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260204.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, February 4, 2026, Vol. 30, No. 35 Headlines 27 CURIOUS: Claims Will be Paid from Property Sale/Refinance 3103 TEN: Case Summary & Three Unsecured Creditors 35 WELLSONA: Claims Will be Paid from Property Sale/Refinance 409 PROSPECT: Seeks Chapter 11 Bankruptcy in New York 423 RIVER: Starts Chapter 11 Bankruptcy in New York 5201 SW: Seeks Chapter 7 Bankruptcy in Florida 6325 SHERIDAN: Seeks Chapter 11 Bankruptcy in New York 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral 904 X 4 INC: Gets Extension to Access Cash Collateral A.R. BAILEY: Seeks Chapter 7 Bankruptcy in Georgia ADF CONSTRUCTION: Seeks to Extend Plan Exclusivity to April 6 ADULT HOME: David Wood of Marshack Named Subchapter V Trustee ADVANTAGE SCI: Case Summary & 19 Unsecured Creditors AFB RESTAURANTS: Gets Extension to Access Cash Collateral AGZ PROPERTIES: Patricia Fugee Named Subchapter V Trustee AM ROOFING: Donald Mallory Named Subchapter V Trustee ANTELOPE HOSPITALITY: Deal to Use First Utah's Cash Collateral OK'd ANTHOLOGY INC: Plan Exclusivity Period Extended to April 27 ARCADIAN RESOURCES: Court Allows Administrative Expense Claims ARCHBISHOP OF BALTIMORE: Committee Taps Guidepost as Consultant ARCHBISHOP OF BALTIMORE: Committee Taps Stout Risius as Appraiser ATLAS CC: S&P Downgrades ICR to 'SD' on Deferred Interest Payment AUXILIARY OPERATIONS: Unsecured Creditors to Get Share of Income AVANT GARDNER: Creditor Agreement Collapses AVI SCHWALB: Court Upholds Chapter 7 Bankruptcy Case Conversion BACCI CAFE: Court Extends Cash Collateral Access to March 3 BARROW SHAVER: Middleton Oil Entitled to Payment of $2.6MM BDD RESTAURANT: Richardo Kilpatrick Named Subchapter V Trustee BEAR COMPANY: Lauren Goodman Named Subchapter V Trustee BEINGWIZARD: Case Summary & 12 Unsecured Creditors BEST OF TASTE: Seeks to Hire Cox Accounting LLC as Accountant BLACK SHEEP: Gets Interim OK to Use Cash Collateral BLACKBEARD'S TRIPLE: Hires Ayers & Haidt P.A. as Legal Counsel BTWFU & GCFU: Voluntary Chapter 11 Case Summary CARBON HEALTH: Files for Chapter 11 With Toggle Plan CASELLA WASTE: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable CATTLE CARTEL: Hires Dentons Bingham Greenebaum LLP as Counsel CCSL BILOXI: Gets Court Nod to Use Cash Collateral CEESAY'S TRUCKING: Leon Jones Named Subchapter V Trustee COLORADO SPRINGS: Seeks Chapter 7 Bankruptcy in Colorado CREATIVE CHANGE: Gets Interim OK to Use Cash Collateral CRUISING KITCHENS: Hires Royal Lea Law Office as Special Counsel CRUISING KITCHENS: Hires Schriver Carmona & Company as Accountant CRUISING KITCHENS: Seeks to Hire Smeberg Law Firm as Legal Counsel CURRY INVESTMENTS: Hires Remax Lake of the Ozarks as Broker CVR ENERGY: Moody's Rates New Senior Unsecured Notes 'B3' DB PROPERTIES: Seeks Approval to Hire KLNB as Real Estate Agent DEQSER LLC: Hub Truck Rental Steps Down as Committee Member ECOWAS FOREX: Starts Chapter 7 Bankruptcy in Virginia EDMUNDSON INC: U.S. Trustee Appoints Creditors' Committee ENKB-MONTICELLO: Affiliates Get Final OK to Use Cash Collateral ENNIS I-45 11: Amends Plan to Include Bay Point Secured Claim EXOTIC COACH: Section 341(a) Meeting of Creditors on March 5 EXTRACTCRAFT LLC: Seeks Chapter 7 Bankruptcy in Colorado FAT BRANDS: Lenders Say CEO Drained Co. Funds to Pay Travel Costs FAZELI PROPERTIES: Hires Till Law Group as Bankruptcy Counsel FIRST BRANDS: Collateral Dispute Returns to Bankruptcy Court FIRST BRANDS: Evolution Appeal Remanded to Bankruptcy Court FIRST BRANDS: Orrick Represents Raistone Factoring Parties FIRST BRANDS: To Wind Down Key North American Business Units FLIPCAUSE INC: U.S. Trustee Appoints Creditors' Committee FREEDOM ELECTRIC: Hires Breslow Starling Advisors as Accountant FTX TRADING: Crypto Scam Victims in Talks w/ Fenwick to Settle Suit GALS INC: Commences Chapter 7 Bankruptcy in Colorado GENESIS HEALTHCARE: Beats Government's Bankruptcy Trustee Bid GG ROCK: Carol Fox of GlassRatner Named Subchapter V Trustee GLENWOOD GFB: Gets Final OK to Use Cash Collateral GOLDEN STATE: S&P Rates Repriced First-Lien Term Loan B 'B' GRACE LIMOUSINE: Court Extends Cash Collateral Access to April 30 GRACE ROYALS: Gets Final OK to Use Cash Collateral GREEN SUITES: Case Summary & Three Unsecured Creditors GROFF TRACTOR: To Sell Construction Equipment Biz to LB Advisora HARBOR COVE: Commences Chapter 11 Bankruptcy in Nevada HARVEST SHERWOOD: Seeks to Extend Plan Exclusivity to March 1 HECLA MINING: Moody's Ups CFR to Ba3, Outlook Remains Stable HIGHLANDS AT STONEGATE: Gets Final OK to Use Cash Collateral HONOLULU SPINE: Court Confirms First Amended Plan of Reorganization HOPKINS FMG: Commences Chapter 7 Bankruptcy in Florida IHN PODIATRY: Hearing Today on Bid to Use Cash Collateral IMERYS TALC: Hearing Resumes With Witness Testimony, Insurer Deal IMERYS TALC: Insurers Slam Chapter 11 Trust Plans INW MANUFACTURING: Moody's Withdraws 'Caa1' CFR on Debt Repayment IZP PROPERTIES: Jerrett McConnell Named Subchapter V Trustee JAMES BARCHIESI: Court Wants Status Updates in Beyond Bespoke Case JASS LLC: Gets Final OK to Use Cash Collateral Until March 27 JJTA13 REAL: Unsecured Creditors to Split $10K in Plan JOSEPHINES RESTAURANT: Gets Interim OK to Use Cash Collateral KARROW WHITEFISH: Seeks Chapter 11 Bankruptcy in Montana KARROW WHITEFISH: Voluntary Chapter 11 Case Summary KBI 2015 TX: Seeks to Extend Plan Exclusivity to April 15 KEATON BEACH: Commences Chapter 11 Bankruptcy in Florida KENAN ADVANTAGE: Moody's Alters Outlook on 'B2' CFR to Negative LABL INC: Moody's Downgrades CFR to Ca, Outlook Negative LEARNING CARE: Moody's Alters Outlook on 'B3' CFR to Negative LEROYS MEAT: Hires Michael J. Wantz of Virtual Accounting as CFO LIGHTHOUSE RESOURCES: Atlantic Loses Bid to Amend Claims LINEAS DE PUERTO: Case Summary & Seven Unsecured Creditors LINQTO INC: Seeks Court Approval for Chapter 11 Plan M&K ACTIVE: Proposes Immaterial Modifications to Plan MAIN STREET: Unsecureds Will Get 5% to 20% of Claims in Plan MANAGEMENT MCOA: Affiliate Gets Extension to Use Cash Collateral MANNING LAND: Seeks Chapter 11 Bankruptcy in California MASTERS PLACE: Starts Subchapter V Bankruptcy in Colorado MEM HOLDINGS: Case Summary & Two Unsecured Creditors METROPOLITAN CAPITAL BANK: First Bank Failure in 2026 MH SUB I: Moody's Affirms 'B2' Corp. Family Rating, Outlook Stable MIGHTY LEASE: Case Summary & 18 Unsecured Creditors MISS AMERICA: Atty Defends Retyped Documents in $500MM Dispute MORRIS STREET: Case Summary & Three Unsecured Creditors MORRIS STREET: Seeks Chapter 11 Bankruptcy in District of Columbia MOTO MINDS: Seeks Chapter 11 Bankruptcy in Colorado MULTI-COLOR CORP: Judge Needs Time to Weigh $657MM Chapter 11 DIP MVP GROUP: Plan Exclusivity Period Extended to February 25 NATURAL EXPERIENCE: Starts Chapter 7 Bankruptcy in Florida NEW NORMAL BREWING: Amends Unsecureds & Several Secured Claims Pay NEW PROVIDENCE: Voluntary Chapter 11 Case Summary NEXT DAY: Todd Headden Named Subchapter V Trustee NINE ENERGY: S&P Downgrades ICR to 'D' on Bankruptcy Filing NOVA RTP II: Unsecured Creditors to be Paid in Full in Plan O & K ALEXANDER'S: Plan Exclusivity Period Extended to February 18 O'BRIEN ENERGY: Voluntary Chapter 11 Case Summary OCEANWIDE PLAZA: Reaches Bankruptcy Exit Deal with Creditors ON SEMICONDUCTOR: Moody's Alters Outlook on 'Ba1' CFR to Stable PALM GREENS: Case Summary & 15 Unsecured Creditors POSIGEN PBC: Amends Plan to Include Several Bridge Loan Claims POSIGEN PBC: Says Layoffs Could Not Be Predicted, Claims Baseless POSIGEN PBC: To Seek Plan Confirmation on Feb. 23, 2026 POWER LANE: Scott Sackett Named Subchapter V Trustee PRETIUM PACKAGING: Gets OK to Tap $401MM In Speedy Chapter 11 Case QUALITY OFFICE: Hires Michael K. Moore APC as Bankruptcy Counsel RAMOS ROOFING: Plan Exclusivity Period Extended to April 26 RAVI GI ASSOCIATES: Trustee Taps Gleason & Associates as Accountant RBT LOGISTICS: Case Summary & Seven Unsecured Creditors RIFLE RFB: Gets Final OK to Use Cash Collateral RITE AID REALTY: Seeks Chapter 11 Bankruptcy in New York RUSS'S MULCH: $16K Unsecured Claims to Recover 100% in 36 Months RV RETAILER: S&P Alters Outlook to Positive, Affirms 'B-' ICR SAILORMEN INC: Hires Cole Schotz PC as Bankruptcy Co-Counsel SAILORMEN INC: Hires Shraiberg Page PA as Bankruptcy Counsel SAKS GLOBAL: Computershare Appointed to Creditors' Committee SAKS GLOBAL: Court Gives Creditors Time to Review Saks Off Closures SALUBRIO LLC: Dr. Kevin Smith's Bankruptcy Appeal Tossed SANFORD CONTROLS: Hires Nicholson Devine LLC as Bankruptcy Counsel SHAW WELLNESS: Hires Santillan Law PC as Bankruptcy Counsel SINGH BROS: Plan Exclusivity Period Extended to March 13 SM ENERGY: S&P Upgrades ICR to 'BB' Following Merger with Civitas SONQUIST LLC: Initiates Chapter 11 Bankruptcy in Colorado SOUTHWEST FIRE: Seeks to Hire Mark W. Ihlefed CPA as Accountant STG LOGISTICS: U.S. Trustee Appoints Creditors' Committee STOLI GROUP: US Vodka Unit, Creditors Reach Deal on Ch. 11 Trustee SUN COLOR: Case Summary & 17 Unsecured Creditors SYLVESTER & TARA MCINTOSH: Court Vacates MGM Garnishment Writ TEHUM CARE: YesCare, Health Trust Settle to Resolve Payment Default TEZCAT LLC: Gets Extension to Access Cash Collateral TK7 LLC: Commences Chapter 7 Bankruptcy in Florida TOPBUILD CORP: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable TORCHY'S TACOS: To Shut Down Restaurants with No Bankruptcy TRIAD AERO: Unsecureds to Get Share of Income for 5 Years TRICOLOR AUTO: Fifth Third Prioritizes Collateral TWO JAYS PROPERTIES: Seeks Chapter 11 Bankruptcy in Florida VIA MIZNER OWNER II: U.S. Trustee Unable to Appoint Committee VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral VILLAGE POINTE PROPERTY: Starts Chapter 11 Bankruptcy in Colorado VIVIANS RESTAURANT: Gets Interim OK to Use Cash Collateral WAHEGURU LLC: Gets Final OK to Use Cash Collateral Until March 27 WELCOME GROUP: Claims to be Paid from Disposable Income WESTLAKE SENIOR: Commences Chapter 11 Bankruptcy in California WHEEL PROS: ASR, et al., Lose Bid to Stay Preliminary Injunction WINE AND SPIRITS BOUTIQUE: Seeks Chapter 7 Bankruptcy in Colorado [] Senior Care Bankruptcies Rise 18% in 2025 ********* 27 CURIOUS: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------ 27 Curious Oak LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated January 26, 2026. The Debtor is a California limited liability company. The Debtor's sole asset is the Property, a vacant plot of land. There are two liens recorded against the Property. The first priority lien is held by Farmers & Merchants Bank in the amount of $1,023,438.82. The second priority lien is held by LDAR Real Estate, LLC in the amount of $416,715.00. These two loans are cross-collateralized with real property held by a debtor in a related case, In re 35 Wellsona Holdings, LLC (Case 1:25-bk-11900-MB). The Property was facing foreclosure by the senior lienholder, Farmers & Merchants Bank, which precipitated the filing of the Case. The Plan is a liquidating plan. As described in detail, certain allowed claims will be paid through the sale of the Debtor's single asset, a piece of real property located at 27 Wellsona Road, Paso Robles, CA 93446 ("Property"). The sale proceeds will be distributed in accordance with the priority scheme set forth in the Bankruptcy Code. Class 5 consists of General Unsecured Claims. Class 5 will be paid through the net proceeds received from the sale of the Property or through a sale or refinance of the property in the related case of In re 35 Wellsona Holdings, LLC (1:25- bk-11900-MB). The allowed unsecured claims total $104.00. This Class is impaired. All current interest holders will retain their percentage equity membership in the Debtor that they held as of the Petition Date. Payment to Class 1 and Class 3 under the Plan will be funded by the sale of the Property. The Debtor intends to sell the Property for the best market price and Debtor will submit a motion to for authority to sell to the Court for approval. In the event there is a deficiency for Class 1, the balance owed will continue to attach to the real property in the related case of In re 35 Wellsona Holdings, LLC (1:25-bk-11900-MB) and be paid from a sale or refinance of that debtor's property. The remaining classes will also be paid from a sale or refinance of the property in the related case. A full-text copy of the Disclosure Statement dated January 26, 2026 is available at https://urlcurt.com/u?l=RYfr1P from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey I. Golden, Esq. Sara Tidd, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 E-mail: jgolden@go2.law stidd@go2.law About 27 Curious Oak LLC 27 Curious Oak LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B), holding its primary property at 27 Wellsona Road in Paso Robles, California. 27 Curious Oak LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case. No. 25-11903) on October 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 Victoria S. Kaufman handles the case. The Debtor is represented by Jeffrey I. Golden, Esq. of GOLDEN GOODRICH LLP. 3103 TEN: Case Summary & Three Unsecured Creditors -------------------------------------------------- Debtor: 3103 Ten, LLC 3103 Tennyson St. NW Washington, DC 20015 Business Description: 3103 Ten, LLC is a single-purpose real estate holding company that owns and manages real property at 3103 Tennyson Street NW in Washington, DC, and does not operate an active business or employ staff. The Company retains statutory rights related to the property, including redemption rights, which it continues to evaluate. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00038 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Christianna Cathcart, Esq. THE BELMONT FIRM 1050 Connecticut NW Suite 500 Washington, DC 20036 E-mail: christianna@dakotabankruptcy.com Total Assets: $1,349,924 Total Liabilities: $1,802,373 The petition was signed by David Snyder as authorized agent. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EVIRPAI/3103_Ten_LLC__dcbke-26-00038__0001.0.pdf?mcid=tGE4TAMA 35 WELLSONA: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------- 35 Wellsona Holdings, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated January 26, 2026. The Debtor is a California limited liability company. The Debtor's sole asset is the Property. The Property is a residential single-family home with 5 bedrooms, 6.5 baths, consisting of 3,800 square feet. The Property was renovated in 2021-2022 and ongoing renovations continue. The Property has an estimated fair market value of $3.5M and is currently used as a vacation rental generating approximately $20,000 per month. There are two liens recorded against the Property. The first priority lien is held by Farmers & Merchants Bank in the amount of $2,549,632.44. The second priority lien is held by LDAR Real Estate, LLC in the amount of $416,715.00. These two loans are cross-collateralized with the Curious Oak Property. The Property was facing foreclosure by the senior lienholder, Farmers & Merchants Bank, which precipitated the filing of the Case. As described in detail, certain claims will be paid through the sale of the asset in a related bankruptcy case, In re 27 Curious Oak LLC, Case no. 1:25-bk-11903-MB ("Curious Oak Bankruptcy Case"). The single asset held by 27 Curious Oak LLC is a piece of vacant land located at 27 Wellsona Road, Paso Robles, CA 93446 ("Curious Oak Property"). The liens that are attached to the Curious Oak Property are also attached to the Debtor's property, located at 35 Wellsona Road, Paso Robles, CA 93446 ("Property"). After the sale of the Curious Oak Property, any remaining balance owed to the lien holders will remain attached to the Debtor's Property, and payment of these liens will be funded through the future refinance or sale of the Debtor's Property. Class 5 consists of General Unsecured Claims. Class 5 Claims will be paid the equivalent value of the equity of the Property, which will be paid quarterly over three years, via third-party funding or through a future refinance or sale of the Property. The allowed unsecured claims total $622,094.03. This Class is impaired. All current interest holders will retain their percentage equity membership in the Debtor that they held as of the Petition Date. The Property is encumbered by two liens that are cross collateralized with the Curious Oak Property. Payment to Class 1 will largely be funded by the sale of the Curious Oak Property. Upon sale of the Curious Oak Property, the balance owed to Class 1 shall be reduced accordingly. Any deficiency balance still owed to Class 1 shall remain an encumbrance on the Property and will be restructured into a new, interest only note that is payable over two years. Payment to the remaining classes shall be funded through a future refinance or sale of the Property, or through Court-approved third party funding. A full-text copy of the Disclosure Statement dated January 26, 2026 is available at https://urlcurt.com/u?l=aL9coN from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey I. Golden, Esq. Sara Tidd, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 E-mail: jgolden@go2.law stidd@go2.law About 35 Wellsona Holdings LLC 35 Wellsona Holdings LLC is a single asset real estate company. 35 Wellsona Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No 25-11900) on Oct. 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Jeffrey I Golden, Esq. of Golden Goodrich LLP. 409 PROSPECT: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On January 29, 2026, 409 Prospect LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About 409 Prospect LLC 409 Prospect LLC is a real estate and property management company focused on residential and commercial property holdings, leasing, and investment operations. 409 Prospect LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22096) on January 29, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1,000,000. The Debtor is represented by Ted T. Mozes, Esq. 423 RIVER: Starts Chapter 11 Bankruptcy in New York --------------------------------------------------- On January 29, 2026, 423 River St LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About 423 River St LLC 423 River St LLC is a real estate company engaged in the ownership, management, and development of residential and commercial properties. The company provides leasing, property management, and investment services. 423 River St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22097) on January 29, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Ted T. Mozes, Esq. 5201 SW: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------- On January 28, 2026, 5201 SW 28 TER LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1–49 creditors. About 5201 SW 28 TER LLC 5201 SW 28 TER LLC is a Florida limited liability company associated with real estate ownership and related business activities. 5201 SW 28 TER LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11029) on January 28, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1 million and estimated liabilities of $100,001–$1 million. Honorable Bankruptcy Judge Peter D. Russin handles the case. 6325 SHERIDAN: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ 6325 Sheridan Corporation commenced a voluntary Chapter 11 bankruptcy case on January 27, 2026, in the Western District of New York. Court records indicate the Debtor carries liabilities estimated at $100,001 to $1,000,000 and lists 1 to 49 creditors. About 6325 Sheridan Corporation 6325 Sheridan Corporation is a single asset real estate company. On January 27, 2026, 6325 Sheridan Corporation filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10101). The filing reflects estimated assets of $0 to $100,000, with liabilities estimated between $100,001 and $1,000,000. Honorable Bankruptcy Judge Carl L. Bucki presides over the matter. The Debtor is represented by Frederick J. Gawronski, Esq., of Colligan Law LLP. 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered an interim order authorizing 7452 N. Western Ave., Inc. to use cash collateral. The court authorized the Debtor to use the purported cash collateral of Byline Bank, Newtek Bank, N.A. and the U.S. Small Business Administration for the period from January 26 through February 27 strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $89,065.29. As conditions of use, the Debtor must allow the secured creditors and the Subchapter V trustee access to its books and records; maintain insurance covering the collateral; provide evidence of collateral upon request; properly maintain and manage the collateral; and deliver profit-and-loss statements and budget-to-actual reports covering the interim period. As protection, the court granted the secured creditors valid, perfected replacement liens on all property acquired by the Debtor or its bankruptcy estate before and after its Chapter filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. A further interim hearing is scheduled for February 23. The order is available at https://is.gd/42Poqg from PacerMonitor.com. Byline Bank is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com About 7452 N. Western Ave. Inc. 7452 N. Western Ave., Inc. is an Illinois-based company that owns and manages commercial real estate, including property located along North Western Avenue in Chicago. It conducts business under the names Candelite Chicago, Candelite Restaurant, Candelite Evanston, Candlelite Pizza, Chi Burger, Candlelite Cafe, Candlelite Pizza Cafe, and Candlelite, 7452 N. Western Ave. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00911) on January 20, 2026. In its petition, the Debtor listed between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. 904 X 4 INC: Gets Extension to Access Cash Collateral ----------------------------------------------------- 904 X 4, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from the U.S. Small Business Administration. The SBA and other creditors with a security interest in cash collateral will have a perfected replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. As additional protection, the SBA will continue to receive a $500 monthly payment. The authorization remains in effect until further order of the court, and the order is without prejudice to future requests for modified adequate protection or challenges by a creditors' committee. A continued hearing is scheduled for February 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tIeKY from PacerMonitor.com. About 904 X 4 Inc. 904 X 4 Inc. is a Florida-based company that offers specialized products or services, likely focused on the automotive or retail sector. The company caters to local and regional clients, providing solutions designed to meet market demand with a focus on practical utility and service quality. 904 X 4, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04400) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickle, Esq., at Mickler & Mickler. A.R. BAILEY: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------- On January 30, 2026, A.R. Bailey Properties LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About A.R. Bailey Properties LLC A.R. Bailey Properties LLC is a real estate holding company involved in the ownership and management of property assets. A.R. Bailey Properties LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51254) on January 30, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $0 to $100,000. Honorable Bankruptcy Judge Sage M. Sigler handles the case. ADF CONSTRUCTION: Seeks to Extend Plan Exclusivity to April 6 ------------------------------------------------------------- ADF Construction of Indiana, LLC asked the U.S. Bankruptcy Court for the Southern District of Indiana to extend its exclusivity period to file a plan of reorganization or liquidation to April 6, 2026. The Debtor explains that it is gathering information for the possible sale of its real property located in Brown County, Indiana. Debtor and its broker have been unable to touch base due to the broker's unavailability. Once Debtor is able to ascertain the feasibility of selling said real property, Debtor will be in a better position to submit a feasible plan of reorganization or liquidation. The Debtor claims that its interests of all parties are best served by allowing the company an extension of time for the exclusivity period so as to be able to submit a feasible plan of reorganization or liquidation. The Debtor believes that it needs an additional sixty days authorized by Section 1121 of the Bankruptcy Code, or to and including April 6, 2026, to make the decision on changes to its business operations and potential sale of real property so it may submit a disclosure statement and plan of reorganization or liquidation. ADF Construction of Indiana LLC is represented by: Jeffrey M. Hester, Esq. Allman Kight Hester LLC Lacy Building 54 Monument Circle, Suite 501 Indianapolis, IN 46204 317.608.1129 direct / fax Email: jhester@akhlaw.com About ADF Construction of Indiana ADF Construction of Indiana LLC provides residential building construction services, including custom homebuilding, remodeling, and home additions. The Company operates primarily in Indianapolis, Indiana, and serves the surrounding metropolitan area. ADF Construction of Indiana LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06145) on October 8, 2025. In its petition, the Debtor reports total assets of $3,818,553 and total liabilities of $2,198,038. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Jeffrey Hester, Esq., at Hester Baker Krebs LLC. ADULT HOME: David Wood of Marshack Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed David Wood of Marshack Hays Wood as Subchapter V trustee for Adult Home Health Care, LLC. Mr. Wood will be paid an hourly fee of $610 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wood declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David Wood Marshack Hays Wood 870 Roosevelt Irvine, CA 92620 Phone: (949) 333-7777 Email: DWood@marshackhays.com About Adult Home Health Care LLC Adult Home Health Care, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-00188) on January 23, 2026, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Judge J. Barrett Marum presides over the case. Donald Reid, Esq., at the Law Office of Donald W. Reid represents the Debtor as bankruptcy counsel. ADVANTAGE SCI: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Advantage SCI, LLC 1725 Duke Street Suite 500 Alexandria, VA 22314 Business Description: Advantage SCI, LLC provides counterintelligence, intelligence, security, linguist, logistics, and program support services to U.S. government agencies, supporting national security and defense operations domestically and overseas. Founded in 2000, the Company delivers consulting, training, staffing, and operational support across intelligence, security management, logistics, and administrative functions for defense, civilian agencies, universities, and commercial organizations. Headquartered in Alexandria, Virginia, Advantage SCI operates as a small business with a workforce that includes a significant number of veterans. Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-10232 Debtor's Counsel: Stephen B. Gerald, Esq. TYDINGS ROSENBERG LLP One East Pratt Street, #901 Baltimore, MD 21202 Tel: (302) 587-6985 Email: sgerald@tydings.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Elsa Lee as chief executive officer. 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/LNEVRGI/Stephen_Advantage_SCI_LLC__vaebke-26-10232__0001.0.pdf?mcid=tGE4TAMA AFB RESTAURANTS: Gets Extension to Access Cash Collateral --------------------------------------------------------- AFB Restaurants, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through March 27 or until confirmation of a Chapter 11 plan, whichever occurs first. The Debtor's cash collateral consists of funds in its deposit accounts and amounts held by credit card servicers or third-party delivery services. Three creditors are believed to claim an interest in the Debtor's collateral: Black Olive Capital, LLC, Fintegra, and the California Department of Tax and Fee Administration. CDTFA asserts a $220,624.78 claim for unpaid sales taxes, while the other creditors assert liens on the Debtor's receivables under their 2024 merchant agreements. About AFB Restaurants AFB Restaurants, Inc., doing business as Manakash Oven & Grill, is a provider of catering for Mediterranean food in Walnut Creek, Calif. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41235) on August 16, 2024, with $32,470 in assets and $1,103,058 in liabilities. Christopher Hayes serves as Subchapter V trustee. Judge Charles Novack oversees the case. The Debtor tapped John G. Downing, Esq., at Downing Law Offices, P.C. as bankruptcy counsel and SF Bay Financial, Inc. as accountant. AGZ PROPERTIES: Patricia Fugee Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for AGZ Properties, LLC. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About AGZ Properties LLC AGZ Properties, LLC owns two real estate properties located at 16 and 18 North Main Street and 20 North Main Street in Chagrin Falls, Ohio, with a combined appraised value of $1.73 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10294) on January 27, 2026, with $1,855,000 in assets and $73,432 in liabilities. Edward Marko, the trustee, in his capacity as president, signed the petition. Judge Jessica E. Price Smith presides over the case. Anthony J. DeGirolamo, Esq., at Anthony J. DeGirolamo, Attorney At Law represents the Debtor as bankruptcy counsel. AM ROOFING: Donald Mallory Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Donald Mallory as Subchapter V trustee for AM Roofing and Siding, LLC. Mr. Mallory 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. Mallory declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Donald W. Mallory 600 Vine St., Ste. 2500 Cincinnati, OH 45202 Telephone: (513) 852-6094 Email: dwmallory@woodlamping.com About AM Roofing and Siding LLC AM Roofing and Siding, LLC is a construction services company engaged in roofing and exterior siding work. AM Roofing and Siding sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50317) on January 22, 2026. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP. ANTELOPE HOSPITALITY: Deal to Use First Utah's Cash Collateral OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona approved a stipulation between Antelope Hospitality, LLC and First Utah Bank to use the lender's cash collateral. Under the stipulation, the Debtor is authorized to use the cash collateral of First Utah Bank through April 30 to pay post-petition expenses pursuant to its budget, subject to a 20% variance. As adequate protection, First Utah Bank will receive a replacement lien on post-petition assets, with the same validity and priority as its pre-bankruptcy liens. In addition, the Debtor must remit 40% of its monthly net operating income (NOI), capped at $10,000 per month for January to March; and $30,000 for April. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/v5rpK from PacerMonitor.com. The Debtor's property is encumbered by multiple liens, including first- and second-position deeds of trust and assignments of rents in favor of First Utah Bank recorded in 2019, as well as a third-position deed of trust in favor of the U.S. Small Business Administration recorded in 2022. Additionally, the Debtor's personal property is subject to a first-priority blanket lien in favor of First Utah Bank and a second-priority blanket lien in favor of the SBA, both perfected by UCC-1 filings. 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 assets and up to $50 million in liabilities. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Bradley D. Pack, Esq., at Engelman Berger, PC. First Utah Bank, as secured creditor, is represented by: Matthew H. Sloan, Esq. Jennings Haug Keleher McLeod Waterfall, LLP 2800 North Central Avenue, Suite 1800 Phoenix, AZ 85004-1049 Telephone: 602-234-7800 Facsimile: 602-277-5595 mhs@jkwlawyers.com ANTHOLOGY INC: Plan Exclusivity Period Extended to April 27 ----------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Anthology Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 27 and June 29, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that there is no question that their cases are large and complex. These chapter 11 cases involve joint administration of twenty-seven entities. As of the Petition Date, the Debtors employed 1,550 employees and had funded debt obligations of approximately $1,793.1 million (inclusive of interest). The Debtors have an array of active constituents, including, among others, the Committee, the Ad Hoc Group, the DIP Lenders, and the Stalking Horse Purchasers, as well as each constituent's agents, trustees, and advisors, and thousands of customers and contract counterparties. Additionally, the Debtors are separating their business into distinct business units pursuant to two separate sale transactions and reorganizing the remainder of the business, which involves significant efforts on the part of the Debtors and their advisors. The Debtors have already closed one sale transaction and anticipate closing the second in the near term. Accordingly, the Debtors submit that the size and complexity of these chapter 11 cases weigh in favor of extending the Exclusivity Periods. The Debtors assert that they seek to maintain exclusivity so parties with competing interests do not hinder their efforts to finalize a value-maximizing restructuring. Extending the Exclusivity Periods will benefit all creditors by preventing the drain on time and resources that inevitably occurs when multiple parties, with potentially diverging interests, vie for the consideration of their own respective plans. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. The Debtors further assert that less than four months have elapsed since the Petition Date, and this is their first request for an extension of the Exclusivity Periods. During the brief pendency of these cases, the Debtors made significant efforts conducting an extensive marketing and sale process, negotiating and soliciting the Plan, implementing the global settlement with creditors, and preparing for the pending conditional disclosure statement hearing. Co-Counsel to the Debtors: Charles A. Beckham, Jr., Esq. Arsalan Muhammad, Esq. Kourtney Lyda, Esq. Re'Necia Sherald, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston Texas 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 Email: charles.beckham@haynesboone.com arsalan.muhammad@haynesboone.com kourtney.lyda@haynesboone.com renecia.sherald@haynesboone.com - and - Charles M. Jones II, Esq. 2801 North Harwood Street, Suite 2300 Dallas, TX 75201 Tel: (214) 651-5000 Fax: (214) 651-5940 Email: charlie.jones@haynesboone.com Co-Counsel to the Debtors: Chad J. Husnick, P.C. Charles B. Sterrett, 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: chad.husnick@kirkland.com charles.sterrett@kirkland.com - and - Melissa Mertz, Esq. 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: melissa.mertz@kirkland.com About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ARCADIAN RESOURCES: Court Allows Administrative Expense Claims -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas granted the motion to compel payment and application for allowance and payment of administrative expense claim filed by Nextgen Energy Service, LLC, and Rogue Industrial, LLC, creditors in the bankruptcy case of Arcadian Resources, LLC. The relief requested in the Motion is granted pursuant to 503(b)(1)(A) and 507(a)(2). Pursuant to 11 U.S.C. Sec. 503, Nextgen is granted an allowed administrative expense claim in the amount of $43,380.00. Pursuant to 11 U.S.C. Sec. 503, Rogue is granted an allowed administrative expense claim in the amount of $66,174.74 A copy of the Court's Order dated January 20, 2026, is available at http://urlcurt.com/u?l=HWwuK7from PacerMonitor.com. Counsel for Nextgen Energy Service, LLC and Rogue Industrial, LLC: Steven T. Holmes, Esq. CAVAZOS HENDRICKS POIROT, P.C. Suite 570, Founders Square 900 Jackson Street Dallas, TX 75202 Direct Dial: (214) 573-7305 Email: sholmes@chfirm.com About Arcadian Resources Arcadian Resources is part of the oil and gas extraction industry. Arcadian Resources, LLC in Glen Elder KS, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-10158) on Sept. 1, 2024, listing as much as $1 million to $10 million in both assets and liabilities. James P. Deverman, sole member, signed the petition. The Debtor tapped Tittle Law Group, PLLC as bankruptcy counsel and Jeter Law Firm as special counsel. ARCHBISHOP OF BALTIMORE: Committee Taps Guidepost as Consultant --------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Archbishop of Baltimore seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Guidepost Solutions LLC as its consultant. The firm will render these services: a. conduct introductory meetings with key stakeholders, identify and request the Debtor's current policies on child protection protocols, establish secure reporting channels, and identify relevant staff and other potential interviewees of the Debtor crucial to the assessment process; b. conduct a comprehensive investigation analysis to assess the current state of the Debtor's child protection framework; c. present to the Committee and the Debtor findings regarding the current child protection framework and actionable recommendations for improvements; d. create a comprehensive strategy and implementation schedule with respect to recommended improvements, ensuring a systematic approach to enhancing the Debtor's child protection framework; and e. implement the recommendations. The firm's hourly rates are: President/Senior Company Leadership $735 Team Leader/Senior Managing Director $577.50 Managing Director $472.50 Team Members $367.50 Guidepost Solutions LLC is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Laura Rogers Guidepost Solutions LLC 1130 Connecticut Avenue, NW, Suite 520 Washington, DC 20036 Office: (202) 499-4330 Mobile: (202) 603-1586 Email: lrogers@guidepostsolutions.com About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ARCHBISHOP OF BALTIMORE: Committee Taps Stout Risius as Appraiser ----------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Archbishop of Baltimore seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Stout Risius Ross, LLC as its property appraiser. The firm will render these services: a. provide expert consulting services and expert testimony regarding the appropriate value of real estate assets; b. perform an appraisal or otherwise analyze value of real property; c. prepare and draft an appraisal report; d. conduct one or more inspections of real property; e. perform all necessary due diligence, background investigation and preparation that is customarily associated with the valuation of real property in order to determine the market value and liquidation value for the properties; f. consult with the Committee and its counsel concerning valuation matters generally; g. testify, if necessary, before the court concerning the valuation of the real property; and h. provide other expert consulting and advisory services as may be requested by the Committee. The firm's hourly rates are: Managing Director $450 to $675 Director $325 to $450 Senior Vice President $300 to $400 Vice President $225 to $325 Analysts/Associates $150 to $275 Randi Rosen, a managing director at Stout Risius Ross, 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: Randi Rosen Stout Risius Ross LLC 3390 Carmel Mountain Road, Suite 150 San Diego, CA 92121 Tel: (858) 876-3173 Email: rrosen@stout.com About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ATLAS CC: S&P Downgrades ICR to 'SD' on Deferred Interest Payment ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Atlas CC Holding LLC (Cubic Corp.) to 'SD' (selective default) from 'CCC+'. S&P said, "At the same time, we lowered our issue-level ratings on its second-out $1.4 billion term loan B, $203 million term loan C, and $85 million payment-in-kind (PIK) term loan to 'D' from 'CCC+'. "We also lowered our issue-level rating on its third-out $164 million second-lien term loan to 'D' from 'CCC-'. "We expect to raise our issuer credit rating on Cubic in the coming days following a thorough review of its liquidity profile and business prospects." Cubic Corp. received consent from lenders to defer its interest payment due Jan. 27, 2026. S&P said, "Cubic didn't make its scheduled cash interest payment on Jan. 27, 2026, which we consider tantamount to a default. The company received 100% consent from lenders to defer its interest payment until April 28, 2026. In exchange, lenders will receive a modest premium, paid in kind and added to the principal term loan balance. Other amendments require the company to provide 13-week cash flow forecasts and monthly financial statement reports to lenders. Additionally, Cubic is not permitted to draw from its revolver while interest payments are deferred. The downgrade to 'SD' reflects that the deferred interest payment is a default on its original obligation to the second-out term loan B and term loan C lenders. "The amended terms also provide up to $50 million of incremental debt that could be issued with higher priority than second-out lenders. We also view this amendment as tantamount to a default because the potential issuance of this new debt would rank ahead of existing second-out and third-out facilities. "The interest deferral follows Cubic's significantly worse than expected cash burn in the fourth quarter ended Sept. 30, 2025. Despite reducing its cash interest burden by about $65 million through its distressed debt exchange last year, the company continued to burn cash faster than we anticipated amid challenges in both its defense and transport segments. For the full year, Cubic reported a free cash flow deficit of $156 million. "We will reassess our rating on Cubic after reviewing its liquidity profile and business prospects. Based on our initial assessment of the company's liquidity position and rate of cash burn, a rating in the 'CCC' category is likely." AUXILIARY OPERATIONS: Unsecured Creditors to Get Share of Income ---------------------------------------------------------------- Auxiliary Operations Resource, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Disclosure Statement describing Chapter 11 Plan dated January 23, 2026. The Debtor is a service company that provides a variety of operational support offerings to supplement companies who outsource certain aspects of its business to third parties or lack the infrastructure, staff, or experience. The Debtor can work within a company's existing facility or when appropriate the services can be outsourced and performed in Debtor's facility. The Debtor does not own any real estate. The Debtor rents approximately 191,000 sq. feet facility in Plainfield, Indiana. With the bankruptcy protection in place, the Debtor have the ability to reorganize their finances and propose this plan to restructure its finances. Class four consists of Allowed Unsecured Claims that shall be paid pro rata from a distribution of annual net disposable income to be paid in annual installments made within 30 days of the anniversary date of the entry of the Confirmation Order. Class five shall consist of the existing equity Allowed Interest of James Oliver. James Oliver shall retain his equity security interests in the Debtor. In exchange, if and when required, he shall contribute personal funds to insure all payments under this Plan are timely made. The Plan is proposed by Debtor to reorganize. An impaired unsecured creditor whose claim is impaired must receive or retain under the Plan, property of value at least equal to the amount of its allowed unsecure claim, or the holders of the claims or interests junior to the claims of the dissenting class of unsecured creditors will not receive any property under the Plan. This is a plan of reorganization. A projected cash flow reflecting the feasibility of the proposed plan terms is attached and incorporated herein. A full-text copy of the Disclosure Statement dated January 23, 2026 is available at https://urlcurt.com/u?l=je8TAW from PacerMonitor.com at no charge. Auxiliary Operations Resource Inc. is represented by: Jeffrey H. Hester, Esq. ALLMAN KIGHT HESTER LLC Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Tel: (317) 608-1129 Fax: (317) 833-3031 Email: jhester@hbkfirm.com About Auxiliary Operations Resource Auxiliary Operations Resource Inc., also known as Aux-Ops, is a warehousing and logistics services provider based in Plainfield, Indiana. It operates in the transportation and warehousing industry, primarily providing general warehousing and storage services as indicated by its NAICS code 493110. The company has multiple facilities in Indiana and works with various staffing agencies to support its operations. Auxiliary Operations Resource sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03727) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge James M. Carr handles the case. The Debtor is represented by Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC. AVANT GARDNER: Creditor Agreement Collapses ------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the Chapter 11 reorganization plan for the New York music venue Brooklyn Mirage lost critical support this week when unsecured creditors withdrew their endorsement, pointing to disagreements involving the debtor's stalking horse bidder and proposed deal terms. The development throws the venue’s bankruptcy strategy into uncertainty just as confirmation deadlines approach. In papers filed with the bankruptcy court, the creditor group said recent adjustments to the proposed plan have significantly changed their expected recoveries, prompting the decision to rescind their support. The debtor now faces the task of repairing creditor confidence or seeking alternative restructuring options to keep the case on track, the report states. