Nisenson, Esq. ROBERT C. NISENSON, LLC 10 Auer Court East Brunswick, NJ 08816 Tel: (732) 238-8777 Email: r.nisenson@rcn-law.com About PPW Realty 1408-10 W 3rd St LLC PPW Realty 1408-10 W 3rd St LLC is a single asset real estate company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10131) on January 7, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Robert C. Nisenson, Esq., of Robert C. Nisenson, LLC. PRAESUM HEALTHCARE: Hires Amie R. Berlin P.A. as Special Counsel ---------------------------------------------------------------- Praesum Healthcare Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Amie R. Berlin, P.A. as special counsel. The firm's services include: a. advise and represent the Debtors in connection with the auction, Sale Hearing, and Sale Order, as well as in connection with the Motions to be heard during the January 15, 2026 hearing; and b. prepare and/or argue motions, pleadings, orders, applications, and other legal documents in connection with the Motions to be heard on January 15, 2026, the auction, Sale Hearing, and Sale Order. The firm will render these services: Shane Heskin $650 per hour Justin Proper $650 per hour Paraprofessionals $225 per hour Amie R. Berlin, PA 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: Amie R. Berlin, Esq. AMIE R. BERLIN, P.A. 641 Lexington Avenue, 14th Floor New York, NY 10022 Telephone: (305) 586-3390 Email: AmieRiggleBerlin@gmail.com About Praesum Healthcare Services, LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 E-mail: ablye@carltonfields.com PRAESUM HEALTHCARE: Trustee Hires Furr and Cohen as Attorney ------------------------------------------------------------ Robert C. Furr, the Trustee of Praesum Healthcare Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Furr and Cohen, P.A. as attorney. The firm will represent the Trustee in the bankruptcy case, and perform ordinary and necessary legal services required in the administration of the estates. The firm will be paid at these rates: Robert C. Furr $800 per hour Alvin S. Goldstein $700 per hour Alan R. Crane $700 per hour Marc Barmat $685 per hour Jason Rigoli $625 per hour Jonathan Crane $425 per hour Manager $350 per hour Paralegals $300 per hour Legal Assistants $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Alvin S. Goldstein, Esq., a partner at Furr and Cohen, P.A., 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: Alvin S. Goldstein, Esq. Furr and Cohen, P.A. 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Telephone: (561) 395-0500 Facsimile: (561) 338-7532 Email: agoldstein@furrcohen.com About Praesum Healthcare Services, LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by Alexandra D. Blye, Esq., at Carlton Fields, P.A., in West Palm Beach, Florida. PRECIPIO INC: Registers 89,045 Additional Shares Under 2017 Plan ---------------------------------------------------------------- Precipio, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register additional securities issuable pursuant to the Company's Amended and Restated 2017 Stock Option and Incentive Plan and consists of only those items required by General Instruction E to Form S-8. Pursuant the Plan's evergreen provisions: * the number of shares of the Registrant's common stock, $0.01 par value per share, that are available for award grant purposes under the Plan, is automatically increased each year in accordance with a formula set forth in the Plan. * the additional securities registered hereby include 89,045 shares of Common Stock that were automatically added to the Plan, effective January 1, 2026. In accordance with General Instruction E to Form S-8, the contents of the earlier registration statements on Form S-8 (File No. 333-284316, File No. 333-278385, File No. 333-271002, File No. 333-222819 and File No. 333-221804), as filed with the Commission on January 16, 2025, March 29, 2024, March 30, 2023, February 1, 2018 and November 29, 2017, respectively are effective and are incorporated by reference, except as otherwise set forth therein. A full text copy of the Registration Statement is available at https://tinyurl.com/y22jcspn About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Form 10-K, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of September 30, 2025, the Company had $21.2 million in total assets, $7.4 million in total liabilities, and a total stockholders' equity of $13.7 million. PREMIER ROOFING: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Premier Roofing of Jacksonville, LLC. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Premier Roofing of Jacksonville LLC Premier Roofing of Jacksonville, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00235) on January 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor as legal counsel. PRESTIGE HEALTHCARE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Prestige Healthcare Resources Inc. 9500 Medical Center Dr. Suite 104 Upper Marlboro, MD 20774 Business Description: Prestige Healthcare Resources Inc., incorporated in Maryland in 2009, operates as a behavioral health core service agency providing mental health and related support services to individuals in Washington, D.C., Prince George's County, and Baltimore City, Maryland, and is recognized as a certified provider in the behavioral health sector, offering therapy, mental health rehabilitative services, substance use disorder programs, elderly and persons with physical disabilities waiver case management, non-medical respite, problem gambling assistance, and assertive community treatment team services. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-10955 Debtor's Counsel: Joseph Selba, Esq. TYDINGS ROSENBERG LLP One East Pratt Street, #901 Baltimore, MD 21202 Tel: (410) 752-9753 Email: jselba@tydings.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John S. Smith, Jr. as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QWZLGEI/Prestige_Healthcare_Resources__mdbke-26-10955__0001.0.pdf?mcid=tGE4TAMA QHSLAB INC: Major Q4 2025 Debt Reduction Strengthens Balance Sheet ------------------------------------------------------------------ QHSLab Inc. reported preliminary unaudited financial results for the year ended December 31, 2025, reflecting continued execution against the Company's strategy to build a scalable, reimbursable digital medicine platform while strengthening its capital structure. * Revenue for the year ended December 31, 2025 increased just over 25% to $2,676,074, compared to $2,131,926 in 2024. * Gross profit for 2025 was $1,795,182, compared to $1,357,890 in the prior year, representing growth of more than 32% year over year. These results were achieved during a year in which the Company remained highly focused on resolving legacy obligations and strengthening its balance sheet, while operating with a lean cost structure. Despite these priorities, gross profit margin expanded meaningfully in 2025, increasing from approximately 64% in 2024 to approximately 67% in 2025, reflecting improved operating leverage and a favorable revenue mix. During Q4 2025, the Company also completed a significant restructuring and extinguishment of debt, materially strengthening its balance sheet. Outstanding convertible debt and associated accrued interest was reduced from approximately $2.0 million to approximately $20,000, effectively eliminating nearly all convertible including obligations that were in default. The conversion of debt holders into stockholders reflects strong confidence in the Company's long-term fundamentals and a shared belief that equity participation is more attractive than holding interest-bearing debt. As a result of these actions, QHSLab expects annual interest expense to decline by more than $200,000 on a forward-looking basis, improving cash flow and providing additional flexibility to reinvest in product development, sales execution, and platform expansion. "Our 2025 results reflect the resilience of our business model and the commitment of our team. Even while operating with limited resources and addressing historical obligations, we delivered strong revenue growth, improved profitability, and materially strengthened our financial position for the years ahead," said Troy Grogan, President and CEO of QHSLab, Inc. Operationally, the Company continues to see growing momentum across its Integrated Service Program (ISP) client base. In December 2025, QHSLab reported early results from its Q-Cog pilot program, which is beginning to generate reimbursement activity following the initial deployment phase. Early demand has been encouraging, and management expects Q-Cog to become a meaningful incremental revenue stream in 2026. Q-Cog combines validated cognitive, behavioral, and functional screening within a single digital workflow, enabling physicians to meet CMS screening guidelines while supporting documentation and reimbursement under neurocognitive and behavioral health CPT codes. The solution aligns directly with Annual Wellness Visit requirements, supports cognitive and behavioral health screening mandates, and contributes to more accurate Risk Adjustment Factor scoring for value-based care providers. With few practical tools currently deployed at the primary-care level for early cognitive screening, Q-Cog addresses a significant unmet need while expanding QHSLab's reimbursable digital medicine portfolio. Management believes the combination of accelerating revenue growth, expanding margins, a substantially de-risked balance sheet, and the introduction of new reimbursable solutions position the Company well for continued progress in 2026. The preliminary unaudited revenue and gross profit results for the year ended December 31, 2025 are based on information available to management as of January 26, 2026, and are subject to adjustment as the Company completes its year-end financial close process. Final audited financial results will be included in the Company's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission before the end of March 2026. About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Fla.-based Astra Audit & Advisory LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,734,624 in total assets, $2,345,536 in total liabilities, and $610,912 in total stockholders' deficit. RAMOS ROOFING: Seeks to Extend Plan Exclusivity to April 26 ----------------------------------------------------------- Ramos Roofing & Remodeling Co. asked the U.S. Bankruptcy Court for the Southern District of Ohio to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 26 and July 27, 2026, respectively. The Debtor submits that cause exists to extend the Debtor's Exclusivity Periods for the following reasons: * First, the size and complexity of the Case warrant extension of the Debtor's Exclusivity Periods. The Case involves debts of approximately $4 million1. The debts include several purchase money security loans for vehicles and several merchant case advance loans that may be secured by accounts receivable or other assets of the Debtor. * Second, the Debtor has complied with the requirements of the Court and the US Trustee while the Case has been pending. The Debtor is acting in good faith with respect to the Case and the good faith behavior justifies the extension of the Exclusivity Periods to give the Debtor time to file a plan and to obtain confirmation of a plan. * Third, this is the Debtor's first request for an extension of the Exclusivity Periods and the extensions requested are not lengthy nor will the extensions cause any unnecessary delays in the administration of the Case. * Fourth, the Debtor is not seeking an extension of the Exclusivity Periods to pressure creditors, and no creditors will be prejudiced by the Court granting the requested extensions. Conversely, if the Court denies this Motion, it could pave the way for a non-debtor party to propose a chapter 11 plan, which would result in the Court being presented with two (or more) competing chapter 11 plans. Competing plans can be complicated and challenging. * Fifth, the Debtor's business is seasonal due to weather conditions. All of the Services are provided outdoors. If the Debtor is given a little more time until the weather improves, the Debtor will be better able to form its plan. This will be in the best interest of not just the Debtor but also the creditors in the Case. More firm financial footing and the ability to make more reasonable financial projections will make it more likely that the plan will not need to be significantly amended or modified once filed. Ultimately, the extension of the Exclusivity Periods may well accelerate the plan and confirmation process instead of delaying the process. Ramos Roofing & Remodeling Co. is represented by: David M. Whittaker Andrew D. Rebholz ALLEN STOVALL NEUMAN & ASHTON LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 E-mail: whittaker@asnalaw.com; rebholz@asnalaw.com About Ramos Roofing & Remodeling Co. 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. Ramos Roofing & Remodeling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-54299) on Sept. 