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260206.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, February 6, 2026, Vol. 30, No. 37 Headlines 2015 PARK STREET: Seeks to Hire Nathaniel Peter Holzer as Counsel 47 HARVARD: Feb. 24 Hearing Set for Motion to Dismiss Case 4US CORP: Case Summary & 20 Largest Unsecured Creditors 513 INVESTMENTS: Voluntary Chapter 11 Case Summary A&M AUTOBODY: Gets OK to Pay Pre-Petition Wages A.G. NEW YORK: Gets Interim OK to Use Cash Collateral Until Feb. 18 ADVANCED REHABILITATION: Claims to be Paid from Income ADVANTACLEAN OF METRO: Gets Court Nod to Use Cash Collateral AGZ PROPERTIES: Seeks to Hire Anthony J. DeGirolamo as Counsel AGZ PROPERTIES: Taps David A. Corrado as Special Corporate Counsel AIX VENTURES: U.S. Trustee Unable to Appoint Committee AKUMIN INC: 99.97% of 2028 Notes Tendered by Early Deadline ALEXANDER CADE: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ALL-CITY TOWING: Case Summary & 15 Unsecured Creditors ALMA IMPROVEMENTS: Hires Morrison Tenenbaum PLLC as Legal Counsel ALPINE CORP: Taps Stein Shostak Pollack & O'Hara as Special Counsel AMERICAN AIRLINES: S&P Affirms 'B+' ICR, Outlook Stable ANDERSON HAY: Committee Seeks to Hire Tonkon Torp as Counsel ANDERSON HAY: Seeks to Tap Root Results as Professional Consultant ANTELOPE HOSPITALITY: U.S. Trustee Unable to Appoint Committee ARDENT PROTECTION: Gets Interim OK to Use Cash Collateral BDD RESTAURANT: Hires Stevenson & Bullock as Bankruptcy Counsel BEAVER HOLLOW: Seeks to Tap Baumeister Denz LLP as General Counsel BELLE MEADE: Seeks to Hire Global Investments Realty as Broker BIG ROCK SPORTS: Seeks Chapter 7 Bankruptcy with Over $100MM Debt BISHOP OF FRESNO: Committee Hires Stout Risius as Valuation Expert BLOCK COMMUNICATIONS: Moody's Rates New $450MM 1st Lien Notes 'B3' BOTTOMLINE INK: Hires Pamela Rose Auction as Auctioneer BRANAVA INC: Gets Interim OK to Use Cash Collateral Until March 5 BRANAVA INC: Gets OK to Pay Pre-Petition Wages BRANAVA INC: Seeks Subchapter V Bankruptcy in Massachusetts BRIGHT MINDS: Case Summary & 10 Unsecured Creditors BUBBLY PAWS: Steven Nosek Named Subchapter V Trustee BURMAN'S TREE: Case Summary & Six Unsecured Creditors C-5 HOLDINGS: Voluntary Chapter 11 Case Summary CARE FOR THE ELDERLY: Hires Levene Neale as Bankruptcy Counsel CARE FOR THE ELDERLY: Hires OR Capital Group as Financial Advisor CARE FOR THE ELDERLY: Taps Hooper Lundy as Special Counsel CARE ONE: Janice Seyedin Named Subchapter V Trustee CAROLINA FITNESS: Section 341(a) Meeting of Creditors on March 4 CBM ENTERPRISES: Voluntary Chapter 11 Case Summary CHRYSALIS HEALTHCARE: Hires Lane Law Firm as Bankruptcy Counsel CHRYSALIS HEALTHCARE: Melissa Haselden Named Subchapter V Trustee CLAROS MORTGAGE: S&P Upgrades ICR to 'CCC+' Following Refinancing CONGRUEX GROUP: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. CONSCIOUS CONTENT: Committee Hires Jenner & Block as Lead Counsel CONSCIOUS CONTENT: Committee Hires Pashman Stein as Local Counsel CONSCIOUS CONTENT: Committee Seeks to Tap Novo as Financial Advisor CONSCIOUS CONTENT: Taps Eisner Advisory Group as Financial Advisor CRESCENT MIDSTREAM: S&P Assigns 'B+' ICR, Outlook Stable DAIRY BUILDING: Taps ETHOS Commercial as Real Estate Broker DAN LEPORE & SONS: Gets Extension to Access Cash Collateral DBJ US: Linda Leali Named Subchapter V Trustee DELANI CONSTRUCTION: Section 341 Meeting of Creditors on March 4 DKC ENTERPRISES: Unsecureds to Get Share of Income for 36 Months