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. It owns New York City's popular Brooklyn Mirage and other event spaces. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. AVI SCHWALB: Court Upholds Chapter 7 Bankruptcy Case Conversion --------------------------------------------------------------- Judge Regina M. Rodriguez of the U.S. Bankruptcy Court for the District of Colorado denied Avi Schwalb's renewed emergency motion for stay of the order converting his bankruptcy case from chapter 11 to chapter 7, pending appeal. On December 24, 2025, the Court denied Appellant's request for a stay based on his failure to comply with Federal Rule of Bankruptcy Procedure 8007(b)(2)(B) and (b)(3)(C). On December 30, 2025, Appellant filed a Renewed Emergency Motion for Stay Pending Appeal. Pursuant to Rule 8007, Appellant seeks a stay of the Conversion Order and suspension of chapter 7 trustee actions and asks the Court to prohibit interference with non-debtor PHS Rent LLC and set, waive, or reduce a bond as appropriate. In support, Appellant argues that the Conversion Order is likely to be reversed because the Bankruptcy Court did not identify statutory ‘cause' under 11 U.S.C. Sec. 1112(b)(4), did not apply the mandatory exception under Sec. 1112(b)(2), and made no findings of continuing loss, mismanagement, or estate deterioration. As to irreparable harm, Appellant asserts that since denial of the stay, the Chapter 7 Trustee has continued to assert control over property operations, including interference with non-debtor PHS Rent LLC, issuing management directives, and redirecting rents, and that these actions irreversibly alter control and business relationships and threaten to moot the appeal. Appellant further alleges that third-party interference with day-today operations has escalated, including efforts by a newly installed or proposed property management company to recruit/replace PHS Rent LLC's existing property manager, which Appellant contends threatens continuity of property operations, tenant communications, maintenance response, and vendor relationships. Finally, Appellant contends that secured creditors are protected by collateral, that unsecured creditors hold unliquidated claims and no judgments, and that any potential delay-related concern can be fully mitigated through a bond pursuant to Fed. R. Bankr. P. 8007, which he now offers to post in an amount set by the Court. Appellant also asserts there will be no substantial harm to creditors and does not address the public interest. The Court concludes although the Renewed Emergency Motion cures the procedural deficiencies identified in the Order, Appellant still has not satisfied the substantive requirements for a stay pending appeal. The Court finds Appellant's claim of likelihood of success on the merits of the appeal is unpersuasive. The Court also finds Appellant's claim of irreparable harm also remains unpersuasive. Appellant's allegations reflect ongoing administration of the estate following conversion rather than imminent or irreversible harm. Even if the continued chapter 7 administration would moot the appeal, this fact, standing alone, does not demonstrate irreparable injury as Appellant fails to show a likelihood of success on appeal. Despite Appellant's assertion that a temporary pause harms no one, unsecured creditors may in fact be harmed by a stay due to the delay in the liquidation of assets. According to the Court, although Appellant now offers to post a bond, the Renewed Emergency Motion does not demonstrate that such a bond would fully mitigate the prejudice resulting from delayed administration. Accordingly, this factor weighs against granting a stay pending appeal. A copy of the Court's Order is available at http://urlcurt.com/u?l=GoAS6N Avi Schwalb filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-126666) on May 2, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. The case was converted to Chapter 7 on October 30, 2025. BACCI CAFE: Court Extends Cash Collateral Access to March 3 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a second interim order authorizing Bacci Cafe & Pizzeria on Milwaukee Ave., Inc. to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use the cash collateral of the U.S. Small Business Administration through March 3 in accordance with its budget, which projects total monthly operational expenses of $175,455. The SBA, a pre-bankruptcy secured lender, asserts a senior, valid blanket lien on the Debtor's assets and cash proceeds, securing debt of at least $141,859.00. Additional subordinate lienholders include Bill Me Later/WebBank and Funding Metrics. As adequate protection, the SBA and subordinate lienholders will be granted replacement liens on substantially all assets of the Debtor, maintaining the same priority and validity as their pre-petition liens, along with a potential administrative expense claim under section 507(b) of the Bankruptcy Code. The Debtor must comply with the reporting, inspection, insurance, and collateral maintenance obligations. A further hearing is scheduled for March 2. The interim order is available at https://shorturl.at/SkA3v from PacerMonitor.com. About Bacci Cafe & Pizzeria on Milwaukee Ave Inc. Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19761) on December 30, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. BARROW SHAVER: Middleton Oil Entitled to Payment of $2.6MM ---------------------------------------------------------- The Hon. Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas sustained the objection of Middleton Oil Company to Barrow Shaver Resources Company, LLC's Notice of: (I) Potential Assumption and Assignment of Contracts and Leases as to Lots 1 and 2; and (II) Cure Amounts in Connection Therewith. The Court holds Middleton Oil is entitled to the payment of $2,614,481.62 to cure the existing defaults under the JOA and the Exploration Agreement. As shared by the Troubled Company Reporter, the Bankruptcy Court authorized the Debtor to sell substantially all of its natural gas business assets to TexOil Investments, LLC for $60,000,010 plus the assumption of material plugging and abandonment liabilities. The Court determined that the Debtor demonstrated that it is an exercise of its sound business judgment for the Debtor to assume and assign the Assigned Contracts and Leases to TexOil pursuant to the terms of the Sale Order and the TexOil Asset Purchase Agreements, in each case in connection with the consummation of the Sale Transaction, and the assumption and assignment of the Assigned Contracts and Leases is in the best interests of the Debtor, its bankruptcy estate and creditors, and other parties in interest. The assumption and assignment of the Assigned Contracts and Leases pursuant to the terms of the Sale Order is integral to the TexOil Asset Purchase Agreements and is in the best interests of the Debtor, its estate, creditors, stakeholders, and other parties in interest, and represents the exercise of sound and prudent business judgment by the Debtor. The sale and assignment of the Assets and Assumed Liabilities outside of a plan of reorganization pursuant to the TexOil Asset Purchase Agreements neither impermissibly restructures the rights of the Debtor's creditors nor impermissibly dictates the terms of a plan of reorganization for the Debtor. The Sale Transaction does not constitute a sub rosa chapter 11 plan. The Notice of the Auction, the assumption and assignment of the Assigned Contracts and Leases (including proposed Cure Costs related thereto), the Sale Transaction, and the Sale Hearing was fair and equitable under the circumstances and complied in all respects with the Bidding Procedures Order and Bidding Procedures. The Court approved the TexOil Asset Purchase Agreements and the Sale Transaction in all respects. A copy of the Court's Order dated January 30, 2026, is available at http://urlcurt.com/u?l=mnQvQ9from PacerMonitor.com. About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BDD RESTAURANT: Richardo Kilpatrick Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for BDD Restaurant Company, LLC. Mr. Kilpatrick will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About BDD Restaurant Company LLC BDD Restaurant Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40750) on January 26, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lisa S. Gretchko presides over the case. Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C. represents the Debtor as legal counsel. BEAR COMPANY: Lauren Goodman Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Lauren Goodman as Subchapter V trustee for Bear Company, LLC. Ms. Goodman will be paid an hourly fee of $360 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goodman declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lauren R. Goodman McGrath North 1601 Dodge Street, Suite 3700 Omaha, NE 68102 Phone: 402-341-3070 Email: lgoodman@mcgrathnorth.com About Bear Company LLC Bear Company, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 26-80083) on January 26, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas L. Saladino presides over the case. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as bankruptcy counsel. BEINGWIZARD: Case Summary & 12 Unsecured Creditors -------------------------------------------------- Debtor: BeingWizard LLC TreeHouse Venice LLC 39455 Avenida La Cresta Murrieta, CA 92562-7320 Business Description: BeingWizard LLC owns and leases residential real estate in Murrieta, California, Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10770 Judge: Hon. Scott H Yun Debtor's Counsel: Donald Reid, Esq. LAW OFFICE OF DONALD W. REID PO Box 2227 Fallbook CA 92088 Tel: (951) 777-2460 E-mail: don@donreidlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tracy Ray as CEO. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/65XQ6WI/BeingWizard_LLC__cacbke-26-10770__0001.0.pdf?mcid=tGE4TAMA BEST OF TASTE: Seeks to Hire Cox Accounting LLC as Accountant ------------------------------------------------------------- The Best of Taste, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Cox Accounting, LLC as accountant. The firm will provide financial accounting, tax preparation and other consulting services. The firm's current compensation rates are $75 to $125 per hour. As disclosed in the court filings, Cox Accounting, LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Joseph R. Cox, Jr. Cox Accounting, LLC 39515 N. Laurel Valley Court Anthem, AZ 85086 Phone: (480) 285-4117 Email: coxaccounting@yahoo.com About The Best of Taste Inc. The Best of Taste, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11278) on November 21, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC represents the Debtor as legal counsel. BLACK SHEEP: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted The Black Sheep, Inc. interim approval to use the cash collateral of its secured creditors. The court authorized interim use of the cash collateral of United Capital Funding Group LLC, Celtic Bank Corporation, Small Business Financial Solutions, LLC, Randall Winters, Noel Nudelman, Vericast Corp. and the U.S. Small Business Administration, strictly in accordance with the approved budget, subject to a 20% variance. The court found interim use necessary to avoid immediate and irreparable harm to the bankruptcy estate. As adequate protection, the Debtor must maintain $60,000, plus applicable interest in a segregated Wintrust Bank account for United Capital Funding Group, which funds may not be used absent further court order. The court ruled that no interim adequate protection is required for the other secured creditors without prejudice to their right to seek such protection later. All rights are expressly reserved regarding the validity, priority, or extent of liens and claims. The order is available at https://is.gd/RrylYJ from PacerMonitor.com. About The Black Sheep Inc. The Black Sheep, Inc., a marketing agency in Chicago,, Illinois, specializes in connecting brands with college students across the United States through services including market research, field marketing, influencer campaigns, and paid advertising. Founded in 2008 by Atish Doshi as a satirical college newspaper at the University of Illinois, the company has expanded its network of student contributors and evolved its content to serve businesses and student housing properties nationwide. The Black Sheep filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01105) on January 22, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Atish Doshi, president and chief executive officer, signed the petition. Neema Varghese of NV Consulting Services serves as Subchapter V trustee. The Debtor is represented by: Adam P. Silverman, Esq. Adelman & Gettleman, Ltd. Tel: 312-435-1050 ext 229 Email: asilverman@ag-ltd.com BLACKBEARD'S TRIPLE: Hires Ayers & Haidt P.A. as Legal Counsel -------------------------------------------------------------- Blackbeard's Triple Play, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Ayers & Haidt, P.A. to serve as legal counsel in 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. The firm will be paid a retainer in the amount of $15,000 from East Front Street, LLC. David J. Haidt, Esq., a partner at Ayers & Haidt, 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 at: David J. Haidt, Esq. AYERS & HAIDT, PA P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: (252) 638-2955 Email: davidhaidt@embarqmail.com About Blackbeard's Triple Play Inc. Blackbeard's Triple Play, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04908-5-DMW) on December 10, 2025. In the petition signed by Billy Dale Overbee, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. David J. Haidt, Esq., at Ayers & Haidt, PA, represents the Debtor as legal counsel. BTWFU & GCFU: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: BTWFU & GCFU, LLC PO Box 61817 Houston, TX 77208 Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30626 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Stephanie D. Curtis, Esq. CURTIS LAW PC 901 Main Street Suite 6230 Dallas, TX 75202 Tel: 214-752-2222 E-mail: scurtis@curtislaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John N. Pollard Jr as managing member of owner and operator. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZLH26MI/BTWFU__GCFU_LLC__txsbke-26-30626__0001.0.pdf?mcid=tGE4TAMA CARBON HEALTH: Files for Chapter 11 With Toggle Plan ---------------------------------------------------- Carbon Health Technologies, Inc., et al., sought Chapter 11 protection, intending to sell their assets, in whole or in part, but with the option to "toggle" to a debt-for-equity plan process in the event the sale process does not yield actionable results. Founded in San Francisco in 2015 and is currently headquartered in Sunnyvale, California, CHTI is a health technology and management services organization ("MSO"), providing a fully integrated primary and urgent care system to over 800,000 patients each year. CHTI provides non-clinical, administrative, and operational support to urgent care and primary care medical service providers at 93 locations across eight states, with 480 health care providers and 1,400 employees. The Debtors recorded revenues of $166 million in 2024 and $154 million for the trailing 12 months ended Nov. 30, 2025. As of the Petition Date, the applicable Debtors owed prepetition secured lenders for term loans in an aggregate principal amount of not less than $77 million. Future Solution Investments LLC is the agent for the prepetition lenders and the DIP lenders. In addition, John Muir Health is owed $3.9 million, Stanford Health Care is owed $3.8 million, and Prime Healthcare Services, Inc., is owed $7.6 million on account of loans for the purpose of developing and opening primary care and urgent care clinics in various locations around the country. Now in a precarious liquidity situation, the Debtors have arranged DIP financing from their prepetition lenders to stabilize their operations and fund their Chapter 11 cases while they pursue a sale or restructuring. The Debtors commenced Chapter 11 cases in order to effectuate a value-maximizing debt-for-equity Plan and concurrent marketing and sale process that will benefit all stakeholders. Following months of extensive good faith and arm's length negotiations, the Debtors and Future Solution, as agent, reached agreement on the terms of a dual-track comprehensive restructuring process that would enable the Debtors to pursue in parallel confirmation of a chapter 11 plan premised on a debt-for-equity exchange and conduct a postpetition marketing and sale process for their assets, in whole or in part, in one or more sale transactions. Through the Chapter 11 cases, the Debtors will continue the extensive prepetition marketing process for the sale of some or all of their assets while also pursuing confirmation of the Plan supported by the Prepetition Lenders who are also the proposed DIP Lenders (in both capacities, the "Lenders"). Accordingly, in addition to routine first day motions, the Debtors are filing the Bid Procedures Motion requesting that the Court establish procedures for the sale of some or substantially all of their assets. Shortly after the Petition Date, the Debtors plan to file the proposed combined Plan and disclosure statement. The Plan provides for an internal reorganization where the Lenders exchange their secured debt (or a portion thereof) for equity in the reorganized Debtors in the event that there is not an acceptable sale transaction for substantially all of the Debtors' enterprise. About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, CHTI operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies, Inc. and 28 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90306). The cases are pending before the Honorable Christopher M. Lopez. Alvarez and Marsal serves as financial advisor to the Company and Pachulski Stang Ziehl & Jones LLP serves as bankruptcy counsel. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the prepetition lenders and the DIP lenders. CASELLA WASTE: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed the ratings of Casella Waste Systems, Inc. (Casella), including the Ba2 corporate family rating, Ba2-PD probability of default rating and B1 rating on the senior unsecured revenue bonds that Casella guarantees. The outlook remains stable. Casella's SGL-2 speculative grade liquidity rating remains unchanged. The ratings affirmation and stable outlook reflect Moody's expectations that favorable pricing dynamics in the company's core Northeast US market, good execution, including cost discipline, and a balanced capital approach will continue to drive steady EBITDA growth and deleveraging over the next 12-18 months. Moody's expects Casella to sustain EBITDA margins above 20% (including Moody's standard adjustments), notwithstanding cost inflation and volume pressures in the face of lingering macroeconomic uncertainty. Moody's expects Casella to maintain good liquidity. In addition, if the company uses debt to fund acquisitions, Moody's expects that borrowings will be repaid from free cash flow within a reasonable timeframe. RATINGS RATIONALE Casella's ratings reflect its modest but increasing scale with a primary regional focus in the Northeast US. The company has healthy margins that nonetheless fall shy of rated industry peers, mainly due to regional operating dynamics. Acquisitions will remain core to the company's growth strategy. Debt funded acquisitions in recent years led to high financial leverage amid geographic market expansion. However, Casella has also occasionally issued equity to help fund acquisitions. Moody's expects the company's focused execution on strategic initiatives to support improving credit metrics, including adjusted debt-to-EBITDA that continues to fall steadily to below 3x through 2027, even with acquisitive growth. The company's acquisitions are usually margin dilutive in the short term but become accretive over time as integration progresses, including through investments in systems, routing, and fleet optimization. The company benefits from the stability of the solid waste industry given the non-discretionary nature of demand for waste collection and disposal. Key aspects of the company's strategy to improve operations include sourcing incremental waste volumes from third parties to its own landfills. This is favorable for Casella as landfill disposal capacity in the Northeast US region is becoming increasingly constrained. Moody's believes the company will maintain a focus on pricing landfill and collection operations in excess of inflation, improving collection route efficiencies, and restructuring fees on recycling contracts to drive higher returns. Moody's expects earnings growth to be the primary driver for improving credit metrics as debt reduction has moderated with the company balancing the deployment of free cash flow among acquisitions, other growth initiatives, and debt repayment. Casella's good liquidity (SGL-2) reflects Moody's expectations that the cash balance, healthy free cash flow and availability on the company's sizable $700 million revolving credit facility (undrawn) will be ample to cover its cash needs. Debt maturities in the next two years are light with manageable mandatory amortization (1%) on the company's unrated $800 million term loan starting in 2027. The cash balance remained higher than normal at $193 million as of September 30, 2025, boosted by proceeds from an equity offering of $496 million in 2024 that Casella has deployed primarily toward acquisitions. The senior secured revolving credit facility (unrated) expiring in 2029 had approximately $673 million available to borrow, net of letters of credit as of September 30, 2025. Moody's expects the revolver's availability to remain robust, except for moderate periodic usage to help fund acquisitive growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded following prudent and profitable expansion of the company's operating footprint beyond New England and New York and significant growth in scale. In addition, an EBITDA margin approaching 25%, EBIT-to-interest sustained at or above 4x and debt-to-EBITDA expected to remain below 3x could support an upgrade. A consistent, well-balanced financial policy and good liquidity, including robust free cash flow such that free cash flow-to-debt improves, would also be prerequisites for an upgrade. The ratings could be downgraded with flat organic revenue growth, sustained margin erosion and/or debt-to-EBITDA expected to remain above 3.5x. Weaker liquidity with deteriorating free cash flow or significantly reduced availability under the revolving credit facility could also result in a ratings downgrade. Issuer: Casella Waste Systems, Inc. Affirmations: Probability of Default Rating, Affirmed Ba2-PD LT Corporate Family Ratings, Affirmed Ba2 Outlook Actions: Outlook, Remains Stable Issuer: Maine Finance Authority Affirmations: Senior Unsecured Revenue Bonds, Affirmed B1 Issuer: New Hampshire (State of) Business Finance Authority Affirmations: Backed Senior Unsecured Revenue Bonds, Affirmed B1 Issuer: New York State Environmental Facilities Corp. Affirmations: Senior Unsecured Revenue Bonds, Affirmed B1 Backed Senior Unsecured Revenue Bonds, Affirmed B1 Issuer: Vermont Economic Development Authority Affirmations: Senior Unsecured Revenue Bonds, Affirmed B1 Backed Senior Unsecured Revenue Bonds, Affirmed B1 The principal methodology used in these ratings was Environmental Services and Waste Management published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Casella Waste Systems, Inc. is a solid waste management company primarily focused in the Northeast US region (Vermont, New Hampshire, Connecticut, New York, Massachusetts, Maine and Pennsylvania), with services including collection, transfer, disposal and recycling services. The company also operates in New Jersey, Delaware and Maryland. Revenue was approximately $1.8 billion for the twelve months ended September 30, 2025. CATTLE CARTEL: Hires Dentons Bingham Greenebaum LLP as Counsel -------------------------------------------------------------- Cattle Cartel, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Dentons Bingham Greenebaum LLP as counsel. The firm will render these services: (a) advise and assist the Debtors with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtors regarding matters of Bankruptcy Law, including the rights and remedies of the Debtors with regard to its assets and with respect to the claims of creditors; (c) represent the Debtors in any proceedings or hearings in the Bankruptcy Court and in any action in any other court where the Debtors' rights under the Bankruptcy Code may be litigated or affected; (d) conduct examinations of witnesses, claimants, or adverse parties and prepare and assist in the preparation of reports, accounts, and pleadings related to this Chapter 11 case; (e) advise the Debtors concerning the requirements of the Bankruptcy Code and applicable rules as the same affect the Debtors in these proceedings; (f) assist the Debtors in the negotiation, formulation, confirmation, and implementation of a subchapter V, Chapter 11 Plan; (g) make any court appearances on behalf of the Debtors; and (h) take such other action and perform such other services as the Debtors may require of the firm in connection with the Chapter 11 cases. The firm's attorneys will be paid at these hourly rates: Robert Hammeke, Partner (Kansas City) $760 Krystal Mikkilineni, Shareholder (Des Moines) $510 Tirzah Roussell, Associate (Des Moines) $340 Jacob Margolies, Associate (Kansas City) $515 In addition, the firm will seek reimbursement for expenses incurred. Ms. Mikkilineni 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: Krystal R. Mikkilineni, Esq. Tirzah R. Roussell, Esq. DENTONS DAVIS BROWN PC 215 10th ST, SUITE 1300 Des Moines, IA 50309 Telephone: (515) 288-2500 E-mail: krystal.mikkilineni@dentons.com tirzah.roussell@dentons.com About Cattle Cartel, LLC Cattle Cartel, LLC is a Kansas-based agricultural and livestock company engaged in cattle operations, including cattle ownership, trading, and related agricultural services. Cattle Cartel, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kansas Case No. 26-20079) on January 23, 2026. In its petition, the Debtor reports estimated assets of $1 million-$10 million and estimated liabilities of $100,001-$1 million. Honorable Chief Bankruptcy Judge Dale L. Somers handles the case. The Debtor is represented by Robert Hammeke, Esq., Dentons US LLP. CCSL BILOXI: Gets Court Nod to Use Cash Collateral -------------------------------------------------- CCSL Biloxi, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Mississippi, Southern Division, to use the cash collateral of the U.S. Small Business Administration and merchant cash advance creditors. Several merchant cash advance creditors claim interests in future receivables totaling approximately $891,709.87, and certain customers are withholding payments at the MCA creditors' direction, impairing the Debtor's ability to fund ongoing operations. In its order, the court determined that the SBA holds the senior perfected pre-bankruptcy lien while most MCA creditors failed to properly perfect their interests. Applying section 552(a) of the Bankruptcy Code, the court ruled that post-petition receivables are not subject to pre-bankruptcy liens, including those asserted by the SBA and the MCA creditors, and are, therefore, available for the Debtor's immediate use. Accordingly, the court authorized the Debtor to use all cash collateral, approved prior post-petition use nunc pro tunc, and ordered that customers including Harrah's Casino Biloxi, Royal Sonesta Hotel, and Sonesta ES immediately release withheld receivables. Failure to comply may subject such customers to the court's contempt powers, ensuring the Debtor's access to funds necessary for continued operations and reorganization. About CCSL Biloxi LLC CCSL Biloxi, LLC provides commercial laundry and linen services, primarily serving hotels and casinos in the Gulf Coast region. The Gulfport, Mississippi-based company manages a fleet of vehicles for transporting laundered goods and maintains facilities for washing, drying, and handling linens. CCSL Biloxi sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51843. At the time of the filing, the Debtor listed between $1 million and $10 million in assets and liabilities. Judge Katharine M. Samson oversees the case. The Little Law Firm, PLLC serves as the Debtor's bankruptcy counsel. CEESAY'S TRUCKING: Leon Jones Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Ceesay's Trucking & Logistics LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Ceesay's Trucking & Logistics LLC Ceesay's Trucking & Logistics, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51053) on January 27, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. COLORADO SPRINGS: Seeks Chapter 7 Bankruptcy in Colorado -------------------------------------------------------- On January 29, 2026, Colorado Springs Mover LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Colorado Springs Mover LLC Colorado Springs Mover LLC is a limited liability company. Colorado Springs Mover LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10546) on January 29, 2026. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Collin J. Earl, Esq. CREATIVE CHANGE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered an interim order authorizing Creative Change Counseling, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund its operations through February 24 and make monthly payments of $1,000 to the U.S. Small Business Administration and $3,641 to Trust Capital Funding. The Debtor's budget projects total monthly operational expenses of $870,480. As protection, secured creditors will be granted replacement liens on all property of the Debtor, with the same priority as the original liens, subject only to certain statutory and court-approved fees. The Debtor retains the right under 11 U.S.C. section 506 to challenge the validity or amount of any secured lien. The Debtor's authority to use cash collateral terminates upon conversion or dismissal of its Chapter 11 case, confirmation of a bankruptcy plan, failure to cure defaults within 10 business days, or termination of its operations. A final hearing is scheduled for February 24. The deadline for filing objections is on February 17. The order is available at https://is.gd/YFPSJp from PacerMonitor.com. About Creative Change Counseling Inc. Creative Change Counseling, Inc. is a nonprofit behavioral healthcare provider offering integrated mental health services, substance use treatment, and innovative programs, including behavioral support, intensive in-community treatment, therapeutic recreational services, and restorative justice initiatives, across multiple locations in New Jersey, North Carolina, and Delaware. Creative Change Counseling sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-10418-CMG) on January 15, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Christine M. Gravelle oversees the case. The Debtor tapped Abelson Law Offices as bankruptcy counsel and Richard Tumolo, CPA of Tumolo Tax Services PLLC as accountant. CRUISING KITCHENS: Hires Royal Lea Law Office as Special Counsel ---------------------------------------------------------------- Cruising Kitchens, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Royal Lea Law Office PLLC as special counsel. The firm will prosecute and defend adversary proceedings regarding litigation with Swift Funding and Travis Baros. The firm received a retainer in the amount of $75,000. Royal Lea Law Office PLLC is a "disinterested person" as the term is defined in 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Jennifer MCLaughlin Royal Lea Law Office PLLC 1901 NW Military Hwy, Ste. 218 San Antonio, TX 78213 Tel: (210) 202-2395 Email: jennifer@royallealaw.com About Cruising Kitchens LLC Cruising Kitchens LLC is a San Antonio-based manufacturer of custom food trucks and trailers. Cruisng Kitchens LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50001) on January 2, 2026. In its petition, the Debtor reports $3.4 million in assets and $14.7 million in liabilities. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Ronald J. Smeberg, Esq. of Smeberg Law Firm, PLLC. CRUISING KITCHENS: Hires Schriver Carmona & Company as Accountant ----------------------------------------------------------------- Cruising Kitchens, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Schriver, Carmona & Company, PLLC as accountant. The firm will assist the Debtor with preparing financial statements, monthly operating reports, proformas and account entry adjustments, prepare quarterly tax returns, prepare annual tax returns, and assist with litigation accounting. The firm received a retainer in the amount of $10,000. As disclosed in the court filings, Schriver Carmona is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14). The firm can be reached through: Derek Shriver Schriver, Carmona & Company PLLC 7550 W I-10, Frontage Rd #504 San Antonio, TX 78229 Tel: (210) 680-0350 Fax: (210) 390-0802 About Cruising Kitchens LLC Cruising Kitchens LLC is a San Antonio-based manufacturer of custom food trucks and trailers. Cruisng Kitchens LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50001) on January 2, 2026. In its petition, the Debtor reports $3.4 million in assets and $14.7 million in liabilities. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Ronald J. Smeberg, Esq. of Smeberg Law Firm, PLLC. CRUISING KITCHENS: Seeks to Hire Smeberg Law Firm as Legal Counsel ------------------------------------------------------------------ Cruising Kitchens, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Smeberg Law Firm, PLLC as bankruptcy counsel. The firm will give the Debtor legal advice with respect to the Case, the Debtor's powers and duties as Debtor-in-Possession and management of the Debtor's property, and to perform all legal services for the Debtor-in-Possession that may be necessary. The firm's current hourly billing rates are: Ronald J. Smeberg $475 Attorneys $475 Associate Attorneys $325 Legal Assistants/Paralegals $200 Non partner attorneys $400 Accounting Professionals $250 Smeberg Law Firm is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Ronald J. Smeberg, Esq. THE SMEBERG LAW FIRM, PLLC 4 Imperial Oaks San Antonio, TX 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com About Cruising Kitchens LLC Cruising Kitchens LLC is a San Antonio-based manufacturer of custom food trucks and trailers. Cruisng Kitchens LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50001) on January 2, 2026. In its petition, the Debtor reports $3.4 million in assets and $14.7 million in liabilities. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Ronald J. Smeberg, Esq. of Smeberg Law Firm, PLLC. CURRY INVESTMENTS: Hires Remax Lake of the Ozarks as Broker ----------------------------------------------------------- Curry Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Kristin Stordahl of Remax Lake of the Ozarks as real estate agent. The firm's services include: (a) marketing Debtor's Real Estate for sale; and (b) assisting Debtor in negotiations and execution of Real Estate Contracts and subsequent sales. The firm will receive a 6 percent commission of sale that is split 50/50 with selling agent. As disclosed in the court filings, Remax and its staff, are disinterested parties as defined in 11 U. S. C. Sec. 101(14) and represent no interest adverse to the Debtor or the Debtor's estate. The firm can be reached through: Kristin Stordahl Remax Lake of the Ozarks 3525 Osage Beach Parkway Osage Beach, MO 65065 Mobile: (507) 779-9718 About Curry Investments, LLC Curry Investments LLC is a real estate company engaged in the ownership and management of a single residential asset located at 147 Forest Trace, Sunrise Beach, MO 65079. Curry Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-30019-11) on January 22, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Sader Law Firm, LLC serves as the Debtor's legal counsel. CVR ENERGY: Moody's Rates New Senior Unsecured Notes 'B3' --------------------------------------------------------- Moody's Ratings assigned B3 ratings to CVR Energy, Inc.'s (CVI) proposed senior unsecured notes due 2031 and 2034. CVI's existing ratings, including its B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B3 senior unsecured notes ratings, and stable outlook remain unchanged. The Ba3 rating of CVR CHC, LP's senior secured term loan remains unchanged. CVI plans to use net proceeds from its proposed senior unsecured notes, along with cash on its balance sheet or borrowings under its ABL revolving credit facility, to fully redeem its $600 million of senior unsecured notes due 2029, to fully repay its senior secured term loan (about $157 million outstanding), and to redeem $217 million of its senior unsecured notes due 2028 (out of $400 million outstanding). RATINGS RATIONALE CVI's senior unsecured notes are rated B3, one notch below the CFR, due to the effective seniority of the ABL revolver. The notes are guaranteed by wholly owned subsidiaries of CVI with the exception of CVR Partners, LP (CVR Partners, B1 stable) and CVR Partners' subsidiaries, and certain immaterial wholly owned subsidiaries of CVI. CVR Partners' notes are non-recourse to CVI. CVI's B2 CFR reflects high debt levels, modest scale, and geographic concentration. CVI's debt capacity is primarily supported by its refining operations, which are exposed to the volatility in the sector. CVI owns the general partner and 37% of the common units of CVR Partners, a nitrogen fertilizer producer, from which it receives periodic distributions. Given the cyclical nature of the refining business, CVI's EBITDA and cash flows are exposed to large movements, and there can be sizable shifts in leverage. The company completed the turnaround at its Coffeyville refinery in 2025 and has no planned turnarounds in 2026. The next planned turnaround, at its Wynnewood refinery, is in 2027. CVI's dividend is currently suspended, preserving cash. CVI meaningfully benefits from the mix of partial and full small refinery exemptions for the 2019 through 2024 compliance periods, granted in August 2025, to Wynnewood Refining Company, LLC. As a result, CVI's accrued liability under the Renewable Fuel Standard reflected a reduction of $488 million in its balance as of September 30, 2025. CVI's SGL-2 rating reflects good liquidity. As of September 30, 2025, CVI had $514 million in cash, which excludes $156 million at CVR Partners. CVI relies on a crude oil supply agreement that expires in January 2029 to support working capital needs. The stable outlook reflects Moody's expectations for the company to maintain supportive credit metrics under improved market conditions while prioritizing further debt reduction and maintaining good liquidity, including by proactively extending its debt maturity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include positive free cash flow and improving liquidity, debt reduction, and sustaining debt/EBITDA for the refining business below 4x. Factors that could lead to a downgrade include EBITDA/interest below 1.5x, weakening liquidity, or debt-funded distributions or acquisitions. CVI, headquartered in Sugar Land, Texas, is a publicly traded holding company focused on petroleum refining. It also owns the general partner and 37% of the common units of CVR Partners, a nitrogen fertilizer producer. As of September 30, 2025, Icahn Enterprises L.P. (B1 stable) and its affiliates owned approximately 70% of CVI's outstanding common stock. The principal methodology used in these ratings was Refining and Marketing published in August 2021. DB PROPERTIES: Seeks Approval to Hire KLNB as Real Estate Agent --------------------------------------------------------------- DB Properties WH, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ KLNB as real estate agents. The firm will market and sell the Debtor's property located at 2670 University Blvd West, Wheaton, Maryland 20901. The firm will receive a total commission of 6 percent. The listing price of the Property is likely to approximately $1,700,000. However, is the Agent procures a buyer, the commission will be reduced to 5 percent. Chris Kubler, an agent with KLNB, assured the court that the firm is a disinterested person as defined by 11 U.S.C. Sec. 101(14). The firm can be reached through: Christopher B. Kubler KLNB 9881 Broken Land Pkwy, Suite 300 Columbia, MD 21046 Phone: (443) 574-1415 Email: ckubler@klnb.com About DB Properties WH LLC DB Properties WH, LLC is a single-asset real estate company that owns one income-producing property. DB Properties WH filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10586) on January 19, 2025. In the petition signed by Ronald Hernandez, managing member, the Debtor reported up to $10 million in both assets and liabilities. The Debtor is represented by Linda M. Dorney, Esq., at BGS Law, LLC. DEQSER LLC: Hub Truck Rental Steps Down as Committee Member ----------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Hub Truck Rental Corp. from the official committee of unsecured creditors in the Chapter 11 cases of Deqser LLC and its affiliates. The remaining members of the committee are: 1. KPIP Urban Renewal II, LLC Attn: Stephen Nislick 78 John Miller Way, Suite 102 Kearny, NJ 07032 Phone: 201-306-8453 snislick@hugoneu.com 2. Facsimile Communications Industries, Inc. dba Atlantic Tomorrows Office Attn: Richard Perz 134 W. 26th Street New York, NY 10001 Phone: 347-515-2465 rperz@tomorrowsoffice.com About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ECOWAS FOREX: Starts Chapter 7 Bankruptcy in Virginia ----------------------------------------------------- On January 28, 2026, Ecowas Forex Bureau, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Ecowas Forex Bureau, LLC Ecowas Forex Bureau, LLC is a financial services company specializing in foreign exchange and money transfer services. The company serves individuals and businesses, providing currency exchange, remittance, and related financial solutions. Ecowas Forex Bureau, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10201) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Brian F. Kenney handles the case. The Debtor is represented by Nathan A. Fisher, Esq. of Fisher-Sandler, LLC. EDMUNDSON INC: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 19 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Edmundson Inc. and Edmundson Land, LLC. The committee members are: 1. Oregon Pride Nurseries, Inc. 5380 SE Booth Bend Road McMinnville, OR 97128 Sarah Bartley 503-472-9147 sales@oregonpridenurseries.com 2. Quartzite Nursery P.O. Box 897 Chewelah, WA 99109 Owen E. Pullen 509-675-5188 trees@qmn.com 3. Alta Nursery, Inc. 21750 Alessandro Ave. N San Jacinto, CA 92583 Tonya C. Schoenfuss, Ph.D. 951-654-8210 tonya@altanursery.com 4. 