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. RAPID METALS: Dismissal of Bank of America Adversary Case Affirmed ------------------------------------------------------------------ In the appeal styled NEWPOINT ADVISORS CORPORATION, PLAN ADMINISTRATOR OF THE ESTATE OF RAPID METALS, LLC, Appellant, v. BANK OF AMERICA, N.A., Appellee, Case No. 2:25-cv-10586 (D. Mich.), the Hon. Brandy R. McMillion of the U.S. District Court for the District of Michigan affirmed the order of the U.S. Bankruptcy Court for the District of Michigan granting Bank of America, N.A.'s motion to dismiss the adversary complaint in all respects. During the course of the Chapter 11 proceedings, the Plan Administrator for the Estate of Rapid Metals, LLC filed an adversary complaint against Bank of America, N.A., alleging multiple causes of action related to BOA's conduct under an Asset Based Lending Agreement. The Complaint sought, among other relief, avoidance and recovery of post-petition transfers allegedly made to BOA, equitable subordination of BOA's claim, and damages arising from alleged prepetition misconduct in BOA's administration of the loan facility. Shortly after the petition date, Rapid sought authority as the debtor in possession to use cash collateral securing the obligations owed to Bank of America in order to fund the costs of liquidation. The Bankruptcy Court entered the final cash collateral order authorizing such use on September 27, 2023. The Cash Collateral Order recognized BOA's prepetition liens on substantially all of Rapid's assets, including inventory, accounts receivable, and proceeds thereof, and granted BOA replacement liens as adequate protection for the Debtor's use of cash collateral. The Cash Collateral Order included carve out provisions excluding certain categories of recoveries from BOA's replacement liens. BOA moved to dismiss the adversary complaint under Federal Rule of Civil Procedure 12(b)(6), made applicable by Federal Rule of Bankruptcy Procedure 7012. On February 13, 2025, the Bankruptcy Court dismissed the Complaint in its entirety. On appeal, the Plan Administrator challenges the Bankruptcy Court's interpretation of its prior bankruptcy orders and its dismissal of the remaining claims under Rule 12(b)(6). In this case, the clawback claims aimed to recover the collections under 11 U.S.C. Secs. 549 and 550 (Counts I and VIII) and for unjust enrichment (Count II), seeking a $1,796,850.88 judgment and any other damages proven at trial. The Plan Administrator argues that the Bankruptcy Court erred in dismissing the clawback claims at the pleading stage by failing to accept the Complaint's factual allegations as true. The District Court concludes that the Bankruptcy Court did not abuse its discretion in dismissing the Plan Administrator's clawback claims (Counts I, II, and VIII) and did not err as a matter of law in dismissing the remaining state-law and equitable claims (Counts III through VII) for failure to state a claim. According to the District Court, the Bankruptcy Court reasonably concluded that the collections constituted proceeds of prepetition accounts receivable subject to BOA's lien. The receivables arose from prepetition sales and were already encumbered by BOA's valid and unavoidable lien at the time of the bankruptcy filing. The subsequent turnover proceedings merely compelled payment of those existing obligations without altering their character or priority. Under Sec. 552(b), BOA's lien continued post-petition and attached to the proceeds generated upon collection of the receivables. Judge McMillion explains, "Contrary to the Plan Administrator's characterization, the Bankruptcy Court did not resolve disputed factual issues at the pleading stage. Instead, it made a legal determination (based on the face of the Complaint, the Cash Collateral Order, and the confirmed Plan) that BOA was entitled to receive the collections regardless of the procedural mechanism used to collect them. That interpretation was consistent with the text and structure of the governing orders and with the Bankruptcy Code's treatment of liens on proceeds. Because the Bankruptcy Court's interpretation was reasonable and within the permissible range of constructions of its own orders, dismissal of the clawback claims was not an abuse of discretion." The adversary proceeding remains dismissed in its entirety. A copy of the Court's Opinion and Order dated January 27, 2026, is available at https://urlcurt.com/u?l=q0LYBc from PacerMonitor.com. About Rapid Metals Rapid Metals, LLC, is a Michigan limited liability company that was established in 2004. Its primary business was buying and selling ferrous metals across North America. The Debtor filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 23-46098) on July 12, 2023, with $10 million to $50 million in both assets and liabilities. Judge Maria L. Oxholm oversees the case. Charles D. Bullock, Esq., at Stevenson & Bullock, PLC and Joselson Rosenberg, PLC serve as the Debtor's bankruptcy counsel and special counsel, respectively. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent the Debtor's unsecured creditors. The committee tapped Bernstein-Burkley, PC as bankruptcy counsel and Schafer and Weiner, PLLC as local counsel. RAY SPECIALIZED: Initiates Chapter 7 Bankruptcy in Maryland ----------------------------------------------------------- On January 28, 2026, Ray Specialized Hauling, LLC filed for Chapter 7 protection in the District of Maryland. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Ray Specialized Hauling, LLC Ray Specialized Hauling, LLC is a transportation company that provides specialized hauling and freight services, focusing on the movement of oversized and commercial loads. Ray Specialized Hauling, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10885) on January 28, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by Richard L. Gilman, Esq. of Gilman & Edwards, LLC. RED RIVER: Court Tosses Patients’ Bankruptcy Fraud Allegations ---------------------------------------------------------------- Lauren Berg of Law360 reports that Johnson & Johnson successfully beat back a proposed class action Thursday, January 29, 2026, after a New Jersey federal judge ruled that cancer patients challenging the company's Chapter 11 strategy failed to allege an injury giving them standing to sue. The court found that while the plaintiffs objected to the use of bankruptcy to manage mass tort exposure, they did not plausibly claim they were harmed in a way that would support fraud allegations under federal law, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RENAISSANCE BALTIMORE: Court Places Hotel in Receivership --------------------------------------------------------- Morgan Simpson of Baltimore Business Journal reports that a Maryland court has placed the Renaissance Baltimore Harborplace Hotel into receivership following a default on its $71 million loan, installing a court-appointed receiver to take over the 622-room waterfront hotel and oversee its day-to-day operations. Lenders cited worsening financial performance and operational setbacks as key factors behind the move. Court filings say the receivership is intended to preserve the hotel's value, maintain cash flow, and protect creditor interests while longer-term paths forward are assessed. Potential outcomes include a sale of the property, refinancing of the existing debt, or a restructuring. The hotel, situated along Baltimore’s Inner Harbor, continues to operate under the receiver's supervision. The filings outline a series of infrastructure failures at the Pratt Street property, ranging from elevator outages during busy periods to prolonged heating failures that left guests without warmth for days. The records point to a pattern of deferred maintenance and system-wide shortcomings affecting mechanical, plumbing, and life-safety systems. According to the documents, these problems escalated during peak travel periods, reducing occupancy and revenue while increasing maintenance expenses and liability concerns. The court papers indicate that management was aware of many of the deficiencies but struggled to address them comprehensively, contributing to the financial and operational deterioration that preceded the receivership. About Renaissance Baltimore Harborplace Hotel Renaissance Baltimore Harborplace Hotel is a full-service hotel located along Baltimore’s Inner Harbor. Operating under Marriott International’s Renaissance Hotels brand, the property caters to business and leisure travelers with upscale accommodations and event facilities. The Renaissance Baltimore Harborplace Hotel was placed into receivership after defaulting on a $71 million loan, with a court appointing a receiver to oversee operations at the 622-room waterfront property. The hotel remains open as lenders assess options that could include a sale, refinancing, or restructuring. RENEWAL REALTY: Seeks to Hire Tran Singh LLP as Counsel ------------------------------------------------------- Renewal Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Tran Singh LLP as counsel. The firm's services include: i. analyzing of the financial situation, and rendering advice and assistance to the Debtor; ii. advising the Debtor with respect to its rights, duties, and powers as a debtor in this case; iii. representing the Debtor at all hearings and other proceedings; iv. preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers as necessary to further the Debtor's interests and objectives; v. representing of the Debtor at the meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; vi. representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; vii. Preparation and filing of a Disclosure Statement and Chapter 11 Plan of Reorganization; viii. Assist the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; and ix. Assistance to the Debtor in any matters relating to or arising out of the captioned case. The firm will be paid at these rates: Susan Tran Adams $550 per hour Brendon Singh $550 per hour Marissa Ellison $325 per hour The firm received a pre-petition retainer in the amount of $57,000 via a $25,000 wire transfer and $32,000 cashier's check on October 6, 2025 and has applied $2,707.50 towards pre-petition attorney's fees and expenses leaving a remaining balance of $54,292.50. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Susan Tran Adams, Esq., a partner at Tran Singh 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: Susan Tran Adams, Esq. Tran Singh, LLP 2502 La Branch St Houston, TX 77004 Tel: (832) 975-7300 About Renewal Realty, LLC Renewal Realty, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-70171) on Oct. 7, 2025, listing up to $10 million in both assets and liabilities. Judge Shad M. Robinson oversees the case. Vela Wood Staley Young PC serves as the Debtor's legal counsel. RINCHEM CO: S&P Downgrades ICR to 'D' on Distressed Exchange ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Rinchem Co. LLC and its issue-level rating on its first-lien credit facilities to 'D' (default) from 'CCC'. S&P subsequently withdrew all its ratings on Rinchem at the issuer's request. Rinchem advised S&P Global Ratings it exchanged its credit facilities for new facilities with extended maturities. S&P said, "We view the transaction as a distressed exchange and tantamount to default given debtholders received less than the original promise. "The downgrade reflects our view that the transaction was a distressed debt exchange. Rinchem has completed a transaction with its lenders, pursuant to which the lenders provided $100 million of new capital and agreed to a below-par exchange on a majority of its existing term loan. The new term loan and exchanged debt will be pari passu and rank senior to the term loan balance not being tendered for exchange. The new term loan matures in 2031, extending the prior 2029 maturity by two years. In addition, the company will replace its existing revolving credit facility, extending the maturity to 2030 from 2027. "We view the transaction as a distressed exchange and tantamount to default because debtholders received less than originally promised. Therefore, we lowered our issuer credit rating on Rinchem and issue-level rating on its first-lien credit facilities to 'D' from 'CCC'. We subsequently withdrew all our ratings on Rinchem at the issuer's request." ROCKY MOUNTAIN: Moody's Lowers Revenue Bond Rating from Ba1 ----------------------------------------------------------- Moody's Ratings has downgraded Rocky Mountain School of Expeditionary Learning, CO (RMSEL) from Baa3 to Ba1 for its revenue bond rating. Following the downgrade, the outlook remains stable. RMSEL currently has $9.5 million in outstanding revenue debt. RATINGS RATIONALE The downgrade to Ba1 reflects the school's fair competitive position, influenced by its limited operational scale and enrollment size, as well as a shrinking student waitlist. While the school's operating performance and key financial metrics remain satisfactory, its cash flow EBIDA margin has