DYNAMIC STAR: Loses Bid to Adjourn Hearing on Motions to Dismiss ELDORADO GOLD: S&P Places 'B+' ICR on CreditWatch Positive ELITE PRINTING: Unsecured Creditors to Split $100K in Plan FABS RESTAURANT: Claims to be Paid from Ongoing Operations FAIR ANDREEN: Unsecureds to Get Share of Litigation Proceeds FAT BRANDS: Noteholders Seek Chapter 11 Trustee Appointment FAT BRANDS: Seeks to Hire Omni as Claims and Solicitation Agent FINLEY DESIGN: Gets Extension to Access Cash Collateral FLOAT ALASKA: Seeks to Hire Stretto as Claims and Noticing Agent FORTUNE CIRCLE: Gets Extension to Access Cash Collateral FULLER'S SERVICE: Trustee Taps Susan Headley as Controller GAS POS: Case Summary & 20 Largest Unsecured Creditors GENESIS GLOBAL: Claim Objection Deadline Extended to February 20 GOOD WOOD: Voluntary Chapter 11 Case Summary GRAFFITI PYRAMID: U.S. Trustee Unable to Appoint Committee GROUP STONE: Unsecureds to Get Share of Income for 60 Months HADNOT LOGISTICS: Unsecureds Will Get 5.36% of Claims over 5 Years HOME STAY: Seeks to Hire Steidl & Steinberg as Bankruptcy Counsel HOWARD HUGHES: S&P Upgrades ICR to 'B+', On CreditWatch Positive HUDSON 1701/1706: Hires Boies Schiller & Flexner LLP as Co-Counsel IMPACT STAFFING: Claims to be Paid from Ongoing Operations INDUSTRIAL F&B III: Fitch Rates New $550MM 7Yr. Secured Notes 'B+' INSPIRED HEALTHCARE: Chapter 11 Raises DST Investor Concerns INTEGRATED ENDOSCOPY: Taps Arias Valuation as Property Appraiser J.A. CARRILLO: Seeks to Hire Duncan & Schuler CPA as Accountant J.L.E.T. ENTERPRISES: Gets Interim OK to Use Cash Collateral JADE HOLDINGS: Seeks to Hire Infeld Barr Reiskind as Accountant KASAI HOLDINGS: Court OKs Appointment of Chapter 11 Trustee KB3 2275 CENTURY: Unsecureds Will Get 21.7% of Claims in Plan KEVIN D CHANEY: Gets Interim OK to Use Cash Collateral KLE EQUIPMENT: Seeks to Extend Plan Exclusivity to February 25 KOLSTEIN MUSIC: Court Extends Cash Collateral Access to Feb. 18 LELAND HOUSE: Seeks Approval to Hire Savills as Real Estate Broker LINEAS DE PUERTO: Retains Monge Robertin as Restructuring Advisors LINEAS DE PUERTO: Taps Nelson Robles-Diaz Law as Counsel LR GREENVIEW: Unsecured Creditors to Split $18K in Plan LUDAN HOLDINGS: U.S. Trustee Unable to Appoint Committee MARK D. BORNSTEIN: Case Summary & 11 Unsecured Creditors MARTINEZ & SONS: Seeks to Hire Considine & Considine as Accountant MICHAL INTERNATIONAL: Case Summary & 12 Unsecured Creditors MII AVIATION: Case Summary & 12 Unsecured Creditors MONDORIVOLI LLC: Case Summary & One Unsecured Creditor MTF HOLDINGS: Hires Ciardi Ciardi & Astin as Bankruptcy Counsel NEO ASSETS: Seeks to Hire Regina Zabarte as Real Estate Broker NINE ENERGY: Moody's Cuts CFR to 'Caa3' Following Bankruptcy Filing NOOR ESTHETIQUE: Seeks Chapter 11 Bankruptcy in Virginia NOOR ESTHETIQUE: Stephen Metz Named Subchapter V Trustee NOR-WES INC: Hires Palouse Ag Leasing LLC as Estate Professional NOR-WES INC: Seeks to Tap Robert W. Raley as Bankruptcy Counsel OCUMETICS TECHNOLOGY: Seeks Approval for $4M Debenture Forbearance OFFICE PROPERTIES: SavATree Out as Committee Member ORION PORTFOLIO: Seeks 120-Day Extension of Plan Filing Deadline PACIFICORP: S&P Assigns 'BB' Rating on Junior Subordinated Notes PAPPAS PIPING: Seeks to Hire Marshack Hays Wood as General Counsel PIPELINE CONSTRUCTION: Amends Unsecureds & UCB Secured Claims Pay PORT ELIZABETH: Committee Seeks to Hire Dundon Advisers as Counsel PPS STANWIX: Seeks to Hire Bronson Law Offices as Legal Counsel