3 Oaks Wholesale Nursery 4725 E. Prospect Road Fort Collins, CO 80525 Larry Ekblad 970-481-5257 Larryekblad@msn.com 5. W.R. Baxter Wholesale Nursery, Inc. P.O. Box 789 Emmett, Idaho 83617 Matt Wolff mgw@baxternursery.com 208-365-6011 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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 and its affiliate, Edmundson Land, LLC, filed Chapter 11 petitions (Bankr. D. Colo. Lead Case No. 26-10019) on January 2, 2025. Matthew Edmundson, chief executive officer and member of Edmundson, signed the petitions. At the time of the filing, Edmundson reported between $10 million and $50 million in both assets and liabilities. Judge Joseph G. Rosania Jr oversees the cases. J. Brian Fletcher, Esq., at Onsager Fletcher Johnson Palmer, LLC, represents the Debtors as legal counsel. ENKB-MONTICELLO: Affiliates Get Final OK to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, issued a final order authorizing ENKB-Monticello, LLC's affiliates to use cash collateral. Under the final order, La Plaza 2022, LLC, Mar de Sol 2021, LLC, and Verenda 2021, LLC are authorized to use cash collateral through the effective date of their Chapter 11 plan, subject to approved budgets with a 5% permitted variance per line item. SouthState Bank, N.A. (and affiliated subsidiaries) consented to the final use. As adequate protection, the Debtors must make monthly payments totaling $382,204, pay 2025 ad valorem property taxes, permit lender appraisals, provide debtor-in-possession account access, and implement deposit account control agreements post-confirmation. All remaining terms of the prior interim orders remain in full force and effect. A copy of the final order and the Debtors' budget is available at https://shorturl.at/IsseX from PacerMonitor.com. About ENKB-Monticello LLC ENKB-Monticello, LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello and affiliates, La Plaza 2022, LLC, Mar De Sol 2021, LLC, TX Nueva 2021, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-80418) on September 7, 2025. In its petition, ENKB-Monticello reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. ENNIS I-45 11: Amends Plan to Include Bay Point Secured Claim ------------------------------------------------------------- Ennis I-45 11 Acre, LLC and Bay Point Capital Partners II, LP submitted a Disclosure Statement describing Amended Plan of Liquidation dated January 26, 2026. The Debtor is a Texas limited liability company that operates a luxury RV Park (the "RV Park") at 590 S Interstate 45, Ennis, Texas 75119 (the "Real Property"). The Plan proposes that the Debtor's main asset, the real property located at 590 S Interstate, I-45, Ennis, Texas 75119, be sold through a two-step sales process: (i) first, the Property would be subjected to a private sale process, to the extent an offer for the Property is received that is acceptable to the Plan Administrator and (ii) second, if no such offer is received, the Property would be sold through an auction process conducted by the Plan Administrator. The Debtor has conducted a six-month marketing campaign of the Property through Marcus & Millichap Inc. ("MM"). The result of this campaign is that several offers or expressions of interest were received for the Property, the highest of which was a since withdrawn offer in the amount of $6,000,000.00. There have been several other offers or expressions of interest for the purchase of the Property, some exceeding $5,000,000.00 in total value (subject to ordinary adjustments and prorations). The Plan proposes that MM, as directed by the Plan Administrator, would continue to seek solicitations for the purchase of the Property during the Solicitation Period. If the Plan Administrator determines that an offer for the Property received during the Solicitation Period is adequate, in the Plan Administrator's business judgment, the Plan Administrator would file a motion with the Court seeking approval of the sale. The Plan provides that the net proceeds of the Purchase Price for the Property will be delivered to the Plan Administrator and used to fund the Plan, along with exit financing provided by Bay Point on a first priority, priming secured basis. After the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, and Other Secured Tax Claims, and reserving the Plan Administration Reserve, the Remaining Cash will be held by the Plan Administrator in an interest-bearing account pending the resolution of the Equitable Subordination Litigation. Upon resolution of the Equitable Subordination Litigation, the Plan Administrator shall distribute the Remaining Cash according to the Distribution Waterfall to the Holders of Claims in Class 2 (REH Secured Claim), Class 3 (Bay Point Secured Claim), Class 4 (General Unsecured Claims), Class 5 (REH Subordinated Claim), and/or Class 6 (Interests). The Plan Administrator will effectuate the windup of the Debtor's business according to the Plan, serve as distribution agent, and investigate, and if appropriate, pursue the Retained Actions. Any proceeds from the Retained Actions will be held by the Plan Administrator in the Plan Administration Reserve until the Plan Administrator determines additional distributions can be made or final distributions are made under the Plan, at which time the Plan Administrator will distribute any excess from the Plan Administration Reserve according to the Distribution Waterfall. Class 4 consists of General Unsecured Claims. Promptly after the determination of the Equitable Subordination Litigation pursuant to a Final Order, each Holder shall receive payment from Remaining Cash according to the Distribution Waterfall in an amount not to exceed the Allowed amount of such General Unsecured Claim. In addition, Class 4 General Unsecured Claims, together with Class 5 REH Subordinated Claim, will receive a pro-rata share of the GUC Fund. The allowed unsecured claims total $281,341.32 to $12,384,802.51. Class 7 consists of Bay Point Exit Financing Secured Claim. In full satisfaction of such Bay Point Exit Financing Secured Claim, at the closing of the sale of the Property, each Holder shall receive payment in an amount equal to such Bay Point Exit Financing Secured Claim plus interest and any other amount due under the terms of this Plan The Plan Administrator shall sell the Property pursuant to the Sale Procedures. On the Effective Date, Bay Point shall extend financing (the "Exit Financing") sufficient to pay, in full, all Effective Date Obligations that remain due and owing plus Post-Confirmation Costs, as and when such costs become due and payable, and $100,000 reserved (the "GUC Fund") to be shared pro-rata among Tranche C as defined in the Distribution Waterfall. Bay Point shall be entitled to (x) charge interest on any amounts advanced as Exit Financing at that rate set forth in Section 1961 of the Bankruptcy Code (i.e., the federal post-judgment interest rate) on the date that any such Exit Financing is extended to the Debtor; (y) collect reasonable attorney fees incurred by Bay Point in connection with the Exit Financing; and (z) recoup other reasonable out-of-pocket expenses that may be incurred by Bay Point in connection with the Exit Financing. The Exit Financing shall be deemed the Bay Point Exit Financing Secured Claim and shall be repaid. A full-text copy of the Disclosure Statement dated January 26, 2026 is available at https://urlcurt.com/u?l=AxEWKj from PacerMonitor.com at no charge. Counsel to the Debtor: Kyung S. Lee, Esq. Robert J. Shannon, Esq. Ella A. Cornwall, Esq. Shannon & Lee LLP 2100 Travis Street Houston, TX 77002 Tel: (713) 714-5770 Email: klee@shannonleellp.com rshannon@shannonleellp.com ecornwall@shannonleellp.com About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law EXOTIC COACH: Section 341(a) Meeting of Creditors on March 5 ------------------------------------------------------------ On January 26, 2026, Exotic Coach Lines, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on March 5, 2026 at 04:00 PM at by U.S. Trustee TELECONFERENCE. To participate call 888-330-1716 passcode 5155182. About Exotic Coach Lines, LLC Exotic Coach Lines, LLC operates a passenger transportation business providing coach and charter services. Exotic Coach Lines, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10942) on January 26, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad T. Van Horn, Esq. EXTRACTCRAFT LLC: Seeks Chapter 7 Bankruptcy in Colorado -------------------------------------------------------- On January 23, 2026, ExtractCraft LLC filed for Chapter 7 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. About ExtractCraft LLC ExtractCraft LLC is a limited liability company. ExtractCraft LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10412) on January 23, 2026. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Lance J. Goff, Esq., of Goff & Goff, LLC. FAT BRANDS: Lenders Say CEO Drained Co. Funds to Pay Travel Costs ----------------------------------------------------------------- Jonathan Randles and Steven Church of Bloomberg News report that lenders to bankrupt restaurant operator FAT Brands Inc. allege that the company's top executive improperly diverted business funds to cover personal travel, high-end purchases, and private aviation. Creditors who control a majority of the $1.2 billion in debt issued through the company's whole-business securitization accused CEO Andrew Wiederhorn of misappropriating cash in a filing submitted Tuesday, January 29, 2026. According to the lenders, more than $200 million was paid out ahead of the Chapter 11 filing through dividends, insider compensation, and legal expenses related to Wiederhorn's defense in ongoing disputes. The filing echoes claims lenders have made in prior proceedings, contending the payments drained liquidity and accelerated the company's financial distress. The lenders are seeking court oversight as FAT Brands begins its restructuring process, according to report. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAZELI PROPERTIES: Hires Till Law Group as Bankruptcy Counsel ------------------------------------------------------------- Fazeli Properties LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Till Law Group as its general bankruptcy counsel. The firm's services include: (a) assisting the Debtor in protecting and preserving the interests of secured and unsecured creditors, maximizing the value of estate property, and administering that property throughout the chapter 11 Case; (b) advising the Debtor of its rights, powers and duties as debtor and debtor-in-possession continuing to operate and manage its business and affairs under chapter 11 of the Bankruptcy Code; (c) advising the Debtor generally as general bankruptcy counsel; (d) developing, through discussion with parties in interest, legal positions and strategies with respect to all facets of this Case, including analyzing administrative and operational issues; (e) preparing on behalf of the Debtor, all necessary and appropriate motions, applications, answers, orders, memoranda, reports, and papers in connection with representing the interests of the Debtor; (f) advising the Debtor in connection with the formulation, negotiation, participating in the resolution of issues related to a plan of liquidation and the development, approval and implementation of such plan; and (g) rendering such other necessary and appropriate legal advice and services that the Debtor may require in connection with this chapter 11 Case for or on behalf of the Debtor. The firm's hourly rates are: James E. Till, Partner $825 Mike Neue, Senior Counsel $825 John P. Schafer, Senior Counsel $795 David Nealy, Of Counsel $595 Martha Araki, Paralegal $375 Myrtle John, Paralegal $390 Matthew Kiper, Clerk $200 The firm received $10,000 retainer. As disclosed in the court filings, Till Law is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: James E. Till, Esq. Till Law Group 120 Newport Center Drive Newport Beach, CA 92660 Phone: (949) 524-4999 About Fazeli Properties LLC Fazeli Properties LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B) that engages in property management, real estate appraisal, and related support functions within the real estate services sector. Fazeli Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18771) on December 5, 2025. In its petition, the Debtor reports estimated assets of $10 million-$50 million and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by James E. Till, Esq. of Till Law Group. FIRST BRANDS: Collateral Dispute Returns to Bankruptcy Court ------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that a Southern District of Texas federal judge has remanded a dispute over roughly $60 million in cash collateral back to bankruptcy court, where a contested fight between First Brands Group and Evolution Credit Partners will now proceed. The ruling reflects procedural and substantive questions about Evolution's claimed security interest that remain unsettled. Judge Lee H. Rosenthal said in her January 31, 2026 opinion that the Houston bankruptcy court is better positioned to determine whether Evolution's trade finance arrangement gives it a bona fide security interest in the disputed cash collateral. She also noted that recent developments may have created a genuine dispute over whether that interest has been adequately protected under the Bankruptcy Code. Rosenthal added that, while her order does not provide a final decision for either party, the remand will allow the bankruptcy court to conduct further proceedings and fact‑finding. The ultimate resolution will hinge on how the bankruptcy court interprets the contractual and statutory rights of the parties involved. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Evolution Appeal Remanded to Bankruptcy Court ----------------------------------------------------------- Senior Judge Lee H. Rosenthal of the U.S. District Court for the Southern District of Texas remanded the appeal styled EVOLUTION CREDIT PARTNERS, Appellant, v. FIRST BRANDS GROUP, LLC, et al., Appellees, Case No. H-26-73 (S.D. Tex.) to the the U.S. Bankruptcy Court for the Southern District of Texas for additional proceedings. The parties dispute: (1) whether Evolution has a secured interest in the cash collateral; and (2) whether Evolution is adequately protected in its alleged secured interest. The Assessment of Property Interests First Brands frames the issue on appeal as a review of the bankruptcy court's assessment of the likelihood that Evolution can establish its priority interest against the amount of collateral remaining. Although the bankruptcy court doubted that Evolution would ultimately prevail on the validity and scope of its asserted first-priority security interest, the record shows that the bankruptcy court reserved ruling on the issue. Instead, the court focused on whether Evolution -- or any other creditor -- would still be adequately protected. The district court will not affirm on the basis that Evolution lacks a property interest; the bankruptcy court assumed, without deciding, that it did and moved to determine adequate protection. The present record requires the district court to take the same approach. Adequate Protection The question squarely presented on appeal is whether Evolution's assumed interest in $60.5 million was adequately protected. The Debtors represent that the Factored Receivables Account now includes over $67 million -- allegedly more than enough to adequately protect Evolution's asserted first-priority security interest. The Debtors represent that the estate is owed about $230 million in outstanding prepetition receivables, which, if and when received, would be transferred to the segregated account and held pending further order of the bankruptcy court. The Debtors also agreed not to seek the release of any further funds from the Factored Receivables Account before February 19, 2026, which is the date of an evidentiary hearing on a related matter set by the bankruptcy court. The Debtors argue that, under these conditions, Evolution's interest is adequately protected. The district court finds there are genuine factual disputes material to determining whether Evolution has adequate protection. This court is not in a position to resolve them. Nor is this court in the position to make the first ruling on the validity of Evolution's asserted security interest, which it would do without the aid of either an evidentiary or adversary proceeding. The appeal is remanded to the bankruptcy court for additional proceedings consistent with this opinion. The parties may litigate, through appropriate procedures, whether Evolution has a first-priority security interest. They may also litigate whether Evolution is adequately protected by the receivables that may flow into the estate in the coming weeks or months. In determining whether Evolution is adequately protected, the bankruptcy court may consider, consistent with the applicable law and in addition to other relevant facts, the amount of funds remaining in the segregated account, the likelihood that additional funds may enter the account, as well as other potential sources of recovery for Evolution. According to the district court, if the bankruptcy court finds that Evolution is adequately protected, it must state specifically what funds or other property, whether currently in the estate or projected to be in the estate (and on what basis), adequately protect Evolution. The bankruptcy court may grant the release of additional funds in a manner consistent with this opinion, or with the agreement of the directly affected parties. The district court retains jurisdiction over the appeal if the bankruptcy court rules on the adequate-protection issue. A copy of the Court's Memorandum Opinion and Order dated January 31, 2026, is available at http://urlcurt.com/u?l=NwqCwHfrom PacerMonitor.com. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Orrick Represents Raistone Factoring Parties ---------------------------------------------------------- In the Chapter 11 bankruptcy cases of First Brands Group, LLC and its debtor-affiliates, Orrick, Herrington & Sutcliffe LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the court about Orrick's representation of the Raistone Factoring Parties that hold or acquired (i) interests in certain accounts receivable of the Debtors; and (ii) claims against the Debtors, in the case of each of (i) and (ii), through a fintech platform managed by Raistone Capital LLC in connection with: (a) the Sixth Amended and Restated Receivables Purchase Agreement dated as of May 14, 2024 (the "Receivables Purchase Agreement") by and among Raistone Purchasing LLC-Series XXXII and certain of the Debtors; and (b) the Supply Chain Finance Customer Agreement, dated as of August 15, 2019 (the "SCF Agreement") by and among Raistone Purchasing LLC – Series XXVIII and certain of the Debtors. According to the Verified Statement: 1. Orrick does not represent or purport to represent any other creditors or equity holders with respect to the Chapter 11 Cases other than the Raistone Factoring Parties. In addition, other than in connection with the Receivables Purchase Agreement and SCF Agreement, each of the Raistone Factoring Parties is acting for its own interest, and does not purport to act, represent, or speak on behalf of any other entities, including other affiliated entities that may hold claims against the Debtors, in connection with the Chapter 11 Cases. 2. Nothing contained in this Statement should be construed to effect or impair any claims or interests against the Debtors held by any of the Raistone Factoring Parties. Nothing herein should be construed as a limitation upon, or waiver of, any rights of any of the Raistone Factoring Parties to assert, file and/or amend any proof of claim or interest in accordance with applicable law. 3. Orrick and each of the Raistone Factoring Parties reserve the right to revise, supplement and/or amend this Statement as necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. 4. The information provided is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other use or purpose. The names, addresses, and the nature and amount of all disclosable economic interests held by each Raistone Factoring Party in relation to the Debtors, are: 1. Raistone Purchasing LLC-Series XXXII 360 Madison Ave, 22nd Floor New York, NY 10017 Indemnification rights related to Receivables Purchase Agreement Contingent and unliquidated 2. Nineteen77 Global Multi-Strategy Alpha Master Limited 110 East 59th Street New York, NY 10022 Purchased receivables $36,999,106.60 3. Nineteen77 Working Capital Finance Opportunistic Fund Master Limited c/o Maples Corporate Services Limited Ugland House P.O. Box 309 Grand Cayman, KY1-1104 Cayman Island Purchased receivables $32,867,689.72 4. Select Alternative Strategies II ICAV - UBS Working Capital Finance Opportunistic Fund (EU) c/o UBS Fund Management (Ireland) Limited 5 Earlsfort Terrace Dublin 2, Dublin (IE-D), D02 CK83 Purchased receivables $80,028,717.99 5. Kili Purchasing LLC 360 Madison Ave, 22nd Floor New York, NY 10017 Purchased receivables $19,269,175.43 6. Raistone Receivables Finance Yield Fund LP 360 Madison Ave, 22nd Floor New York, NY 10017 Purchased receivables $2,961,938.54 7. Raistone Purchasing LLC- Series XXVIII 360 Madison Ave, 22nd Floor New York, NY 10017 Indemnification rights related to Supply Chain Finance Agreement Contingent and unliquidated 8. A&Q Metric SPC - Global Opportunistic II SP Ogier Global (Cayman) Limited 89 Nexus Way, Camana Bay Grand Cayman, KY1-9009 Cayman Islands General unsecured claim $248,202,143.32 9. Nineteen77 Global Multi-Strategy Alpha Master Limited 110 East 59th Street New York, NY 10022 General unsecured claim $73,730,659.60 10. Select Alternative Strategies II ICAV - UBS Working Capital Finance Opportunistic Fund (EU) c/o UBS Fund Management (Ireland) Limited 5 Earlsfort Terrace Dublin 2, Dublin (IE-D), D02 CK83 General unsecured claim $32,219,854.05 11. Nineteen77 Working Capital Finance Opportunistic Fund Master Limited c/o Maples Corporate Services Limited Ugland House P.O. Box 309 Grand Cayman, KY1-1104 Cayman Island General unsecured claim $13,541,060.67 12. Ellington Global Asset Management LLC 711 Third Avenue New York, NY 10017 General unsecured claim $1,475,524.36 13. SCFNA, LLC c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 General unsecured claim $2,260,660.85 14. SCFNC, LLC c/o Alter Domus 225 W. Washing St, 9th Floor Chicago, IL 60606 General unsecured claim $5,906,886.79 15. TFC Holdings, Ltd. c/o Walkers Corporate Limited 190 Elgin Avenue George Town Grand Cayman KY1-9008 Cayman Islands General unsecured claim $108,261,939.00 16. Ivy Evergreen Fund LP 158 Meeting Street, Floor 2 Charleston, SC 29401 General unsecured claim $8,568,318.94 17. Ivy Retail Finance LLC 158 Meeting Street, Floor 2 Charleston, SC 29401 General unsecured claim $6,103,629.89 18. Ivy American Installment LLC 158 Meeting Street, Floor 2 Charleston, SC 29401 General unsecured claim $9,849,090.41 19. FB Holdings Ltd. c/o Conyers Corporate Services (Bermuda) Limited Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda General unsecured claim $34,377,168.41 20. Raistone Capital Soteria DE LLC 360 Madison Ave, 22nd Floor New York, NY 10017 General unsecured claim $4,643,776.60 Counsel to the Raistone Factoring Parties may be reached at: Jacob R. Herz, Esq. Richard Jacobsen, Esq. Laura Metzger, Esq. Emanuel Grillo, Esq. Nicholas Poli, Esq. Ariel Roytenberg, Esq. Jacob R. Herz, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Tel: (212) 506-5000 Fax: (212) 506-5151 E-mail: rjacobsen@orrick.com lmetzger@orrick.com egrillo@orrick.com npoli@orrick.com aroytenberg@orrick.com jherz@orrick.com - and - Nicholas Sabatino, Esq. 400 Capitol Mall, Suite 3000 Sacramento, CA 95814-4497 Tel: (916) 329-7962 Fax: (916) 329-4900 E-mail: nsabatino@orrick.com About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: To Wind Down Key North American Business Units ------------------------------------------------------------ Reuters reports that First Brands Group, the bankrupt Ohio‑based auto‑parts maker, said it is winding down several of its North American businesses while continuing to operate other divisions in hopes of attracting buyers. The company has begun closing operations at its Brake Parts Inc., Cardone, and Autolite units, which had been part of its North American portfolio, Reuters reported. The move comes as First Brands continues its Chapter 11 cases, which were filed in late September amid mounting debt and deteriorating financial performance tied to rapid acquisitions and declining market conditions. Interim CEO Charles Moore said the company has explored a range of funding and sales options but ultimately needed to streamline operations while pursuing potential buyers, the report states. First Brands has retained legal, financial, and communication advisers to support its restructuring and marketing efforts, and it is initiating formal sales processes for its business lines. The company's restructuring has drawn attention to broader challenges in the auto‑parts industry, where high leverage and complex financing arrangements have pressured other firms as well, Reuters 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. FLIPCAUSE INC: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Flipcause, Inc. The committee members are: 1. Sweet Relief Musicians Fund Attn: Bill Bennett 2650 E. Imperial Hwy, Ste. 208 Brea, CA 92821 Phone: (714) 626-0447 Email: bill@sweetrelief.org 2. 805undocufund Attn: Primitiva Hernandez 1010 N. H St. #40 Lompoc, CA 93436 Phone: (805) 200-8471 Email: executivedirector@805undocufund.org 3. Latino Medical Student Association – Northeast Attn: Michael Lesgart P.O. Box 662 New York, NY 10012 Phone: (818) 434-4509 Email: director.northeast@lmsa.net 4. Second Harvest of the Greater Valley Attn: Jessica Vaughan 1220 Vanderbilt Cir. Manteca, CA 95337 Phone: (209) 239-2091 Email: jvaughan@secondharvest.org 5. The Michelle O'Neill Foundation, Inc. Attn: Caryl Ann Niven 26 Oregon Street Long Beach, NY 11561 Phone: (516) 302-6929 Email: nivvycaryl@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Flipcause Inc. Flipcause Inc. is a technology company that provides a nonprofit fundraising platform and payment-processing services. The company's software enables small and medium-sized nonprofit organizations to manage online donations, donor engagement, and fundraising campaigns. Flipcause sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19, 2025. In its petition, the Debtor listed between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC. FREEDOM ELECTRIC: Hires Breslow Starling Advisors as Accountant --------------------------------------------------------------- Freedom Electric Marine, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Breslow Starling Advisors, LLC as accountant. The firm proposed to charge a flat fee of $2,500 to prepare the 2025 tax returns. As disclosed in the court filings, the accountant holds no interest adverse to the Debtor or to creditors of the Debtor. The firm can be reached through: William Timothy Byrd, Jr., CPA Breslow Starling Advisors, LLC 3825 West Market Street, Suite 200 Greensboro, NC 27407 Phone: (336) 292-6872 About Freedom Electric Marine Inc. Freedom Electric Marine, Inc. sells electric fishing boats. Freedom Electric Marine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-10835) on November 30, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Joshua Robbins, president of Freedom Electric Marine, signed the petition. Judge Benjamin A. Kahn oversees the case. Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP, represents the Debtor as legal counsel. FTX TRADING: Crypto Scam Victims in Talks w/ Fenwick to Settle Suit ------------------------------------------------------------------- Madison Arnold of Law360 reports that the victims of FTX's spectacular collapse and Fenwick & West LLP are working toward a settlement in a lawsuit over the firm's alleged role in the conditions that led to the cryptocurrency platform's downfall, according to court filings and reporting. The plaintiffs have accused Fenwick of actions that went beyond ordinary legal representation, including structuring corporate entities and advising on financial arrangements that allegedly helped obscure misuse of customer funds before FTX's bankruptcy. Although Fenwick has consistently denied the allegations — asserting it only provided standard legal services — both sides agreed to a proposed resolution, the terms of which are expected to be disclosed when the settlement is formally submitted to the U.S. District Court for the Southern District of Florida. If approved, the settlement could bring a measure of closure to one facet of the sprawling litigation sparked by FTX's failure, even as other claims and related actions continue, according to report. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GALS INC: Commences Chapter 7 Bankruptcy in Colorado ---------------------------------------------------- On January 12, 2026, Gals, Inc., filed for Chapter 7 protection in the District of Colorado. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Gals, Inc. Gals, Inc. provides education administration programs. Gals, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10165) on January 12, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Keri L. Riley, Esq. of Kutner Brinen Dickey Riley, P.C. GENESIS HEALTHCARE: Beats Government's Bankruptcy Trustee Bid ------------------------------------------------------------- James Nani of Bloomberg Law reports that a Texas bankruptcy judge rejected a federal request to appoint a trustee in Genesis Healthcare Inc.'s Chapter 11 case, finding that removing the company's management would cause serious damage to the estate. Judge Stacey Jernigan said Wednesday, January 28, 2026, that the US Trustee did not meet the legal standard required to justify installing a trustee, despite raising concerns about potential conflicts. The ruling came during a hearing in the US Bankruptcy Court for the Northern District of Texas. The judge pointed to multiple safeguards adopted since Genesis sought bankruptcy protection last 2025, saying they adequately address oversight concerns. Jernigan added that imposing a trustee could disrupt operations at hundreds of nursing facilities and undermine the restructuring process. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GG ROCK: Carol Fox of GlassRatner Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for GG Rock Developments, LLC. Ms. Fox 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. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About GG Rock Developments LLC GG Rock Developments, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10966) on January 27, 2026, with $500,001 to $1 million in assets and liabilities. Judge Peter D. Russin presides over the case. GLENWOOD GFB: Gets Final OK to Use Cash Collateral -------------------------------------------------- Glenwood GFB, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral through March 27 in accordance with its budget. As adequate protection, creditors holding properly perfected interests in cash collateral will receive replacement liens on proceeds of post-petition accounts, with the same relative priority as their pre-bankruptcy liens. The order imposes standard operating and reporting requirements, including maintaining adequate insurance naming Offen Petroleum, LLC as loss payee, providing periodic and debtor-in-possession reports, limiting budget variances to no more than 15% per line item per month absent consent or court order, maintaining collateral in good repair, and paying all post-petition taxes as they come due. Cash collateral authority terminates upon occurrence of so-called events of default, including conversion to Chapter 7, appointment of a trustee, uncured violations of the final order, confirmation of a non-conforming plan, or changes in ownership or control. Upon default, secured creditors may terminate consent to cash collateral use and seek relief from the automatic stay, with all creditor rights and remedies expressly preserved. A copy of the final order and the Debtor's budget is available at https://shorturl.at/IpSGv from PacerMonitor.com. About Glenwood GFB LLC Glenwood GFB, LLC operates a gas station on leased property at 1304 Grand Avenue, Glenwood Springs, Colorado. Glenwood GFB filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17389) on November 11, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson handles the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. GOLDEN STATE: S&P Rates Repriced First-Lien Term Loan B 'B' ----------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Golden State Foods LLC's (GSF) repriced $1.267 billion first-lien senior secured term loan B due December 2031 and $225 million revolving credit facility. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in a simulated default scenario. S&P said, "We view this transaction as leverage neutral because it will not change the aggregate principal amount of GSF's outstanding debt, and it is not raising any incremental borrowings or cash proceeds. Accordingly, we forecast the company's pro forma debt to EBITDA and other leverage metrics will remain largely unchanged. GSF's debt to EBITDA was below 6x for the 12 months ended Sept. 30, 2025, and we expect it will remain below this threshold in 2026. We estimate the lower interest-rate margin (to SOFR + 3.50% from SOFR + 4.25%) on the company's loan following the repricing will lower its borrowing costs and reduce its annual interest by approximately $9.5 million." GSF's revenue declined by 1.6% in the third quarter ended Sept. 30, 2025, compared with the same period in 2024, though the pace of its revenue declines moderated relative to the prior six consecutive quarters. The decline reflected a reduction in the company's pass-through of costs to its customers, primarily due to a shift in its distribution mix toward customers that handle their own inventory. S&P said, "We project GSF's revenue will be approximately flat in fiscal year 2025 as operating conditions in its quick-service restaurant (QSR) end markets stabilize. For 2026, we project the company will increase its revenue by the low-single digit percent area on higher volumes in its Liquid Products North America (LPNA) segment and about flat volumes in its Quality Custom Distribution (QCD) segment. GSF expanded its volumes and product margins by 6.2% in the quarter ended Sept. 30, 2025, relative to the same period the prior year, on a combination of its ramp-ups with new customer and new product wins, as well as its customers' initiatives to increase the frequency of their delivery distributions. Ultimately, GSF's credit metrics remain in line with our prior expectations and continue to support the 'B' issuer credit rating." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors The company's pro forma debt capital structure consists of: -- A $225 million senior secured revolving credit facility; and -- A $1,267 million senior secured first-lien term loan B. GSF is a supplier to foodservices and retail industries focused on large-scale QSRs. GSF's core business involves the processing and distribution of liquid condiments/sauce products, protein products, produce products, aseptic diary and beverage products, as well as distribution solutions across the food services supply chain. S&P said, "Our simulated default scenario contemplates a default in 2028 stemming from competitive pressures, a reputation-damaging event (i.e., large product recall), or the loss of a major customer. A combination of these factors could weaken the company's EBITDA and cash flows. Therefore, GSF may have to fund its cash flow shortfalls with available cash and revolver borrowings. Due to its long-standing customer relationships with many of the largest QSR operators in the industry, we believe the company would be reorganized, rather than liquidated, in a default scenario. As such, we have estimated GSF's enterprise value at emergence based on a 5.5x EBITDA multiple, which is in-line with the multiples we use for its distribution business peers." Simulated default assumptions -- Year of default: 2029 -- Debt service assumption: $101 million (assumed default year interest and amortization) -- Minimum capital expenditure assumption: 1.0% of revenue ($49 million) -- Cyclicality adjustment: 5% (consistent for businesses with distribution services) -- Operational adjustment: -5% -- Emergence EBITDA: $149 million -- Multiple: 5.5x -- Gross enterprise value: $819 million Simplified waterfall -- Net enterprise value (after 5% administrative costs): $778 million -- Obligor/nonobligor valuation split: 92%/8% -- First-lien claims: $1.46 billion -- Collateral value available to first-lien claims (including deficiency claims): $756 million --Recovery expectations: 50%-70% (rounded estimate: 50%) GRACE LIMOUSINE: Court Extends Cash Collateral Access to April 30 ----------------------------------------------------------------- Grace Limousine, LLC received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral to fund operations. The court entered a second final order authorizing the Debtor to use cash collateral through April 30 in accordance with its budget. Use of cash collateral is capped at 125% of the budgeted expenditures, and payments to critical vendors require a separate court order. Pre-bankruptcy lienholders will be granted adequate protection liens on all assets of the Debtor except avoidance action proceeds, with the same priority as their pre-bankruptcy liens. In case such liens do not fully protect against any diminution in the value of their collateral, the lienholders may assert Section 507(b) administrative claims. If the Debtor seeks to use cash collateral after April 30, it must file and serve a proposed continued final order and budget by April 3. Objections are due by April 17 and the continued final hearing is set for April 22. A copy of the second final order and the Debtor's budget is available at https://shorturl.at/mxkg5 from PacerMonitor.com. Based on its review of its records and financing statements filed with the New Hampshire Secretary of State, Grace Limousine believes that these lienholders may assert an interest in the cash collateral as of the petition date: The Provident Bank, Mollica, Inc., ODK Capital, LLC, Celtic Bank Corporation/BlueVine Inc., and the U.S. Small Business Administration. The Debtor and Provident entered into a series of loan transactions, which comprised of a term loan ($414,000), term loan (vehicles) ($508,200), term loan (acquisition) ($1.8 million), equipment line of credit ($300,000), and revolving demand note ($100,000). The Debtor's obligations are secured by all or substantially all of its assets, including cash collateral. Additionally, the Debtor obtained a $1.8 million commercial loan from Mollica, a $500,000 loan from the SBA, and a $50,000 loan from ODK. About Grace Limousine LLC Grace Limousine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10775) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Matthew J. Delude, Esq. of Bernstein, Shur, Sawyer & Nelson, PA. GRACE ROYALS: Gets Final OK to Use Cash Collateral -------------------------------------------------- Grace Royals, Inc. received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to fund its operations through March 27 in accordance with an approved budget. As adequate protection, any creditor with a properly perfected interest in cash collateral will be granted replacement liens on post-petition account proceeds to the extent of any diminution in value, with liens maintaining their pre-bankruptcy priority. Additional adequate protection includes maintaining insurance naming Offen Petroleum, LLC as loss payee, providing required debtor-in-possession and periodic reports, limiting budget variances to 15% per line item per month absent consent or court order, maintaining collateral in good repair, and timely payment of post-petition taxes. The order provides for events of default that terminate cash collateral authority, including conversion of the Debtor's Chapter 11 case to Chapter 7, appointment of a trustee, uncured order violations, confirmation of a non-conforming plan, or changes in ownership or control. Upon default, secured creditors may terminate consent and seek relief from the automatic stay, with all creditor rights expressly preserved. A copy of the final order and the Debtor's budget is available at https://shorturl.at/FQcRI from PacerMonitor.com. About Grace Royals Inc. Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, is a Colorado-based company that operates convenience stores and gas stations at leased properties in Evans and Kersey, Colorado. It holds leasehold interests in these locations and conducts retail fuel and grocery sales to local customers. Grace Royals filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17391) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson presides over the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. GREEN SUITES: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Green Suites LLC 868 39th St. Brooklyn, NY 11232 Business Description: Green Suites LLC holds ownership of a single-family residential property situated in Brooklyn, New York, with a current value of $1.6 million. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40419 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 E-mail: charles@cwertmanlaw.com Total Assets: $1,600,000 Total Liabilities: $2,578,279 The petition was signed by Theodore Welz as member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TDM2XYY/Green_Suites_LLC__nyebke-26-40419__0001.0.pdf?mcid=tGE4TAMA GROFF TRACTOR: To Sell Construction Equipment Biz to LB Advisora ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division has granted Groff Tractor Mid Atlantic LLC and its affiliates, Dealer 2023 LLC and Groff Tractor Holdings LLC, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors market and sell CASE brand construction equipment, parts and products and provides repair and maintenance services for CASE brand construction equipment pursuant to certain Case Construction Equipment Sales and Services Agreements which licensed GTMA to use the CASE trademark and act as an authorized dealer for the sale and service of CASE construction equipment as more particularly set forth in the Dealer Agreements. The Debtors also market and sell certain other branded construction equipment, parts and products, and provides repair and maintenance services in connection with such other branded goods. The Debtors commenced the auction on January 21, 2026, and concluded on January 22, 2026, pursuant to and in accordance with the Bidding Procedures Order. Buyer, LB Advisora LLC, a California Limited Liability Company has submitted the highest or otherwise best bid for the Purchased Assets, free and clear of any and all liens, claims, interests, and encumbrances. The Court has authorized the Debtors to sell Assets to the buyer for $22 million. The Court has determined that the Asset Purchase Agreement, and all transactions contemplated thereunder and in this Sale Order were given pursuant to and consistent with the Bidding Procedures Order; and that reasonable and adequate notice of the Motion and Bidding Procedures Order having been provided to all persons required to be served in accordance with the Bankruptcy Code and the Bankruptcy Rules. All of the Purchased Assets being purchased by the Buyer, constitute property of the Debtors’ estates within the meaning of section 541(a) of the Bankruptcy Code. The consideration provided by the Buyer to the Debtors for the Purchased Assets under the Asset Purchase Agreement is fair and reasonable and shall be deemed for all purposes to constitute reasonably equivalent value, fair value and fair consideration under the Bankruptcy Code and the laws of the United States. The Sale Transaction authorized herein shall be of full force and effect, regardless of the Debtors’ lack or purported lack of good standing in any jurisdiction in which the Debtors are formed or authorized to transact business. The Debtors, and the Buyer (including, but not limited to, their equity owners, officers, directors, employees, professionals, other agents thereof, and the members of the Debtors' Restructuring Committee) have not engaged in any action or inaction that would cause or permit the Sale Transaction to be avoided or costs or damages to be imposed. The Buyer has given substantial consideration under the Asset Purchase Agreement for the benefit of the holders of any Encumbrance. About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic LLC and subsidiaries operates a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The Company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joshua N. Eppich, Esq. of BONDS ELLIS EPPICH SCHAFER JONES LLP. HARBOR COVE: Commences Chapter 11 Bankruptcy in Nevada ------------------------------------------------------ On January 27, 2026, Harbor Cove Properties LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Harbor Cove Properties LLC Harbor Cove Properties LLC is a limited liability company. Harbor Cove Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10451) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1,000,000 and estimated liabilities in the same range. The Debtor is represented by Janet Trost, Esq. HARVEST SHERWOOD: Seeks to Extend Plan Exclusivity to March 1 ------------------------------------------------------------- Harvest Sherwood Food Distributors, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 1 and May 1, 2026, respectively. The Debtors explain that ample cause exists to grant the relief requested in this Motion. The relevant factors weigh in favor of extending the Exclusivity Periods: * The Debtors' Chapter 11 Cases Are Large and Complex. These cases met the requirements for and were designated as complex cases with assets between $1 billion and $10 billion, liabilities between $50 million and $1 billion, and hundreds, if not thousands, of creditors. These chapter 11 cases also involve complex litigation with multiple parties. * The Additional Time Requested Will Provide the Debtors with Sufficient Time to Negotiate a Plan and Prepare Adequate Information. The Debtors are actively formulating a chapter 11 plan that they expect to file on a consensual basis following negotiations with the DIP Lenders and Committee. Extending the Exclusivity Periods will allow the parties time to negotiate the terms of a consensual plan and minimize estate costs. * The Debtors Have Made Good Faith Progress Toward Exiting Chapter 11. The Debtors have progressed their cases substantially since the Petition Date and are strenuously endeavoring to exit chapter 11. * The Debtors Are Paying Their Bills as They Come Due. While the Debtors ceased operations prior to the Petition Date, the Debtors continue to pay ordinary course expenses throughout these chapter 11 cases. * The Debtors have Demonstrated a Reasonable Prospect for Filing a Viable Plan. Formulation of a chapter 11 plan is currently underway and the Debtors expect to file on a consensual plan in the near term following negotiations with the DIP Lenders and the Committee. * The Debtors Have Made Significant Progress in Negotiations with Creditors. As shown by the record in these chapter 11 cases, the Debtors have focused on garnering broad creditor and interest holder support for their actions, including support from the Committee with respect to the Debtors' postpetition financing and, the Debtors are actively formulating a chapter 11 plan for filing in the near term. * An Extension Will Not Pressure Creditors. The Debtors do not seek an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. All parties in interest have had an opportunity to actively participate in substantive discussions with the Debtors throughout these chapter 11 cases. Extending the Debtors' exclusive right to solicit a chapter 11 plan will further drive consensus and maximize the value of estate assets for the benefit of stakeholders. The Debtors' Counsel: Thomas R. Califano, Esq. Chelsea McManus, Esq. SIDNEY AUSTIN LLP 2021 McKinney Avenue, Suite 2000 Dallas TX 75201 Tel: (214) 981-3300 Email: tom.califano@sidley.com cmcmanus@sidley.com - and - Stephen Hessler, Esq. Anthony R. Grossi, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 Email: shessler@sidley.com agrossi@sidley.com jhufendick@sidley.com - and - Jason L. Hufendick, Esq. Ryan Fink, Esq. Daniela Rakowski, Esq. SIDLEY AUSTIN LLP One South Dearborn Chicago, Illinois 60603 Tel: (312) 853-7000 Fax: (312) 853-7036 Email: jhufendick@sidley.com ryan.fink@sidley.com drakowski@sidley.com About Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80109) on May 5, 2025, listing up to $10 billion in assets and up to $1 billion in liabilities. The Debtors tapped Sidley Austin LLP as counsel and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. HECLA MINING: Moody's Ups CFR to Ba3, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings upgraded Hecla Mining Company's ("Hecla") corporate family rating to Ba3 from B1, its probability of default rating to Ba3-PD from B1-PD, and the rating on its senior unsecured notes to B1 from B2. The speculative grade liquidity rating was upgraded to SGL-1 from SGL-3. The outlook remains stable. The upgrade reflects the company's substantial debt reduction alongside strong free cash flow generation, even with silver and gold prices below current spot levels, and the elimination of its silver-linked dividend in January 2025. These actions have improved Hecla's ability to further deleverage and enhanced its free cash flow position. Hecla announced the sale of its Casa Berardi mine for total proceeds of $593 million, including an upfront cash payment of $160 million, equity consideration valued at $112 million, deferred cash consideration of $80 million, and contingent consideration of up to $241 million. While the sale reduces Hecla's diversification and increases concentration, Moody's believes this allows them to focus on their core silver operations and invest capital into exploration opportunities to further increase silver production. Moody's expected Casa Berardi to go into a production hiatus and permitting phase starting 2028, with a gradual production decline in 2026-2027 and a return to full production only by the early 2030s. As such, the sale should have limited impact on earnings beyond 2026, and instead brings value and cash flow forward which can be deployed into other high-return opportunities. While the announced sale of the company's Casa Berardi mine reduces Hecla's scale and increases concentration, the upgrade reflects Hecla's focus on its core silver operations and improved ability to withstand future commodity price volatility due to the significant improvement to its capital structure and liquidity position. Hecla utilized a combination of proceeds from an equity offering and organic cash flow generation to fully pay down its revolver borrowings, fully repay its Investissement Québec (IQ) notes, and redeem a portion of its outstanding senior unsecured notes over the past two years. Hecla has commented about the potential for further deleveraging through a combination of proceeds from the sale of Casa Berardi as well as organic free cash flow generation. Governance considerations were a key driver of the rating action given the significant amount of debt reduction the company has achieved and its continued focus on improving its balance sheet strength. RATINGS RATIONALE Hecla's Ba3 CFR is supported by its favorable geopolitical footprint with operating assets located in the US and Canada, the low-cost position and the long mine life of its Greens Creek (silver, gold, zinc, lead) and Lucky Friday operations (silver, lead, zinc). The rating also benefits from ample organic growth opportunities, significant mineral reserves and geologically attractive exploration portfolio of assets. Hecla's rating is constrained by the company's modest scale, exposure to volatile gold, silver, zinc and lead prices, limited operational diversity, challenges in ramping up production capacity at its Keno Hill mine, history of production disruptions at its Lucky Friday mine, and asset concentration risk with Greens Creek and Lucky Friday mines generating the majority of the company's free cash flow. Hecla's SGL-1 reflects strong liquidity. At September 30, 2025, Hecla had a cash balance of $134 million ($402 million at year-end, proforma for the upfront cash payment from Casa Berardi sale) and $218 million of availability (after letters of credit) under its $225 million revolving credit facility (RCF) which matures in July 2028. The RCF is secured by the company's assets in the Greens Creek mine and equity interests in certain domestic subsidiaries. Moody's also expects Hecla to generate significant positive free cash flow in 2026, even at lower prices. Financial covenants include a secured leverage ratio (debt secured by liens/EBITDA) of no more than 2.5x, a minimum interest coverage ratio of 3x and a leverage ratio (total debt minus unencumbered cash/EBITDA) of no more than 4x. Moody's expects the company to remain in full compliance with the covenants over the next 12-18 months. The B1 rating on the senior unsecured notes, one notch below the CFR, reflects their lower priority position in the capital structure and their effective subordination to the RCF (unrated). The notes are guaranteed on a senior unsecured basis by the majority of the company's subsidiaries. The stable outlook reflects Moody's expectations that Hecla will maintain strong operating performance at its mines and continues to prioritize de-levering with free cash flow and asset sale proceeds. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Hecla significantly improves its scale, operational diversity, including diversity with respect to operating cash flow by mine, improves its cost position, maintains conservative financial policies, and establishes a multi-year track record of generating free cash flow under various commodity price environments. The ratings could be downgraded if free cash flow was negative on a sustained basis, if operational issues at its mines resulted in lower sustained production and higher costs, or if the company engages in material debt-financed M&A activity. Moody's would also consider a downgrade if debt to EBITDA is sustained above 3.0x and RCF/Debt declines below 20%. Headquartered in Coeur d'Alene, Idaho, Hecla Mining Company is primarily a silver and gold producer with zinc and lead by-products. For the twelve months ended September 30, 2025, Hecla generated revenues of $1.2 billion. The principal methodology used in these ratings was Mining published in April 2025. Hecla's Ba3 rating is two notches below the Ba1 scorecard-indicated outcome based on its LTM September 30, 2025 financials. The difference reflects concentration risk in its portfolio, as the company is highly reliant on two of its mines for the majority of its EBITDA and cash flow. HIGHLANDS AT STONEGATE: Gets Final OK to Use Cash Collateral ------------------------------------------------------------ The Highlands at Stonegate North Condominium Association received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The court authorized the Debtor to use cash collateral through June 30 to fund its operations. Use is conditioned on compliance with the Debtor's budget, including a 10% variance cap per line item absent consent or court order. As adequate protection, secured creditors asserting interests in the cash collateral, including First Citizens Bank & Trust Company and homeowner, Kristina Corcoran, will be granted a replacement lien on all post-petition assets and business income of the Debtor, with the same priority as their pre-bankruptcy liens. As additional protection, First Citizens will receive monthly payments of $10,304.99, which are not subject to avoidance or disgorgement. The Debtor must maintain insurance, preserve collateral, file monthly operating reports, collect at least 80% of budgeted income if cash drops below $1,416,000. The order includes a professional fee carveout, preserves secured creditors' rights (including setoff and recoupment), and provides for automatic termination upon default or on June 30, subject to cure. The final order is available at https://shorturl.at/6ZksC from PacerMonitor.com. The Debtor filed Chapter 11, Subchapter V bankruptcy on November 26 after a state court entered a $1.37 million judgment against it in favor of Ms. Corcoran for water-intrusion damages and related costs. Following the judgment, the homeowner garnished the Debtor's bank accounts, causing approximately $1.2 million to be frozen. The Debtor states that its insurers have not indicated when or how much of the judgment they will cover, and because the frozen amount exceeds its available cash, the association sought bankruptcy protection to preserve funds needed for community operations. First Citizens Bank (formerly Mutual of Omaha Bank) holds a secured claim of roughly $200,000 under a 2017 loan secured by substantially all personal property. The Debtor argues that Ms. Corcoran's garnishment lien is avoidable as a preference and that, in any event, the frozen funds may be held in trust for homeowners and therefore unavailable to a judgment creditor. As of the petition date, the Debtor held about $1.3 million in cash, including the frozen funds, and relies on monthly homeowner assessments for ongoing revenue. About The Highlands at Stonegate North Condominium Association The Highlands at Stonegate North Condominium Association manages a residential community in Parker, Colorado, overseeing maintenance of common areas and shared amenities such as pools and landscaping. The association enforces community standards, collects assessments, and coordinates with property management to ensure operational and regulatory compliance. The Highlands at Stonegate North Condominium Association filed voluntary Chapter 11 petition (Bankr. D. Colo. Case No. 25-17804) on November 26, 2025, listing between $1 million and $10 million in both assets and liabilities. Sherri Rosselot, president of the Board of Directors, signed the petition. Judge Thomas B McNamara oversees the case. Kutner Brinen Dickey Riley, P.C. serves as the Debtor's legal counsel. HONOLULU SPINE: Court Confirms First Amended Plan of Reorganization ------------------------------------------------------------------- The Hon. Robert J. Faris of the U.S. Bankruptcy Court for the District of Hawaii confirmed Honolulu Spine Center, LLC's First Amended Plan of Reorganization dated September 2, 2025. As shared by the Troubled Company Reporter, Honolulu Spine Center, LLC, submitted a Disclosure Statement for First Amended Plan of Reorganization dated September 29, 2025. As of the Petition Date, the Debtor owed Central Pacific Bank approximately $1,000,000 on a line of credit that is evidenced by, among other loan documents, a Promissory Note and Security Agreement, both dated May 3, 2024. The Debtor's balance sheet as of July 31, 2025, showed total assets valued at $6,358,971.22, total liabilities of $9,050,249.64, and a net worth of ($2,691,278.42). The total liabilities figure includes pre-petition accounts payable of approximately $4,886,262.49, which will be discharged if the Plan is confirmed. The balance sheet also values the Debtor's fixed assets at $1,757,033.72. From April 2025 through August 2025, the Debtor's post-petition payables increased due to interruptions in the collection of receivables when the Debtor transitioned to a new medical billing provider. During this period, post-petition payables increased from $474,772.03 to $1,028,146 and the Debtor's accounts receivable increased from $3,402,177.11 to $3,814,130. The relatively modest increase in receivables is due to the Debtor's decision to write off approximately $650,000 in stale receivables in June. The Debtor believes its liquidity is now stabilized. For example, in August, 2025, the Debtor collected $1,487,037, as compared to $932,070 in July, 2025. The Debtor's improved liquidity has allowed it to pay down its largest vendor, Boston Scientific Corporation. As of July 31, 2025, the Debtor owed Boston Scientific Corporation approximately $659,714. As of September 12, 2025, the Debtor owed Boston Scientific approximately $200,521. Class 1 consists of the Allowed Secured Claim of the Central Pacific Bank, which filed a secured proof of claim in the amount of $999,785.43 plus any allowed post-petition attorneys' fees and costs and/or any other fees and costs incurred by CPB in connection with the aforesaid Allowed CPB Secured claim. The CPB Secured Claim is secured by a lien on all of the Debtor's personal property, including, but not limited to, the Debtor's accounts receivable, inventory and equipment and further secured by a cash deposit ("HI-CAP Collateral") at CPB equal to 20% of the principal balance of the $1,000,000.00 line of credit (the "Credit") extended by CPB to the Debtor, which cash deposit is pledged by Hawaii Green Infrastructure Authority ("HGIA"), pursuant to the terms of that certain Cash Collateral Deposit Agreement dated April 17, 2024, between HGIA and CPB, in connection with the Credit. The CPB Secured Claim is also guaranteed by Commercial Guaranties all dated May 3, 2024 (collectively, the "Commercial Guaranties"), executed by Excel Surgery Center Honolulu, LLC, Jon F. Graham, M.D., Paul N. Morton, M.D., Thomas K. Noh, M.D., Jeffrey J. Roh, M.D. and Troy A. Tada, M.D. The current balance of the CPB Secured Claim is approximately $998,752.21, plus any allowed post-petition attorneys' fees and costs and/or any other fees and costs incurred by CPB in connection with its claim hereunder. Class 2 consists of Allowed General Unsecured Claims which is estimated to total approximately $5,104,298.10 -- consisting of approximately $3,504,879.23 in filed General Unsecured Claims and approximately $1,599,418.87 of scheduled General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive a distribution from a fixed fund in the amount of $500,000.00 (the "GUC Pot") to be funded by the Debtor before the Effective Date. Each Holder of an Allowed General Unsecured Claim shall receive, in full and complete satisfaction of such Claim, a Pro Rata share of the GUC Pot, within 60 days of the Effective Date. The Debtor estimates that Holders of Allowed General Unsecured Claims will receive approximately 9.8% of their claims. Class 2 is impaired. Class 3 consists of Allowed Equity Interests in the Debtor which consists of ESCH (40.75%) and Jeffrey J. Roh, M.D. (14.83765%), Thomas K. Noh, M.D. (14.83765%), Jay Boughanem, M.D. (13.8587%), Paul N. Morton, M.D. (9.0%) and Troy A. Tada, M.D. (6.716%). Holders of Allowed Equity Interests shall retain their Equity Interests in the Debtor provided that, on or before the Effective Date of the Plan, they make an aggregate contribution of $650,000.00 which will be used to fund the Plan. Class 3 is unimpaired, and is deemed to accept the Plan. The Plan will be implemented and funded primarily from the New Value Contribution and from the Debtor's available cash as necessary. A full-text copy of the Disclosure Statement dated September 29, 2025 is available at https://urlcurt.com/u?l=7xFT5v from PacerMonitor.com at no charge. The information contained in the Plan and Disclosure Statement contains adequate information and that no separate disclosure statement is required under Section 1125(f)(1) of the Bankruptcy Code. In accordance with Section 1123(b)(3)(A) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the distributions and other benefits provided under the Plan, the provisions of the Plan constitute a good-faith compromise of all Claims that all Holders of Claims may have with respect to any Allowed Claim or any distribution to be made on account of such Allowed Claim. The compromise and settlement of such Claims embodied in the Plan are in the best interests of the Debtor, the Estate, and all Holders of Claims, and are fair, equitable, and reasonable. To the extent not resolved or withdrawn, all objections to the Confirmation of the Plan are overruled in all respects. A copy of the Court's Findings of Fact and Conclusions of Law dated January 27, 2026, is available at http://urlcurt.com/u?l=j3TZl7 from PacerMonitor.com. About Honolulu Spine Center Honolulu Spine Center, LLC, doing business as Honolulu Sports & Spine Surgery Center and Honolulu Sports and Spine Center, is a surgical center in Honolulu, Hawaii. Honolulu Spine Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-01110) on December 6, 2024, with $1 million to $10 million in both assets and liabilities. Louis DiMartini, the authorized signatory, signed the petition. The Debtor's balance sheet as of July 31, 2025, showed total assets valued at $6,358,971.22, total liabilities of $9,050,249.64, and a net worth of ($2,691,278.42). Judge Robert J. Faris handles the case. The Debtor is represented by: Chuck C. Choi, Esq. Choi & Ito 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com HOPKINS FMG: Commences Chapter 7 Bankruptcy in Florida ------------------------------------------------------ On January 26, 2026, Hopkins FMG LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1 to 49 creditors. About Hopkins FMG LLC Hopkins FMG LLC is a limited liability company. Hopkins FMG LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10901) on January 26, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. IHN PODIATRY: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, is set to hold a hearing today to consider extending IHN Podiatry Services, PLLC's authority to use cash collateral. The Debtor was initially authorized to use cash collateral under the court's January 26 interim order. The interim order authorized the Debtor to use cash collateral for court-approved payments; the operating expenses set forth in its budget (with up to a 10% variance per line item); and additional amounts subject to approval by secured creditors including Apex Commercial Capital Corp., Bankers Healthcare Group, LLC, GTE Federal Credit Union, and the U.S. Small Business Administration. The interim order granted secured creditors adequate protection through replacement liens on the cash collateral (with the same validity and priority as their pre-bankruptcy liens); insurance; and access to the Debtor's records and premises. About IHN Podiatry Services PLLC IHN Podiatry Services, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00384) on January 21, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. The petition was signed by John P. Ebsworth as business manager. The Debtor is represented by: Erik Johanson, Esq. Erik Johanson PLLC Tel: 813-210-9442 Email: ecf@johanson.law IMERYS TALC: Hearing Resumes With Witness Testimony, Insurer Deal ----------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the resumed confirmation hearing in the joint Chapter 11 cases of Imerys Talc America, Inc. and Cyprus Mines Corp. on Monday, February 2, 2026, in the U.S. Bankruptcy Court for the District of Delaware brought renewed focus on outstanding litigation points after the months-long suspension. Among the primary issues was whether witnesses who had already testified before the hearing was paused should be recalled to further address evidence and testimony gaps identified by counsel. In a related development, an insurer that had previously objected to aspects of the plan withdrew its objection during Monday's session, offering some momentum to debtors and plan proponents. As the confirmation process resumes, the court will continue weighing procedural questions and emerging deals as it works toward resolving the decades-long asbestos litigation through the proposed plan framework, the report states. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. IMERYS TALC: Insurers Slam Chapter 11 Trust Plans ------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Insurance companies involved in the Imerys Talc-Cyprus Mines bankruptcy have asked a Delaware judge to reject the debtor's proposed Chapter 11 plan, asserting that it unlawfully curtails their contractual rights. The insurers argue the plan would improperly dictate coverage outcomes tied to talc-related liabilities. According to the objections, the plan would limit the carriers' ability to challenge claims and coverage issues outside the bankruptcy process. The insurers said such restrictions exceed the court's authority and would force them into obligations they never agreed to under their insurance contracts. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INW MANUFACTURING: Moody's Withdraws 'Caa1' CFR on Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn INW Manufacturing, LLC's ("INW") ratings including the Caa1 Corporate Family Rating, the Caa1-PD Probability of Default Rating, and the Caa1 ratings on the company's rated senior secured term loans. Prior to the withdrawal, the outlook was stable. This action follows INW's full repayment of its previously rated debt after a refinancing. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment of the rated term loans due in 2027. CORPORATE PROFILE INW Manufacturing, LLC, headquartered in Utah, provides development and manufacturing services for the global nutrition and wellness industry. The company's main capabilities include powders, solid dose, liquids, gel packs and nutrition bars; serving 550+ customers in the sports, nutrition, diet, energy, hydration, personal care, and other related industries. The company has 16 manufacturing facilities that produce over 4,000 SKUs. Cornell Capital acquired the company in a March 2021 leveraged buyout simultaneous with the purchase of Bee Health, and subsequently acquired Capstone Nutrition in May 2021. IZP PROPERTIES: 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 IZP Properties 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 IZP Properties LLC IZP Properties LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00301) on January 26, 2026, with $100,001 to $500,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. JAMES BARCHIESI: Court Wants Status Updates in Beyond Bespoke Case ------------------------------------------------------------------ Judge Vernon S. Broderick of the United States District Court for the Southern District of New York ordered the parties in BEYOND BESPOKE TAILORS, INC., et al., Plaintiffs, -against- JAMES BARCHIESI, et al., Defendants, Case No. 20-cv-05482-VSB-JW (S.D.N.Y.), to file a joint letter by February 13, 2026 regarding the status of this case, including which claims in this action are stayed by the Bankruptcy Code and which claims in this action should proceed. On July 16, 2020, this action was removed from New York state court to the District Court. On January 21, 2025, Judge Broderick issued an order explaining that the automatic stay under Section 362 of the Bankruptcy Code does not apply to all the claims in this action. He held that the automatic stay under Section 362 does not apply to the claims against the non-Debtor Defendants or to Debtor's third-party claims or counterclaim. The parties failed to comply with Judge Broderick's previous order requiring status letters every 30 days. A copy of the Court's Order dated January 29, 2026, is available at http://urlcurt.com/u?l=54RzUJfrom PacerMonitor.com. James Barchiesi filed for Chapter 11 bankruptcy protection (Bankr. M.D. Pa. Case No. 5:25-bk-00094-MJC) on Jan. 15, 2025. JASS LLC: Gets Final OK to Use Cash Collateral Until March 27 ------------------------------------------------------------- Jass, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral through March 27 in accordance with its approved budget. As adequate protection, any creditor with a properly perfected interest in cash collateral will be granted replacement liens on proceeds of post-petition accounts to the extent of any diminution in value, with such liens maintaining their pre-bankruptcy priority. Additional adequate protection requires the Debtor to maintain insurance naming Offen Petroleum, LLC as loss payee, provide periodic and DIP reports, limit budget variances to no more than 15% per line item per month absent consent or court order, maintain collateral in good repair, and pay all post-petition taxes when due. Events of default that terminate cash collateral authority, include conversion of the Debtor's Chapter 11 case to Chapter 7, appointment of a trustee, uncured violations of the order, confirmation of a non-conforming plan, or changes in ownership or control. Upon default, secured creditors may terminate consent and seek relief from the automatic stay, with all creditor rights and remedies expressly preserved. A copy of the final order and the Debtor's budget is available at https://shorturl.at/2l0eL from PacerMonitor.com. About Jass LLC Jass, LLC operates a gas station in Longmont, Colorado. Jass filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.25-17392) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. JJTA13 REAL: Unsecured Creditors to Split $10K in Plan ------------------------------------------------------ JJTA13 Real Properties, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated January 26, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or about February 11, 2021. The Debtor's main asset is the real property located at 6253 Wilson Blvd., Jacksonville, Florida, 32210 (the "Property"), sometimes referred to as "Wilson." The Property consists of a 32-unit apartment building. The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor's Property is managed by Peoples Choice Apartments LLC ("Manager"), a Florida limited liability company, which also manages other properties owned by other affiliate companies in the same portfolio of common ownership as the Debtor. Although the apartment projects have been generally successful overall, there are issues unique to each project and geographical location. For example, the properties in the Jacksonville market have been facing economic headwinds due to the completion of other, newer buildings in the vicinity. These competitors have enticed tenants away from the Debtor’s Property by offering discounts and a newer product. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. The Plan designates two Classes of secured claims (Classes 1 and 2); one Class of unsecured claims (Class 3); and one Class of equity security (i.e., membership interest) holders (Class 4). Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. In full satisfaction of the Allowed Class 3 Claims, Holders of Allowed Class 3 Claims shall receive a pro rata distribution of $10,000.00. The Class 3 Allowed General Unsecured Claims will receive their pro rata distribution on the Effective Date. Class 4 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. On the Effective Date, all currently issued and outstanding membership interests in the Debtor shall be extinguished, and new membership interests shall be issued to the same persons and in the same percentages that were Holders of membership interests on the Petition Date, if the Property is foreclosed, the Debtor or Reorganized Debtor may be dissolved in accordance with state law. The Debtor is seeking post-petition financing as a means of implementing the Plan. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. If Debtor is unable to obtain post-petition financing, the Plan contemplates the sale of substantially all of the Debtor's assets, consisting primarily of the Property, by private sale. The Debtor believes the proceeds from the sale of the Property will be sufficient to fund the Plan. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation; however, subject to the projections attached to the Disclosure Statement, cash on hand as of Confirmation will be available for Administrative Expenses. A full-text copy of the Disclosure Statement dated January 26, 2026 is available at https://urlcurt.com/u?l=CBpfaf from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com About JJTA13 Real Properties LLC JJTA13 Real Properties, LLC, is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or about February 11, 2021. The Debtor filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-03933) on Oct. 28, 2025, listing up to $50,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC, is the Debtor's bankruptcy counsel. JOSEPHINES RESTAURANT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted Josephines Restaurant Inc. interim approval to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, National Association for the period from January 26 through February 27, strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $42,150. The order imposes several conditions to protect Newtek's interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. In addition, Newtek will be granted replacement liens and security interests on post-petition property of the Debtor or its bankruptcy estate, preserving the lender's priority and protections during the bankruptcy case. A further interim hearing is scheduled for February 23. The order is available at https://is.gd/FOzQHV from PacerMonitor.com. Newtek Bank is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com About Josephines Restaurant Inc. Josephines Restaurant Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Josephines Restaurant sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00909) on January 20, 2026. In its petition, the Debtor reported between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. KARROW WHITEFISH: Seeks Chapter 11 Bankruptcy in Montana -------------------------------------------------------- On January 27, 2026, Karrow Whitefish Investment, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Montana. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1 to 49 creditors. About Karrow Whitefish Investment, LLC Karrow Whitefish Investment, LLC is a single asset real estate company. Karrow Whitefish Investment, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90021) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Benjamin P. Hursh handles the case. The Debtor is represented by James A. Patten, Esq., of Patten Peterman Bekkedahl Green PLLC. KARROW WHITEFISH: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Karrow Whitefish Investment, LLC Karrow Whitefish LLC c/o Tom Vukota 95 Karrow Ave Whitefish, MT 59937 Business Description: Karrow Whitefish Investment, LLC is a single-asset real estate company that owns one income-producing property. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court District of Montana Case No.: 26-90021 Judge: Hon. Benjamin P Hursh Debtor's Counsel: James A. Patten, Esq. PATTEN PETERMAN BEKKEDAHL & GREEN 401 N. 31st Street Ste 800 Billings MT 59101 E-mail: APATTEN@PPBGLAW.COM Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tom Vukokta as authorized signer. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PCWZJPQ/KARROW_WHITEFISH_INVESTMENT_LLC__mtbke-26-90021__0001.0.pdf?mcid=tGE4TAMA KBI 2015 TX: Seeks to Extend Plan Exclusivity to April 15 --------------------------------------------------------- KBI 2015 TX LP asked the U.S. Bankruptcy Court for the Eastern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 15 and May 18, 2026, respectively. This is the Debtor's first motion to extend the Exclusive Periods. The Debtor explains that it has engaged financial professionals to assist with the raising capital to fund a plan and/or operations. This effort requires the Debtor to assemble financial projections to support exit liquidity. Additionally, the Debtor requires additional time to determine the identity of holders of multiple UCC liens against the Debtor's property which have been filed effectively anonymously by representative parties. Finally, since filing, extensive construction by the landlord has continued near the Debtor's venue, thus impacting the continuity of operations. Accordingly, the Debtor needs additional time to finalize and file a plan and disclosure statement. KBI 2015 TX LP is represented by: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 E-mail: hspector@spectorcox.com About KBI 2015 TX LP KBI 2015 TX LP filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42973) on Oct. 3, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Howard Marc Spector, at Spector & Cox, PLLC, is the Debtor's counsel. KEATON BEACH: Commences Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On January 28, 2026, Keaton Beach Storage LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Florida. The filing is voluntary and was assigned Case No. 26-40043. According to court records, the Debtor reports between $1 million and $10 million in liabilities owed to 1 to 49 creditors. About Keaton Beach Storage LLC Keaton Beach Storage LLC operates as a storage services provider offering rental units designed to meet residential and commercial storage needs. The company specializes in secure and accessible storage options for personal belongings, vehicles, and business equipment, primarily serving customers in the Keaton Beach region. Keaton Beach Storage LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code on January 28, 2026 (Bankr. Case No. 26-40043). In its petition, the company reports estimated assets ranging from $100,001 to $1,000,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Byron Wright, III, Esq., of Bruner Wright, P.A. KENAN ADVANTAGE: Moody's Alters Outlook on 'B2' CFR to Negative --------------------------------------------------------------- Moody's Ratings affirmed the ratings of The Kenan Advantage Group, Inc. (Kenan), including its B2 corporate family rating, B2-PD probability of default rating, and B2 rating on its senior secured bank credit facilities. Concurrently, Moody's affirmed Kenan Canada GP's B2 rating on its senior secured bank credit facility. The outlook for both entities was changed to negative from stable. The outlook change to negative reflects Moody's expectations that Kenan will operate with high financial leverage and constrained free cash flow over the next twelve months. A challenging freight market with low rates and soft volumes has stymied organic revenue growth and rising costs have pressured earnings. In addition, the normalization in Kenan's fuel surcharge recoveries has had a meaningful drag on the company's profitability and cash flow compared to prior years when diesel prices were higher. As a result, debt/EBITDA will be above 6x at the end of 2025 and free cash flow will be negative. Moody's do expect a gradual improvement in Kenan's operating performance over the course of 2026 with earnings growth supported by pricing gains, commercial wins and cost saving realizations. Further, Moody's anticipates the comparative impact of fuel surcharge recoveries on the company's profitability to be limited. Nonetheless, Moody's expects debt/EBITDA will remain above 5.5x and free cash flow to only be modestly positive. RATINGS RATIONALE Kenan's B2 CFR reflects its position as a leading transportation service provider of liquid bulk products across the US and Canada. This leading position, based on size, end market diversity, and geographic spread, competitively positions the company well. Further, the majority of Kenan's revenue is generated under dedicated contracts with its customers. However, the company is exposed to the underlying demand for the products it hauls and has experienced softness in certain segments, mainly fuel and chemical transport. Moody's expects revenue to grow in the low to mid-single digit range in 2026 from improved contract pricing and volume gains. Overall, Moody's expects fuel consumption trends to remain stable, although these could fluctuate with certain customers of Kenan. Further, Kenan's food delivery business, which relies on non-discretionary demand, is relatively less cyclical and mitigates volume risks to some extent. Kenan's liquidity will be adequate over the next twelve months. Liquidity is supported by cash of approximately $51 million as of September 30, 2025 and around $100 million of availability, net of letters of credit, under its $200 million revolving credit facility expiring in January 2029. Kenan also maintains a $150 million receivables securitization program with $122.5 million utilized. Following consecutive years of negative free cash flow, Moody's expects Kenan's free cash flow to be positive in 2026, but will likely remain below the company's required annual term loan amortization. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company continues to diversify its revenue base into other end markets while sustaining an operating margin above 6%. Debt/EBITDA of around 4.0x and good liquidity would also be required for a ratings upgrade. The ratings could be downgraded if Kenan does not improve profitability or engages in debt funded acquisitions or shareholder returns that result in debt/EBITDA being sustained above 5.5x. Further, declining free cash flow and reduced availability on its revolving credit facility could also result in a downgrade. The principal methodology used in these ratings was Surface Transportation and Logistics published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. The Kenan Advantage Group, Inc. (Kenan) is a provider of liquid bulk transportation and logistics services to the fuels, chemicals, liquid food and merchant gas markets. Kenan offers transportation services throughout the US and Canada employing a dedicated contract carriage model. Revenue was approximately $2.4 billion for the twelve months ended September 30, 2025. Kenan is owned by OMERS Private Equity, a manager of the private equity investments of the Canadian pension fund, Ontario Municipal Employees Retirement System. LABL INC: Moody's Downgrades CFR to Ca, Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded LABL, Inc.'s (doing business as Multi-Color Corporation) corporate family rating to Ca from Caa1 and its probability of default rating to Ca-PD from Caa1-PD. Moody's also downgraded Multi-Color's senior secured credit facility, including the revolver and the term loans, to Ca from B3, and its senior secured notes to Ca from B3. Further, Moody's downgraded the company's senior unsecured notes to C from Caa3. The outlook remains negative. On January 27, Multi-Color Corporation launched consent solicitation to implement a debt restructuring through Chapter 11 process. Once the company formally commences Chapter 11 proceedings, Moody's will downgrade the PDR to D-PD and withdraw all ratings. On January 15, the company had missed the interest payment on its 10.5% senior unsecured notes due July 2027 and entered a 30-day grace period under the senior unsecured notes due July 2027. The downgrades reflect governance considerations related to Multi-Color's aggressive financial policy and stretched capital structure that led to this consent solicitation with the intent of restructuring the company's debt. RATINGS RATIONALE Multi-Color's Ca CFR reflects the imminent risk of a default with weak recovery prospects and the company's distressed credit metrics and very weak liquidity. The company's cash flow from operations remains negative, EBITDA/interest expense is weak at close to 1x and alternative liquidity sources are limited. Multi-Color's sales continued to decline through the third quarter of 2025, and total debt increased with higher usage of the cash revolver and the asset-based revolver. As of September 30, 2025, debt/EBITDA stood at 14.1x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is currently unlikely and would require the company to address its weak liquidity position. It would also require a more sustainable capital structure and prospects of improving operating performance. Moody's could downgrade the ratings further in case of a default on its financial obligations or a commencement of formal Chapter 11 proceedings. LIST OF AFFECTED RATINGS Issuer: LABL, Inc. Downgrades: LT Corporate Family Rating, Downgraded to Ca from Caa1 Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD Senior Secured Bank Credit Facility, Downgraded to Ca from B3 Senior Secured Regular Bond/Debenture, Downgraded to Ca from B3 Senior Unsecured, Downgraded to C from Caa3 Outlook Actions: Outlook, Remains Negative The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. Multi-Color's Ca CFR is three notches below the scorecard-indicated outcome of Caa1 for the next 12-18 months. The difference reflects the company's very high debt load and weak liquidity, and its imminent debt restructuring. Headquartered in Atlanta, Georgia, Multi-Color Corporation is a provider of pressure-sensitive labels, flexible film packaging and other packaging solutions for the food and beverage, health and beauty, and consumer products markets. Multi-Color is controlled by CD&R, a private equity sponsor, which acquired the company and combined its business with Fort Dearborn in October 2021. For the 12 months that ended in September 2025, the company generated about $3.1 billion in revenue. LEARNING CARE: Moody's Alters Outlook on 'B3' CFR to Negative ------------------------------------------------------------- Moody's Ratings affirmed Learning Care Group (US) No. 2 Inc.'s (Learning Care) ratings including the B3 Corporate Family Rating, B3-PD Probability of Default Rating, and the B2 ratings for its backed senior secured first lien credit facilities consisting of a $115 million revolving credit facility due 2028 and a $895.5 million term loan due 2028. The outlook was changed to negative from stable. The negative outlook reflects weaker credit metrics from persistent enrollment headwinds, margin pressure, high financial leverage (Moody's adjusted debt-to-EBITDA of 5.5x as of the last 12 months ending September 26, 2025) and weakening liquidity. The company's performance could weaken further if subsidy funding delays emerge or if pricing actions prove insufficient to offset softer demand. The increasing burden of the preferred equity materially heightens re-leveraging risk and could constrain future flexibility. The affirmation of the B3 CFR reflects Learning Care's substantial operating scale, deep national footprint, and resilient business model anchored by recurring tuition based revenue. The company continues to benefit from meaningful geographic, program, and brand diversification across more than 1,100 schools, which helps temper regional funding variability and the uneven performance of individual centers. Despite enrollment softness during the first quarter of fiscal 2026, the company still demonstrated the ability to grow revenue modestly year over year, supported by consistent pricing execution and contributions from new school openings. Disciplined cost control, including sustained labor efficiencies and reductions in operating expenses helped to stabilize margins despite external pressures. Moody's adjusted EBITDA excluding grants, a more representative measure of underlying performance, was essentially flat year over year, reflecting an operating profile that, while challenged, remains fundamentally intact. Liquidity is weak, but the revolver remains available, and seasonality historically results in cash generation in the second half of the fiscal year. Despite downside risks rising, the company's core earnings capacity, scale advantages, and proven ability to manage through operational disruptions continue to align with a B3 level of credit risk. Moody's views the likelihood of a leveraging transaction over the next 12 to 18 months as high given that Learning Care may seek to address the preferred equity issued as part of the dividend recapitalization transaction in 2018 ($317 million original amount; roughly $625 million outstanding as of December 26, 2025). This instrument accrues a pay-in-kind dividend at a double digit percentage rate. The preferred equity does not have a set maturity date but the dividend rate began increasing after seven years in 2025 and the holders can require redemption in an event such as a sale or IPO. Moody's believes these terms create an incentive to fully or partially redeem the preferred stock, which could create leveraging event risk. Moody's believes that a full redemption of the preferred equity would weaken the company's financial position as the significantly higher cash interest burden associated with such a transaction would weaken free cash flow and reduce financial flexibility. RATINGS RATIONALE Learning Care's B3 CFR is constrained by high leverage, the industry's inherent cyclicality, and the highly competitive and fragmented nature of the early childhood education sector. These structural challenges are now compounded by a weakening operating environment, marked by declining enrollment, margin pressure, and weak liquidity. The rating also incorporates event-risk considerations tied to the sizable PIK preferred equity held by a third party. Subsidized tuition, historically a stable source representing about one third of total revenue, is now exhibiting signs of uncertainty in several states because heightened federal oversight and investigative actions have increased the risk of funding or reimbursement delays. These constraints are balanced by the company's strong market position as one of the largest early childhood education providers in the US, its large and diverse revenue base spanning private pay families, government subsidies, and corporate partnerships, and favorable industry dynamics supported by growing demand for early education and supportive government policies. Learning Care's liquidity is weak. The company ended Q1 fiscal 2026 with only $1.1 million of unrestricted cash, a substantial reduction from prior periods, and drew $11 million on the revolving credit facility to manage seasonal cash usage and working capital timing. While the revolver availability provides a buffer, increased reliance on external liquidity, paired with negative free cash flow over the last twelve months indicates reduced financial flexibility. Additionally, the risk of further working capital strain has increased in light of the recent federal actions that may delay subsidy reimbursements and limit the predictability of funding flows. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates sustained improvement in operating performance, evidenced by debt-to-EBITDA declining and remaining below 5x on Moody's adjusted basis, excluding the benefit of ARPA or other grant funding. A higher rating would also require the company to maintain good liquidity, including consistent free cash flow-to-debt in the mid-single digit percentage range, supported by positive free cash flow generation and reduced reliance on the revolving credit facility. In addition, an upgrade would depend on a financial policy that reflects a clear and credible commitment to lower leverage, including meaningful progress toward addressing the large outstanding preferred equity balance. Demonstrated willingness and ability to reduce structural subordination and limit future leveraging transactions would further support upward rating momentum. The ratings could be downgraded if enrollment deteriorates further or if the company loses market share due to heightened competition, weakening economic conditions, or operational setbacks such as reputational issues or execution challenges. The ratings could also be pressured by re-leveraging transactions, including debt funded acquisitions or shareholder distributions, that materially weaken credit metrics or elevate financial risk. In addition, a sustained deterioration in free cash flow or liquidity, driven by softer earnings, delayed subsidy reimbursements, higher working capital needs, or increased reliance on the revolving credit facility could lead to downward rating action. 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. Learning Care Group is one of the largest for profit providers of early childhood education and childcare services in the United States, operating more than 1,100 centers across 40 states under well recognized brands such as La Petite Academy, Childtime, Tutor Time, Everbrook Academy, The Children's Courtyard, and others. The company serves children from six weeks to 12 years of age through a broad range of programs, including early education, preschool, pre K, and before and after school care. Headquartered in Novi, Michigan, LCG leverages nearly six decades of experience and a sizable national footprint to deliver standardized curriculum, safety programs, and family engagement initiatives across its portfolio. Supported by approximately 20,000 employees nationwide, the company benefits from strong brand diversification, extensive geographic reach, and favorable long term industry fundamentals tied to rising female labor force participation and persistent demand for center based childcare. LCG generated approximately $1.6 billion of revenue on an LTM basis as of September 26, 2025. LEROYS MEAT: Hires Michael J. Wantz of Virtual Accounting as CFO ---------------------------------------------------------------- Leroys Meat, LLC and Smoke Ring, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Michael J. Wantz, principal advisor at Virtual Accounting Solutions, to serve as their chief financial officer. The firm will render these services: a. prepare and update short-term and rolling cash-flow forecasts and operating budgets (including 13-week cash-flow projections, as appropriate); b. assist the Debtors in preparing and filing monthly operating reports and supporting documentation; c. monitor receipts, disbursements, and cash collateral compliance; prepare variance analyses and reporting for the Debtors, counsel, and stakeholders; d. coordinate with the Debtors' management, counsel, bookkeepers, banks, and other professionals to gather financial information and respond to information requests; e. assist with analysis and support for any plan process, including compilation of financial and operational information for diligence; and f. provide general CFO/controller support to stabilize accounting functions during the pendency of these cases. Mr. Wantz will be compensated at an hourly rate of $150 per hour, plus reimbursement of reasonable and necessary out-of-pocket expenses. Mr. Wantz assured the court that his firm does not hold or represent an interest adverse to the Debtors' estates and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Michael J. Wantz Virtual Accounting Solutions 250 Park Avenue, 7th Floor, Suite 7094 New York, NY 10177 Tel: (740) 644-1762 About Leroys Meats Leroys Meats, LLC, doing business as Ray Ray's Hog Pit, operates a family of stationary barbecue food trucks, trailers, and drive-thru restaurants across four locations in central Ohio, including Columbus, Westerville, Granville, and Franklinton. Founded in 2009 by chef James Anderson, the Company specializes in hardwood-smoked barbecue, offering pork, beef, and chicken prepared using traditional low-and-slow methods, along with catering and bulk pre-order services for events and holidays. Leroys Meats filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. (25-55609) on December 19, 2025, listing $428,029 in total assets and $1,175,612 in total liabilities. James Ray Anderson, owner, signed the petition. Judge Tiffany Strelow Cobb oversees the case. Sean Stone, Esq., at Tax Workout Group, PA represents the Debtor as counsel. LIGHTHOUSE RESOURCES: Atlantic Loses Bid to Amend Claims -------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware will deny Atlantic Specialty Insurance Company's motion for leave to amend counterclaim against Lighthouse Resources and third-party claim against Black Butte in the adversary proceeding captioned as Lighthouse Resources Inc. v. Atlantic Specialty Ins. Co., Adv. Proc. No. 24-50144 (Bankr. D. Del.). Lighthouse Resources is involved in the oil and gas business, including coal mining. In 2014, Lighthouse Resources obtained surety bonds from Atlantic Specialty, which insured Lighthouse Resources' obligations to honor state and federal regulations governing the reclamation of mines, which is essentially the rehabilitation of land after coal mining activities have stopped. In 2020, Lighthouse Resources along with various affiliates filed chapter 11 bankruptcy cases. This Court confirmed a plan of reorganization in 2021. That plan incorporated a series of agreements under which a post-bankruptcy trust would conduct the reclamation work that needed to be done on various former coal mines. The work would be financed, in part, by the sureties (including Atlantic Specialty) releasing collateral that the had posted to secure the bonds. Atlantic Specialty contends that Lighthouse Resources has failed to meet its obligation to oversee the work of the reclamation trust in performing the reclamation. Atlantic Specialty contends that this may leave it facing exposure to the regulators for whose benefit it issued the surety bonds. Atlantic Specialty therefore sent a termination notice indicating that it would not release its pro rata share of the collateral to the "sinking fund" that pays for the reclamation work. Lighthouse Resources responded by initiating this adversary proceeding alleging that Atlantic Specialty breached the parties' agreements by failing to release the collateral. Atlantic Specialty counterclaimed against Lighthouse Resources and also filed a third-party complaint against Black Butte, a non-debtor affiliate of Lighthouse Resources. The counterclaim and third-party claim asserted, among other things, claims for breach of contract and in quantum meruit. Lighthouse Resources and Black Butte each moved to dismiss. In July 2025, this Court granted those motions. Lighthouse Resources Counterclaim Atlantic Specialty now seeks leave to amend the counterclaim against Lighthouse Resources and third-party claim against Black Butte, again alleging breach of contract and now alleging a breach of the implied covenant of good faith and fair dealing. Atlantic Specialty contends that Lighthouse Resources has breached the agreements in connection with its oversight of the mine reclamation efforts. Atlantic Specialty alleges that Lighthouse Resources failed to acquire the necessary funding from Black Butte as set forth in the sinking fund agreement. But nothing in the sinking fund agreement (or any of the operative agreements) requires Lighthouse to obtain funding from Black Butte. Atlantic Specialty contends that the Lighthouse Resources knowingly emerged from bankruptcy with a Plan that did not include over $9.3 million in necessary costs to achieve the approved reclamation plans therein. According to the Court, nothing in any of the operative agreements conditions Atlantic Specialty's obligation to release collateral on Lighthouse Resources meeting any milestone, staying within budget, or making some specified level of progress towards the completion of the reclamation project. The Court concludes when taking all factual allegations in the proposed amended counterclaim as true and viewing them in the light most favorable to Atlantic Specialty, the counterclaim fails to state a claim upon which relief can be granted. Atlantic Specialty asserts that the operative agreements (the trust agreement, the sinking fund agreement, and the indemnity agreement) impose obligations on Lighthouse Resources that Lighthouse Resources is alleged to have violated. Atlantic Specialty's claims boil down to a complaint that Lighthouse Resources has failed to implement the reclamation plan successfully. In view of the language of the agreements, however, the amended complaint still fails to state a claim. Black Butte Third-Party Claim According to the Court, the claims against Black Butte are futile. Atlantic Specialty's theory of Black Butte's breach depends on provisions -- namely Sec. 2.2(b) of the sinking fund agreement and Sec. 6.3 of the trust agreement -- describing how Black Butte might contribute funds and how those funds would subsequently be allocated. However, the Court emphasizes that none of these provisions imposes an obligation on Black Butte to make any distributions at all. As a result, Atlantic Specialty has not identified a specific contractual provision that Black Butte is alleged to have breached. Nor has Atlantic Specialty alleged facts sufficient to trigger a right to proceed under the indemnity framework. The claim accordingly fails to state a basis upon which relief can be granted, the Court finds. A copy of the Court's Letter Ruling dated January 28, 2026, is available at http://urlcurt.com/u?l=1jDNRM About Lighthouse Resources Lighthouse Resources Inc. is an owner and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. The Company is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped JACKSON KELLY PLLC as general bankruptcy counsel and BDO USA LLP as restructuring advisor. POTTER ANDERSON & CORROON LLP is the local bankruptcy counsel. LANG LASALLE AMERICAS, INC., is the marketer and seller of assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. ENERGY VENTURES ANALYSIS is the marketer and seller of Debtors' coal mining assets. STRETTO is the claims agent. LINEAS DE PUERTO: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Debtor: Lineas de Puerto Rico, Inc. 352 Ave San Claudio PMB 318 Suite 1 San Juan, PR 00926 Business Description: Lineas de Puerto Rico, Inc. provides highway, street, and bridge construction services in Puerto Rico, operating as a construction contractor focused on public infrastructure projects. The Company undertakes roadway-related construction and related contracting activities and serves government and other clients across the island. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-00298 Debtor's Counsel: Nelson Robles Diaz, Esq. NELSON ROBLES-DIAZ LAW OFFICES, PSC PO Box 192302 San Juan, PR 00919-2301 Tel: 787 254-9518 Email: nroblesdiaz@gmail.com Debtor's Insolvency & Restructuring Advisor: MONGE ROBERTIN ADVISORS, LLC Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Hiram Firpi Cruz as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7MOBKPY/Nelson_Lineas_de_Puerto_Rico_Inc__prbke-26-00298__0001.0.pdf?mcid=tGE4TAMA LINQTO INC: Seeks Court Approval for Chapter 11 Plan ---------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the confirmation hearing for Linqto's Chapter 11 plan resumed in Texas on Monday, February 2, 2026, drawing testimony from key witnesses who were grilled by both proponents and opponents of the reorganization blueprint. The hearing, held in the Southern District of Texas, centered on events leading up to the bankruptcy of the investment platform, including management decisions and disclosures that preceded the filing, as well as how the plan addresses creditor and customer recoveries. Supporters and objectors alike pressed witnesses on the accuracy and implications of financial and operational details, seeking to shape the court's view of whether the plan is feasible and equitable. As Linqto's Chapter 11 case progresses toward a potential confirmation decision, these early witnesses' testimony could play a significant role in the judge's evaluation of competing positions on plan confirmation, the report relays. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by Kristen L. Perry, Esq., at Faegre Drinker Biddle & Reath, LLP, in Dallas, Texas; Richard J. Bernard, Esq., at Faegre Drinker Biddle & Reath, LLP, in New York; and Michael R. Stewart, Esq., and Adam C. Ballinger, Esq., at Faegre Drinker Biddle & Reath, LLP, in Minneapolis, Minnessota. Sandton may also be reached through Robert Rice, Esq. M&K ACTIVE: Proposes Immaterial Modifications to Plan ----------------------------------------------------- M&K Active Transport, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a First Modification to Plan of Reorganization dated January 23, 2026. In accordance with Section 1127(a) of the Bankruptcy Code, Debtor hereby modifies the Plan1 as set forth herein. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. Class 6 consists of the secured claim of TD Bank, N.A. Debtor scheduled TD Bank's claim under the name of Audi Financial at $33,880.64 secured by a lien on Debtor's 2018 Audi Q7 Vin ###46984. TD Bank filed a Proof of Claim 15 on December 11, 2025 (the "Asserted Class 6 Secured Claim"). Debtor values the Audi at $13,450.00 (such amount or such other amount allowed by the Court prior to the entry of the Confirmation Order is referred to as the "Allowed Class 6 Secured Claim"). The Allowed Class 6 Secured Claim of TD Bank shall continue and attach to the Audi to the same validity, and priority as existed on the Filing Date and to the extent of the Allowed Class 6 Secured Claim. The Total Asserted Class 6 Claim shall be bifurcated into (i) the Allowed Class 6 Secured Claim (i.e. $13,450.00) and (ii) a Class 14 General Unsecured Claim for the remaining balance of the Total Asserted Class 6 Claim (i.e. $18,856.41). Debtor will pay the Allowed Class 6 Secured Claim in 36 equal monthly payments of $426.14 beginning on the 26th day of the first month following the Effective Date and continuing on the 26th day each following month until the Allowed Class 6 Secured Claim is paid in full with interest accruing at the annual rate of 8.75%. Any payments received by TD Bank after the Petition Date but prior to the Effective Date on the Total Asserted 6 Claim shall be applied to the principal balance of the Allowed Class 6 Secured Claim. Any payment received by TD Bank on the Allowed Class 6 Secured Claim on or after the Effective Date, shall be applied first to accrued unpaid interest accruing post-petition on the Allowed Class 6 Secured Claim and then to the principal balance. Upon receipt of payment in full of the Allowed Class 6 Claim, TD Bank shall release its lien on the Class 6 Collateral within 60 days of such receipt. The holder of the Class 6 Allowed Secured Claim is impaired by the Plan and is entitled to vote. Plan of Reorganization The Debtor is a Georgia limited liability company. The Debtor provides non-emergency medical transportation across the Atlanta area. This Plan deals with all property of the Debtor and provides for treatment of all Claims against the Debtor and its property. Class 14 consists of general unsecured claims. The allowed unsecured claims total $855,782.79. "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the three-year-period beginning on the date that the first payment is due to the General Unsecured Creditors under this Plan provided, which will be applied to make payments under the Plan. The Administrative and General Unsecured Creditors Payment shall be fixed based upon the amount set forth for each month on the Budget attached. The source of funds for the payments pursuant to the Plan is the continued operations of the Debtor. A full-text copy of the Amended Plan dated January 23, 2026 is available at https://urlcurt.com/u?l=m76QI8 from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 E-mail: tmcclendon@joneswalden.com About M&K Active Transport M&K Active Transport, LLC is a Georgia limited liability company and provides non-emergency medical transportation across the Atlanta area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60477) on September 11, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. MAIN STREET: Unsecureds Will Get 5% to 20% of Claims in Plan ------------------------------------------------------------ Main Street at Tuttle Royale, LLC, and TLH-26 Giles submitted an Amended Disclosure Statement describing Amended Joint Plan of Reorganization dated January 26, 2026. The Debtors are each limited liability companies that own the Real Property located in Palm Beach County, Florida. The Debtors are working to develop the Real Property as part of the larger Main Street at Tuttle Royale project. The Debtors' largest creditor is Fuse. Fuse holds a foreclosure judgment against the Debtors in the principal amount of $47,388,806.00, entered on July 25, 2024. Fuse filed proofs of claim in each of the Cases in the amount of $60,092,400.26. Five entities hold 12 claims against the Debtors' arising out of the purchase of real property tax certificates. Those claims total $431,462.85. The Debtors' other junior secured creditors include BC Architects AIA, Inc., Southern Blvd. Villas LLC, and Invictus Tuttle Lender, LLC. The Debtors, Fuse, Ardent, and the Purchaser subsequently, on November 19, 2025, attended a judicial settlement conference under the good offices of the Honorable Corali Lopez-Castro. In connection with the settlement conference, the Debtors, Brian Tuttle and Fuse all agreed to a Plan as memorialized in the Restructuring Support Agreement. The Restructuring Support Agreement was the product of arms'-length, hard-fought negotiations and serves as the foundation on which these Chapter 11 Cases rest as well as the agreements and settlements dependent thereupon. Appended to the Restructuring Support Agreement and the underpinning thereof is the Purchase Agreement which sets forth the terms of the sale under Track 1. Pursuant to the Restructuring Support Agreement, the Debtors and Fuse have agreed to a two-track structure for the Plan, both of which ensure that Fuse is paid in Cash on the Effective Date of the Plan. Under Track 1, the Debtors will sell the Assets contemplated in the Purchase Agreement to the Purchaser for $60,000,000.00, and Fuse has agreed to a carveout for the General Unsecured Claim Reserve, as well as the Shraiberg Page Professional Fees Reserve. The remainder of the Cash available under the Purchase Agreement shall only be used to pay Secured Real Estate Taxes, with the remainder being distributed to Fuse in Cash on the Effective Date, unless Fuse expressly agrees to different treatment, so long as such different treatment does not affect the amounts distributed for Shraiberg Professional Fees, the General Unsecured Claims Reserve and the Secured Real Estate Taxes. Under Track 2, which shall only occur if the Purchaser fails to consummate the transactions contemplated in the Purchase Agreement, Ardent will acquire the 100% of the preferred equity of the Reorganized Debtor, and Fuse has agreed to accept Cash in the amount of $50,000,000.00 on the Effective Date in full satisfaction of its Claims against the Debtors. The Plan contains two treatment tracks depending on whether the Purchaser closes on the purchase of the Real Properties: Track 1 if the Purchaser closes and Track 2 where Ardent will act as plan sponsor. Track 2 will occur if and only if the Purchaser does not close. Where a Class's treatment does not delineate between Track 1 and Track 2, the Class will receive the same treatment under Track 1 and Track. Class 2 consists of the Allowed Secured Fuse Claim. * Track 1: If the Purchaser closes on the sale of the Real Property, Class 2 shall receive the following treatment: On the Effective Date, Class 2 shall receive, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, an amount equal to $60,000,000.00 minus (1) the Shraiberg Page Professional Fees Reserve, (2) the General Unsecured Claims Reserve, (3) the amounts necessary to pay in full any real estate taxes allowed as an administrative expense, and (4) the amounts necessary to pay in full in Cash the claims of Classes 1A-1L. * Track 2: If the Purchaser does not close on the sale of the Real Properties, Class 2 shall receive the following treatment: On the Effective Date, Class 2 shall receive, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, Cash in the amount of $50,000,000.00. Class 2A consists of the Allowed Secured Claim of Invictus Real Estate Partners. The Allowed Secured Claim of Invictus Tuttle Lender LLC is secured by a mortgage junior to Fuse's mortgage. In full satisfaction, settlement, release, extinguishment, and discharge of the Allowed Secured Claim of Invictus, Invictus shall have an allowed Class 3 General Unsecured Claim in the amount of $7,768,230.71 (the "Invictus Deficiency Claim"). Class 2B consists of the Allowed Secured Claim of BC Architects AIA, Inc. The Allowed Secured Claim of BC Architects is secured by a claim of lien junior to Fuse's mortgage. In full satisfaction, settlement, release, extinguishment, and discharge of the Allowed Secured Claim of BC Architects, BC Architects shall have an allowed Class 3 General Unsecured Claim in the amount of $1,506,061.48 (the "BC Architects Deficiency Claim"). Class 2C consists of the Allowed Secured Claim of Southern Blvd. Villas, LLC. The Allowed Secured Claim of Southern is secured by a claim of lien junior to Fuse's mortgage. In full satisfaction, settlement, release, extinguishment, and discharge of the Allowed Secured Claim of Southern, Southern shall have an allowed Class 3 General Unsecured Claim in the amount of $849,054.69 (the "Southern Deficiency Claim"). Class 3 consists of Allowed General Unsecured Claims. The allowed unsecured claims total $38,151,916.83. This Class will receive a distribution of 5% to 20% of their allowed claims. * Track 1: If the Purchaser closes on the sale of the Real Properties, the Class 3 claims shall receive the following treatment: Each holder of an Allowed Claim in Class 3 shall receive, in full satisfaction, settlement, release, extinguishment, and discharge of such Claim, a pro rata share of the GUC Unsecured Claims Reserve Amount, except with respect to the Allowed Unsecured Fuse Claim, which is waiving its distribution because the Allowed Unsecured Fuse Claim shall be calculated in accordance with Exhibit A to the Restructuring Support Agreement, and Fuse's rights to collect the amount of the Allowed Unsecured Fuse Claim is preserved against non-Debtors, including Brian Tuttle. * Track 2: If the Purchaser does not close on the sale of the Real Properties, the Class 3 Claims shall receive the following treatment: Each holder of an Allowed Claim in Class 3, other than NEM LLC, shall receive, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, distributions equal to 0.25% of each Allowed Claim in quarterly installments beginning on the Effective Date and subsequently on the first calendar day of each quarter thereafter until the Debtors complete the building of the Real Properties, sell the Real Properties, or refinance in full the Real Properties, at which time the Debtors shall pay the amount necessary such that each holder of an Allowed Claim in Class 3 receives 20% of each holder's Allowed Claim, except with respect to the Allowed Unsecured Fuse Claim, which is waiving its distribution because the Allowed Unsecured Fuse Claim shall be calculated in accordance with the Restructuring Support Agreement, and Fuse's rights to collect the amount of the Allowed Unsecured Fuse Claim is preserved against non-Debtors, including Brian Tuttle. Funds to be used to make cash payments under the Plan shall derive from the sale of the Real Property or from Ardent as plan sponsor. A full-text copy of the Amended Disclosure Statement dated January 26, 2026 is available at https://urlcurt.com/u?l=rDVuXv from PacerMonitor.com at no charge. Attorneys for the Debtors: Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on Sept. 23, 2025. In its petition, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MANAGEMENT MCOA: Affiliate Gets Extension to Use Cash Collateral ---------------------------------------------------------------- 369 Albuquerque Ops, LLC, an affiliate of Management MCOA, LLC, received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court on February 3 issued a second interim order authorizing 369 Albuquerque Ops to use cash collateral from January 6 until the date of entry of the final order or the occurrence of so-called termination events. Use of cash collateral is subject to the approved budget, with a 10% permitted variance. As adequate protection, pre-bankruptcy lenders -- Greenline CDF XLV, LLC and ONB DHF I, LLC, as assignee of DMT HCR I, LLC -- will be granted replacement liens on all assets of the Debtor. These liens do not apply to claims or causes of action under sections 542 to 553 of the Bankruptcy Code. Additionally, the lenders will be granted superpriority claims to the extent of any diminution in value of their pre-bankruptcy collateral. A final hearing is scheduled for February 24. A copy of the order and the Debtor's budget is available at https://is.gd/ECOlqo from PacerMonitor.com. As of January 6, 369 Albuquerque OPS and affiliate 500 Albuquerque RE, LLC owed $44 million to DMT ACG and $4 million to Greenline. In addition, 369 Albuquerque OPS, as sole borrower under a $5 million accounts receivable revolving facility evidenced by a revolving promissory note in favor of ONB DHF I (as assignee of DMT HCR I), owed the lenders more than $4.05 million as of the petition date. The loans are secured by liens and security interests the lenders assert in the Debtor's property. ONB DHF I and DMT ACG are represented by: Andrew J. Shaver. Esq. Bradley Arant Boult Cummings LLP One Federal Place 1819 5th Avenue N. Birmingham, AL 35203 Telephone: 205.521.8844 ashaver@bradley.com -- and -- David L. Rosendorf, Esq. Kozyak Tropin & Throckmorton, LLP 2525 Ponce de Leon Boulevard, 9th Floor Coral Gables, FL 33134 Tel: (305) 372-1800 Fax: (305) 372-3508 dlr@kttlaw.com About Management MCOA LLC Management MCOA, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25184) on December 23, 2025, listing between $50,001 and $100,000 in assets and liabilities. On January 6, 2026, 369 Albuquerque OPS, LLC filed Chapter 11 petition (S.D. Fla. Case No. 25-25184), listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. The cases are jointly administered under Case No. 25-25184. Judge Erik P. Kimball handles the cases. The Debtor tapped Jordi Guso, Esq., at Berger Singerman, LLP as legal counsel and Joseph J. Luzinski of Development Specialists, Inc. as chief restructuring officer. MANNING LAND: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On January 27, 2026, Manning Land Company, 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 $10MM and $50MM in debt owed to 1 to 49 creditors. About Manning Land Company, LLC Manning Land Company, LLC is a single asset real estate company. Manning Land Company, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10731) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $10MM to $50MM and estimated liabilities in the same range. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Lewis R. Landau, Esq. MASTERS PLACE: Starts Subchapter V Bankruptcy in Colorado --------------------------------------------------------- On January 20, 2026, Masters Place Condominiums Property Owners Association 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. About Masters Place Condominiums Property Owners Association Masters Place Condominiums Property Owners Association is a condominium homeowners association responsible for the governance, maintenance, and management of the Masters Place Condominiums community. The association oversees common areas and shared amenities, enforces community rules and covenants, and manages assessments and budgets on behalf of unit owners. Its responsibilities typically include property maintenance, insurance coordination, and the administration of services intended to preserve property values within the community. Masters Place Condominiums Property Owners Association sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10313) 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 Kevin S. Neiman, Esq., of Law Offices of Kevin S. Neiman, PC. MEM HOLDINGS: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: MEM Holdings, LLC 13657 NE 126th Place Kirkland, WA 98034 Business Description: MEM Holdings, LLC is a single-asset real estate company focused on owning or managing one primary property, engaging in activities such as property management, and appraisal services, and is classified under NAICS 5313. Chapter 11 Petition Date: January 29, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-10294 Judge: Hon. Christopher M Alston Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Maximillian Mudarri as sole member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UOTEZGA/MEM_Holdings_LLC__wawbke-26-10294__0001.0.pdf?mcid=tGE4TAMA METROPOLITAN CAPITAL BANK: First Bank Failure in 2026 ----------------------------------------------------- Metropolitan Capital Bank & Trust was closed Jan. 30, 2026, by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with First Independence Bank to assume substantially all deposits of Metropolitan Capital Bank & Trust. Metropolitan Capital Bank & Trust's sole office was slated to reopen as a branch of First Independence Bank during its normal business hours on February 2, 2026. Depositors of Metropolitan Capital Bank & Trust automatically became depositors of First Independence Bank. The deposits assumed by First Independence Bank will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship. Customers of Metropolitan Capital Bank & Trust have immediate access to their deposits and, over the weekend, were able to access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. Customers with questions should contact the FDIC toll-free at 1-866-314-1744 or visit the FDIC's website. As of Sept. 30, 2025, Metropolitan Capital Bank & Trust reported total assets of $261.1 million and total deposits of $212.1 million. First Independence Bank agreed to assume substantially all deposits at the time of closing. It will also purchase approximately $251 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition. The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $19.7 million. The estimate will change over time as retained assets are sold. Metropolitan Capital Bank & Trust is the first bank to fail in the nation this year. MH SUB I: Moody's Affirms 'B2' Corp. Family Rating, Outlook Stable ------------------------------------------------------------------ Moody's Ratings affirmed MH Sub I, LLC's ("MH Sub I" d/b/a "Internet Brands") B2 corporate family rating, B2-PD probability of default rating, B1 senior secured first lien bank credit facilities rating, and Caa1 senior secured second lien term loan rating. The outlook is stable. The ratings affirmation reflects the improved operation performance from organic growth as well as an acquisition within the legal segment (FindLaw). Internet Brands leverage is 6x debt/EBITDA as of Q3 2025, including Moody's standard lease adjustments, and Moody's expects leverage to decline slightly in 2026. The company will continue to have to adapt to changes in technology due to AI and other industry trends that have the potential to lead to heightened volatility in operation performance. The company has good liquidity due to significant cash on the balance sheet. RATINGS RATIONALE MH Sub I, LLC 's B2 CFR reflects the company's high financial leverage and aggressive financial strategy including returns to shareholders and M&A activity that can lead to volatile credit metrics. Operating performance can be impacted by rapidly changing technology due to AI, industry standards, different approaches for content delivery, branding and distribution, sudden shifts in how consumers engage with media content, as well as low entry barriers that could possibly increase competitive threats. Moody's expects MH Sub to generate organic revenue and EBITDA growth in the low single percentages in 2026 that will drive a moderate reduction in leverage. MH Sub I benefits from its market position as a leading US Internet publisher of editorial content and online customer acquisition service provider designed around a proprietary analytics platform and performance-based revenue model. The company's digital marketing funnel, buoyed by its owned and operated branded digital media assets, delivers customer traffic and sales conversions on behalf of its advertising clients. MH Sub's credit profile is supported by Medscape and WebMD's offering as a leading provider of health-related digital content facilitating a robust platform for healthcare and pharmaceutical advertising. Following the acquisition of FindLaw, the company also has an expanding legal segment that is likely to be a source of growth. High margin SaaS/software-based service offerings also enhance revenue diversification and visibility due to the recurring revenue stream and high customer retention. The stable outlook reflects Moody's views that Internet Brands' performance-based digital advertising model and Software-as-a-Service (SaaS) subscription platform will remain fairly resilient and generate organic revenue and EBITDA in the low single digits percentages in 2026. Leverage will likely decrease slightly below 6x in 2026, although additional cash funded acquisitions could support further deleveraging. Over the next 12-18 months, Moody's expects Internet Brands will maintain good liquidity with cash on the balance sheet of well over $700 million as of Q3 2025. The company has access to an undrawn $309 million revolving credit facility. Roughly $299 million of the revolver matures in December 2029, but is subject to a springing maturity date of February 2028 if more than $500 million of the term loan is outstanding ($2.9 billion of outstanding first lien term loan is due May 2028). The remaining portion of the revolver matures in November 2026. Moody's projects free cash flow (FCF) in excess of $150 million in 2026. Internet Brands paid a $981 million debt-financed dividend in 2022 and $476 million in dividends in 2021, but distributions were minimal over the last three years. A portion of the significant cash balance may be used to fund future acquisitions. The revolver is subject to a springing First-Lien Secured Debt to Consolidated EBITDA maintenance covenant (currently set at 7.7x, as defined in the first-lien credit agreement) that becomes operative in the quarter only when more than 30% of the facility is drawn. The First-Lien Secured Leverage ratio was 4.2x as of Q3 2025 and Moody's expects the company to maintain a significant cushion of compliance with the covenant over the next twelve months. Internet Brands will not rely on the revolver over the next year due to the high cash level, low capital spending and positive FCF generation, but the facility improves liquidity by providing a backstop for additional flexibility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could occur if Internet Brands maintained its leading market positions and demonstrated organic revenue growth in the mid single digits with at least stable EBITDA margins. Leverage would need to be sustained below 4.5x with FCF as a percentage of debt in the mid-single digit range (as calculated by Moody's). Maintenance of at least a good liquidity position with no near term debt maturities and a more moderate financial policy would also be required. A downgrade could occur if leverage was likely to be sustained above 6x due to weak operating performance, leveraging acquisitions or sizable shareholder distributions. Significant near term debt maturities or a weakened liquidity profile including FCF to adjusted debt of less than 2% (including Moody's standard adjustments) could also lead to negative rating pressure. Additionally, an increase in the percentage of first lien debt in the capital structure, due to an increase in first lien debt or a decrease in the amount of second lien debt, could lead to a downgrade of the first lien senior secured credit rating. Headquartered in El Segundo, CA, MH Sub I, LLC ("MH Sub I" d/b/a "Internet Brands") is an internet media company that owns branded websites focused on Health, Legal, Media, and Dental (through a joint venture). The company licenses and delivers its content and internet technology products and services to small and medium-sized businesses (SMBs), major corporations and individual website owners primarily via two revenue models: (i) performance-based advertising; and (ii) subscription-based Software-as-a-Service (SaaS) platform. Founded in 1998, MH Sub I was purchased by Hellman & Friedman ("H&F") in 2010 for $639 million and subsequently sold to private equity firm KKR & Co. Inc. ("KKR") in 2014 for $1.125 billion. Internet Brands acquired WebMD Health Corp. in 2017, for a net purchase price of $2.54 billion. In July 2022, the company completed an equity recapitalization with its existing investors KKR and Temasek, and a group of new investors led by Warburg Pincus, at a valuation of over $12 billion. Revenue as of LTM Q3 2025 was well over $2 billion. 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. MIGHTY LEASE: Case Summary & 18 Unsecured Creditors --------------------------------------------------- Debtor: Mighty Lease, LLC 15520 Daniel Blvd., Suite 504 Gulfport, MS 39503 Business Description: Mighty Lease, LLC, based in Gulfport, Mississippi, provides automotive equipment rental and leasing services, serving clients in Mississippi and surrounding regions. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 26-50142 Judge: Hon. Katharine M Samson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mykhaylo Kalyn as CEO and managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7IV2LSQ/Mighty_Lease_LLC__mssbke-26-50142__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 18 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express Credit Card $94,251 P.O. Box 6031 Carol Stream, IL 60197-6031 2. BankFirst Motor Vehicles $390,945 P.O. Box 1248 Columbus, MS 39703 3. BankPlus Motor Vehicles $305,596 1320 S. Morrison Blvd Hammond, LA 70403 4. BMO Bank, N.A. Motor Vehicles $278,361 300 E. John Carpenter Irving, TX 75062-2712 5. Hancock Whitney Bank Motor Vehicles $270,785 P.O. Box 4019 Gulfport, MS 39502-4019 6. Hancock Whitney Bank $222,359 P.O. Box 4019 Gulfport, MS 39502-4019 7. Hancock Whitney Bank Motor Vehicles $41,138 P.O. Box 4019 Gulfport, MS 39502-4019 8. Hancock Whitney Bank Motor Vehicles $399,443 P.O. Box 4019 Gulfport, MS 39502-4019 9. Hancock Whitney Bank Motor Vehicles $382,438 P.O. Box 4019 Gulfport, MS 39502-4019 10. M&T Equipment Finance Motor Vehicles $107,967 P.O. Box 463 Brattleboro, VT 05302-0463 11. PACCAR Financial Corp. Motor Vehicles $382,127 1501 North Plano Road Suite 100 Richardson, TX 75081 12. PACCAR Financial Corp. Motor Vehicles $873,118 1501 North Plano Road Suite 100 Richardson, TX 75081 13. PACCAR Financial Corp. Motor Vehicles $694,137 1501 North Plano Road Suite 100 Richardson, TX 75081 14. PACCAR Financial Corp. Motor Vehicles $601,584 1501 North Plano Road Suite 100 Richardson, TX 75081 15. PACCAR Financial Corp. Motor Vehicles $530,702 1501 North Plano Road Suite 100 Richardson, TX 75081 16. PACCAR Financial Corp. Motor Vehicles $409,774 1501 North Plano Road Suite 100 Richardson, TX 75081 17. PACCAR Financial Corp. Motor Vehicles $390,536 1501 North Plano Road Suite 100 Richardson, TX 75081 18. Trustmark National Motor Vehicles $317,171 Ban Commercial Banking - M 1695 Popps Ferry Road Biloxi, MS 39532 MISS AMERICA: Atty Defends Retyped Documents in $500MM Dispute -------------------------------------------------------------- Carolina Bolado of Law360 Bankruptcy Authority reports that on Friday, January 30, 2026, a Florida attorney provided testimony in a $500 million dispute over the Miss America pageant, clarifying the authenticity of operating agreements tied to two companies associated with the competition. He explained that the agreements were retyped after his laptop, containing the original files, was stolen while traveling in Ecuador, and that the documents were not false. The attorney's statements aimed to reassure the court that the retyped agreements were true to the originals and that no misrepresentation occurred. His testimony is part of ongoing proceedings in which control and financial stakes in the pageant remain contested, with both sides disputing ownership and operational authority, according to report. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. MORRIS STREET: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Morris Street Development, LLC 314 North Morris St Oxford, MD 21654 Business Description: Morris Street Development, LLC is a single-purpose real estate holding entity that owns real property located at 314 North Morris Street, Oxford, Maryland, encompassing the historic Robert Morris Inn, which includes a hotel and restaurant. The property's operations are managed by affiliated non-debtor entities, though as of Jan. 28, 2026, both the hotel and restaurant are not active. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00039 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Christianna Cathcart, Esq. THE BELMONT FIRM 1050 Connecticut NW, Suite 500 Washington, DC 20036 E-mail: christianna@dakotabankruptcy.com Total Assets: $3,305,850 Total Liabilities: $3,479,491 The petition was signed by David Snyder as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IGTODSI/Morris_Street_Development_LLC__dcbke-26-00039__0001.0.pdf?mcid=tGE4TAMA MORRIS STREET: Seeks Chapter 11 Bankruptcy in District of Columbia ------------------------------------------------------------------ On January 28, 2026, Morris Street Development, 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 Morris Street Development, LLC Morris Street Development, LLC is a real estate development and investment company based in the District of Columbia, specializing in residential and commercial property projects. Morris Street Development, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00039) on January 28, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities of $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. MOTO MINDS: Seeks Chapter 11 Bankruptcy in Colorado --------------------------------------------------- On January 12, 2026, Moto Minds LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to 50–99 creditors. About Moto Minds LLC Moto Minds LLC is a limited liability company. Moto Minds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10157) on January 12, 2026. In its petition, the Debtor reports estimated assets in the range of $1MM–$10MM and estimated liabilities of $1MM–$10MM. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Lacey S. Bryan, Esq., of Markus Williams LLC. MULTI-COLOR CORP: Judge Needs Time to Weigh $657MM Chapter 11 DIP ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Friday, January 31, 2026, a New Jersey bankruptcy judge announced he would need the weekend to decide on interim approval for Multi-Color Corp.'s $657.5 million Chapter 11 loan, which has been contested by certain creditors. In the interim, the court permitted the company to use a portion of its debtor-in-possession financing. The partial access is intended to support ongoing operations while the court weighs the objections and considers the terms of the contested financing. Stakeholders in the case have closely monitored the proceedings, which will determine whether Multi-Color can secure full access to the Chapter 11 loan under the proposed agreement, according to report. 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. MVP GROUP: Plan Exclusivity Period Extended to February 25 ---------------------------------------------------------- Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida extended MVP Group, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 25 and April 26, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that there are approximately 450 creditors, although this case is not particularly large. Moreover, the Debtor acquires most products from overseas. From an operational standpoint, the Debtor's operations got off to a relatively slow start due to the negotiation of a new warehouse agreement and the transitioning of inventory from the old to the new warehouse. The Debtor asserts that the initial 3.5 months of this case have been marked with some progress. The Debtor negotiated a new warehouse agreement and transitioned inventory from the old to the new warehouse. The Debtor is also actively engaged in discussions with prospective DIP/exit lenders and potential equity investors, which would facilitate the filing of a plan. Likewise, the Debtor has had regular communications with and has provided financial reporting to the senior secured lender. The Debtor further asserts that it is not seeking to use exclusivity to pressure creditors into accepting a plan they find unacceptable or as a delay tactic. Rather, the Debtor legitimately requires additional time to formulate, draft, and file a plan of reorganization, as well as to seek and obtain confirmation. MVP Group LLC is represented by: Michael D. Seese, Esq. Seese, P.A. 101 N.E. 3rd Avenue, Suite 1500 Ft. Lauderdale, FL 33301 Tel: (954) 745-5897 Email: mseese@seeselaw.com About MVP Group LLC MVP Group LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20199) on Aug. 29, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Michael D. Seese, Esq. at SEESE, P.A. NATURAL EXPERIENCE: Starts Chapter 7 Bankruptcy in Florida ---------------------------------------------------------- On January 28, 2026, The Natural Experience, Inc. filed a voluntary petition for relief under Chapter 7 in the U.S. Bankruptcy Court for the Northern District of Florida. The Debtor reports total liabilities in the range of $100,001 to $1,000,000, owed to 1 to 49 creditors, according to its petition. About The Natural Experience, Inc. Natural Encounters, Inc. operates as a training and education center. The Company offers a wide variety of workshops, symposiums, and retreats focused on animal training and welfare, team performance, and educational program production and development. Natural Encounters serves customers worldwide. The Natural Experience, Inc. sought Chapter 7 bankruptcy protection on January 28, 2026 (Bankr. Case No. 26-40046). In its filing, the company lists estimated assets of $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Karen K. Specie presides over the case. The Debtor is represented by India Footman, Esq. of Footman Law Firm, P.A. NEW NORMAL BREWING: Amends Unsecureds & Several Secured Claims Pay ------------------------------------------------------------------ New Normal Brewing, LLC ("NNB") and New Normal Industries, LLC ("NNI") submitted an Amended Plan of Reorganization for Small Business dated January 23, 2026. The Plan provides that 100% of the Debtors' projected disposable income will be applied to payments under the proposed plan consistent with Section 1191 of the Bankruptcy Code. The Debtor's financial projections show that the Debtor will have projected disposable income of $235,922. The final Plan payment is expected to be paid on or about December 31, 2029, which is anticipated to be 48 months after the effective date. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan [choose one] has valued at approximately 3.6 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 2(A) consists of the Secured claim of Heritage Bank of Commerce. The allowed secured claim of Heritage ($112,500.00) shall be paid in full with interest at the rate of 7.00% per annum in 48 equal monthly installments of principal and interest of $2,693.95 ("Class 2(A) Allowed Claim"). Payments will be due on the 15th day of each month, with the first payment due by March 15, 2026. The Class 2(A) Allowed Claim is not disputed. Heritage shall retain its lien, and may assert its legal, equitable, and contractual rights with the modifications set forth herein as to the Debtors only, and does not waive any rights as to other loan obligors outside this proceeding. Heritage shall have a Class 3 claim in the amount of $395,936.93, the difference between its filed Proofs of Claim, and the Class 2(A) Allowed Claim. Heritage consents to: (1) the proposed value of its collateral; (2) the amount of its Class 2(A) claim; (3) the amount of its Class 3 claim; and (4) the proposed treatment of those claims under this Plan, subject to the following limitations: * The subject loan is a Small Business Administration ("SBA") sponsored loan. Heritage has conditionally consented to its treatment under the proposed Plan subject to the SBA's approval which remains pending as of this date. Heritage reserves all rights to withdraw its conditional consent and object to the Plan should the SBA object to the Plan terms. Class 2(C) consists of Blue Star Loan Claim. The Blue Star Loan was a purchase money loan for the Debtors' delivery van (2016 Ford Transit 250). The Blue Star Loan matured in December 2025, and Debtors have completed the payments to Blue Star. There shall be no payments to Blue Star under this Plan. Class 3 consist of non-priority unsecured creditors. Holders of allowed general unsecured claims will be paid their pro rata share of 11 distributions. The Debtors' business is cyclical and traditionally slows down in the first quarter of the year and then trends upward towards and through the Summer. To avoid the Debtors potentially running out of cash during the slow months, no payments will be made to Class 3 creditors during the first quarter of each year. To avoid the need for issuing multiple checks in minimal amounts, the Debtors reserve the right to accelerate payments to any Class 3 claim of less than $10,000 ($0 - $9,999), Any Class 3 creditor may opt out of this treatment by providing notice of the Debtors and Debtors' counsel. This is an earn-out plan that is not premised upon any new investment or loan. NNB will maintain its operations and intends to fund the payments under this Plan with all disposable income earned over the term of the Plan. A full-text copy of the Amended Plan dated January 23, 2026 is available at https://urlcurt.com/u?l=BDhL8A from PacerMonitor.com at no charge. About New Normal Brewing New Normal Brewing LLC, doing business as Temescal Brewing, is an Oakland-based brewery. New Normal Brewing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-41895) on October 9, 2025. In its petition, the Debtor reported estimated assets between $50,001 and $100,000 and estimated liabilities between $500,001 and $1 million. The Debtor is represented by Christopher Hart, Esq., at Nuti Hart, LLP. NEW PROVIDENCE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: New Providence Development Corporation 1120 Bel Aire Dr. E Pembroke Pines, FL 33027 Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-11252 Debtor's Counsel: Joe M. Grant, Esq. LORIUM LAW 197 South Federal Highway Suite 200 Boca Raton, FL 33432 Tel: 561-361-1000 Email: jgrant@loriumlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Desiree Faulkner as president. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JZLJNOI/New_Providence_Development_Corporation__flsbke-26-11252__0001.0.pdf?mcid=tGE4TAMA NEXT DAY: Todd Headden Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 7 appointed Todd Headden as Subchapter V trustee for Next Day Custom Tees, LLC. Mr. Headden will charge $450 per hour for his services as Subchapter V trustee and $175 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Headden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd Headden 7600 Burnet Rd., Ste. 530 Austin, TX 78757 Telephone: (737) 881-7104 theadden@haywardfirm.com About Next Day Custom Tees LLC Next Day Custom Tees, LLC is a Texas-based apparel company specializing in custom t-shirt printing and personalized merchandise, serving individual and corporate clients. Next Day Custom Tees sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50161) on January 23, 2026. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Frances A. Smith, Esq., at Offit Kurman. NINE ENERGY: S&P Downgrades ICR to 'D' on Bankruptcy Filing ----------------------------------------------------------- S&P Global Ratings lowered all its ratings on Nine Energy Service Inc., including the issuer credit rating and issue-level rating on its senior secured notes, to 'D' from 'CCC-'. Subsequently, S&P withdrew all its ratings on Nine. On Feb. 1, 2026, Nine Energy Service Inc. announced it had voluntarily filed for Chapter 11 bankruptcy protection. The downgrade reflects Nine's voluntary, prepackaged Chapter 11 filing. The restructuring agreement calls for the elimination of the $320 million 13% senior secured notes in exchange for new equity. S&P said, "We expect Nine will continue to operate in bankruptcy with a $125 million debtor-in-possession asset-based lending (ABL) facility replacing the existing $125 million ABL facility ($63.3 million drawn as of Sept. 30, 2025). The company expects to emerge from bankruptcy in 45 days with a capital structure comprising a $135 million ABL facility. We subsequently withdrew our ratings on Nine at the issuer's request." NOVA RTP II: Unsecured Creditors to be Paid in Full in Plan ----------------------------------------------------------- Nova RTP II, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated January 26, 2026. The Debtor is a North Carolina Limited Liability Company. The Debtor is engaged in building a large land development in Durham, North Carolina which consists of thirty-seven luxury apartments, each designed to be fully self-contained so they can be fully subleased. Based on a recent appraisal, the property is currently worth $13.1 million as-is, while the completed and stabilized value is about $17 million. The current business model, besides renting the units at market rate, involves advanced negotiations with an institutional tenant who will sign a master lease agreement to lease all the units. The Debtor projects that construction will be complete within twelve months of funding. Debtor's primary source of income will be from the lease of units following completion of the Project. The Plan contemplates a reorganization of debts. In accordance with the Plan, Debtor intends to satisfy certain creditor claims from income earned through the sale and/or lease of units that will be located at the Project, following new financing. The Debtor has received a term sheet from Southern Resolution Services, LLC ("SRS"), which is also providing financing for completion of a project owned by Nova at Summer Meadow Owner, LLC, which is an affiliate of Debtor and which is also a debtor in Chapter 11 in this Court, Case No. 25-03953-5-PWM. Debtor expects to file a motion to approve financing for its Project with SRS in the near future. Class 11 consists of General Unsecured Claims. The total Claims in this Class, as of the date of this filing, is $41,629.08. Debtor shall pay allowed general unsecured claims in full including interest at the fixed rate of six and one-half percent (6.5%) per annum, fifteen months after Court approval of the proposed financing of Debtor's Project by SRS, through a refinancing of the Project. This class will be impaired. This Class also includes all claims which are not otherwise specifically classified by this Plan. The Claims should include, but not be limited to, creditors whose Claims may arise out of the rejection of executory contracts and secured creditors to the extent that the Court or the terms of this Plan deems them to be unsecured in whole or in part or to the extent that such Claim may not be specifically dealt with in the treatment of a particular class or any of these. In determining whether a Claim, that is otherwise allowable, should be designated into this Class as opposed to any other Class in this Plan, this Class is an inclusive one rather than exclusive. Class 12 consists of members of the Debtor. The equity interest of all pre-petition equity security holder in the Debtor shall be eliminated as of the Effective Date of the Plan. New membership interests in the reorganized Debtor shall be issued to Abranova Real Estate, LLC. The Debtor proposes to make payments under the Plan from the operation of its Project once it has been completed, using funds provided from new financing. A full-text copy of the Disclosure Statement dated January 26, 2026 is available at https://urlcurt.com/u?l=Xn42xS from PacerMonitor.com at no charge. Counsel to the Debtor: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Tel: (252) 633-1930 Fax: (252) 633-1950 E-mail: george@georgeoliverlaw.com About Nova RTP II LLC Nova RTP II, LLC, is a real estate company that owns and operates a commercial property at 555 Abranova Avenue in Durham, North Carolina. The property, appraised at $13.1 million, is the company's principal asset. Nova RTP II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04155) on Oct. 21, 2025. In its petition, the Debtor reported total assets of $13,100,000 and total liabilities of $6,303,832. Judge Pamela W. Mcafee oversees the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC, is representing the Debtor. O & K ALEXANDER'S: Plan Exclusivity Period Extended to February 18 ------------------------------------------------------------------ Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois extended O & K Alexander's Co. Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 18 and April 20, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it needed to file the petition with a list of creditors only in order to stay a mortgage foreclosure case pending in the Circuit Court of Cook County, IL, filed by Community Loan Servicing, LLC f/k/a Bayview Loan Servicing, LLC. The Debtor is the owner of real property commonly known as 8022-24 S. Cottage Grove Avenue, Chicago, IL 60619 ("Property"), which is "single asset real estate" as the term is defined in Section 101(51B). A status hearing on the Chapter 11 case has been set for February 18. At the previous status hearing on January 14, the Debtor's counsel advised that he was hopeful of filing a Plan by the next status date of February 18. Pursuant to Section 1121(b), the Debtor has the exclusive right to file a Plan within 120 days after the order for relief. Since the case was filed on October 6, 2025, the 120-day period expires on February 3, 2026. The Debtor's counsel will be out of town from January 31 to February 8. O & K Alexander's Co. Inc. is represented by: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About O & K Alexander's Co. Inc. O & K Alexander's Co. Inc. is a single assets real estate company. O & K Alexander's Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15355) on Oct. 6, 2025. In its petition, the Debtor estimated assets and liabilities between $100,001 and $1 million each. Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Joel A. Schechter, Esq., Law Office of Joel A. Schechter. O'BRIEN ENERGY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: O'Brien Energy Resources Corporation 18 Congress Street S207 Portsmouth, NH 03801 Business Description: O'Brien Energy Resources Corporation, a Colorado corporation, is a privately held independent oil and natural gas exploration and production company focused on conventional drilling, operating wells and fields across Colorado, Nebraska, Wyoming, Oklahoma, Kansas, Texas, and Louisiana. The Company, which has been in business since 1990 and is headquartered in Portsmouth, New Hampshire, develops new and existing leaseholds through operated interests and joint ventures with other energy companies and partners. Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court District of New Hampshire Case No.: 26-10092 Debtor's Counsel: William J. Amann, Esq. AMANN BURNETT, PLLC 757 Chestnut Street Manchester, NH 03104 Tel: 603-696-5401 Email: wamann@amburlaw.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by John J. Forma as director. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P7X6MYQ/OBrien_Energy_Resources_Corporation__nhbke-26-10092__0001.0.pdf?mcid=tGE4TAMA OCEANWIDE PLAZA: Reaches Bankruptcy Exit Deal with Creditors ------------------------------------------------------------ John Gittelsohn and Jonathan Randles of Bloomberg News report that Oceanwide Plaza, a partially completed development in downtown Los Angeles, has reached a deal to exit bankruptcy after creditors agreed to settle a dispute that had stalled the project for years, paving the way for a potential sale of the site. The settlement resolves an inter-creditor fight over the residential and commercial complex, nicknamed the "Graffiti Towers" for the prominent street art covering its unfinished exterior. Work on the project stopped in 2018 when China Oceanwide, the project's developer, ran out of capital following restrictions imposed by Chinese authorities on outbound investment, according to report. A buyer is in discussions to purchase the property, according to people with knowledge of the negotiations, who asked not to be identified because the talks are confidential. The sale would depend on the successful completion of the bankruptcy process, the people said. About Oceanwide Plaza LLC An involuntary bankruptcy petition against Oceanwide Plaza LLC in Los Angeles CA, for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-11057) on February 13, 2024. Judge Deborah J Saltzman oversees the case. Bryan Cave Leighton Paisner, LLP as counsel to the Debtor. Bradley D. Sharp as chief restructuring officer. GlassRatner Advisory & Capital Group LLC, dba B. Riley Advisory Services as financial advisor and expert witness. ON SEMICONDUCTOR: Moody's Alters Outlook on 'Ba1' CFR to Stable --------------------------------------------------------------- Moody's Ratings affirmed ON Semiconductor Corporation's (ON Semi) Ba1 corporate family rating, Ba1-PD probability of default rating, and Ba2 senior unsecured rating. The SGL-1 speculative grade liquidity (SGL) rating is unchanged. The outlook was revised to stable from positive. The revision of the outlook to stable reflects ON Semi's growth profile being weaker than expected, although there are early signs of stabilization. This is due to the semiconductor market downturn but also as a result of the company's end market mix being heavily weighted towards automotive and industrial end markets. While the company's end markets appear to be turning a corner, future growth may be somewhat modest in the coming quarters. Margins may improve somewhat as a result of cost cutting initiatives and improved operating leverage, though debt to EBITDA (Moody's adjusted) is now expected to remain above 2x over the next 12-18 months, relative to Moody's expectations that it would be in the low- to mid-1x range before. ON Semi's free cash flow generation remains strong, although the company has said it will return 100% to shareholders and its board recently authorized a $6 billion share buyback program. The company has not articulated a leverage target and previously has shown a willingness to pursue large scale M&A. RATINGS RATIONALE ON Semi's Ba1 CFR reflects the company's strong market position with increasing exposure to higher margin analog end markets. However, automotive and industrial sector recoveries have been slower than expected with continued inventory digestion and muted demand. With the company's end markets showing signs of stabilization, Moody's expects revenue to rebound modestly, growing in the mid-single digits percentage range in 2026. However, given lower utilization and weaker aggregate profitability, Moody's expects that debt to EBITDA (Moody's adjusted) will remain above 2x. Moody's continues to expect the company's free cash flow generation will remain strong given reduced capital intensity following elevated investment a few years ago, although the company has committed to returning 100% of free cash flow to shareholders through stock buybacks. The Ba2 rating on the senior unsecured notes considers the absence of collateral and the effective subordination to the $1.5 billion senior secured revolver maturing 2028, which benefits from collateral, including a first priority lien on all assets. The revolver has a collateral release provision triggered if two of three named rating agencies has assigned an investment grade rating to any class of senior unsecured debt. The SGL-1 reflects ON Semi's very good liquidity. The company had about $2.8 billion of cash, cash equivalents and short term investments as of October 3, 2025 which is well above Moody's views of ON Semi's minimum cash requirements. Moody's expects the company to generate annual FCF in excess of $1 billion over the next year. Liquidity is further supported by the $1.5 billion revolver, which had $375 million drawn as of October 3, 2025. The revolver contains one financial maintenance covenant as defined in the credit agreement: maximum total net debt to EBITDA of 4x. Moody's expects that ON Semi will maintain compliance with the financial maintenance covenant over the next year. The stable outlook incorporates Moody's expectations that despite ON Semi's revenues declining in the mid double digits percent during LTM October 3 2025, the company will modestly rebound growing in the mid-single digits percent range in 2026. ON Semi's free cash flow generation will remain strong due to reduced capital intensity following the elevated spending previously. Moody's expects FCF to debt will exceed the thirties percent level (Moody's adjusted) over the next 12-18 months, although the company has indicated it will direct all FCF to share buybacks. Moody's also expects adjusted debt to EBITDA will remain above 2.0x (Moody's adjusted) through 2026, absent acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if ON Semi's scale is expected to improve, EBITDA margins (Moody's adjusted) are sustained at least in the upper twenties percent, debt to EBITDA (Moody's adjusted) is maintained below 2x with the expectation of ongoing conservative financial policies, possibly with the articulation of a leverage target, and the company maintains a very good liquidity profile. The ratings could be downgraded if ON Semi loses market share, or the company's EBITDA margin (Moody's adjusted) is expected to be sustained below 20%, or if the company engages in debt funded share repurchases or distributions, or highly-leveraging acquisitions, such that debt to EBITDA (Moody's adjusted) is sustained above 3x. ON Semiconductor Corporation manufactures a broad array of discrete and integrated circuit analog, mixed-signal, and logic semiconductors and sensors, primarily serving the automotive and industrial markets. The principal methodology used in these ratings was Semiconductors published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PALM GREENS: Case Summary & 15 Unsecured Creditors -------------------------------------------------- Debtor: Palm Greens at Villa Del Ray Recreation Condominium Association, Inc. 5801 Via Delray Delray Beach, FL 33484 Business Description: Palm Greens at Villa Del Ray Recreation Condominium Association, Inc., a Florida not-for-profit corporation, operates as a condominium association in Delray Beach, Florida, managing and maintaining extensive recreational facilities for the community's residents under its Articles of Incorporation and governing documents. The association oversees amenities including a roughly 20,000-square-foot clubhouse, a swimming pool, tennis and bocce ball courts, shuffleboard courts, a cafe, and other common-area improvements. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-11060 Judge: Hon. Erik P Kimball Debtor's Counsel: Tate M. Russack, Esq. RLC, PA 396 Bayshore Drive Venice, FL 34285 Tel: (410) 505-4150 E-mail: Tate@russack.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Lisa DeFabritiis as acting Board Member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JZGUBCQ/Palm_Greens_at_Villa_Del_Ray_Recreation__flsbke-26-11060__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ainsworth & Clancy $58,480 Ryan Clancy, Esq. 1826 Ponce de Leon Blvd. Miami, FL 33134 2. Bob Isray Irrigation $1,124 Design, Inc. Robert A. Irsay , R/A 1003 NW 11 St. Boynton Beach, FL 33426 3. Breezeline Pme Batterymarch Park $7,717 Suite 405 Quincy, MA 02169 4. Cintas $206 5607 N Hiatus Rd. Ste. 500 Tamarac, FL 33321-6409 5. Crizabella Pools, Inc. $1,696 Karla P. Duarte-Geronimo, R/A 934 N. University Dr. #412 Coral Springs, FL 33071 6. Fiske $12,561 701 Brickell Ave. Suite 1550 Miami, FL 33131 7. FL Dept of Rev $0 5050 W Tennessee St. Tallahassee, FL 32399-0180 8. Internal Revenue Service $0 Centralized Insolvency Ops PO Box 7346 Philadelphia, PA 19101-7346 9. Jimmerson Birr $99,000 Brandon Meadows, Esq. 701 Riverside Park Pl. Jacksonville, FL 32204 10. Lennar Homes, LLC $25,000,000 8895 N. Military Trail Ste. 101-B Palm Beach Gardens, FL 33410 11. Number 1 $0 Condominium Association Palm Greens at Via Del Ray, Inc. 5801 Via Delray Blvd. Delray Beach, FL 33484 12. Number 2 $18,500,000 Condominium Association Palm Greens Villa Del Ray, Inc. Mark Friedman, R/A Becker & Poliakoff 625 N. Flagler Dr., 7th Fl. West Palm Beach, FL 33401 13. Oracle Elavator $690 14. Pictera Solutions $22,068 414 7th St. West Palm Beach, FL 33401 15. PM Accounting Services, LLC $720 PO Box 6482 Lake Worth, FL 33466 POSIGEN PBC: Amends Plan to Include Several Bridge Loan Claims -------------------------------------------------------------- PosiGen PBC and its affiliated debtors submitted a First Amended Combined Disclosure Statement and Joint Chapter 11 Plan dated January 23, 2026. The Plan is a liquidating plan. Upon entry of the Transaction Approval Orders, the Consolidated Debtors will consummate the Transitions, pursuant to which they will transition their servicing operations to each of the, and provide transition services to the Project Companies and/or their designees) in accordance with the procedures set forth in this Plan and the Settlement Order. The Debtors also intend to sell the Sale Assets, which represent substantially all of their assets, which primarily include (1) inventory, (2) "work in progress" Solar Systems, and (3) certain Causes of Action, as set forth herein. The Transaction Approval Orders contemplate that the DIP Lenders will credit bid their DIP Claims (subject to the terms and conditions of a mutually acceptable Asset Purchase Agreement) in exchange for the Sale Assets, subject to the Debtors' ability to pursue any higher and better alternative offer made that would provide for the repayment of the DIP Claims in full in cash. The proposed Settlement and this Plan provides for the creation of the Plan Trust and appointment of an independent trustee as Plan Administrator to oversee the distribution of proceeds from the sale and monetization of the remaining assets of the Debtors as of the Effective Date. Upon the occurrence of the Effective Date, the Plan Trust will be funded with at least $2,000,000 of proceeds from the Debtors' proposed DIP Facility, as well as any other Cash on hand of the Debtors as of the Effective Date (other than the funds held in the Administrative Fee Escrow Account), and the DIP Lenders will receive the DIP Lender Plan Trust Interests as partial consideration therefore. Additionally, the proposed Settlement provides that upon the occurrence of the Effective Date and the distribution of the DIP Lender Plan Trust Interests, the Project Companies will make the Project Company Claims Waiver. On the Effective Date, the Purchasers will also make the Plan Trust Claim Contribution. The Plan Trust Contributed Causes of Action shall be prosecuted or otherwise resolved by the Plan Administrator, and the proceeds thereof shall be distributed in accordance with this Plan. The Plan Trust will also maintain the Debtors' information and, subject to the terms of the Transition Procedures, provide specified transition services to the Project Companies. As of the Petition Date, the Debtors have approximately $208 million in principal amount of funded debt obligations, approximately 56% of which is secured and 44% of which is unsecured. On January 12, 2026, the Debtors filed an answer to the WARN Class Action Complaint (the "WARN Class Action Answer"). In the WARN Class Action Answer, the Debtors asserted numerous defenses, including, among other things, that the number of employees terminated at certain facilities fell below the applicable threshold to trigger the WARN Act, and that under the "unforeseeable business circumstances" exception to the WARN Act and, to the extent of any plant closings, the "faltering company" exception to the WARN Act, the Debtors were permitted to give reduced or no notice. On December 24, 2025, the Debtors filed the Transaction Approval Motion seeking approval of, and authorization to enter into, (1) a settlement of disputes with respect to the Debtors' ownership and use of cash and the Debtors' and the Project Companies' ownership of certain Solar Systems, (2) an up to $43.6 million debtor-in possession financing facility to fund the Chapter 11 Cases and implementation of the settlement transactions, (3) detailed steps and requirements governing the transition of the Debtors' servicing, operations, maintenance, fund administration, and customer care functions for the majority of the Debtors' and the Project Companies' customers to certain third parties, (4) the sale of substantially all of the Debtors' assets to the DIP Lenders through a proposed credit bid of the entire amount of the DIP Loans, (5) procedures for certain non-Debtor entities to negotiate and enter into settlement agreements with the Debtors' Channel Partners who are responsible for completing "work-in progress" Solar Systems, and (6) funding for the Plan Trust to provide treatment of unsecured Claims under this Plan (collectively, the "Transactions"). The Debtors sought authority, under the Transaction Approval Motion, to sell substantially all of their assets, subject to certain exclusions, to the DIP Lenders or, in the event a bidder submits a higher or otherwise better offer for the Sale Assets that would pay off the DIP Obligations in full, such other bidder. Taken together, the Sale Transaction, the Transition, and the Channel Partner Settlements will enable the Debtors to transition their business to a third party in an orderly manner that preserves continuity of service for customers and repay the DIP Obligations, either through consummation of the Sale Transaction in accordance with the DIP Credit Bid or, if the DIP Lenders are not the highest or otherwise best bidders, in cash. As part of the Settlement, each of the DIP Lenders has agreed in principle, subject to entry of the Transaction Approval Orders, to credit bid the entire amount of its DIP Claims in exchange for the Sale Assets (the "DIP Credit Bid"), subject to the terms and conditions of a mutually acceptable asset purchase agreement (the "Asset Purchase Agreement"). The Debtors invited all interested parties to submit offers for the Sale Assets, as they have the ability to pursue any higher and better alternative offer, subject to the terms and conditions of the DIP Credit Agreement and/or the Asset Purchase Agreement, but have not received any actionable offers for the Sale Assets as of the date hereof. On January 21, 2026, the Debtors filed the Notice of Sale and Transaction Approval Hearing (the "Sale Notice"). Class 6-A consists of any Prepetition June Bridge Loan Claims against PosiGen, PBC. On the Effective Date, each Holder of an Allowed Prepetition June Bridge Loan Claim against PosiGen, PBC shall receive on account of such Allowed Claim its Pro Rata share of the PBC Plan Trust Interests. Class 6-A is Impaired under the Plan. Class 7-A consists of any Prepetition July Bridge Loan Claims against PosiGen, PBC. On the Effective Date, each Holder of an Allowed Prepetition July Bridge Loan Claim against PosiGen, PBC shall receive (1) on account of its Allowed Secured Claim, if any, the proceeds of the sale of assets in which it has a first priority perfected security interest, if any, and (2) on account if its Allowed Deficiency Claim, if any, its Pro Rata Share of the PBC Plan Trust Interests. Class 8-A consists of General Unsecured Claims Against PosiGen, PBC. The allowed unsecured claims total $200,081,919. On the Effective Date, each Holder of an Allowed General Unsecured Claim against PosiGen, PBC shall receive its Pro Rata share of the PBC Plan Trust Interests. This Class is impaired. Class 7-B consists of General Unsecured Claims Against the Consolidated Debtors. The allowed unsecured claims total $70,765,510. On the Effective Date, each Holder of an Allowed General Unsecured Claim against the Consolidated Debtors shall receive its Pro Rata share of the Consolidated Plan Trust Interests. Class 7-B is Impaired under the Plan. Distributions under the Plan shall be funded by (i) the proceeds of the DIP Facility or the Sale Transaction (if to a Purchaser other than the DIP Lenders), and (ii) the Plan Administrator from the Plan Trust Assets; provided, however, that Allowed Professional Fee Claims (other than Allowed Professional Fee Claims) shall be paid from the Administrative Expense Escrow Account or Distributable Cash as applicable. The Plan Trust Assets shall be used to satisfy payment of Allowed Claims and Interests as set forth in the Plan. A hearing to consider the final approval of the Disclosure Statement and Confirmation of the Plan has been set for February 23, 2026, at 2:00 p.m. Objections to final approval of the Disclosure Statement and objections to Confirmation of the Plan must be filed with the Bankruptcy Court and served on counsel on February 18, 2026. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated January 23, 2026 is available at https://urlcurt.com/u?l=nl2BGR from Kroll Restructuring Administration LLC, claims agent. Proposed Counsel to the Debtors: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, Texas 77002 Tel: 713-496-9700 Email: charles.koster@whitecase.com - and - Thomas E Lauria, Esq. Michael C. Shepherd, Esq. Fan B. He, Esq. Andrea Kropp, Esq. WHITE & CASE LLP Southeast Financial Center 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Phone: (305) 371-2700 Email: tlauria@whitecase.com mshepherd@whitecase.com fhe@whitecase.com andrea.kropp@whitecase.com - and - Aaron E. Colodny, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, California 90071 Phone: (213) 620-7700 Email: aaron.colodny@whitecase.com - and - Andrea Amulic, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Phone: (212) 819-8200 Email: andrea.amulic@whitecase.com About PosiGen PBC PosiGen, PBC, is a residential solar energy company. PosiGen PBC and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on Nov. 24, 2025. In its petition, PosiGen listed between $100 million and $500 million in both assets and liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped White & Case as counsel; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration, LLC as claims and noticing agent. The official committee of unsecured creditors appointed in these Chapter 11 cases tapped McDermott Will & Schulte LLP and Pachulski Stang Ziehl & Jones LLP as counsel and Province, LLC as financial advisor. POSIGEN PBC: Says Layoffs Could Not Be Predicted, Claims Baseless ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that residential solar company PosiGen PBC urged the U.S. Bankruptcy Court for the Southern District of Texas to assign a zero‑dollar value to claims filed by about 470 employees who were laid off, arguing that the mass terminations last August were unforeseeable and beyond the company's control. The company said that it could not have anticipated the sudden need to conduct large‑scale layoffs when its financial situation deteriorated rapidly in the second half of 2025. PosiGen told the court it faced a severe liquidity crisis driven by rising overhead costs and a decline in federal support for solar energy projects, which squeezed its operating cash flow. The company said the crisis peaked when its primary lender, Brookfield Asset Management, declared a default under a roughly $600 million loan facility and froze key operating accounts, leaving PosiGen with insufficient funds to continue payroll and other obligations. As a result, PosiGen said it had little choice but to terminate virtually its entire workforce without advance notice, but it maintained that those layoffs should not give rise to significant creditor claims given the extraordinary circumstances. The company’s position, if accepted by the bankruptcy judge, would significantly reduce the amount it might owe former employees through the Chapter 11 process. About PosiGen, PBC PosiGen, PBC is a residential solar energy company. PosiGen PBC and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on Nov. 24, 2025. In its petition, PosiGen listed between $100 million and $500 million in both assets and liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped White & Case as counsel; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration, LLC as claims and noticing agent. The official committee of unsecured creditors appointed in these Chapter 11 cases tapped McDermott Will & Schulte LLP and Pachulski Stang Ziehl & Jones LLP as counsel and Province, LLC as financial advisor. POSIGEN PBC: To Seek Plan Confirmation on Feb. 23, 2026 ------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas granted the motion of PosiGen PBC and its affiliated debtors for entry of an order: (i) conditionally approving the Disclosure Statement; (ii) approving the Solicitation and Notice Procedures; (iii) approving the form of Ballots and Notices; (iv) approving certain dates and deadlines in connection with the solicitation and confirmation of the Plan; (v) scheduling a Combined Hearing on (a) final approval of the Disclosure Statement and (b) confirmation of the Plan; and (vi) granting related relief The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtors' request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * Solicitation Bar Date - Feb. 11, 2026 * Deadline for Filing Plan Supplement - Feb. 11, 2026 * 3018 Motion Deadline - Feb. 13, 2026 * Voting Deadline - Feb. 18, 2026 at 5:00 p.m. (CT) * Objection Deadline for Disclosure Statement and Plan - Feb. 18, 2026 at 5:00 p.m. (CT) * Objection Deadline for 3018 Motion - Feb. 18, 2026 at 5:00 p.m. (CT) * Deadline for Filing Reply to Disclosure Statement and Plan Objection - Feb. 22, 2026 * Deadline for Filing Voting Report - Feb. 22, 2026 * Combined Hearing on the Disclosure Statement and Plan - Feb. 23, 2026 at 2:00 p.m. (CT) * Opt-Out Deadline - Feb. 27, 2026 at 5:00 p.m. (CT) As shared by the Troubled Company Reporter, PosiGen PBC and its affiliated debtors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Joint Chapter 11 Plan dated December 9, 2025. The Plan is a liquidating plan. The Consolidated Debtors will transition their servicing operations and provide transition services to participating non-Debtor Project Companies ("Participating Project Companies") in accordance with the procedures set forth in this Plan. The Debtors also intend to sell substantially all of their assets, which primarily include (1) inventory, (2) "work in progress" Solar Systems, and (3) indirect equity interests in Project Companies that own Solar Systems. The Debtors intend to negotiate such a sale transaction with affiliates of Brookfield Asset Management, LLC ("Brookfield") and other consenting non-Debtor entities. The Plan also provides for the creation of the Plan Trust and appointment of an independent trustee as Plan Administrator to oversee the distribution of proceeds from the sale and the monetization of any other assets of the Debtors. The Plan Trust will maintain the Debtors' information and, to the extent an acceptable arrangement can be reached, provide specified transition services to the Participating Project Companies for a monthly fee. Causes of Action not sold, transferred, or otherwise waived or released before or on the Effective Date of the Plan will, following the Effective Date, be prosecuted or otherwise resolved by the Plan Administrator and the proceeds thereof shall be distributed in accordance with this Plan. Class 6-A consists of any General Unsecured Claims against PosiGen, PBC. On the Effective Date, each Holder of an Allowed General Unsecured Claim against PosiGen, PBC shall receive its Pro Rata share of the PBC Plan Trust Interests. Class 6-A is Impaired under the Plan. Class 7-B consists of any General Unsecured Claims against the Consolidated Debtors. On the Effective Date, each Holder of an Allowed General Unsecured Claim against the Consolidated Debtors shall receive its Pro Rata share of the Consolidated Plan Trust Interests. Class 7-B is Impaired under the Plan. Holders of General Unsecured Claims against the Consolidated Debtors are entitled to vote to accept or reject the Plan. On the Effective Date, (i) any obligation of a Consolidated Debtor and any guarantee thereof by any other Consolidated Debtor shall be deemed to be one obligation, and any such guarantee shall be eliminated, (ii) each Claim filed or to be filed against more than one Consolidated Debtor shall be deemed filed only against PosiGen, LLC and shall be deemed a single Claim against and a single obligation of PosiGen, LLC, and (iii) any joint or several liability of the Consolidated Debtors shall be deemed one obligation of PosiGen, LLC. The Consolidated Debtors shall sell or transition (the "Transition") the Consolidated Debtors' servicing operations to a newly formed non-Debtor entity or a third-party service provider selected by the Participating Project Companies ("New Service Co") pursuant to the procedures set forth below (the "Transition Procedures"). The Debtors intend to negotiate a transaction with Brookfield and/or Backleverage (the "Sale Transaction") or any other bidder(s) that makes a higher or better offer for the sale of substantially all of the Debtors' assets, including inventory and work-in-progress Solar Systems free and clear of any such claims under Section 363(f) of the Bankruptcy Code. Distributions under the Plan shall be funded by (i) the proceeds of the Sale Transaction, and (ii) the Plan Administrator from the Plan Trust Assets; provided, however, that Allowed Professional Fee Claims (other than Allowed Professional Fee Claims) shall be paid from the Administrative Expense Escrow Account, Distributable Cash, or the Plan Trust Assets as applicable. The Plan Trust Assets shall be used to pay the expenses of administering the Plan Trust, the Allowed Professional Fee Clams, and to satisfy payment of Allowed Claims and Interests as set forth in the Plan. A full-text copy of the Combined Disclosure Statement and Plan dated December 9, 2025 is available at https://urlcurt.com/u?l=rLaEBO from Kroll Restructuring Administration LLC, claims agent. A copy of the Court's Order dated January 30, 2026, is available at http://urlcurt.com/u?l=40wVxRfrom PacerMonitor.com. About PosiGen, PBC PosiGen, PBC is a residential solar energy company. PosiGen PBC and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on Nov. 24, 2025. In its petition, PosiGen listed between $100 million and $500 million in both assets and liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped White & Case as counsel; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration, LLC as claims and noticing agent. The official committee of unsecured creditors appointed in these Chapter 11 cases tapped McDermott Will & Schulte LLP and Pachulski Stang Ziehl & Jones LLP as counsel and Province, LLC as financial advisor. POWER LANE: Scott Sackett Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Scott Sackett as Subchapter V trustee for Power Lane Logistics Distribution & Warehousing, Inc. Mr. Sackett will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sackett declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott M. Sackett 4030 S. Land Park Dr., Suite C Sacramento, CA 95822 Phone: (916) 930-9900 Email: scott.sackett@efmt.com Power Lane Logistics Distribution & Warehousing Power Lane Logistics Distribution & Warehousing, Inc., doing business as Power Lane Logistics, Inc., provides freight distribution and warehousing services, including trucking and general cargo transportation, operating primarily in California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-20327) on January 23, 2026, with $1 million to $10 million in assets and liabilities. Nilton Ayala, president, signed the petition. Judge Christopher D. Jaime presides over the case. David C. Johnston, Esq. represents the Debtor as legal counsel. PRETIUM PACKAGING: Gets OK to Tap $401MM In Speedy Chapter 11 Case ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that oOn Friday, a New Jersey bankruptcy judge approved Pretium Packaging’s request to access $401 million in debtor-in-possession financing as part of its Chapter 11 filing. The financing will help the company execute a plan aimed at cutting roughly $900 million in outstanding debt. The funds will allow Pretium to fund day-to-day operations and stabilize its business during the reorganization process. By securing court approval for the DIP loan, the company is positioned to move forward with its restructuring plan and work toward a timely exit from Chapter 11, the report states. About Pretium Packaging LLC Pretium Packaging LLC is a Missouri-based packaging solutions company specializing in custom-designed labels and packaging products for retail, consumer goods, and industrial customers. The company provides a range of label technologies and services to support brand presentation, product traceability, and supply chain needs. Pretium Packaging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10896) on January 28, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. QUALITY OFFICE: Hires Michael K. Moore APC as Bankruptcy Counsel ---------------------------------------------------------------- Quality Office Liquidations, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Office of Michael K. Moore, APC as its bankruptcy counsel to perform the services that will be necessary during its Chapter 11 Case. The firm will be paid at these rates: Michael K. Moore, Esq. $475 per hour Paraprofessionals $200 per hour The firm received a retainer in the amount of $15,000. As disclosed in the court filings, the Law Office of Michael K. Moore, APC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Michael K. Moore, Esq. Law Office of Michael K. Moore, APC 210 E Center St Manteca, CA 95336 Phone: (209) 373-5815 Email: michael@mkmoorelaw.com About Quality Office Liquidations Inc. Quality Office Liquidations, Inc., doing business as Flip Office Furnishings, provides warehousing, distribution, retail sales, and related services for pre-owned and new office furnishings, including space planning, delivery and installation, moving and reconfiguration, liquidation, asset management, and disaster recovery. The Company operates a distribution center in Stockton, California, serving customers across California and nationwide, with offerings spanning furniture sourcing, resale, and workplace solutions. It serves clients across sectors including construction, education, medical, technology, professional services, and agriculture. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-20295) on January 22, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. William Leach, chief executive officer, signed the petition. Judge Christopher D. Jaime presides over the case. Michael Kenneth Moore, Esq., at the Law Offices of Michael K. Moore represents the Debtor as bankruptcy counsel. RAMOS ROOFING: Plan Exclusivity Period Extended to April 26 ----------------------------------------------------------- Judge Mina Nami Khorrami of the U.S. Bankruptcy Court for the Southern District of Ohio extended Ramos Roofing & Remodeling Co.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 26 and July 27, 2026, respectively. As shared by Troubled Company Reporter, 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. 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 September 30, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP. RAVI GI ASSOCIATES: Trustee Taps Gleason & Associates as Accountant ------------------------------------------------------------------- Crystal Thornton-Illar, the Trustee appointed in the Chapter 11 case of Ravi GI Associates PA LLP, seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Gleason & Associates as accountant. The firm will render these services: a. perform bookkeeping/accounting services and prepare financial statements for the Debtor on a monthly basis; b. assist in the preparation of the monthly operating reports as required by the Bankruptcy Court; c. process the Debtor's bi-weekly payroll including all quarterly and annual payroll tax returns and related reporting requirements; and d. other matters as required by the Trustee. The Debtor will pay Gleason $2,500 per month for the services provided to Trustee in this bankruptcy case. As disclosed in the court filings, Gleason is a "disinterested person" as that term is defined in § 101(14) of the Bankruptcy Code. The firm can be reached through: William G. Krieger, Esq. Gleason & Associates PC 420 Fort Duquesne Blvd Ste 525 Pittsburgh, PA 15222-1495 Phone: (412) 391-9010 About Ravi GI Associates PA Ravi GI Associates PA, LLP operates as a healthcare provider in Monroeville, Pa. Ravi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20012) on January 3, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Donald R. Calaiaro, Esq., at Calaiaro Valencik as counsel and Petrocelli & Company as accountant. James S. Fellin is the examiner appointed in the Debtor's case. The examiner tapped Bernstein-Burkley, PC as special counsel. Crystal Thornton-Illar is the trustee appointed in this case. The trustee tapped Leech Tishman Fuscaldo & Lampl, LLC as counsel. RBT LOGISTICS: Case Summary & Seven Unsecured Creditors ------------------------------------------------------- Debtor: RBT Logistics Corporation 6275 W. Plano Parkway, Suite 500 Plano, TX 75093 Business Description: RBT Logistics Corporation, based in Plano, Texas, operates as a general freight trucking company providing transportation services. Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-40406 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano TX 75074 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert B. Tapley as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SDW3OGI/RBT_Logistics_Corporation__txnbke-26-40406__0001.0.pdf?mcid=tGE4TAMA RIFLE RFB: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado authorized Rifle RFB, LLC to use cash collateral on a final basis. The court issued a final order authorizing the Debtor to use cash collateral through March 27 to fund operations consistent with its budget. As adequate protection, creditors holding properly perfected interests will be granted replacement liens on proceeds of post-petition accounts, with the same priority as their pre-bankruptcy liens. The order requires the Debtor to maintain insurance naming Offen Petroleum, LLC as loss payee, provide periodic and debtor-in-possession reports, limit budget variances to no more than 15% per line item per month absent consent or court order, maintain collateral in good repair, and pay all post-petition taxes when due. Cash collateral use terminates upon occurrence of so-called events of default, which include conversion of the Debtor's Chapter 11 case to Chapter 7, appointment of a trustee, uncured violations of the order, confirmation of a non-conforming plan, or changes in ownership or control. Upon default, secured creditors may terminate consent and seek relief from the automatic stay, with all creditor rights and remedies expressly preserved. A copy of the final order and the Debtor's budget is available at https://shorturl.at/uEq8G from PacerMonitor.com. About Rifle RFB LLC Rifle RFB, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17394) on November 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. RITE AID REALTY: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On January 27, 2026, Rite Aid Realty LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Rite Aid Realty LLC Rite Aid Realty LLC is a single asset real estate company. Rite Aid Realty LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35080) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Kyu Young Paek handles the case. RUSS'S MULCH: $16K Unsecured Claims to Recover 100% in 36 Months ---------------------------------------------------------------- Russ's Mulch & Trucking LLC submitted an Amended Plan of Reorganization dated January 23, 2026. The Debtor proposes this Plan to restructure its current indebtedness and to address all outstanding Claims against and Interests in the Debtor. Since the Petition date, the Debtor has been meeting all its obligations as a Debtor and Debtor in Possession. It has filed its schedules, all its required documents along with the Petition, attended the initial debtor interview and meeting of creditors, and has filed all its monthly operating reports. The Debtor is substantially current on its post-petition liabilities, including operating expenses, payroll, taxes, insurance, and payments to its secured creditors approved by the Court. The Debtors' actions support the contention that it can operate profitably and support a plan of reorganization. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $60,920.00 The final Plan payment is expected to be paid 36 months from the effective date. This Plan of Reorganization under Chapter 11 of the Code proposes to pay creditors of Russ's Mulch & Trucking LLC from cash flow from business operations, future receivables, and current cash on hand, over the next three-year period beginning thirty days following the effective date of the Plan in accordance with section 1191(c)(2)(B). Non-priority unsecured creditors holding allowed claims will receive distributions, valued by the proponent of this Plan at approximately 100 cents on the dollar. Class 6 consists of all general unsecured claims against the Debtor, including Class 1 NonPriority Portion of the IRS Claim ($11,840.76). The combined claims in this class are $15,933.94. This class will be paid over 36 months commencing on 30 days after the effective date of the Plan at $442.61 per month, paid quarterly at $1,327.83, to pay this class of nonpriority general unsecured claims in full (100%). This Class is impaired. Class 7 consists of Equity Security Holders of the Debtor Equity Security Holders will not receive a distribution under the Plan. This class is impaired. The Plan will be funded by the cash flow of the business following the effective date of the Plan. Brian Hansen as 100% owner of the reorganized Debtor, will act as the officer who will implement the plan on behalf of the Debtor. A full-text copy of the Amended Plan dated January 23, 2026 is available at https://urlcurt.com/u?l=HYaW68 from PacerMonitor.com at no charge. Counsel to the Debtor: J. Kevin Benjamin, Esq. Benjamin Legal Services PLC 1016 West Jackson Blvd. Chicago, IL 60607-2914 Tel: (312) 853-3100 Email: attorneys@benjaminlaw.com About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on Sept. 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq. at Benjamin Legal Services PLC. RV RETAILER: S&P Alters Outlook to Positive, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating and revised its outlook to positive from stable on RV Retailer Intermediate Holdings LLC. S&P said, "We also assigned our 'B' issue-level rating to the proposed term loan B. Our '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. "The positive outlook reflects our forecast for S&P Global Ratings-adjusted debt to EBITDA of 5.5x-6x pro forma for the proposed transaction in fiscal 2026. We expect improving retail demand for recreational vehicles and that gross and EBITDA margins will continue to expand given cleaner inventory heading into the 2026 selling season." RV Retailer Intermediate Holdings LLC intends to issue a $650 million term loan B and, concurrent with the transaction, Redwood Holdings and management will contribute $50 million of new equity. Also, in December 2025, the company received approximately $120 million from affiliate RV Retailer Real Estate Holdings, LLC (PropCo), financed with new mortgages on existing properties. It intends to use the proceeds to refinance its term loan B maturing in 2028, pay down $45 million of outstanding revolver borrowings, and add modest cash to its balance sheet. S&P said, "We expect pro forma S&P Global Ratings-adjusted leverage to decline to 5.5x-6x in 2026 from approximately 7.4x in 2025, supported by continued recovery of recreational vehicle (RV) retail demand and improved gross margin. "We now expect, pro forma for the transaction, leverage will decline to 5.5x-6x in 2026. We revised our rating outlook on RV Retailer (dba Blue Compass RV) to positive from stable because we believe the proposed transaction will reduce leverage approximately 0.75x to approximately 6.5x in 2025 pro forma for the transactions. Lower funded debt is somewhat offset by increased lease liabilities as RV Retailer Intermediate (OpCo) must make modestly higher rent payments to PropCo due to incremental mortgages on existing dealerships at PropCo. Higher retail demand and leaner inventory across the RV industry will also continue to support leverage reduction. Demand has slowly returned following a trough in the second half of 2024, and we assume sales volume will increase in new and used RV sales. "We believe reduced interest rates and a potentially favorable upgrade cycle could increase buyers in 2026. The Federal Reserve lowered its base rate to 3.75%-4% in 2025, and we expect it will continue to lower rates modestly in 2026. To the extent that this brings more favorable consumer lending rates, we expect RV buyers will feel more comfortable taking on financing to purchase RVs. We also believe the industry could benefit from COVID-19 pandemic-era first-time buyers returning to the market. RV participation remains high following a wave of new demand during the pandemic. The typical upgrade cycle is around 3-5 years from initial purchase, and we expect a portion of initial buyers in 2020 and 2021 could return to purchase new vehicles. We forecast new and used RV sales will increase about 5% in 2026. "Dealers, including RV Retailer, have reduced industrywide inventory, which will continue to support pricing and gross margin stability. We expect RV Retailer's gross margin on new vehicles recovered in 2025 to about 9% from a low of 6.9% in 2023 and that used margin remained around 13-13.5% compared to 13.1% in 2023. The company significantly discounted aged units to sell excess inventory and it completed a multiyear rebranding effort to Blue Compass, which further depressed S&P Global Ratings-adjusted EBITDA margins as some costs were reflected in operating expenses. We expect adjusted EBITDA margin to recover to 6%-6.5% in 2025 from 3.2% in 2023. Furthermore, we expect margins will modestly improve with incremental sales volume and that adjusted EBITDA margin will be 6.5%-7% in 2026. "We could raise the rating once we are confident the company can sustain 1x leverage cushion below our 6x upgrade threshold. Amid the continued volatility of the RV industry, retail volumes have begun to recover but remain well below peak pandemic levels and historical averages. RV wholesale shipments have yet to meaningfully recover from a low of 313,000 in 2023. Shipments in 2026 will remain depressed at 332,100-366,000, according to the RV Industry Association. While manufacturer shipments are not a perfect corollary to retail demand because dealers have been reluctant to fill their lots until higher demand is sustained, we believe it remains the best proxy for overall industry health. We believe RV Retailer remains exposed to significant swings in margin and profitability if demand unexpectedly flattens or declines." RV Retailer's acquisitive appetite is a risk factor. The company has an expansion and investment plan that includes store acquisitions, real estate purchases, and expanding its servicing and repair footprint. Since its formation in 2018, RV Retailer has meaningfully increased its dealership footprint to the second-largest in North America, adding 17 stores in 2022. As of December 2025, the company operated 97 retail locations across 31 states. While RV Retailer has not made meaningful acquisitions since the start of 2023 and has closed underperforming dealerships in recent years, we believe growth through acquisition remains a key piece of its strategy. Additionally, S&P expects it intentionally pulled back from acquisitions as its balance sheet weakened and retail demand for RVs contracted in 2023 and 2024. S&P said, "Given strengthened liquidity and reduced leverage following the proposed transaction, we believe that RV Retailer could become more aggressive. While retail demand has improved over the past 12 months, we expect smaller operators that continue to struggle could become attractive targets for RV Retailer in the next 12-24 months. We expect RV Retailer has sufficient liquidity to purchase single-asset operators and small portfolios, but large-scale, debt-financed acquisitions would likely increase leverage compared to our base case. Thus, its potentially sizable investment plan remains a source of risk, particularly if it makes acquisitions prior to an unexpected RV demand decline." The economic cycle and declines in consumer credit availability could slow demand. RV Retailer operates in a competitive and highly fragmented industry. Its geographic footprint is somewhat concentrated and manufacturing supplier relationships highly concentrated, which is typical for RV dealerships. In addition, with an EBITDA margin historically in the high-single- to low-teens percent range, the company compared unfavorably to most other rated leisure companies. Dealers typically vie for inventory when buying behavior is strong. In turn, RV original equipment manufacturers (OEMs) compete to manufacture and deliver inventory to satisfy dealers. In 2019 and 2022, wholesale shipments outpaced retail demand and contributed to surplus inventory and a subsequent correction, which led to discounting and temporarily pressured dealer margins. Such dynamics could introduce variability in revenue, EBITDA margin, and working capital if the industry does not match supply with demand. Business risks are partly offset by less volatile demand for vehicle parts and services, high margins from finance and insurance, and increasing scale. RV Retailer will increasingly benefit from scale efficiencies as it expands, if scale enhances its ability to manage inventory, extract cost savings, and raise capital to make acquisitions. S&P said, "The positive outlook reflects our forecast for S&P Global Ratings-adjusted debt to EBITDA of 5.5x-6x pro forma for the proposed transaction in fiscal 2026. We expect improving retail demand for recreational vehicles and that gross and EBITDA margins will continue to expand given cleaner inventory heading into the 2026 selling season. "We could revise our outlook on RV Retailer to stable if the recovery in RV retail demand slows or higher input costs from incremental or unexpected new tariffs pressure gross margin such that we expect it would sustain leverage above 6x. Although unlikely given the proposed transaction, we could lower our rating if retail sales, EBITDA margin, and cash flow significantly underperform our base-case forecast, leading us to view its capital structure as unsustainable over the long term. This would likely result from a material and unexpected deterioration in macroeconomic conditions and a pullback on big-ticket discretionary purchases from already depressed spending levels. Given the company's improved maturity profile, we expect a potential downgrade would likely involve a deterioration of its liquidity position due to use of revolver availability for acquisitions or other spending is not offset by improved cash flow." S&P could raise the rating on RV Retailer if it believes: -- It can sustain S&P Global Ratings-adjusted debt to EBITDA below 6x with sufficient cushion to absorb volatility and acquisition activity over an economic cycle. Such a scenario would depend on whether S&P believes RV demand is sufficiently sustainable to enable RV Retailer to manage costs and maintain leverage below 6x. Because the RV business is highly cyclical, S&P would likely raise the rating once it was confident the company can sustain a 1x cushion compared to its 6x upgrade threshold over the inventory and economic cycle. SAILORMEN INC: Hires Cole Schotz PC as Bankruptcy Co-Counsel ------------------------------------------------------------ Sailormen Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Cole Schotz P.C. as bankruptcy co-counsel. The firm will render these services: a. advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession and the continued management and operation of its business; b. advise the Debtor with respect to its responsibilities in complying with the United States Operating Guidelines and Reporting Requirements and with the rules of this Court; c. prepare all motions, pleadings, orders, applications, responses, adversary proceedings, and other legal documents necessary in the administration of this case; d. protect the interests of the Debtor in all matters pending before the Court; e. represent the Debtor in negotiations with its creditors in the preparation of a plan; f. advise the Debtor on matters relating to the evaluation of unexpired leases and executory contracts to be assumed, rejected or assigned; g. advise the Debtor with respect to legal issues arising in or relating to ordinary course of business and provide advice and counsel on matters involving tax, insurance, corporate, business operation, contracts, real property, media, press releases, and public affairs; h. advise the Debtor in connection with post-petition financing, provide advice and counsel with respect to pre-petition financing arrangements, and provide advice to the Debtor in connection with emergency financing and capital structure, and negotiate and draft documents relating thereto; i. take all necessary action to protect and preserve estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; j. attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of this case, including all of the legal and administrative requirements of operating in Chapter 11; k. attend meetings with third parties and participate in negotiations with respect to the matters described above; l. appear before this Court, any appellate courts, and the United States Trustee, and protect the interests of the Debtor’s estate before such courts and the United States Trustee; and m. perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with these Chapter 11 cases. The firm's hourly rates are: Gary Leibowitz, Member $950 Luis Salazar, Member $900 Irving Walker, Member $900 H.C. Jones, III, Member $725 Natalie Gibson, Associate $430 Ali-Marcelle Lee-Sin, Paralegal $330 Members $650 to $1,800 Associates and Special Counsel $425 to $950 Paralegals $330 to $485 Litigation Support Specialists $460 to $560 Luis Salazar, a member of Cole Schotz P.C., disclosed in the court filings that the firm is a disinterested person under section 101(14) of the Bankruptcy Code. The firm can be reached through: Luis Salazar, Esq. Cole Schotz P.C. 2121 SW 3rd Avenue, Suite 200 Miami, FL 33129 Office: (305) 374-4802 Email: lsalazar@coleschotz.com About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SAILORMEN INC: Hires Shraiberg Page PA as Bankruptcy Counsel ------------------------------------------------------------ Sailormen Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Shraiberg Page P.A. as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtors generally regarding matters of bankruptcy law in connection with this case; (b) advise the Debtors of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the case and U.S. Trustee Guidelines related to the daily operation of its business and administration of the estate; (c) represent the Debtors in all proceedings before this Court; (d) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in this case; (e) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of any plan; and (f) perform all other legal services for the Debtors which may be necessary. The firm's attorneys will charge hourly rates of $425 to $750 for attorneys and $350 for legal assistants. The hourly rate of Bradley S. Shraiberg, Esq. is $750. Prior to the petition date, the firm received a retainer of $125,000. According to the filings, Shraiberg Page P.A. does not hold or represent any interests adverse to the Debtors' estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SAKS GLOBAL: Computershare Appointed to Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Computershare Trust Company, N.A. as additional member of the official committee of unsecured creditors in the Chapter 11 cases of Saks Global Enterprises, LLC and its affiliates. The committee is now composed of: 1. Amazon.com Services LLC 12 West 39th Street New York, NY 10018 Representative: Caroline Casey Boman crcasey@amazon.com 2. Chanel, Inc. 9 West 57th Street, 2nd floor New York, NY 10019 Representative: Daniel Rosenberg Daniel.rosenberg@chanel.com 3. Pension Benefit Guaranty Corporation Corporate Finance & Restructuring Department 445 12th Street, SW Washington, DC 20024 Representative: Jack Butler Butler.jack@pbgc.gov 4. Brookfield Properties Retail Inc. 350 N. Orleans St., Suite 300, Chicago, IL 60654 Representative: Julie Bowden Julie.bowden@ggp.com 5. Rosen-X 450 West 14th Street, 5th Flr. New York, NY 10014 Representative: Husein Jafferjee husein@aliceandolivia.com 6. Kering Americas, Inc. 65 Bleecker Street, 2nd Floor New York, NY 10012 Representative: Stephanie Park Stephanie.park@kering.com 7. LVMH Moët Hennessy Louis Vuitton Inc. LVMH Tower 19 E 57th Street New York, NY 10022 Representative: Rodney Pratt Rodney.pratt@lvmh.com 8. Ermenegildo Zegna NV Ermenegildo Zegna Corporation 10 East 53rd Street, New York, NY 10022 Representative: John Marshall John.marshall@zegna.com 9. Kellermeyer Bergensons Services, LLC 3609 Ocean Ranch Blvd. Suite 160 Oceanside, CA 92056 Representative: Janet Saura Janet.Saura@kbs-services.com 10. Local 1102 RWDSU UFCW 311 Crossways Park, Drive Woodbury, NY 11797 Representative: Eileen Crosby eileen@local1102.com 11. Computershare Trust Company, N.A. 9062 Old Annapolis Road Columbia, MD 21045 Rachel Atkins Rachel.atkin@computershare.com Computershare is the successor trustee for the 11.000% Senior Secured Notes due 2029, issued by Saks Global Enterprises (as successor in interest to SFA Issuer, LLC). About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to the Ad Hoc Group. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serve as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. SAKS GLOBAL: Court Gives Creditors Time to Review Saks Off Closures ------------------------------------------------------------------- Ben Zigterman of Law360 reports that a Texas bankruptcy judge said Friday, January 30, 2026, that he plans to greenlight Saks Global's emergency bid to close a large portion of its Saks Off 5th footprint and wind down its remaining Neiman Marcus Last Call stores, though a decision will not come until early next week. The judge emphasized that the brief delay is meant to allow creditors and other interested parties to examine the request, as the retailer maintains that the closures are necessary to reduce expenses and support its restructuring efforts, the report states. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SALUBRIO LLC: Dr. Kevin Smith's Bankruptcy Appeal Tossed -------------------------------------------------------- In the appeal styled Douglas Kevin Smith, Appellant, v. Eric B. Terry, Chapter 7 Trustee, Appellee, Case No. 5:25-cv-824-XR (W.D. Tex.), Judge Xavier Rodriguez of the U.S. District Court for the Western District of Texas affirmed the the decision of the U.S. Bankruptcy Court for the Western District of Texas denying Dr. Douglas Kevin Smith's motion to, among other things, set aside multiple orders in the bankruptcy case of Salubrio, LLC due to purported fraud upon the court. The appeal is dismissed. The debtor in the underlying bankruptcy, Salubrio, LLC, d/b/a Brio San Antonio MRI, was founded in 2013 by Appellant Douglas Kevin Smith, M.D, a Texas-licensed physician and radiologist. Six months after Salubrio filed its Chapter 11 petition, Dr. Smith initiated an Adversary Proceeding against the Trustee and his attorneys, Salubrio, and various creditors, including MedLegal Solutions, Inc., Pioneer Bank, and BooToo, Ltd., seeking to recover money on behalf of the estate on a fraudulent transfer theory. The Bankruptcy Court found that the Adversary Proceeding violated the automatic stay by seeking to appropriate or enforce rights which are owned by the Trustee as the representative of the bankruptcy estate. The Bankruptcy Court also imposed a Gatekeeping Order, requiring Dr. Smith to file a motion for leave and have an order for leave granted before he could file any motion seeking relief against the Trustee, Trustee's attorneys, Trustee's professionals, the estate, and others involved in the bankruptcy case. Dr. Smith has repeatedly sought relief from the Gatekeeping Order, directly and indirectly. In December 2020, Dr. Smith first appealed the Gatekeeping Order to the District Court and the Fifth Circuit, which both affirmed the Order as an appropriate exercise of the Bankruptcy Court's inherent power to interpret and enforce its orders. In December 2021, Dr. Smith filed a "Motion Requesting Relief from Judgement Pursuant to FRBP 9024" (the "First Motion for Relief"), asking the Bankruptcy Court to vacate the Gatekeeping Order on procedural grounds. Dr. Smith also asked the Court and other entities under his control to pursue their property rights in accordance with Texas property laws, based on a purported "Salubrio Trust" that Dr. Smith claims he orally created. After a hearing, the Bankruptcy Court denied the motion. In the Second Motion for Relief, Dr. Smith alleged that the Bankruptcy Court improperly interfered with his right to discovery in the State Court litigation and exceeded its jurisdiction by allowing the Trustee to abandon certain estate property, resulting in a purportedly unlawful seizure of records from Salubrio's office. He also accused various parties involved in Salubrio's bankruptcy case of criminal acts, including violations of the Racketeer Influenced and Corrupt Organizations Act ("RICO"). After a hearing, the Bankruptcy Court denied the Second Motion for Relief on January 23, 2025. The Order denying the Second Motion for Relief is the subject an appeal before Judge Garcia, filed in January 2025. The District Court finds in this case, many of the challenges and relief identified in the Party-Aggrieved Motion are identical to that requested in the Second Motion for Relief, which remains the subject of an appeal before Judge Garcia. Thus, even if the Bankruptcy Court had been inclined to grant the Party-Aggrieved Motion, it lacked jurisdiction to grant any relief sought by Dr. Smith in the Party-Aggrieved Motion that was also being challenged in the appeal before Judge Garcia. According to the District Court, Dr. Smith has not supported his racketeering, fraud-on-the-court or constitutional challenges with any evidence in the appellate record. Dr. Smith's unsubstantiated allegations and challenges provide no basis for the District Court to find that the Bankruptcy Court erred by denying the Party-Aggrieved Motion. The District Court concludes the Bankruptcy Court did not abuse its discretion by denying the Party-Aggrieved Motion. A copy of the Court's Order dated January 20, 2026, is available at http://urlcurt.com/u?l=dwJepIfrom PacerMonitor.com. About Salubrio LLC Salubrio, LLC, which conducts business under the name Brio San Antonio, is a medical diagnostic imaging center in San Antonio, Texas. It offers patients innovative and timely onsite technology for musculoskeletal and traumatic brain injury diagnostics. Salubrio specializes in weight-bearing MRI installed by Esaote USA. For more information, visit https://salubriomri.com Salubrio sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 20-50578) on March 11, 2020. At the time of the filing, Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Ronald B. King oversees the case. Debtor has tapped the Law Offices of Martin Seidler as its legal counsel, and M B Lawhon Law Firm, PLLC as its special counsel. Eric Terry was appointed as Subchapter V trustee for Debtor. The trustee has tapped Eric Terry Law, PLLC as his bankruptcy counsel, and Spencer Fane, LLP as his special counsel. In September 2020, Salubrio's bankruptcy was converted to a case administered under Chapter 7, and Eric B. Terry was appointed as the Chapter 7 Trustee. SANFORD CONTROLS: Hires Nicholson Devine LLC as Bankruptcy Counsel ------------------------------------------------------------------ Sanford Controls LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Nicholson Devine LLC as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as a debtor-in-possession in the continued operation and management of its business; b. advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in this case; c. representing the Debtor at all hearings and matters pertaining to its affairs as a debtor and debtor-in-possession; d. preparing, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and reviewing all financial and other reports filed in this Chapter 11 case; e. advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; f. reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; g. advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; h. advising and assisting the Debtor in connection with any potential sale of the Debtor's assets; i. advising the Debtor concerning executory contracts and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; j. reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; k. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization other than with respect to matters to which the Debtor retains special counsel; and l. performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. The firm will be paid at these rates: Kate E. Nicholson, Esq. $450 per hour Christine E. Devine, Esq. $450 per hour Associates $300 to $375 per hour Paralegals $175 per hour The firm received a $20,000 retainer pre-petition. As disclosed in the court filings, Nicholson Devine LLC does not represent or hold any interest adverse to the estate and is a "disinterested person" as defined by 11 U.S.C. Sec. 101(14) as it applies to Sec. 327. The firm can be reached through: Kate E. Nicholson, Esq. Angelina M. Savoia, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 E-mail: kate@nicholsondevine.com angelina@nicholsondevine.com About Sanford Controls LLC Sanford Controls LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10069) on January 12, 2026. In the petition signed by Howard J. Sanford, Jr, manager, the Debtor disclosed up to $500,000 in assets and liabilities. Kate E Nicholson, Esq., at Nicholson Devine LLC, represents the Debtor as legal counsel. SHAW WELLNESS: Hires Santillan Law PC as Bankruptcy Counsel ----------------------------------------------------------- Shaw Wellness Clinics, P.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Santillan Law, P.C. as counsel. The firm will provide legal assistance in its reorganization, including representation at the meeting of creditors, preparation and filing of the Chapter 11 Plan and Disclosure Statement, negotiations with creditors and anticipated Plan Confirmation issues, procedures, and possible objections to claims. The firm's current hourly rate is $300. As disclosed in the court filings, Santillan Law, P.C. does not represent any interest adverse to the estate, the Debtor, or creditors of the estate and is a disinterested person within the meaning of 11 U.S.C. Section 101. The firm can be reached through: Edgardo D. Santillan, Esq. SANTILLAN LAW, PC 775 Fourth Street Beaver, PA 15009 Tel: (724) 770-1040 Fax: (412) 774-2266 Email: ed@santillanlaw.com About Shaw Wellness Clinics, P.C. Shaw Wellness Clinics, P.