slightly declined over the past three years, reaching 14.5% in fiscal year 2025. Despite this, annual debt service coverage remained sound at 1.4x for fiscal 2025, and the school has a strong liquidity position with 159 days of cash on hand. However, the school's financial outlook is not expected to improve significantly in the near term, and management has recently raised student fees to address increasing costs. Moody's credit assessment also considers the school's organizational and governance structure, which is anticipated to remain stable despite the departure of two sponsor districts in 2024. The school's overall leverage is moderately high due to unfunded pension liabilities in addition to its existing revenue debt. RATING OUTLOOK The stable outlook is based on the school's long-standing operating history, consistent enrollment and maintenance of healthy liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Growth in the school's modest operating scale combined with an improved competitive profile -- Improved spendable liquidity in excess of 200 days cash on hand and annual debt service coverage above 1.5x -- Significant moderation to the school's debt and overall leverage metrics FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Weakening of competitive considerations, including enrollment loss and deterioration to academic performance -- Decreases in spendable liquidity below 150 days or annual debt service coverage at or below 1.1x -- Material increases the school's outstanding combined leverage of debt and unfunded pension liabilities -- Loss of a participating school district under the IGA that negatively impacts enrollment or operations PROFILE The Rocky Mountain School of Expeditionary Learning (RMSEL) is located in the City of Denver (Aaa stable) and is operated by the Board of Cooperative Education Services (BOCES) pursuant to an intergovernmental agreement among three sponsoring school districts: Adams & Arapahoe Counties Joint School District 28J (Aurora), CO (Aa2 stable), Arapahoe County School District 6, CO (Littleton PS) (Aa2 stable), and Denver City & County School District 1, CO (Aa1 stable). RMSEL began operations in 1993 and was founded on the ideals of Outward Bound, an international network of outdoor education schools, and organizes its curriculum around expeditionary learning. The school currently enrolls roughly 380 students in grades K-12. The sponsoring districts have renewed the Intergovernmental Agreement six times since 1993, most recently for a term of five years effective July 01, 2022 through June 30, 2027. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. RUINS LLC: Red River Case Remanded to South Dakota Circuit Court ---------------------------------------------------------------- Judge Charles B. Kornmann of the U.S. District Court for the District of South Dakota granted Jesse Craig's motion to remand the case captioned as RED RIVER STATE BANK, Plaintiff, vs. THE RUINS, LLC, WATERTOWN DEVELOPMENT COMPANY, WATERTIGHT, INC., HAMLIN BUILDING CENTER, INC., XTREME FIRE PROTECTION, LLC, PERFORMANCE SPRAY FOAM LLC, B&W CONSTRUCTION, LLC, D&M INDUSTRIES, INC., TOP FINISH CARPENTRY, LLC, CRAIG DEVELOPMENT, LLC, CRAIG HOLDINGS, LLC, CRAIG PROPERTIES, LLC, JESSE CRAIG, CODINGTON COUNTY, SOUTH DAKOTA, DIAMOND WALL SYSTEMS, INC., Defendants, TOP FINISH CARPENTRY, LLC, Third-Party Plaintiff, vs. PREVAIL, LLC, ORDER Third-party Defendant, Case No. 25-cv-01016-CBK (D.S.D.), to the South Dakota Circuit Court, Third Judicial Circuit, Coddington County. Plaintiff filed a complaint in the Circuit Court, Third Judicial Circuit, Coddington County, South Dakota, on February 27, 2024, 14CIV24-000068. Plaintiff sought a money judgment against defendants The Ruins, Craig Development, Craig Holdings, Craig Properties, and Jesse Craig based upon claimed default upon promissory notes, a money judgment against Jesse Craig based upon his claimed guarantee, foreclosure of certain personal property security interests, foreclosure of a mortgage, and appointment of a receiver. Plaintiff filed a notice of no personal claim against the remaining defendants. Jesse Craig, as sole member of Generations on 1st LLC, Parkside Place LLC, and The Ruins, LLC, filed a Chapter 11 bankruptcy petitions on January 6, 2025, in the United States Bankruptcy Court for the District of North Dakota, Petition #s 25-30002, 25-30003, 25-30004. The case against The Ruins, LLC, 25-30004, is the lead case in bankruptcy court. Plaintiff filed a motion for relief from the automatic stay which was granted by the Bankruptcy Court on September 29, 2025. On October 28, 2025, Jesse Craig filed a notice of removal and request for referral of this case to the United States Bankruptcy Court for the District of North Dakota. Defendant Craig contends that plaintiff's claims are core proceedings to the pending bankruptcy matters. Plaintiff filed a motion to remand based on the doctrines of mandatory and discretionary abstention and equitable considerations. Judge Kornmann holds, "This Court is required to abstain from exercising jurisdiction over State law claims or causes of action which were removed under 28 US.C. Sec. 1334 where a party files a timely motion to remand, there is no other independent basis of jurisdiction, and the action can be timely adjudicated in the State forum from which the case was removed. I find that this case satisfies all the conditions set forth in Sec. 1334(c)(2) and this matter must be remanded as requested by plaintiff." A copy of the Court's Order dated January 26, 2026, is available at https://urlcurt.com/u?l=UypMa2 from PacerMonitor.com. About The Ruins, LLC The Ruins, LLC is the fee simple owner of the property located at 315 E Kemp Avenue, Watertown, South Dakota 57201, which has an appraised value of $8.79 million. The Ruins, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.D. Case No. 25-30004) on January 6, 2025. In its petition, the Debtor reported $8,802,860 in total assets and $14,261,203 in total liabilities. Judge Shon Hastings oversees the case. The Debtor is represented by Maurice Verstandig, Esq., at The Dakota Bankruptcy Firm, in Fargo, North Dakota. RVFW LLC: Unsecured Creditors Unimpaired in Lender's Plan --------------------------------------------------------- Knight Family Ventures, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement describing Chapter 11 Plan for RVFW LLC and RVFW E LLC dated January 23, 2026. The Debtors are two affiliated Delaware limited liability companies. Tyler Radbourne organized the Debtors on December 20, 2022, to acquire and develop approximately 300 acres of land in Flower Mound, Texas. On December 27, 2022, Invision Development FM West, LLC, as borrower, EcoStream, LLC and Mr. Radbourne, as guarantors, and Knight, as lender, executed a Loan Agreement (the "West Loan Agreement"). Invision West also executed a Secured Promissory Note in the original principal amount of $9,500,000.00 (the "West Note") and a Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the "West Deed of Trust," together with the West Loan Agreement, West Note, and any additional related documents, the "West Loan Documents"). The funds advanced by Knight were used to purchase 140.2625 acres of land, but the West Deed of Trust expressly carves out 36.9371 acres of land (the "37 Acres") from Knight's collateral, leaving behind 103.325 acres of land in Denton County, Texas, described in more detail in the West Deed of Trust (the "West Property"). Knight contends that a default occurred under Section 12(a)(x) of the East Loan Agreement, and on or about March 3, 2025, Knight sent a notice of default and intent to accelerate to Radbourne East, EcoStream, and Mr. Radbourne. On March 10, 2025, Knight sent a notice of foreclosure to Radbourne East, EcoStream, and Mr. Radbourne, which included a notice of acceleration, initiating the process to foreclose the East Property. The foreclosure sale was schedule for April 1, 2025. The Plan proposes the means to reorganize the Debtors' debts, including the means to pay their creditors in full, and the Plan provides for a discharge of the Debtors, except for those debts to be paid under the Plan. Certain creditors approve or disapprove of the Plan by voting their ballots on the Plan, if they are in a Class entitled to vote, and, if appropriate, by objecting to confirmation of the Plan. However, the Plan can be confirmed by the Bankruptcy Court even if less than all Classes of creditors accept the Plan and, in such instance, the Plan will still be binding on those creditors or Classes that rejected the Plan. Class 6 consists of all Allowed General Unsecured Claims. Unless any holder of a Class 6 Claim agrees a different treatment, the Reorganized Debtors will pay all Allowed General Unsecured Claims in full, in cash, on or as soon as reasonably practicable after the later of (i) 60 days after the Effective Date; and (ii) the date such claims become Allowed. Class 6 is Unimpaired and is deemed to accept the Plan. Class 7 consists of all Allowed Unsecured Claims of Knight. In satisfaction and settlement of Knight's Allowed Unsecured Claims against the Debtors (but not, for the avoidance of doubt, against any other Entity, such as any guarantor), and in consideration of Knight's agreement to enter into the Post-Confirmation Loan Facility: * Each of the Debtors and Reorganized Debtors will absolutely and unconditionally guaranty payment of Knight's Claims against the other Debtor and Reorganized Debtor (i.e., RVFW, LLC guarantees Knight's Claims against RVFW E, LLC, and RVFW E, LLC guarantees Knight's Claims against RVFW, LLC); * Knight will receive 100 percent of the New Membership Interests in the Reorganized Debtors; * The Reorganized Debtors will pursue the Retained Causes of Action for the benefit of Knight, both to pay its Allowed Unsecured Claims (either in cash or in kind) and to repay the Post-Confirmation Loan Facility (which is necessary to provide liquidity for the Reorganized Debtors to pay all Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes 2, 3, 4, 5, and 6); * The Reorganized Debtors grant Knight an automatically perfected, first priority lien in all Retained Causes of Action (which shall attach and be perfected notwithstanding any requirement, in the Uniform Commercial Code or otherwise, to specifically identify any particular Cause of Action); * Interest will accrue on Knight's Allowed Unsecured Claims at a rate of 18 percent per annum until such Claims are paid in full; and * Once all Retained Causes of Action have been prosecuted to Final Order, any unpaid balance of Knight's Allowed Unsecured Claims will be discharged. For the avoidance of doubt, discharge of a debt of the Debtors does not affect the liability of any other entity on, or the property of any other entity for, such debt. Class 7 is Impaired and entitled to vote to accept or reject the Plan. Class 8 consists of all Interests in the Debtors. On the Effective Date, all Interests in the Debtors will be canceled and terminated and will be null and void and of no force or effect. Under Section 1141(d)(1)(B) of the Bankruptcy Code, confirmation of the Plan terminates all rights and interests of equity security holders. Holders of Interests in the Debtors will not receive or retain any property under the Plan. The Plan is a proposed plan of reorganization under chapter 11 of the United States Bankruptcy Code, whereby the Plan Proponent seeks to reorganize the Debtors and their debt obligations to all their creditors. As such, if confirmed, the Plan would constitute a new contract between the Debtors and all creditors and would replace prepetition contractual and other rights, except to the extent preserved in the Plan, with all such rights restructured by the Plan. Under the Plan, however, only Knight's General Unsecured Claims are Impaired, so only Knight will vote. In satisfaction of those claims, rather than payment in full like all other creditors, Knight will receive 100% of the New Membership Interests in the Reorganized Debtors. The existing Interests, held directly or indirectly by Mr. Radbourne, will be canceled, and Knight will be the sole managing member of the Reorganized Debtors following the Effective Date of the Plan. Knight will then advance the Reorganized Debtors funds, if necessary, under the PostConfirmation Loan Facility, which the Debtors will use to pay all other Allowed Claims. The Reorganized Debtors will then pursue the Retained Causes of Action in an effort to repay Knight both its General Unsecured Claims and its claims under the Post-Confirmation Loan Facility. A full-text copy of the Disclosure Statement dated January 23, 2026 is available at https://urlcurt.com/u?l=pRiSA2 from PacerMonitor.com at no charge. Counsel to the Plan Proponent: Julian P. Vasek, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard Street, Suite 4000 Dallas, Texas 75201-6605 Telephone: (214) 855-7528 Email: jvasek@munsch.com About RVFW LLC RVFW LLC is the owner of Eden Ranch, a master-planned community