PRIMROSE CANDY: Section 341(a) Meeting of Creditors on March 5 PULASKI ROOFING: Hires Smith Ortiz P.C. as Bankruptcy Counsel QUALITY LIVING: Beverly Brister Named Subchapter V Trustee QUALITY OFFICE: Hires Law Office of Michael K. Moore as Counsel R INTERCONNECTIONS: Seeks to Hire Boyle Legal as Legal Counsel RB MARKETPLACE: Taps Landrau Rivera & Assoc. as Bankruptcy Counsel RENNINGER PROPERTIES: Taps Carothers & Hauswirth LLP as Counsel RIVERSIDE TIRES: Seeks Chapter 7 Bankruptcy in Virginia RIZO-LOPEZ FOODS: Court Extends Cash Collateral Access to Feb. 11 RONALD JINSKY: Unsecureds Will Get 30% of Claims over 5 Years RVR DEALERSHIP: Moody's Raises CFR to B3 & Alters Outlook to Stable S & H SYSTEMS: Case Summary & 20 Largest Unsecured Creditors SADDI LLC: U.S. Trustee Unable to Appoint Committee SAKS GLOBAL: Seeks to Hire A&G Realty Partners as Consultant SAKS GLOBAL: Seeks to Hire PJT Partners as Investment Banker SAN FRANCISCO CARE: Hires Bachecki Crom & Co as Accountant SANTA PAULA: Hires Gwyn Goodman Realty as Real Estate Broker SANTA PAULA: Seeks to Hire Buxman Group as Real Estate Broker SHERMAN DE LLC: Case Summary & 20 Largest Unsecured Creditors SIBUNA GROUP: U.S. Trustee Unable to Appoint Committee SIMBA IL HOLDINGS: Hires Grobstein Teeple LLP as Financial Advisor SKYLARK HOTELS: Case Summary & Five Unsecured Creditors ST. AGUSTIN: Seeks Approval to Hire Hector L. Colon Vega as Expert STAR INFRA: Case Summary & 10 Unsecured Creditors STOKES & STOKES: Case Summary & Four Unsecured Creditors SUKRAN LLC: July 27 Governmental Claims Bar Date SWEETWATER BORROWER: S&P Affirms 'B' ICR, Outlook Stable SYNCUBE CONTAINERS: Charles Mouranie Named Subchapter V Trustee TECH READY: Case Summary & 20 Largest Unsecured Creditors TELESCOPE PROPERTIES: Amends Unsecureds & Secured Claims Pay TEXMAR GROUP: Case Summary & Eight Unsecured Creditors TKC HOLDINGS: Moody's Rates New $675MM Secured Bank Credit Facility TKC HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable TOYS CANADA: Files Under CCAA to Restructure Retail Footprint TRANSATLANTIC BRIDGE: Gets Extension to Access Cash Collateral TRC COMPANIES: Moody's Puts 'B3' CFR Under Review for Upgrade TRUCORDIA HOLDCO: S&P Downgrades ICR to 'B-', Outlook Stable TWISTED SKY: $1.8M Sale to Aero Twist to Fund Plan UKG INC: S&P Upgrades ICR to 'B' on Strengthening Business ULTIMATE PAVERS: Seeks to Hire McIntrye Law as Bankruptcy Counsel UNIQUE THIRD: Patient Care Ombudsman Hires Rimon PC as Counsel UPTOWN PHARMACY: U.S. Trustee Unable to Appoint Committee URGENT CARE: Taps Colombo Kitchin Dunn Ball as Special Counsel VILLAGE HOMES: Unsecureds Will Get 100% of Claims over 36 Months WARRIOR SPORTS: Seeks to Tap Manuel D. Gomez as Bankruptcy Counsel WATER'S EDGE: Court Confirms Amended Liquidation Plan WEST RIDGE: Seeks to Extend Plan Exclusivity to March 16 WHITE CAP: Moody's Lowers CFR to 'B3' & Alters Outlook to Stable WHITE CAP: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable WHITE ROCK MEDICAL: Gets Interim OK to Use Cash Collateral WILLIAM D. LEDFORD: Case Summary & 14 Unsecured Creditors YS GARMENTS: S&P Upgrades ICR to 'CCC', Outlook Negative [] Stretto Launches Real Estate Services for Bankruptcy Matters [^] BOOK REVIEW: A History of the New York Stock Market ********* 2015 PARK STREET: Seeks to Hire Nathaniel Peter Holzer as Counsel ----------------------------------------------------------------- 2015 Park Street LP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Nathaniel Peter