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20193) on January 22, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Edgardo D Santillan, Esq. at Santillan Law, P.C. serves as the Debtor's counsel. SINGH BROS: Plan Exclusivity Period Extended to March 13 -------------------------------------------------------- Judge Mary Jo Heston of the U.S. Bankruptcy Court for the Western District of Washington extended Singh Bros Express LLC and affiliates' exclusive periods to file a plan of reorganization to March 13, 2026. As shared by Troubled Company Reporter, the Debtors explain that although four prior extensions have previously been sought and granted, the companies submit that cause exists to extend the exclusivity period. The Debtors seek to extend the exclusivity period pending the performance of the Settlement Agreement through dismissal of these cases. The Debtors claim that they have filed a Plan, and the extension of the exclusivity period is not meant to pressure creditors. The Debtors are paying their trade creditors in full each month and have reached a Settlement Agreement with their primary creditor, which has been reduced to writing and approved by this Court. In sum, the factors the Ninth Circuit BAP has enumerated weigh in favor of extending the exclusivity period. While the Debtors do not expect that there are creditors who would file a competing plan in these Chapter 11 Cases at this stage of the proceedings, the Debtors seek an extension in an abundance of caution. Counsel to the Debtors: Jane Pearson, Esq. Polsinelli PC 1000 Second Avenue, Suite 3500 Seattle, WA 98104 Telephone: (206) 393-5415 Email: jane.pearson@polsinelli.com About Singh Bros Express Singh Bros Express, LLC, operates in the general freight trucking industry. Singh Bros Express and its affiliates, Singh Bros Transport, LLC, and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 24-42600) on Nov. 15, 2024. At the time of the filing, Singh Bros Express reported $1 million to $10 million in both assets and liabilities. Judge Mary Jo Heston handles the cases. The Debtors are represented by Jane E. Pearson, Esq., at Polsinelli, PC. SM ENERGY: S&P Upgrades ICR to 'BB' Following Merger with Civitas ----------------------------------------------------------------- S&P Global Ratings raised is issuer credit rating on SM Energy Co. to 'BB' from 'BB-' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Nov. 4, 2025. S&P said, "At the same time, we raised our issue-level rating on the company's unsecured debt to 'BB' from 'BB-'. The '3' recovery rating on the unsecured debt is unchanged, indicating our expectation for meaningful (capped at 50%-70%; rounded estimate: 65%) recovery in the event of a payment default. "The stable outlook reflects our expectation that SM's credit metrics will remain appropriate for the current rating over the next two years, with average funds from operations (FFO) to debt in the 50%-55% range and debt to EBITDA of less than 2.0x, supported by its increased production following the merger with Civitas and our expectation it will prioritize debt reduction until it makes material progress toward its 1.0x leverage target." On Jan. 30, 2025, SM closed its merger with fellow Denver-based oil and gas exploration and production company Civitas Resources Inc., which was valued at about $7.7 billion, including the assumption of Civitas' debt. The combined entity will continue to operate under the SM name. The merger will expand the company's size and scale and provide it with entry into two new operating areas. While S&P views the transaction as initially leveraging, it expects SM will use the majority of its free operating cash flow (FOCF) and asset sale proceeds for debt reduction over the next 12-24 months. The upgrade reflects SM's enhanced size, scale, and geographic diversity following the merger. On a pro forma basis as of the end of the third quarter of 2025, the company operated approximately 823,000 net acres across the Permian Basin (in Texas and New Mexico), the Denver-Julesburg (DJ) Basin (Colorado), the Eagle Ford and Austin Chalk plays (Texas), and the Uinta Basin (Utah). SM's pro forma daily production averaged about 550,000 barrels of oil equivalent (boe) per day (about 50% oil) in the third quarter, which compares with its stand-alone production of 213,800 boe per day. Additionally, the company's pro forma proved reserves stood at 1.48 billion boe as of year-end 2024. S&P said, "In our view, SM's expanded footprint and diversity place it in a stronger positioning relative to some of its similarly-rated peers, including Murphy Oil Corp. (BB/Stable/--), and Chord Energy Corp. (BB/Stable/--). However, we believe the company's entry into two new operating areas--combined with its leadership transitions--adds operational complexity that will elevate its integration and execution risks. SM also will need to improve the performance of Civitas' assets, which--in our view--struggled with operational execution following a series of acquisitions in 2023, and we anticipate this could take some time to achieve. Additionally, we view the DJ Basin as carrying elevated regulatory risk, given its more-stringent and continually evolving permitting requirements." S&P said, "Although the merger doubled SM's Midland Basin position in the Permian, we believe the limited overlap between the companies' acreage constrains the potential for material operating synergies. The company projects annual synergies of approximately $200 million, with an upside of $300 million, largely related to reduced overhead and general and administrative costs, a lower cost of capital, improved capital efficiency, and more-optimized capital allocation. While SM plans to announce its operating plan for 2026 this month, we assume it will likely scale back pro-forma activity and moderate its production levels to optimize its FOCF generation, focusing primarily on the Permian and Uinta basins. As such, we expect the company's full-year daily production will average around 500,000 boe per day in 2026." SM assumed about $5 billion of Civitas' debt. As of Sept. 30, 2025, Civitas had about $4.85 billion of unsecured debt comprising $400 million of 5.00% senior unsecured notes due October 2026, $1.35 billion of 8.375% senior unsecured notes due 2028, $1.0 billion of 8.625% senior unsecured notes due 2030, $1.35 billion of 8.750% senior unsecured notes due 2031, and $750 million of 9.625% senior unsecured notes due 2033. In addition, the company had about $180 million of outstanding borrowings under its reserve-based lending (RBL) facility as of November 2025, which SM fully repaid at the close of the transaction and subsequently terminated. Civitas' unsecured notes now rank pari passu with SM's existing unsecured notes. S&P also notes that the company's liquidity improved following the merger because it increased its borrowing base to $5.0 billion, with $2.5 billion of elected commitments, maturing in January 2031. S&P said, "We expect the company will prioritize debt reduction over the next two years. Following the close of the merger, we anticipate SM's credit metrics will weaken this year, with its FFO to debt declining to roughly 45% from an estimated 70% in 2025. Based on our current commodity price assumptions, we expect the company will improve its metrics in 2027, with FFO to debt rising toward approximately 60% by year-end. Given this trajectory, we expect SM will focus on debt reduction in pursuit of its 1x net leverage target, which management expects to achieve by year-end 2027 (assuming a West Texas Intermediate [WTI] crude price of $65 per barrel and a Henry Hub natural gas price of $3.50 per million Btus). However, we do not anticipate the company will achieve its net leverage target over the next two years due primarily to our lower oil price assumptions. We note that SM is targeting at least $1.0 billion of asset divestitures in the first year following the closing and has mostly earmarked the proceeds for debt reduction, which will likely help accelerate its deleveraging timeline. "We do not anticipate any shareholder returns this year beside a modest dividend. Aside from its fixed $0.80-per-share annual dividend, we expect SM will use substantially all its FOCF for debt reduction this year. As the company's leverage approaches management's target at the beginning of next year, we anticipate it will undertake moderate share buybacks. We note that SM also intends to announce an updated return‑of‑capital framework this month, which will likely provide further clarity around its capital-allocation priorities. "The stable outlook reflects our expectation that SM's credit metrics will remain appropriate for the current rating over the next two years, with average FFO to debt in the 50%-55% range and debt to EBITDA of less than 2.0x, supported by its increased production following the merger with Civitas and our expectation it will prioritize debt reduction, using the majority of its free operating cash flow and any asset‑sale proceeds to make meaningful progress toward its 1.0x leverage target. "We could lower our rating on SM Energy if its credit measures weaken such that we expect its FFO to debt will fall below 45% on a sustained basis, which would most likely occur if it experienced difficulties integrating its operations with Civitas or commodity prices fall below our expectations and management doesn't take further steps to reduce its capital spending or shareholder distributions. "We could raise our rating on SM Energy if its successfully integrates Civitas, establishing an operating track record as a combined entity, and improves its credit measures (FFO to debt exceeding 60% on a sustained basis) while maintaining a conservative financial policy. This would most likely occur if the company reduces its debt at a faster pace than we currently forecast. In addition, we would expect SM's scale to be more in line with that of its higher-rated peers before considering an upgrade." SONQUIST LLC: Initiates Chapter 11 Bankruptcy in Colorado --------------------------------------------------------- On January 23, 2026, Sonquist LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Sonquist LLC Sonquist LLC is a single asset real estate company. Sonquist LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10402) on January 23, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Douglas B. Norberg, Esq., of Alchemy Law Firm. SOUTHWEST FIRE: Seeks to Hire Mark W. Ihlefed CPA as Accountant --------------------------------------------------------------- Southwest Fire Defense, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to hire Mark W. Ihlefed, CPA as accountant. In general, the professional services the CPA is to render and the rates charged are: a. Annual tax preparation services, $2,000; and b. Monthly financials preparation, $1,700 per month. Mark W. Ihlefed, CPA has no connection with the Debtor, the Debtor's creditors, or any other party in interest in this case, or their respective attorneys and accountants, according to court filings. The firm can be reached through: Mark W. Ihlefed Mark W. Ihlefed, CPA 2019 Galisteo St STE G1 Santa Fe, NM 87505 Tel: (505) 424-1040 About Southwest Fire Defense LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by Chris Gatton, Esq., at Gatton & Associates, PC. STG LOGISTICS: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of STG Logistics Inc. and its affiliates. The committee members are: 1. Star Accurate Intermodal Inc. 816 W. 74th Street Los Angeles, CA 90044 Attn: Gerson Yobani Lopes billing@saintermodal.com 2. Infosys Limited Electronics City, Hosur Road Bangalore 560 100 India Attn: Deepak Ilango deepak_ilango@infosys.com 3. ProDrivers Staffing, Inc. 1845 Satellite Blvd. Suite 300 Duluth, GA 30097 Attn: Gearoid Moore Gearoid.Moore@employbridge.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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 cases. 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. 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 serves as counsel to the Special Committee of STG Logistics' Board of Managers. STOLI GROUP: US Vodka Unit, Creditors Reach Deal on Ch. 11 Trustee ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that bankrupt spirits maker Stoli Group’s U.S. unit and affiliated Kentucky Owl LLC agreed with lenders to move forward with appointing a Chapter 11 trustee after Fifth Third Bank NA objected to converting the cases to Chapter 7 status. At a hearing in the Northern District of Texas Bankruptcy Court, the parties said they are negotiating whether a single trustee will oversee both businesses or whether separate trustees should be appointed to manage their respective liquidations. The arrangement follows Fifth Third's resistance to a straight liquidation, favoring instead a trustee‑led wind down that could better manage complex assets and creditor claims. A committee of unsecured creditors is also involved in the talks, emphasizing a collaborative effort to stabilize the debtors' estates and maximize recoveries for stakeholders, according to report. The court set another status conference for Tuesday,February 3, 2026, to continue deliberations and potentially finalize agreements on trustee roles and responsibilities, which will shape how the bankrupt entities are administered going forward, the report states. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. SUN COLOR: Case Summary & 17 Unsecured Creditors ------------------------------------------------ Debtor: Sun Color Corporation 1325 Irondale Cir NE North Canton, OH 44720 Business Description: Suncolor Corporation, founded in 1999, develops and produces high-temperature transparent additives and thermoplastics for the paints, coatings, inks, adhesives, electronics, photonics, automotive, aerospace, defense, and medical industries. The Company's patented technologies, including HTLT Transparent Composite Thermoplastic Additives, enhance the performance of base thermoplastic resins such as polycarbonate, polyimide, polyetherimide, polysulfone, and polyphenylsulfone. Headquartered in North Canton, Ohio, Suncolor focuses on creating eco-efficient, solution-oriented materials for high-performance and specialty applications across multiple industrial sectors. Chapter 11 Petition Date: January 30, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-60112 Judge: Hon. Tiiara NA Patton Debtor's Counsel: Steven J. Heimberger, Esq. RODERICK LINTON BELFANCE LLP 50 South Main Street, 10th Floor Akron, OH 44308 Tel: 330-434-3000 Email: sheimberger@rlbllp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Smetana as president. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PKVOF3I/Sun_Color_Corporation__ohnbke-26-60112__0001.0.pdf?mcid=tGE4TAMA SYLVESTER & TARA MCINTOSH: Court Vacates MGM Garnishment Writ ------------------------------------------------------------- Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan entered an order vacating the Garnishment Writ issued on November 6, 2025 in the adversary proceeding captioned as REBECCA L. BAILEY, pro se, Plaintiff, v. SYLVESTER MCINTOSH, pro se, and TARA NSHOMBE McINTOSH, pro se, Defendants, Adv. No. 20-4121. All objections to the Garnishment Writ are overruled, as moot. On November 6, 2025, the Court issued a writ for periodic garnishment, directed to a garnishee named "MGM Grand Resort Int." On November 21, 2025, the Court entered an order entitled "Order Requiring the Plaintiff, Rebecca L. Bailey, to Serve Garnishment Writ on the Garnishee MGM Grand Resort Int., and File Proof of Such Service". The November 21 Order stated that Plaintiff Rebecca L. Bailey must serve the Garnishment Writ no later than December 5, 2025. Defendants Tara and Sylvester McIntosh have filed repeated objections to the Garnishment Writ. The Plaintiff did not comply with the Court’s November 21 Order by the December 5, 2025 deadline, and to date, still has not complied with the November 21 Order. A copy of the Court's Order dated January 29, 2026, is available at http://urlcurt.com/u?l=NrheP2from PacerMonitor.com. Sylvester McIntosh and Tara Nshombe McIntosh filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 20-41097) on January 27, 2020, listing under $1 million in both assets and liabilities. The Debtor is represented by Edward Gudeman, Esq. TEHUM CARE: YesCare, Health Trust Settle to Resolve Payment Default ------------------------------------------------------------------- James Nani of Bloomberg Law reports that YesCare Corp., a provider of prison health‑care services, struck a settlement with creditor trusts tied to the bankruptcy of its former affiliate, Tehum Care Services Inc., after months of missed required payments. Under the agreement reached in the Southern District of Texas bankruptcy court, YesCare agreed to tender a $2 million initial payment and a $300,000 waiver fee to cure its defaults and forestall thousands of potential prisoner injury and wrongful‑death lawsuits. The deal, announced at a Monday, February 2, 2026, court hearing, also calls for YesCare to pay 8 % interest on overdue amounts going forward, a concession that creditors successfully negotiated in light of the financial uncertainty surrounding the affiliated entities. The settlements are part of the broader resolution of claims against trusts established as part of Tehum Care Services’ Chapter 11 bankruptcy, according to report. At the hearing, Judge Christopher Lopez indicated his support for the arrangement, noting that it moves the parties closer to resolving longstanding defaults while protecting the interests of injured claimants and other creditors. The settlement is expected to help stabilize the bankruptcy process and limit further litigation arising from the defaulted obligations. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. TEZCAT LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Tezcat, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use the cash collateral of its secured creditors. Under the second interim order, the Debtor is authorized to use cash collateral for court-approved payments; the expenses set forth in its budget (plus an amount not to exceed 10% for each line item); and additional amounts subject to approval by secured lender, IncredibleBank. As adequate protection, IncredibleBank and other creditors holding an interest in the cash collateral will be granted a perfected post-petition replacement lien, with the same validity and priority as its pre-bankruptcy lien. In addition, Tezcat must maintain required insurance; provide access to records and premises; comply with all debtor-in-possession obligations; and continue its monthly payment of $1,868.25 to the secured lender. A continued hearing is scheduled for March 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PKA6E from PacerMonitor.com. About Tezcat LLC Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Fla., offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering services for events like birthdays, weddings, and corporate functions. It also offers online ordering and party booking services. Tezcat filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00803) on March 17, 2025, listing total assets of $22,708 and total liabilities of $1,001,540. Judge Jason A. Burgess handles the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal counsel. IncredibleBank, as secured creditor, is represented by: Daniel A. Miller, Esq. Daniel A. Miller, P.A. 11987 Southern Blvd., No. 1 Royal Palm Beach, FL 33411 Telephone: (561) 463-5929 daniel@damillerlaw.com service@damillerlaw.com TK7 LLC: Commences Chapter 7 Bankruptcy in Florida -------------------------------------------------- On January 27, 2026, TK7 LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in liabilities owed to 1–49 creditors. About TK7 LLC TK7 LLC is a Florida-based limited liability company. TK7 LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00601) on January 27, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1 million. Honorable Bankruptcy Judge Caryl E. Delano handles the case. The Debtor is represented by Samantha L. Dammer, Esq. of Bleakley Bavol Denman & Grace. TOPBUILD CORP: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed TopBuild Corp.'s Ba1 corporate family rating, Ba1-PD probability of default rating and Ba2 senior unsecured notes ratings. The SGL-1 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. The rating action reflects the company's strong credit metrics and very good liquidity. Moody's expects debt/EBITDA to remain below 3x as the company integrates its recent acquisitions while continuing to generate strong free cash flow. RATINGS RATIONALE TopBuild's Ba1 CFR reflects the company's status as the largest installer and distributor of insulation and a leading commercial roofing installer in North America, its healthy operating performance, with an EBITDA margin sustained around 20%, and solid credit metrics through the cycle. While construction activity can be cyclical, code changes and the focus on improved energy efficiency will continue to create additional demand for insulation. However, TopBuild's earnings are susceptible to the cyclicality of new construction, from which TopBuild derives about 78% of its revenue, and TopBuild faces intense competition. TopBuild's SGL-1 Speculative Grade Liquidity (SGL) rating reflects very good liquidity, generating over $500 million of expected free cash flow (FCF) in 2026. Moody's expects excess cash to be used to fund acquisitions and share repurchases. As of September 30, 2025, revolver availability totaled $933.4 million after considering no borrowings and $66.6 million in letter of credit issuances and the borrowing base formula. TopBuild has no material maturities until 2029. The stable outlook reflects Moody's expectations that TopBuild will continue to perform well through the cycle, generating healthy margins and that leverage will remain below 3x debt/EBITDA over the next 12-18 months. Very good liquidity, no material near-term debt maturities and conservative financial policies further support the stable outlook. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could occur if end markets remain supportive of organic growth such that debt/EBITDA stays below 2x and preservation of very good liquidity. Upwards rating movement also requires continuance of conservative financial policies and an unsecured capital structure. A ratings downgrade could occur if debt/EBITDA is sustained above 3x. Negative ratings pressure may also transpire if the company experiences material contraction in operating performance, deterioration in liquidity or adopts aggressive acquisition or financial policies. TopBuild (NYSE: BLD), headquartered in Daytona Beach, Florida, is the largest installer and distributor of insulation and related products in North America. Its revenue for the 12 months ended September 30, 2025 was $5.2 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TORCHY'S TACOS: To Shut Down Restaurants with No Bankruptcy ----------------------------------------------------------- Kirk O'Neil of The Street reports that fast-casual Mexican chain Torchy's Tacos announced that it will close four locations across two states on February 3, 2026 following a review of its restaurant portfolio. The Austin, Texas-based company said two of the closures will occur in Columbus, Ohio, affecting restaurants at 3726 W. Dublin Granville Road and 6042 N. Hamilton Road, The Columbus Dispatch reported. With the closures, Torchy's Tacos will exit the Columbus market entirely, less than four years after opening its first location there. The chain previously closed its Gemini Place restaurant in August 2025, according to The Street. Torchy's will continue to operate one Ohio location in Liberty Township near Cincinnati. The company is also closing two Florida restaurants, located in Altamonte Springs and Winter Garden, according to Fox 35-TV, the report states. About Torchy's Tacos Torchy's Tacos is a fast-casual Mexican chain known for its creative street-style tacos, bold flavors, and irreverent brand personality, the company has grown from a single food truck into a multi-state restaurant concept with locations across the United States. TRIAD AERO: Unsecureds to Get Share of Income for 5 Years --------------------------------------------------------- Triad Aero Sales Corp. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Small Business Plan of Reorganization under Subchapter V dated January 23, 2026. The Debtor was established in 2003. The Debtor is in the business of selling mostly used airplane parts, and operates out of one location at 6891 NW 74th Street, Unit B, Medley, Fl 33165. The Debtor's business thrived up to and prior to 2020. The outbreak of the COVID-19 pandemic had a dramatic and negative effect on the Debtor's business, as the world went into lock down, and travel decreased. Further, as the virus subsided, supply-chain disruptions continued to hurt the Debtor's business. The Debtor suffered cost increases and lag times in receiving new orders from customers, and the Debtor's ability to fulfill such orders. The last nail in the coffin that caused the commencement of this Chapter 11 case, which was filed on October 27, 2026, was the entry of a sizable judgment against the Debtor in favor of Ameristar Air Cargo, Inc., in the amount of $1,258,064.35. While the Debtor disputes this judgment, after an analysis of the time and cost of an appeal, the Debtor determined instead to seek bankruptcy protection. Since the commencement of this case, the Debtor continues to explore how to move forward in this challenging world economy, in an effort to restructure its finances and to reorganize an otherwise healthy and profitable business. During the chapter 11, the Debtor sought and obtained permission from the Bankruptcy Court to use cash collateral, which allowed the Debtor to continue operating. The Debtor was further authorized to pay its employees wages that were owed prior to the commencement of this case. By doing so, the Debtor has secured the loyalty of these employees to reengage with the Debtor as the business rebounds. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the future profits and revenue of the Debtor. Treatment of Creditors' claims is determined by which class such claim belongs to. Class 2 consists of General Unsecured Claims. Payments to Class 2 creditors shall be made quarterly and shall begin no later than ninety days following the Effective Date. Unsecured claims shall receive net projected disposable income over 5 years. This Class is impaired. The allowed unsecured claims total $1,416,379.00. Class 3 consists of Equity Interests of Mercedes Medina. All Equity Interests of the Debtor shall revest in Mercedes Medina. The Debtor's Plan will be implemented through the Debtor's business operations and then payment to creditors from disposable income. A full-text copy of the Subchapter V Plan dated January 23, 2026 is available at https://urlcurt.com/u?l=Shqrjf from PacerMonitor.com at no charge. Counsel to the Debtor: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Tel: (305) 931-3771 E-mail: bsb@bgglaw.com About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on Oct. 27, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Brian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TRICOLOR AUTO: Fifth Third Prioritizes Collateral ------------------------------------------------- Nino Paoli of Bloomberg Law reports that Fifth Third Bancorp's chairman and CEO, Tim Spence, said Monday, February 2, 2026, that the bank is prioritizing tighter monitoring of collateral after it and other lenders were caught off guard by the collapse of subprime auto lender Tricolor Holdings. In a Bloomberg TV interview, he said that making sure collateral is properly overseen is now a central focus for the firm, noting the “painful” experience of having a secured loan produce an unsecured loss. Tricolor, which filed for Chapter 7 bankruptcy in September, drew in major lenders — including Fifth Third, JPMorgan Chase & Co. and Barclays Plc — that are now evaluating potential losses and reviewing their exposure to warehouse lines and loan commitments tied to the failed company, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TWO JAYS PROPERTIES: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- On January 28, 2026, Two Jays Properties & Rentals LLC sought Chapter 11 bankruptcy protection in the Northern District of Florida. The Debtor reports liabilities totaling between $1 million and $10 million, with the number of creditors estimated at 1 to 49. About Two Jays Properties & Rentals LLC Two Jays Properties & Rentals LLC is a limited liability company. Two Jays Properties & Rentals LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code on January 28, 2026 (Case No. 26-40045). In its bankruptcy petition, the company lists assets valued between $100,001 and $1,000,000 and liabilities ranging from $1 million to $10 million. The Debtor is represented by Byron Wright, III, Esq., of Bruner Wright, P.A. VIA MIZNER OWNER II: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Via Mizner Owner II, LLC, according to court dockets. About Via Mizner Owner II Via Mizner Owner II, LLC is a real estate development company overseeing a luxury mixed-use project in Boca Raton, Florida. The company serves as the owner and developer of the proposed Mandarin Oriental Boca Raton hotel and adjoining residential development. Via Mizner Owner II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25197) on December 23, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Samuel W. Hess, Esq. VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Victoria's Kitchen, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The court issued its fourth interim order authorizing the Debtor to use cash collateral through April 30 in accordance with its monthly budget, subject to a 10% variance. The Debtor is not permitted to make payment to any bankruptcy professional or to the Subchapter V trustee. The U.S. Small Business Administration asserts a lien on the Debtor's personal property based on a UCC-1 financing statement. As adequate protection, the SBA will continue to receive a monthly payment of $500 payable on the first day of each month for which the use of cash collateral is authorized. The order is available at https://is.gd/WD5PKN from PacerMonitor.com. About Victoria's Kitchen LLC Victoria's Kitchen, LLC is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025, listing between $1 million and $10 million in assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker oversees the case. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VILLAGE POINTE PROPERTY: Starts Chapter 11 Bankruptcy in Colorado ----------------------------------------------------------------- Village Pointe Property Owners Association, Inc. commenced a voluntary Chapter 11 bankruptcy case on January 20, 2026, in the District of Colorado. Court records indicate the Debtor carries liabilities estimated at $100,001 to $1,000,000 and lists 1 to 49 creditors. About Village Pointe Property Owners Association, Inc. Village Pointe Property Owners Association, Inc. oversees the operation and maintenance of common property within the Village Pointe community, administering assessments, budgets, and community standards for its members. On January 20, 2026, Village Pointe Property Owners Association, Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10314). The filing reflects estimated assets of $1 million to $10 million, with liabilities estimated between $100,001 and $1,000,000. The Debtor is represented by Kevin S. Neiman, Esq., of Law Offices of Kevin S. Neiman, PC. VIVIANS RESTAURANT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered an interim order authorizing Vivians Restaurant, Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Byline Bank, Newtek Bank, and the U.S. Small Business Administration for the period January 26 through February 27 in accordance with the budget, plus up to a 10% variance. The court found such use necessary to avoid immediate and irreparable harm to the bankruptcy estate. The 30-day budget projects total operational expenses of $82,198.23. As adequate protection, the secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The Debtor must maintain insurance, properly maintain collateral, provide access to books and records, and deliver profit-and-loss and budget-to-actual reports by February 19. A further interim hearing is scheduled for February 23. The interim order is available at https://is.gd/Qn3c7o from PacerMonitor.com. About Vivians Restaurant Inc. Vivians Restaurant Inc. is an Illinois-based full-service restaurant company specializing in casual and fine dining experiences, offering a variety of cuisines to local customers and event clients. Vivians Restaurant Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00919) on January 20, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., Crane, Simon, Clar & Goodman. WAHEGURU LLC: Gets Final OK to Use Cash Collateral Until March 27 ----------------------------------------------------------------- Waheguru, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The court authorized the Debtor to use cash collateral through March 27 to fund its operations consistent with the approved budget. As adequate protection, any creditor with a properly perfected interest in cash collateral will be granted replacement liens on proceeds of post-petition accounts to the extent of any diminution in value, with such liens maintaining the same relative priority as pre-bankruptcy liens. Additional adequate protection requires the Debtor to maintain insurance naming Offen Petroleum, LLC as loss payee, provide periodic and debtor-in-possession reports, limit budget variances to no more than 15% per line item per month absent consent or court order, maintain collateral in good repair, and pay all post-petition taxes when due. Events of default that terminate cash collateral use include appointment of a trustee, uncured violations of the final order, conversion of the Debtor's Chapter 11 case to Chapter 7, confirmation of a non-conforming plan, or changes in ownership or control. Upon default, secured creditors may terminate consent and seek relief from the automatic stay, with all creditor rights and remedies expressly preserved. A copy of the final order and the Debtor's budget is available at https://shorturl.at/ux6Nq from PacerMonitor.com. About Waheguru LLC Waheguru LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17395) on November 11, 2025, listing between 100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. represents the Debtor as legal counsel. WELCOME GROUP: Claims to be Paid from Disposable Income ------------------------------------------------------- Welcome Group 2, LLC, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Ohio a Disclosure Statement with respect to Joint Plan of Reorganization dated January 23, 2026. Abhijit "Andy" Vasani, is the sole shareholder of InnVite Opco, Inc. InnVite is the managing member and sole member of each of the other Debtors — Welcome Group 2, LLC, Dayton Hotels, LLC Hilliard Hotels, LLC, and Dayton Hotels 2, LLC. Dayton owns the Hotel at Dayton South at 8099 Old Yankee Road, Dayton, Ohio 45458 (the "Hotel at Dayton South"). Welcome Group owns the Super 8 Hotel located at 2440 National Road, Zanesville, Ohio 43701 (the "Super 8"). Hilliard owns the Hampton Inn & Suites located at 1600 Hampton Court, Sidney, Ohio 45365 (the "Hampton Inn"). Hilliard owns the Hampton Inn & Suites located at 1600 Hampton Court, Sidney, Ohio 45365 (the "Hampton Inn"). Despite the setbacks with RSS and Hilton, Debtors continue to operate as Debtors-In-Possession and are current on all post petition obligations and Monthly Operating Reports. Since the commencement of these Chapter 11 cases, the Debtors remain current on all of their postpetition obligations, as set forth in further detail in the Debtors' Operating Reports filed monthly herein. Financial Projections include the Reorganized Debtors' net income and cash flows for each year in the post confirmation period ending August 15, 2036, assuming an Effective Date of August 15, 2026. The Projections show that Debtors will generate sufficient revenue and cash flow to meet their obligations under the Plan and fund their operations. Actual results may differ substantially from the Projections as a result of changing market and economic conditions, among other things. Class UN-RSS consists of the unsecured portion of the RSS Claim. Class UN-RSS shall be Allowed in the amount determined by the Court and shall be paid by Reorganized Debtors on a pro rata basis as set forth in the Projections, with disbursements to be made no less than quarterly, after all Allowed Priority Claims are paid pursuant to the terms of the Plan, and after resolution of all Disputed Claims. Class UN-ITR consists of the unsecured portion of the Itria Claim. Class UN-ITR shall be Allowed in the amount determined by the Court and shall be paid by Reorganized Debtors on a pro rata basis as set forth in the Projections, with disbursements to be made no less than quarterly, after all Allowed Priority Claims are paid pursuant to the terms of the Plan, and after resolution of all Disputed Claims. Class UN-SBA consists of the unsecured portion of the SBA Claim. Class UN-SBA shall be Allowed in the amount determined by the Court and shall be paid by Reorganized Debtors on a pro rata basis as set forth in the Projections, with disbursements to be made no less than quarterly, after all Allowed Priority Claims are paid pursuant to the terms of the Plan, and after resolution of all Disputed Claims. Class UN-USF consists of the unsecured portion of the U.S. Foods Claim. Class UN-USF shall be Allowed in the amount determined by the Court and shall be paid by Reorganized Debtors on a pro rata basis as set forth in the Projections, with disbursements to be made no less than quarterly, after all Allowed Priority Claims are paid pursuant to the terms of the Plan, and after resolution of all Disputed Claims. The Class UN-G Claim consists of all other unsecured prepetition claims against the Debtors. The Class UN-G Claim shall be Allowed in the amount determined by the Court and shall be paid by Reorganized Debtors on a pro rata basis as set forth in the Projections, with disbursements to be made no less than quarterly, after all Allowed Priority Claims are paid pursuant to the terms of the Plan, and after resolution of all Disputed Claims. Class E consists of Equity interests. The Debtors will not be able to satisfy the Allowed Claims in full. Accordingly, there shall be no distribution on account of Class E Equity Interests. Upon the Effective Date, the Equity Interests will be transferred to InnVite 2 LLC as set forth in greater detail in the Plan. Holders of Class E Equity Interests will receive no distribution under the Plan and therefore are deemed to have rejected the Plan. Distributions under the Plan will be made from the disposable income of the Debtors. Except as otherwise provided in the Plan, on the Effective Date, all of Debtors' assets shall vest in the Reorganized Debtors, free and clear of all claims, liens, charges or other encumbrances and Interests of any type whatsoever except as otherwise stated in the Plan. On and after the Effective Date, Reorganized Debtors may use, acquire and dispose of property without supervision or approval of the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or the Bankruptcy Rules, other than those restrictions expressly imposed by the Plan and Confirmation Order. A full-text copy of the Disclosure Statement dated January 23, 2026 is available at https://urlcurt.com/u?l=Bwyvrg from PacerMonitor.com at no charge. Counsel for the Debtors: Darlene E. Fierle, Esq. Ira H. Thomsen, Esq. Denis E. Blasius, Esq. THOMSEN LAW GROUP, LLC 140 North Main Street, Suite A Springboro, OH 45066 Telephone: (937) 748-5001 Facsimile: (937) 748-5003 Email: ithomsen@ihtlaw.com dfierle@ihtlaw.com dblasius@ihtlaw.com About Welcome Group 2 LLC Welcome Group 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Ohio Case No. 23-53044) on September 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge C. Kathryn Preston oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the Debtor as legal counsel. Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 E-mail: tkirby@porterwright.com wreynolds@porterwright.com WESTLAKE SENIOR: Commences Chapter 11 Bankruptcy in California -------------------------------------------------------------- On January 28, 2026, Westlake Senior Living Center, 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 $10 million and $50 million in debt owed to 1 to 49 creditors. About Westlake Senior Living Center, LLC Westlake Senior Living Center, LLC operates a senior living facility in California, providing housing and care services to elderly residents. Westlake Senior Living Center, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10110) on January 28, 2026. In its petition, the Debtor reports estimated assets ranging from $50 million to $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Stella A. Havkin, Esq. of Havkin & Shrago. WHEEL PROS: ASR, et al., Lose Bid to Stay Preliminary Injunction ---------------------------------------------------------------- Judge Nusrat Jahan Choudhury of the U.S. District Court for Eastern District of New York denied the motion of ASR Motorsport, LLC, Nicholas Lanzello, Reza Noori, Joseph Leahy, David Palacios, John Thompson III, and Danny Huallanca to stay the preliminary injunction issued by the Court on October 2, 2025, in the case captioned as Wheel Pros, LLC, Plaintiff, -v- ASR Motorsport, LLC, Nicholas Lanzello, Reza Noori, Joseph Leahy, David Palacios, John Thompson, III, and Danny Huallanca, Defendants, Case No. 25-cv-00929-NJC-ARL (E.D.N.Y.) Plaintiff Wheel Pros, LLC brings this action against Defendants ASR Motorsport, LLC, Nicholas Lanzello, Reza Noori, Joseph Leahy, David Palacios, John Thompson III, and Danny Huallanca to stop them from allegedly stealing and misappropriating confidential, proprietary, and trade secret information from Wheel Pros, and to prevent them from soliciting Wheel Pros' clients and employees, in violation of various agreements between the parties. Following Wheel Pros' filing of a motion for a preliminary injunction, Judge Choudhury held a two-day evidentiary hearing in July 2025 and received multiple rounds of briefing from the parties prior to and following the hearing. On October 2, 2025, Judge Choudhury granted in part Wheel Pros' motion for a preliminary injunction. Defendants both appealed the PI Order and filed a Motion to Stay the PI Order Pending Appeal. Wheel Pros also subsequently appealed the PI Order. Before the Court is the fully-briefed Motion, in which Defendants argue that the PI Order should be stayed or altered pending the resolution of Defendants' appeal. The Court finds Defendants fail to meet their heavy burden to secure a stay of the PI Order. Defendants fail to show that they are likely to succeed on their arguments that the Court erred in enjoining Lanzello from violating the restrictive covenants in the Unit Grant Agreement, as they largely repeat verbatim arguments that the Court considered and rejected in the PI Order. The Court finds contrary to Defendants' contentions, the restrictive covenants are enforceable because Lanzello received two forms of consideration in exchange, because the temporal and geographic scope of the restrictions, considered together, are reasonable under Delaware law, and because Wheel Pros' Amended Joint Prepackaged Plan of Reorganization, pursuant to Chapter 11 of the U.S. Bankruptcy Code, did not cancel the restrictive covenants. Contrary to Defendants' contentions, Lanzello's breach of the restrictive covenants long before Wheel Pros' reorganization in bankruptcy automatically cancelled the equity interests granted to him by the Unit Grant Agreement. As a result, the provisions of Wheel Pros' Reorganization Plan addressing the treatment of “Existing Equity Interests” is inapplicable to the Unit Grant Agreement. The Court also finds Defendants do not demonstrate a likelihood of success on their claim that the PI Order fails to adequately describe the proscribed conduct as required by Rule 65(d), Fed. R. Civ. P. According to the Court, the balance of equities strongly weighs against a stay because the terms of the preliminary injunction will not cause Defendants any irreparable harm. By contrast, a stay will cause Wheel Pros irreparable harm from the substantial and ongoing risk that Defendants will continue to disseminate and impair the value of Wheel Pros' trade secrets and engage in conduct that threatens the loss of customer goodwill, including by soliciting Wheel Pros' customers and employees to expedite ASR Motorsport's entry into markets across the country and the entry of certain products to market, in violation of the Individual Defendants' agreements with Wheel Pros. The Court has fully considered the hardship that Lanzello may experience from being preliminarily enjoined from violating the restrictive covenants in the Unit Grant Agreement through his continued competition with Wheel Pros as president of ASR Motorsport. However, any such hardship is the result of the non-compete agreement into which Lanzello voluntarily entered by exercising his right to freedom of contract and in exchange for significant consideration. The Court declines Defendants' invitation to modify the PI Order to allow Lanzello to continue serve as ASR Motorsport's president for an additional period of time. Since the initiation of this action nearly one year ago in February 2025, Wheel Pros has sought a temporary restraining order and preliminary injunction enforcing the non-compete restrictions of the Unit Grant Agreement by enjoining Lanzello from working for ASR Motorsport while this litigation is pending. A copy of the Court's Opinion, Order and Clarified Preliminary Injunction dated January 23, 2026, is available at http://urlcurt.com/u?l=gzLmRQ About Wheel Pros Wheel Pros, LLC (d/b/a Hoonigan) -- http://www.hoonigan.com/-- serves the automotive enthusiast industry with entertaining content and a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel Off-Road, American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia, and Europe, Hoonigan serves over 30,000 retailers. It has a growing e-commerce presence to provide enthusiast consumers with access to a variety of aftermarket enhancements including wheels, suspension, lighting, and accessories. Wheel Pros, LLC (d/b/a Hoonigan) and certain of its North American-based affiliates, including Hoonigan Industries, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-11939) on Sept. 8, 2024. Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Houlihan Lokey, Inc., is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claims agent. WINE AND SPIRITS BOUTIQUE: Seeks Chapter 7 Bankruptcy in Colorado ----------------------------------------------------------------- On January 14, 2026, The Wine And Spirits Boutique At Eastbridge, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1 to 49 creditors. About The Wine And Spirits Boutique At Eastbridge, LLC The Wine And Spirits Boutique At Eastbridge, LLC operates a retail wine and spirits business. The Wine And Spirits Boutique At Eastbridge, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10220) on January 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Robertson B. Cohen, Esq. [] Senior Care Bankruptcies Rise 18% in 2025 -------------------------------------------- Austin Montgomery of Senior Housing News reports that senior housing and care bankruptcies increased last year despite a broader pullback in health care insolvencies, according to a new industry report. Filings in the senior care segment rose 18%, while total health care Chapter 11 cases declined 21% during the same period. Gibbins Advisors reported that Chapter 11 filings involving independent living, assisted living, CCRCs, and skilled nursing facilities climbed to 13 cases in 2025, reflecting continued stress on long-term care operators. The analysis examined health care bankruptcies filed between 2019 and 2025 for companies with liabilities exceeding $10 million. During that period, senior care providers accounted for 83 Chapter 11 filings, with middle-market companies representing the majority of cases. The report identified 2025 as one of the most active years for senior care bankruptcies, surpassed only by peaks in 2019 and 2023. Senior care filings also overtook pharmaceutical bankruptcies for the first time since 2021, according to report. The report noted that senior care providers continue to face a challenging operating environment shaped by Medicaid reimbursement pressures, inflation, payor dynamics, and workforce constraints. As health care delivery shifts toward outpatient and home-based models, operators are being forced to invest capital amid limited access to financing, contributing to ongoing financial strain. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***