located in Flower Mound, Texas, designed to reconnect families with nature, health, and their neighbors. The Community spans over 300 acres and offers upscale living with a focus on sustainability. It includes a range of amenities such as gardens, orchards, and vineyards, where residents can grow their own food, and it promote a low-impact, organic lifestyle. The ranch is dedicated to high-quality, locally produced food, and its design incorporates elements like rotating gourmet crops and eco-friendly farming practices. RVFW LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40609) on March 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Buffey E. Klein, Esq., at HUSCH BLACKWELL LLP. RXO INC: Fitch Assigns First Time 'BB' IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has assigned a first-time 'BB' Long-Term Issuer Default Rating (IDR) to RXO, Inc. Fitch has also assigned RXO's senior unsecured credit facilities and notes a 'BB' rating with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The 'BB' rating reflects RXO's customer service-orientation, cost focus, proprietary technology platform, and growing scale that supports its market position in the highly competitive truck freight brokerage industry. Fitch believes RXO's strategic focus on expanding its less-than-truckload (LTL), last mile and managed transport positions will help further operationally align customer relationships and dampen the impact of freight cyclicality on cash flows longer term. RXO's capital allocation and financial policies are expected to support through-the-cycle financial flexibility and mid-cycle EBITDA leverage in the 2.0x-2.5x range. Key Rating Drivers Strategy Improving Cash Flow Quality: Over the long-term, Fitch believes execution on RXO's strategy of driving increased cyclical stability and customer integration could support a meaningful improvement in through-the-cycle cash flow resiliency. Key growth priorities include increasing the LTL, last mile and managed transport revenue mix, which is expected to support steadier earnings and greater customer integration through enabling incremental cross-selling opportunities for complimentary services. Meaningful progress on improving differentiation and enhancing service line mix should strengthen RXO's business and cash flow profile above it's current 'BB' characteristics. Scale, Relationships, Tech Support Competitiveness: RXO's increased network scale post-Coyote and established reputation for customer service increases its base of shippers and facilitates on-time, cost competitive service. This helps provide incremental differentiation within the fragmented and competitive freight brokerage market. RXO's digital platform and the capability to invest in incremental automation and technology contribute to maintaining an attractive and scalable platform, which is key to sustaining a large base of carriers. Fitch believes a sustained improvement in mid-cycle gross margins, while continuing above-average platform growth, would be a good indicator of share gains and strengthening competitive advantages. Financial Flexibility Mitigates Cyclicality: RXO's low fixed cost base supports FCF generation through the cycle, while the asset-light nature and significant utilization of its digital brokerage platform creates operating leverage in an improving freight cycle. Fitch forecasts FCF of approximately $20 million and $60 million in 2026 and 2027, respectively, with CFO-Capex/Debt reaching the low-double digits. Fitch forecasts steady EBITDA of about $135 million in 2026, before improving to $195 million in 2027. Spot Rates Pressure Profitability: Rising spot trucking rates are expected to temporarily pressure EBITDA margins, particularly as existing contracted customer rates (about 70% of its brokerage volume) lag the market. While a pronounced tightening in buy-sell spread is a risk, Fitch views RXO's market position and track record navigating prior cycles reduces the concern. Contract terms cover 6-12 months, skewing toward the longer end, suggesting margin pressure is likely to persist through 2026. Benefits of cost synergies and operating cost reductions taken in 2025 will also limit the impact in 2026. Policies Support Mid-2x Leverage: Fitch forecasts EBITDA leverage of 3.0x in 2025 before drifting to the mid-2.0x in 2027. Fitch does not expect meaningful debt repayment as RXO's cash flow improves, but that it will balance growth investment with shareholder returns. RXO's credit conscious financial policies support the credit profile, and the company has demonstrated balance sheet discipline, such as fully equity funding the Coyote acquisition, acknowledging the risks of cyclical pressures. Peer Analysis Fitch compares RXO to other transportation and logistics peers like XPO, Inc (BB+/Stable), The Brink's Company (BB+/Stable) and C.H. Robinson (CHRW; Not Rated). XPO and Brinks operate relatively asset-intensive networks that support higher competitive barriers, while Brink's operating profile also benefits from a more stable demand environment for cash management and logistics services. Fitch expects XPO's leverage to trend toward the low-to-mid 2.0x while Brink's operates in the mid-to-high 3.0x. RXO is also compared to CHRW, the largest freight brokerage platform, which benefits from notably larger scale and diversified business lines. CHRW has historically managed EBITDA leverage around the mid-1.0x range. Fitch's Key Rating-Case Assumptions -- Revenue of $5.7 billion in 2025, followed by low-to-mid single-digit organic growth thereafter, reflecting a slow improvement in freight market conditions. M&A contributions are assumed in the medium term, contributing low-single digit growth; -- EBITDA margin deteriorates and remains near 2.5% over 2025-2026, down from 3% in 2024, before progressing to over 4% with contract resets and gradual growth. -- One-time transaction, restructuring and capex costs significantly moderate after 2025; -- Subsequent to 2025, capital allocation policies prioritize growth and shareholder returns with no meaningful debt repayment. 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: Management ('bbb', low), Sector Characteristics ('bb', high), Market and Competitive Positioning ('bb', high), Diversification and Asset Quality ('bb', medium), Company Operational Characteristics ('bb-', medium), Profitability ('b', low), Financial Structure ('bb+', medium), and Financial Flexibility ('bbb-', medium). -- Assessment of the quantitative financial subfactors include bespoke issuer calculations. -- The quantitative financial subfactors are assessed based on custom CRT financial period parameters of, 20% for the forecast year 2025, 40% for the forecast year 2026 and 40% for forecast year 2027. -- The Governance assessment of 'Good' results in no adjustment. -- The Operating Environment assessment of 'aa-' results in no adjustment. -- The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A more competitive environment or decrease in RXO's pricing discipline leads to an erosion of gross margins, increasing cash flow risk; -- A shift in capital deployment and financial policy leading to mid-cycle EBITDA leverage sustained above 3.0x; -- A reduction in financial flexibility, including (CFO-Capex)/Debt below 7.5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- A realization of increased scale and execution of strategic mix shift that improves RXO's through-the-cycle cash flow risk profile; -- Above-average volume and market share growth that further strengthen the network's value proposition; -- Maintenance of RXO's financial and capital allocation policies that supports mid-cycle EBITDA leverage sustained below 2.0x; -- Preservation of through-the-cycle financial flexibility including (CFO-capex)/Debt sustained above 10%. Liquidity and Debt Structure As of Sept. 30, 2025, RXO had total liquidity of $408 million, including $25 million of cash and $383 million of availability on its $600 million cash flow revolver, after giving effect to financial covenants. The $355 million senior unsecured notes are scheduled to mature first in November 2027. The revolver is scheduled to mature in 2029 but is subject to a springing maturity of 91 days prior to note maturity. Issuer Profile RXO is an asset-light freight brokerage platform with significant digital capabilities. It primarily operates in truck freight brokerage with added capabilities in managed solutions and final mile deliveries. SANCHO LOCO: Hires RHM Law LLP as General Bankruptcy Counsel ------------------------------------------------------------ Sancho Loco, Inc seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ RHM Law LLP as General bankruptcy counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the United States Trustee ("UST"); b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. assistance with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and g. appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Matthew D. Resnick, Partner $700 per hour Roksana D. Moradi-Brovia, Partner $650 per hour W. Sloan Youksetter, Associate $450 per hour Russell J. Strong III, Associate $400 per hour Rosario Zubia, Paralegal $175 per hour Priscilla Bueno, Paralegal $175 per hour Rebecca Benitez, Paralegal $135 per hour Susie Segura, Paralegal $135 per hour M. Jonathan Hayes, Senior Bankruptcy Associate $725 per hour On December 2, 2025, the firm received a retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law 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: Roksana D. Moradi-Brovia, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About Sancho Loco Inc. Sancho Loco, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11740) on December 22, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Ronald A. Clifford III presides over the case. Matthew D. Resnik, Esq., at Rhm Law LLP represents the Debtor as bankruptcy counsel. SAVANNAH HOLDINGS: Hires Law Offices of Charles Wertman as Counsel ------------------------------------------------------------------ Savannah Holdings LLC seeks approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Eastern District of New York to hire Law Offices of Charles Wertman as counsel. The firm's services include: (i) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in accordance with the provisions of the Bankruptcy Code; (ii) preparing, on behalf of the Debtors, all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (iii) assisting the Debtors in the development and implementation of a plan of reorganization; and (iv) performing all other legal services for the Debtors that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize their affairs under the Bankruptcy Code. Charles Wertman, Esq., will be paid at his hourly rate of $525, and $150 for para-professionals. Prior to the petition date, the firm received a retainer of $11,738 from the Debtor. Mr. Wertman disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles Wertman, Esq. Law Offices of Charles Wertman PC 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 Email: charles@cwertmanlaw.com About Savannah Holdings LLC Savannah Holdings LLC is a real estate company that owns a vacant land parcel located at 100-35 200th Street in Hollis, New York, which has an estimated value of $250,000. Savannah Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44018) on August 22, 2025, listing $250,000 in assets and $1,050,000 in liabilities. Marlon Lloyd signed the petition in his capacity as member. Judge Nancy Hershey Lord presides over the case. Charles Wertman, Esq. at LAW OFFICES OF CHARLES WERTMAN P.C. represents the Debtor as counsel. SEDILLO REALTY: Seeks to Tap Guidant Law PLC as Bankruptcy Counsel ------------------------------------------------------------------ Sedillo Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Guidant Law, PLC as bankruptcy counsel. Guidant will render legal advice and assistance with respect to the Debtor's Chapter 11, Subchapter V proceedings and reorganization. The firm will be paid at these rates: Attorneys $375 to $490 per hour Paralegals $125 to $185 per hour Paralegal Assistants $80 to $125 per hour In addition, the firm will seek reimbursement for expenses incurred. D. Lamar Hawkins, Esq., a partner at Guidant Law, 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: D. Lamar Hawkins, Esq. Guidant Law, PLC 402 E. Southern Ave. Tempe, AZ 85282 Telephone: (602) 888-9229 Facsimile: (480) 725-0087 E-mail: lamar@guidant.law About Sedillo Realty LLC Sedillo Realty LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00534) on January 20, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Eddward P Ballinger Jr presides over the case. D. Lamar Hawkins, Esq. at Guidant Law, PLC represents the Debtor as counsel. SEIC HOLDINGS: Seeks to Hire Bush Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- SEIC Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire The Bush Law Firm, LLC, as its counsel. The firm's services include: a. advising the Debtor-in-Possession as to the rights, powers and duties of a debtor-in-possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; b. preparing and filing the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules and other necessary and required legal documents; c. representing the Debtor-in-Possession at the hearings in this matter; d. preparing and filing the status report and plan; e. defending challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and f. providing such other legal services and/or preparing and/or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. Anthony Bush, Esq., the primary attorney in this representation, and his paralegal will be billed at $350 per hour and $50 per hour, respectively, plus reimbursement. The firm received a retainer of $10,000 and a filing fee of $1,738. Mr. Bush 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: Anthony C. Bush, Esq. The Bush Law Firm, LLC 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: abush@bushlegalfirm.com About SEIC Holdings, LLC SEIC Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81609) on December 17, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Bess M Parrish Creswell presides over the case. Anthony B. Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. SHAMARI HAIR: Hires Paul Reece Marr P.C. as Attorney ---------------------------------------------------- Shamari Hair Salon, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, P.C. as attorney. The firm's services include: a. providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; b. preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and c. performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm will be paid at these rates: Paul Reece Marr, Esq. $475 per hour Paralegal $275 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Marr 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: Paul Reece Marr, Esq. Paul Reece Marr, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About Shamari Hair Salon, Inc. Shamari Hair Salon, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50753) on January 18, 2026, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Judge Jonathan W. Jordan presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. SHIVSANYA CORP: Files Amendment to Disclosure Statement ------------------------------------------------------- Shivsanya Corp. submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated January 23, 2026. The Debtor was formed in 2016 and purchased the unimproved commercial real estate that it currently owns. This case commenced when Ameris Bank commenced foreclosure proceedings on the unimproved land owned by the Debtor. The Debtor has reviewed the Ameris Bank claims and may object to the amount of the asserted claims, as the Debtor is not convinced that the claims accurately reflect the proceeds realized by the referenced foreclosures on the Debtor's affiliates. The Debtor has contacted a commercial real estate agent to help value and list its sole asset for sale. The Debtor will promptly contract with the agent to list and sell its real estate, and will apply to the Court to approve the listing agreement. The Debtor's sole asset is its unimproved real estate upon which Ameris Bank has a lien. It is unclear at this time whether the value is sufficient to pay Ameris Bank, as the Debtor may still object to that claim. The Debtor has no unsecured creditors. Class 4 consists of Shareholder Interests. The Debtor's equity holders shall retain their equity in the Debtor but shall not receive any distribution on equity until such time as the Debtor's obligations to its Class 2 and 3 creditors are fully satisfied. This class is impaired. The Debtor shall pay any outstanding U.S. Trustee fees pursuant to 11 USC section 1930(a) of the Judicial Code, in full on or before the Effective Date, and the Debtor and/or Reorganized Debtor shall continue to pay such fees until the Chapter 11 case is converted, dismissed, or closed, whichever occurs first. The Debtor shall list and sell its commercial real estate as described in this Plan. This Amended Disclosure Statement is provided to all known creditors pursuant to Section 1125 of the Bankruptcy Code, in order to disclose that information deemed by the Debtor and its advisors to be material and relevant to enable creditors and other parties in interest to arrive at a reasonably informed decision prior to exercising voting rights. The Debtor believes that this Amended Disclosure Statement contains sufficient information for that purpose, and to the best of its knowledge, the contents of this Amended Disclosure Statement are true, accurate and complete in all material respects; the information contained in this Amended Disclosure Statement has not been subjected to a certified audit. A full-text copy of the Amended Disclosure Statement dated January 23, 2026 is available at https://urlcurt.com/u?l=tnAfzE from PacerMonitor.com at no charge. Counsel to the Debtor: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PO Box 404 Roanoke, VA 24003-0404 Tel: (540) 529-1609 Fax: (540) 343-9898 EMail: agoldstein@mglspc.com About Shivsanya Corp. Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Shivsanya Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on Oct. 15, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented byAndrew S. Goldstein, Esq. of MAGEE GOLDSTEIN LASKY & SAYERS, P.C.bout Shivsanya Corp. Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Shivsanya Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on October 15, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Paresh K. Suthar as president. Andrew S. Goldstein, at MAGEE GOLDSTEIN LASKY & SAYERS, P.C., is the Debtor's counsel. SKYLINE TOWER: Employs Hilco Real Estate as Real Estate Agents -------------------------------------------------------------- Skyline Tower Resort Vacation Condominium Association, Inc. seeks approval from the United States Bankruptcy Court for the District of New Jersey to employ Hilco Real Estate, LLC as real estate agents to perform real estate consulting and advisory services and to market and sell certain real property. Hilco Real Estate, LLC will provide these services: (a) developig a sales strategy with the Debtor, including meeting with the Debtor to ascertain its goals, objectives, and financial parameters in selling the property; (b) soliciting interested parties for the sale of the property and marketing of the Property for sale through a managed qualifying bid process; and (c) conducting negotiations, at the Debtor's direction, for the sale of the property. In the event the Property is sold, Hilco will earn a fee equal to 4% of the Gross Sale Proceeds. The Debtor will reimburse Hilco for all reasonable and customary Reimbursable Expenses incurred in connection with the performance of the services; provided, however, that such reimbursement obligation shall be capped at $25,000. To the best of the Debtor's knowledge, information and belief, Hilco has no adverse interests to the Debtor or the bankruptcy estate or any creditors or parties-in-interest and has no connection or affiliation with the United States Trustee or any employees of the United States Trustee's office. Hilco would be considered a "disinterested person" as defined under Section 101(14) and Rule 2014 of the Bankruptcy Code. The firm can be reached at: Hilco Real Estate, LLC 5 Revere Drive, Suite 410 Northbrook, IL 60062 Telephone: (847) 418-2703 Facsimile: (847) 897-0826 E-mail: jazuse@hilcoglobal.com About Skyline Tower Resort Vacation Condominium Association, Inc. Skyline Tower Resort Vacation Condominium Association Inc., doing business as The Boardwalk Brew, is a not-for-profit corporation organized in New Jersey to manage the Fairfield Atlantic City - Skyline Tower condominium in Atlantic City, New Jersey, overseeing a 32-story high-rise built in 1982 that includes 296 residential units ranging from one- to four-bedroom apartments and 20 commercial units. Skyline sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22156) on November 15, 2025, with $10 million to $50 million in assets and $500,000 to $1 million in liabilities. Sheama Holmes-Walker, president of Skyline, signed the petition. Judge Andrew B Altenburg Jr. presides over the case. The Debtor tapped Forman Holt as counsel; K&L Gates LLP as special counsel; Hilco Real Estate, LLC as real estate broker; and Omni Agent Solutions, Inc. as notice claims & solicitation agent. SOUTHEASTERN INDUSTRIAL: Hires Bush Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ SouthEastern Industrial Contractors, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire The Bush Law Firm, LLC as legal counsel. The firm's services include: a. advising the Debtor-in-Possession as to the rights, powers and duties of a debtor-in-possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; b. preparing and filing the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules and other necessary and required legal documents; c. representing the Debtor-in-Possession at the hearings in this matter; d. preparing and filing the status report and plan; e. defending challenges to the automatic stay set forth within 11 U.S.C. Sec. 362(a); and f. providing such other legal services and/or preparing and/or filing such other documents as may be necessary for Debtor-in-Possession to carry out its duties and functions in this case. Anthony Bush, Esq., the primary attorney in this representation, and his paralegal will be billed at $350 per hour and $50 per hour, respectively, plus reimbursement. The firm received a retainer of $10,000 and a filing fee of $1,738. Mr. Bush 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: Anthony C. Bush, Esq. The Bush Law Firm, LLC 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: abush@bushlegalfirm.com About SouthEastern Industrial Contractors, LLC SouthEastern Industrial Contractors, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81610) on December 17, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Bess M Parrish Creswell presides over the case. Anthony B. Bush, Esq. at The Bush Law Firm, LLC represents the Debtor as counsel. SPEAR SECURITY: Unsecureds to Get 100 Cents on Dollar in Plan ------------------------------------------------------------- Spear Security Operations, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated January 22, 2026. The Debtor is the operator of a security guard service which provides professional protection service, tailored to every budget, providing affordable and reliable protection solutions to meet the unique needs of every client for events, corporate environments, personal security, and disaster response. The Debtor started operations with a small location in the NorthEast Florida area focused on hiring veterans, ex-police and first responders. The Debtor grew rapidly and took on secured debt for vehicles and factoring for payroll and other operating costs. The Debtor's factoring arrangement was designed to expedite A/R payments. The Debtor then resorted to MCA lenders in an attempt to continue to fund payroll for the approximately 55 employees but was unable to maintain operations with the burden of the MCA debt repayments. This Chapter 11 followed in order to restructure the existing secured and unsecured debt. Since the filing of the Chapter 11 case the Debtor has been able to obtain a new factoring agreement which has allowed cash flow to be consistent with invoicing during the Chapter 11 case. Additionally, the Debtor has objected to several MCA lender claims based upon usury provisions under New York and Arizona law. Legitimate unsecured creditors should be paid a significant percentage of their total debt. This Plan of Reorganization proposes to pay unsecured creditors of the Debtor all disposable income during months 1-36 from future income of the Debtor derived from income generated from the business that the Debtor will operate during the term of the plan in order to obtain a discharge pursuant to Section 1192 of the Bankruptcy Code. This Plan provides for 2 class(es) of secured claims, 1 Class of Priority Claims and 1 class of unsecured claims. Unsecured creditors holding allowed claims will receive distributions which the proponent of this Plan has valued at approximately 100 cents on the dollar based upon current projections of disposable income. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan or as allowed under the Bankruptcy Code. Class 4 consists of All General Unsecured Claims. The Debtor will pay the amount of $500.00 per month for months 1-36 of the plan in complete satisfaction of the unsecured claims in this case, including any unsecured deficiency claims as a result of valuations. For the 36-month term of the plan, SEAN P. BUNDY shall personally make a yearly contribution of $5,000.00 towards the unsecured claims in this case, for a total of $15,000.00 over the life of the plan. The additional distributions will be reflected in the confirmation order as a portion of the unsecured payment schedule in this case. A full-text copy of the Subchapter V Plan dated January 22, 2026 is available at https://urlcurt.com/u?l=o98IJv from PacerMonitor.com at no charge. Counsel to the Debtor: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725.0822 E-mail: bkmickler@planlaw.com About Spear Security Operations Spear Security Operations, LLC, operates throughout the State of Florida as a subcontractor for national security services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04144) on Nov. 11, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, at Mickler & Mickler, is the Debtor's legal counsel. SPEEDHAUS 405: Unsecureds to Get Share of Income for 36 Months -------------------------------------------------------------- Speedhaus 405, LLC, filed with the U.S. Bankruptcy Court for the Western District of Oklahoma a Plan of Reorganization dated January 22, 2026. The Debtor is a limited liability company. The Debtor is an auto repair shop located in Edmond, OK. The Debtor filed Chapter 11 Bankruptcy due to a judgment against it owed to First Pryority Bank, in which First Bryority Bank obtained a writ of execution in the state court lawsuit and was attempting to execute on the writ. The Debtor proposes this plan of reorganization to restructure its debt and exit bankruptcy. This Plan of Reorganization proposes to pay the Debtor's creditors from the revenue generated by the Debtor. Class 3 consists of all allowed general unsecured claims. Class 3 is impaired. The Debtor will pay all of its projected disposable income, if any, over 36 months to the general unsecured pool of creditors and in accordance with the Budget. * Oklahoma Tax Commission with a claim amount of $180 shall be paid via the Debtor's projected disposable income, if any, in months 1 to 36. * The Debtor listed the Internal Revenue Service as a general unsecured creditor and amount unknown for noticing purposes. The Internal Revenue Service did not file a Proof of Claim. Therefore, the Debtor will not provide any payments to the Internal Revenue Service under the Plan. * Susan Stokes has a claim amount of $4,908.98. The Debtor listed Susan Stokes as a general unsecured creditor. Susan Stokes did not file a Proof of Claim. Therefore, any claim of Susan Stokes is barred and the Debtor will not provide any payments to Susan Stokes under the Plan pursuant to the Order Approving Application for Order Establishing Time Within Which Proofs of Claims and Proofs of Interest Must Be Filed, Procedure For Filing, and Notice Thereof, Combined With Brief In Support. The Debtor will fund the Plan from its business operations. A full-text copy of the Plan of Reorganization dated January 22, 2026 is available at https://urlcurt.com/u?l=3zWDJq from PacerMonitor.com at no charge. Counsel to the Debtor: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 232-6358 Facsimile: (405) 232-6358 Email: gary@okatty.com Amanda R. Blackwood, Esq. Blackwood Law Firm, PLLC 512 N.W. 12th Street Oklahoma, OK 73103 Telephone: (405) 309-3600 Facsimile: (405) 378-4466 Email: amanda@blackwoodlawfirm.com About Speedhaus 405 LLC Speedhaus 405, LLC, operates an auto repair shop in Edmond, Okla. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on September 15, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Matt Mickley, owner and member, signed the petition. Judge Janice D. Loyd oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, is the Debtor's bankruptcy counsel. SPIN HOLDCO: S&P Downgrades ICR to 'SD' on Debt Exchange -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Spin Holdco Inc. (dba CSC ServiceWorks) to 'SD' (selective default) from 'CCC'. S&P also lowered its issue-level rating on the existing first-lien term loan to 'D' from 'CCC'. Simultaneously, S&P withdrew its rating on the revolving credit facility because the company paid off and terminated it. S&P expects to reassess its ratings following the completion of the distressed restructuring transaction. CSC announced it recently executed a debt restructuring transaction with first-lien term loan lenders, representing approximately 59% of the principal, that entails it raising new super-priority debt. This will provide the company with incremental liquidity to operate the business. It also exchanged existing term loans for new, structurally senior, first-lien, second-out term loans with extended maturities. This enabled the company to repay the outstanding borrowing under its revolving credit facility set to mature in March 2026. Subsequently, the company offered remaining lenders the same opportunity to participate in the transaction, provided they consent to the exchange and fund a pro rata share of the new money financing, while also conveying that any remaining nonparticipants will have covenants stripped from the existing credit agreement and will forego proceeds from significant planned asset sales. S&P said, "We view this transaction as distressed, because we believe a conventional default is a realistic possibility given CSC's operating challenges, tightening liquidity, distressed trading prices of its debt in the secondary market, and imminent refinancing needs on the $100 million principal under its revolving credit facility maturing in March 2026. We also believe lenders are receiving less than what was initially promised and without adequate compensation. "The downgrade follows a debt restructuring that we view as tantamount to default. CSC recently executed a restructuring transaction that raised new term loans with an extended maturity in order to provide it with additional liquidity and pay down and terminate the revolver, which had $139 million outstanding and due March of 2026. "Although the revolver was successfully handled with no default, we still consider this a distressed transaction, because a conventional default remains a realistic possibility. This assessment is driven by the company's distressed trading prices for its debt, persistent operating challenges, and declining liquidity. Repayment of the revolver principal absent the new money would have severely strained the company's liquidity position. "We believe lenders are receiving less than initially promised and are not being adequately compensated for the concessions, primarily because the company transferred assets representing 40% of its revenues to an unrestricted subsidiary under its agreement with the initial loan parties. In addition, the terms presented to remaining first-lien term loan lenders effectively force them to choose between accepting revised terms--including a requirement to fund new money at a later maturity date--or remain nonconsenting, which would have significant adverse consequences such as further subordination, exclusion from proceeds of future asset sales, and a materially weakened credit agreement stripped of covenant protection. "We will reevaluate our ratings to reflect the new capital structure and liquidity position. The review will also incorporate CSC's recent performance and our forward-looking opinion of its creditworthiness. The company's near-term liquidity position is much better because of the maturity extensions and the additional $115 million cash on the balance sheet. However, we expect its S&P Global Ratings-adjusted leverage to remain elevated due to the approximate $161 million net increase in debt during the transaction." SPLASH BEVERAGE: Issues $525,000 Note in Lieu of ELOC Shares ------------------------------------------------------------ Splash Beverage Group, Inc. disclosed in a regulatory filing that it entered into a Letter Agreement with C/M Capital Master Fund, LP which Investor is the counterparty to that certain Securities Purchase Agreement dated September 19, 2025, establishing an equity line of credit facility between the Company and the Investor. Pursuant to the Letter Agreement, the Company in lieu of issuing the Investor shares of common stock referred to in the ELOC Agreement as the "Commitment Shares", as such term is defined and described in the ELOC Agreement, the Company instead issued to the Investor a promissory note. A copy of the ELOC Agreement is available at https://tinyurl.com/yc79jnpd The Note has an initial principal amount of $525,000, which shall be subject to increase up to $700,000 in connection with sales made under the ELOC Agreement which increase, if applicable, would reflect the additional 0.5% of Commitment Shares the Investor was previously entitled to receive under the ELOC Agreement. The Note bears no interest unless an event of default occurs whereupon interest accrues at a rate of 10% per annum, and matures on January 26, 2028. In addition, following the repayment of prior promissory notes originally issued on September 22, 2025 to the Investor and an affiliate, the Note is subject to mandatory prepayments from net proceeds received by the Company under the ELOC Agreement after the first $3 million of net proceeds equal to 30% of any further net proceeds. A full text copy of the Letter Agreement and the Note and the transactions contemplated thereby are available at https://tinyurl.com/mperz49m and https://tinyurl.com/444j7r6w, respectively. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $22,489,297 in total assets, $15,711,745 in total liabilities, and $6,777,552 in total stockholders' equity. STG LOGISTICS: Seeks to Retain Ordinary Course Professionals ------------------------------------------------------------ STG Logistics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: SILLS CUMMIS & GROSS PC Legal Services Monthly Fee Cap: $250,000 Littler Mendelson P.C. Legal Services Monthly Fee Cap: $250,000 CTS Impact Inc. Accounting Services Monthly Fee Cap: $100,000 JACKSON LEWIS PC Legal Services Monthly Fee Cap: $100,000 FROST BROWN TODD LLC Legal Services Monthly Fee Cap: $100,000 SEYFARTH SHAW LLP Legal Services Monthly Fee Cap: $100,000 SARACINO & SARACINO, LLC Legal Services Monthly Fee Cap: $100,000 Mullen Coughlin LLC Legal Services Monthly Fee Cap: $100,000 QUINN & PARTNERS INCORPATED Management Consulting Monthly Fee Cap: $100,000 SCOPELITIS GARVIN LIGHT HANSON & FEARY Legal Services Monthly Fee Cap: $100,000 ANDERSEN & ASSOCIATES INC Sales Consulting Monthly Fee Cap: $100,000 LAW OFF OF COUNTRYMAN & MCDANIEL Legal Services Monthly Fee Cap: $100,000 BINDER AND KALIOUNDJI LLP Legal Services Monthly Fee Cap: $100,000 WHITTEN LAW OFFICE LLC Legal Services Monthly Fee Cap: $100,000 LIZ ROGERS SALES CONSULTANTS LLC Sales Consulting Monthly Fee Cap: $100,000 HAYNES AND BOONE LLP Legal Services Monthly Fee Cap: $100,000 JRM CONSULTING INC IT Consulting Monthly Fee Cap: $100,000 GOWLING WLG (CANADA) LLP GOWLING WLG (CANADA)S.E.N.C.R.L.,S.R.L Legal Services Monthly Fee Cap: $100,000 SIMON, PERAGINE, SMITH & REDFEARN LLP Legal Services Monthly Fee Cap: $100,000 The Rosner Law Group LLC Legal Services Monthly Fee Cap: $100,000 Charles River Associates Litigation Support Services Monthly Fee Cap: $100,000 GRANT THORNTON LLP Audit Services Monthly Fee Cap: $100,000 BENESCH FRIEDLANDER COPLAN & ARNOFF LLP Legal Services Monthly Fee Cap: $100,000 About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics Inc. listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the case. Kirkland & Ellis LLP serves as the Debtors' general bankruptcy counsel; Cole Schotz P.C., as their local bankruptcy counsel; AlixPartners, LLP, as their financial advisor; PJT Partners LP, as investment banker; and Epiq Corporate Restructuring, LLC, as their claims, noticing, and solicitation agent and administrative advisor. White & Case LLP, serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser LLC, acting at the direction of each of the Special Committees. Wilmington Savings Fund Society, FSB, serves as agent for the DIP Lenders and is advised by ArentFox Schiff. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C., as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. STORM TEAM: Aleida Martinez Molina Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Storm Team Construction, Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Storm Team Construction Inc. Storm Team Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10886) on January 25, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Mindy A. Mora presides over the case. Brian K. McMahon, Esq. represents the Debtor as legal counsel. STS GROUP: Taps Geno and Steiskal PLLC as Bankruptcy Counsel ------------------------------------------------------------ STS Group Inc. seeks approval from the U.S. Bankruptcy Court for Northern District of Mississippi to hire Law Offices of Geno and Steiskal, PLLC as counsel. The firm will render these services: (a) advise and consult with the Debtor regarding questions arising from certain contract negotiations which will occur during the operation of business; (b) evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; (c) appear in, prosecute, or defend suits and proceedings, and take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; (d) represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; (e) advise and consult with the Debtor in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning it which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and (f) perform such other legal services on behalf of the Debtor as they become necessary in this proceeding. The firm will be paid at these hourly rates: Craig Geno, Attorney $500 Christopher Steiskal, Attorney $400 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $17,000 from the Debtor, inclusive of $1,738 filing fee. Mr. Geno 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: Craig M. Geno, Esq. Christopher Steiskal, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridgerland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com csteikal@cmgenolaw.com About STS Group Inc. STS Group Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-10027) on January 06, 2026, with $500,001 to $1 million in assets and liabilities. Craig M. Geno, Esq. at the Law Offices of Craig M. Geno, PLLC represents the Debtor as legal counsel. SYNAPSE FINANCIAL: Former Compliance Head Settles FINRA Case ------------------------------------------------------------ Sarah Jarvis of Law360 reports that FINRA has reached a settlement with the former chief compliance officer of a Synapse subsidiary, imposing a $20,000 fine and a one-year suspension over allegations that he failed to preserve certain records as the fintech firm neared collapse. The regulator said the compliance failures limited oversight during a period when the company was experiencing severe operational and financial instability. The disciplinary action was resolved through a negotiated settlement, with no admission of wrongdoing, ther eport states. About Synapse Financial Technologies Headquartered in San Francisco, California, Synapse Financial Technologies, Inc. -- https://synapsefi.com/ -- is a banking-as-a-service platform for embedded finance solutions worldwide. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the petition signed by Sankaet Pathak, chief executive officer, the Debtor disclosed up to $50 million in assets and liabilities. Judge Martin R. Barash oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. TEAM SERVICES: Fitch Rates New $750MM First Lien Notes 'B(EXP)' --------------------------------------------------------------- Fitch Ratings has assigned a rating of 'B(EXP)' with a Recovery Rating of RR4 to TEAM Services Holding, Inc.'s proposed $750 million of first lien senior secured notes. This rating action is in addition to the assignment of 'B' Long-Term Issuer Default Ratings (IDRs) for TEAM Services Holding, Inc. and RMS Holding Company, LLC (together, TEAM) announced on Jan. 26, 2026. The Rating Outlook for the IDR is Stable. Fitch will assign final ratings to the first lien senior secured notes 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 it 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 TEAM's position as a low-cost provider, demographic tailwinds, and some exposure to private payors (11% of EBITDA). 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 proposed 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 proposed $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 The proposed $250 million first lien senior secured revolver (assumed fully drawn at the time of default), the proposed $625 million first lien senior secured term loan, and the proposed $750 million of first lien senior secured notes 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 proposed first lien senior secured revolver, first lien senior secured term loan and first lien senior secured notes. 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 proposed $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. TEAM's proposed $625 million first lien senior secured term loan and proposed $750 million of first lien senior secured notes are expected to 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. Summary of Financial Adjustments Adjustments were made to EBITDA. Fitch added back non-recurring and non-operational expenses including transaction expenses, integration expenses, and stock-based compensation to Fitch-adjusted EBITDA. TONKA INTERNATIONAL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division entered an interim order authorizing Tonka International Corporation to use cash collateral. The court authorized the Debtor to use the cash collateral of certain merchant cash advance lenders in accordance with its budget, subject to a 10% variance. The budget may be modified by agreement pending further court order. The MCA lenders assert security interests in substantially all of the Debtor's accounts and proceeds. As adequate protection, the court granted the MCA lenders replacement liens on the Debtor's equipment, inventory and accounts, whether acquired before or after the petition date. The replacement liens secure any diminution in value of the lenders' collateral and carry the same validity and priority as the lenders' pre-bankruptcy liens. The liens are subject to a carveout for professional fees and statutory trustee and court fees. The order preserves all parties' rights to later contest the priority, validity, and enforceability of the MCA lenders' liens. It remains effective until entry of a further order. A final hearing is scheduled for February 18, with objections due by February 16. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/BpkxN from PacerMonitor.com. About Tonka International Corporation Tonka International Corporation 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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40210) on January 15, 2026, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Mark X. Mullin oversees the case. The Debtor is represented by Robert T. DeMarco, Esq., and Michael S. Mitchell, Esq., at DeMarco-Mitchell, PLLC. TONOPAH SOLAR: Hires Epiq Corporate as Noticing Agent ----------------------------------------------------- Tonopah Solar Energy, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as claims and noticing agent. The firm will provide these services: a. prepare and serve required notices and documents in this Chapter 11 case in accordance with the Bankruptcy Code, the Bankruptcy Rules and the Local Rules in the form and manner directed by the Debtor and/or the Court, including, if applicable, (i) notice of the commencement of this Chapter 11 case and the initial meeting of creditors under section 341(a) of the Bankruptcy Code (as applicable), (ii) notice of any claims bar date (as applicable), (iii) notices of transfers of claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of a plan or plans of reorganization, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan or plans, and (vii) all other notices, orders, pleadings, publications, and other documents as the Debtor or the Court may deem necessary or appropriate for an orderly administration of this Chapter 11 case; b. if applicable, maintain an official copy of the Debtor's schedule of assets and liabilities and statement of financial affairs (collectively, the "Schedules"), listing the Debtor's known creditors and the amounts owed thereto; c. maintain (i) a list of all potential creditors, equity holders, and other parties in interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rules 2002(i), (j), and (k) and those parties that have filed a notice of appearance under Bankruptcy Rule 9010; update lists and make lists available upon request by a party in interest or the Clerk; d. furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim; e. maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; f. for all notices, motions, orders or other pleadings or documents served, prepare and file or caused to be filed with the Clerk an affidavit or certificate of service within seven (7) business days of service which includes (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served, (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses, (iii) the manner of service, and (iv) the date served; g. process all proofs of claim received, including those received by the Clerk, check processing for accuracy, and maintain the original proofs of claim in a secure area; h. maintain an electronic platform for filing proofs of claim; i. maintain the official claims register for the Debtor (the "Claims Register") on behalf of the Clerk; upon the Clerk's request, provide the Clerk with a certified, duplicate unofficial Claims Register; and specify in the Claims Register the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), and (vi) any disposition of the claim; j. provide public access to the Claims Register, including complete proofs of claim with attachments, if any, without charge during regular business hours and on a case-specific website maintained by Epiq; k. implement necessary security measures to ensure the completeness and integrity of the Claims Register and the safekeeping of the original proofs of claim; l. record all transfers of claims and provide notice of transfers as required by Bankruptcy Rule 3001(e); m. Relocate, by messenger or overnight delivery, all court-filed proofs of claim to Epiq's offices, not less than weekly; n. upon completion of the docketing process for all claims received, turn over to the Clerk copies of the Claims Register for the Clerk's review (upon the Clerk's request); o. monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on, and/or changes to, the Claims Register and any service or mailing lists, including to identify and eliminate duplicate names and addresses from such lists; p. identify and correct any incomplete or incorrect addresses in any mailing or service lists; q. assist in the dissemination of information to the public and respond to requests for administrative information regarding this Chapter 11 case as directed by the Debtor or the Court, including through the use of a case website and/or call center; r. monitor the Court's docket in this Chapter 11 case and, when filings are made in error or containing errors, alert the filing party of such error and work with them to correct any such error; s. if this Chapter 11 case is converted to Chapter 7 of the Bankruptcy Code, contact the Clerk's office within three (3) days of the notice to Epiq of entry of the order converting the case; t. thirty (30) days before the close of this Chapter 11 case, to the extent practicable, request that the Debtor submits to the Court a proposed order dismissing Epiq as Claims and Noticing Agent and terminating its services in such capacity upon completion of its duties and responsibilities and upon the closing of this Chapter 11 case; u. within seven (7) days of notice to Epiq of entry of an order closing this Chapter 11 case, provide to the Court the final version of the Claims Register as of the date immediately before the close of this Chapter 11 case; v. within fourteen (14) days of entry of an order dismissing a case or within twenty-eight (28) days of entry of a final decree, (a) forward to the Clerk an electronic version of all imaged claims, (b) upload the creditor mailing list into CM/ECF, and (c) docket a Final Claims Register; and w. within the earlier to occur of (a) fourteen (14) days of entry of an order converting this Chapter 11 case and (b) entry of a termination order, (i) forward to the Clerk an electronic version of all imaged claims; (ii) upload the creditor mailing list into CM/ECF and (iii) docket a Final Claims Register. The firm will be paid at these rates: IT/Programming $55 to $75 per hour Case Managers $85 to $165 per hour Project Managers/Consultants/Directors $165 to $185 per hour Solicitation Consultant $185 per hour Executive Vice President, Solicitation $185 per hour Executives No Charge The firm was provided a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kate Mailloux, a partner at Epiq Corporate Restructuring, LLC, 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: Kate Mailloux Epiq Corporate Restructuring LLC 777 3rd Ave., Fl. 12 New York, NY 10017 Telephone: (646) 282-2532 Email: kmailloux@epiqglobal.