Holzer, Esq., an attorney practicing in Corpus Christi, Tex., as counsel. The attorney will render these services: (a) take all necessary action to initiate this Chapter 11 and assure compliance with the U.S. Trustee (UST) Guidelines, with this Court's local rules and with the Bankruptcy Code provisions applicable to an individual Chapter 11 filing; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor, all necessary legal documents in connection with the administration of its estate and amend same from time to time as needed; (d) take all necessary actions as may be required in connection with the administration of the Debtor's estate to a successful reorganization; (e) challenge the extent, validity, or priority of claims against the estate and liens claimed on property of the estate; (f) analyze or prosecute any Chapter 5 cause of action, if any; and (g) perform all other necessary legal services in connection with the prosecution of this Chapter 11 case. Mr. Holzer hourly rate for legal work is $495 and for paralegal level work is $250. Mr. Holzer disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Nathaniel Peter Holzer, Esq. 711 N. Carancahua St. #1700 Corpus Christi, TX 78401 Telephone: (361) 563-6175 Email: pete@npholzerlaw.com About 2015 Park Street LP 2015 Park Street LP owns and operates a park in Corpus Christi, Texas offering a picturesque setting close to Corpus Christi Bay and the scenic Oso Beach Municipal Golf Course. The Park also offers a range of rental options to suit diverse lifestyles. 2015 Park Street LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-20183) on July 1, 2024. In the petition filed by Clyde Nazareth, as president of General Partner, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Nathaniel Peter Holzer, Esq. 47 HARVARD: Feb. 24 Hearing Set for Motion to Dismiss Case ---------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts will continue on February 24 the hearing on the motion filed by 47 Harvard Trust, LLC to dismiss the involuntary bankruptcy case. MS Investment, LLC, the petitioning creditor, must show cause in writing on or before February 18 why the Court should not abstain pursuant to Section 305. The Debtor and other parties in interest must file any responses on or before February 23. The Court will conduct a hearing on the order to show cause at the same time and place as the continued hearing on the motion to dismiss. The petitioning creditor alleges that the Debtor is generally not paying its debts as they become due. The Debtor disputes this allegation. As of the Petition Date, the Debtor was a plaintiff in a pending action in the Middlesex Superior Court styled 47 Harvard Trust, LLC v. Boston Trust Loans, LLC et al (C.A. No.: 25CV2588). In the Superior Court Matter, the Debtor alleged that, by virtue of certain assignments and writings, alleged creditors, Boston Trust Loans, LLC and Mutual One Bank were estopped from enforcing a promissory note and mortgage against the Debtor or foreclosing on its real estate located at 47 Harvard Street, Worcester, Massachusetts. Because of its contention that neither Boston Trust nor Mutual One are entitled to enforce the mortgage on the Property, there is a bona fide dispute as to whether the Debtor has any liability to either of these entities. The Debtor argues the Court should dismiss this case because other than the disputed debt of Boston Trust, it was paying all of its obligations, including that owed to petitioning creditor, in