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. VERACODE PARENT: S&P Downgrades ICR to 'CCC+', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered our issuer credit rating on Veracode to 'CCC+' from 'B-', its issue-level rating on its first-lien credit facility to 'CCC+' from 'B-', and its issue-level rating on its super-priority revolver to 'B+' from 'BB-'. S&P's recovery ratings on the company's debt are unchanged. S&P said, "The negative outlook reflects our expectation for declining revenue and ongoing cash flow deficits over the next 12-24 months. Veracode's liquidity could diminish further given the upcoming maturity of its revolving credit facility in May 2027. We could lower our rating depending on performance, liquidity, and evolving circumstances." S&P Global Ratings expects Veracode Parent L.P. will report a continued decline in its generally accepted accounting principles (GAAP) revenue for fiscal year 2026 (ending March 2026), which would follow its reported declines over the last several quarters. S&P said, "We forecast Veracode's S&P Global Ratings-adjusted leverage will remain elevated at about 10x–11x over the next 12–24 months due to contracted profitability, which--along with projected free cash flow deficit-- which in our view puts the long-term sustainability of the capital structure in doubt. "We expect Veracode will continue to face revenue headwinds for the foreseeable future. The company's revenue began to slow in fiscal year 2023 due to abrupt shifts in its go-to-market and pricing strategies, as well as a reduction in its sales force amid intensifying competitive pressures. These factors materially affected Veracode's customer retention, renewals, and new customer acquisition, leading to flat revenue in its fiscal-year 2024 revenue and a 7.5% decline in fiscal year 2025, with the weakness continuing through the first two quarters of fiscal year 2026. While management has responded by restructuring the sales organization, increasing its focus on renewals and retention, implementing new strategic pivots, and undertaking acquisitions, we believe these initiatives will take time to generate material benefits and translate to improved financial results. Based on Veracode's current annual recurring revenue (ARR) and overall revenue trends, our base-case forecast assumes its revenue declines by approximately 5% in fiscal year 2026 and 3% in fiscal year 2027. We have limited visibility beyond that period, given ongoing macroeconomic uncertainty, the budget constraints among small- to mid-size (SMB) customers, as well as the company's elevated execution risk amid heightened competitive pressures. "We expect Veracode's profitability will remain constrained despite the recent improvement in its margin. In fiscal year 2025, the company's S&P Global Ratings-adjusted EBITDA declined by 32% and its EBITDA margins contracted to 26.2%, from 35.7% the prior year, primarily due to the sustained decrease in its revenue, its increased investments in product development and R&D, and elevated acquisition-related expenses." Veracode also reported a cash flow from operations deficit of approximately $4 million during the year. In the first half of fiscal year 2026, the company modestly improved its margins to the low-30% range on the roll-off of certain merger and acquisition (M&A)-related costs and the implementation of cost-savings measures. Currently, we assume Veracode will remain cautious and seek to preserve its profitability amid ongoing top-line headwinds, leading us to anticipate its EBITDA margins will remain at roughly this level through fiscal year 2027. Nevertheless, there is some risk the company's margins will decline if it is unable to adjust its costs in line with its revenue trend. S&P said, "We expect Veracode's cash burn and elevated leverage will persist over the next two fiscal years. Under our base-case forecast, we assume the company generates a free operating cash flow (FOCF) deficit around $10 million after term loan amortization for fiscal years 2026 and 2027, primarily due to the ongoing contraction in its top-line and profitability. This cash burn could lead Veracode to continue relying on its revolving credit facility by making periodic draws to meet its liquidity needs. We also forecast the company's S&P Global Ratings-adjusted debt to EBITDA will remain elevated at approximately 10x–11x over this period. Given these forecast credit metrics, combined with limited visibility into when the company will be able to return sustained revenue growth, we question the long term sustainability of the capital structure. We believe Veracode would need to increase its revenue meaningfully while maintaining EBITDA margins at current levels or higher to reduce its leverage to a sustainable level and improve its cash flow profile. "We view the company's liquidity as adequate for now, though it will depend on evolving circumstances. As of September 2025, the company had $10.6 million of cash and cash equivalents and approximately $58.5 million of availability under its $75 million revolving credit facility, which matures in May 2027. The revolver includes a springing covenant that is triggered at 40% utilization or $30 million outstanding. Under our base case, we assume Veracode has sufficient revolver capacity to cover its operational needs for the next 12 months, absent a material deterioration in its cash flow. While we currently include the revolver as a source in our liquidity analysis, we would need to consider removing it if the facility becomes current and company is unable to address the maturity in a timely manner. The long-dated maturity of the company's term loan in 2029, provides some credit support. "The negative outlook reflects our expectation that Veracode will continue to experience revenue declines and modest free cash flow deficits over the next 12-24 months. The company's liquidity could also become constrained depending on its cash flow deficits and how it addresses the upcoming maturity of its revolver. We forecast Veracode's S&P Global Ratings–adjusted leverage will remain elevated at approximately 10x–11x over the next two fiscal years." S&P could lower its rating on Veracode if its operating performance continues to deteriorate or we perceive an increased risk of a liquidity event or a distressed transaction such as a debt exchange or an amendment unfriendly to lenders, over the next 12 months. This could occur if: -- The company is unable to address the maturity of its revolving credit facility in a timely manner while continuing to burn cash, which could lead to a liquidity crunch; -- The macroeconomic environment, competitive or pricing pressures, or the execution of its new strategic pivots lead to operational missteps, additional market share losses, and more-severe revenue declines; or -- Its EBITDA margins decline, leading to a further deterioration in its profitability and credit metrics. S&P could revise itsoutlook on Veracode to stable if: -- It sustainably improves its operating performance, as evidenced by more-stable customer retention, consistent ARR or revenue growth over consecutive quarters, and enhanced margins; -- S&P gains confidence that its capital structure will be sustainable over the long term, which would likely require positive FOCF after term loan amortization and lower leverage; and -- S&P believes the company can maintain adequate liquidity and it successfully addresses its revolver maturity in a timely manner. VIAJEHOY LLC: Seeks to Retain Ordinary Course Professional ---------------------------------------------------------- ViajeHoy, LLC, doing business as Havana Air, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCP include: Garofalo Goerluch Hainbach PC -- U.S. Department of Transportation Filings Monthly Fee Cap: $1,000 About ViajeHoy LLC ViajeHoy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Case No. 25-12262) on December 22, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Thomas B Mcnamara presides over the case. Neil B. Glassman, Esq., at Bayard, PA represents the Debtor as counsel and Dawson and Associates, CPA, PA as accountant and financial advisor. VPR HOLDINGS: Hires James E. Dickmeyer PC as Legal Counsel ---------------------------------------------------------- VPR Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ James E. Dickmeyer, PC as counsel. The firm will provide these services: a. prosecute actions on behalf of the estate as may be appropriate, to advise the debtor concerning the administration of the estate; and b. assist in the formulation of a reorganization plan and otherwise represent the debtor in possession in the performance of all duties and obligations of a debtor in possession; The firm will be paid at $400 per hour. The firm received $9,238 from the debtor for this Chapter 11 proceeding on December 2025. The amount of $1,738 was paid to the court for the filing fee and $1,075 was paid to the firm for prepetition services, leaving $6,425 in trust. In addition, the firm will seek reimbursement for its out-of-pocket expenses. James E. Dickmeyer, Esq., a partner at James E. Dickmeyer, P.C. 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: James E. Dickmeyer, Esq. James E. Dickmeyer, PC 520 Kirkland Way, Suite 400 P.O. Box 2623 Kirkland, WA 98083 Telephone: (425) 889-2324 About VPR Holdings, LLC VPR Holdings, LLC owns and leases a single-family home in Eastsound, Washington, providing rental housing and property management services. VPR Holdings filed Chapter 11 petition (Bankr. W.D. Wash. Case No. 25-13580) on December 18, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by: James E Dickmeyer, Esq. LAW OFFICE OF JAMES E DICKMEYER PC 520 Kirkland Way Suite 400, PO Box 2623 Kirkland WA 98083-2623 Telephone: (425) 889-2324 E-mail: jim@jdlaw.net WELLPATH HOLDINGS: Court Lifts Stay in Bradley, et al. Lawsuit -------------------------------------------------------------- Judge James D. Peterson of the U.S. District Court for the Western District of Wisconsin lifted the stay previously entered in the case captioned as BRANDON D. BRADLEY, SR., Plaintiff, v. SERGEANT ROSS, JOSHUA COYNE, CASEY RINDFLEISCH, DEPUTY SEXTON, NATHANIEL NEWBERRY, BEN GULDEN, STEVEN COLBROOK, HAVEN CRECELIUS, HENRY CHESMORE, JOE CUTA, TAMMY COLLINS, SALAM SYED, and YASMIN YUSEF, Defendants, Case No. 21-cv-00467-jdp (W.D. Wis.). Plaintiff Brandon D. Bradley, Sr., is currently incarcerated at Columbia Correctional Institution. Bradley alleges that staff at the Dane County Jail tethered him to a restraint chair so tightly that it injured him and that medical staff failed to adequately treat his injuries from the restraints. Judge Peterson stayed this case after receiving notice of bankruptcy proceedings involving Wellpath, LLC, which employed three of the defendants who worked as medical staff at the jail. The medical defendants submitted bankruptcy court filings showing that Wellpath's Chapter 11 Reorganization Plan released current and former Wellpath employees from liability for any claim filed against them before November 11, 2024, unless a claimant opted out of the plan. They followed with a filing stating that Bradley had indeed opted out of the release and that the stay in the case could therefore be lifted. Bradley filed what he calls complaints under the Bankruptcy Code objecting to potential discharge of his claims and asking to lift the stay. Plaintiff's motions at are denied as moot. A copy of the Court's Order dated January 23, 2026, is available at https://urlcurt.com/u?l=CJ2Nhl About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. [] Fitch Affirms Ratings on 4 N.A. Midstream Holding Companies -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of four North American midstream holding companies: 1. Colossus AcquireCo LLC 2. EMG Utica Midstream Holdings LLC 3. CPPIB OVM Member U.S. LLC 4. Oryx Midstream Services Permian Basin LLC These actions follow Fitch's updates to its "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Peer Analysis Peer comparisons vary by issuer; see the peer analysis in the respective RACs previously listed. Corporate Rating Tool Inputs and Scores For CPPIB OVM Member US LLC 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 (bb+, Moderate), Market & Competitive Positioning (b, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - 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-' For Colossus AcquireCo LLC 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 (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Lower), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a-, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Lower). -- Assessments of the quantitative financial subfactors include bespoke calculations. -- The Governance Impact assessment of 'Good' results in no adjustment. -- The Operating Environment Impact assessment of 'aa-' results in no adjustment. -- The SCP is 'bbb-'. To derive the IDR: -- Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. For EMG Utica Midstream Holdings, LLC. 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 (bb+, Moderate), Market & Competitive Positioning (b-, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - 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-'. For Oryx Midstream Services Permian Basin LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Refer to each issuer's RAC for rating sensitivities. Liquidity and Debt Structure Refer to each issuer's RAC for Fitch's analysis of liquidity and debt structure. Issuer Profile Refer to each issuer's RAC for its profile. RATING ACTIONS Entity / Debt Rating Recovery Prior ------------- ------ -------- ----- Oryx Midstream Services Permian Basin LLC LT IDR BB- Affirmed BB- senior secured LT BB Affirmed RR3 BB CPPIB OVM Member U.S. LLC LT IDR BB- Affirmed BB- senior secured LT BB Affirmed RR3 BB Colossus AcquireCo LLC LT IDR BBB- Affirmed BBB- senior secured LT BBB- Affirmed BBB- EMG Utica Midstream Holdings LLC LT IDR BB- Affirmed BB- senior secured LT BB Affirmed RR3 BB ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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