the ordinary course of its business. A copy of the motion to dismiss is available at http://urlcurt.com/u?l=6WA8sifrom PacerMonitor.com. The court's order is available at http://urlcurt.com/u?l=44x01l from PacerMonitor.com. About 47 Harvard Trust, LLC 47 Harvard Trust, LLC is a single-property real estate entity with main assets at 47 Harvard Street, Worcester, MA 01609-2840. MS Funding LLC, 47 Harvard Trust, LLC's creditor, filed a Chapter 11 involuntary petition against the company (Bankr. D. Mass. Case No. 25-12277) on Oct. 22, 2025. The petitioner's counsel is Neil Kreuzer, Esq., at Law Office of Neil Kreuzer. 4US CORP: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: 4US Corp, Inc. 617 Carnation Drive Oswego, IL 60543 Business Description: Based in Oswego, Illinois, 4US Corp, Inc., operates as a transportation and logistics company, providing freight hauling services through ownership of commercial trucks and trailers, including Freightliner trucks and Wabash, Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-01936 Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 E-mail: david.freydin@freydinlaw.com Total Assets: $3,118,000 Total Liabilities: $9,253,165 The petition was signed by Eli Malikovsky as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OALFDZQ/4US_Corp_Inc__ilnbke-26-01936__0001.0.pdf?mcid=tGE4TAMA 513 INVESTMENTS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 513 Investments, LLC 513 McCoy Dr. Van Alstyne, TX 75495 Business Description: 513 Investments, LLC, a real estate lessor, holds fee simple ownership of two properties in Texas: an 11-acre tract at Reed Lane and Preston Road in Gunter, valued at $1.9 million based on broker assessments and prior offers, and a 7-acre site with three commercial buildings at 659 Martin Duke Road in Van Alstyne, appraised at $4 million according to broker and owner evaluations. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-40381 Debtor's Counsel: Clayton L. Everett, Esq. NORRED LAW, PLLC 515 E. Border Arlington TX 76010 Tel: (817) 704-3984 E-mail: clayton@norredlaw.com Total Assets: $5,900,000 Total Liabilities: $1,600,000 The petition was signed by David Kirby, who is both a member and an owner. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CRYBC3Q/513_Investments_LLC__txebke-26-40381__0001.0.pdf?mcid=tGE4TAMA A&M AUTOBODY: Gets OK to Pay Pre-Petition Wages ----------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order granting the emergency motion of A&M Autobody, Inc. to pay pre-petition wages and related payroll tax obligations. The court's order is available at http://urlcurt.com/u?l=xeRhNF from PacerMonitor.com. About A&M Autobody Inc. A&M Autobody, Inc. is an auto body repair company operating in Massachusetts. A&M Autobody filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-40056) on January 20, 2026, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. James LaMontagne of Sheehan Phinney Bass & Green serves as Subchapter V trustee. The case is assigned to Chief U.S. Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Marques C. Lipton, Esq., at Lipton Law Group. A.G. NEW YORK: Gets Interim OK to Use Cash Collateral Until Feb. 18 ------------------------------------------------------------------- A.G. New York Transportation Inc. and Luxury Transportation Group Incorporated received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral to fund operations. The court issued a third interim order extending the Debtors' authority to use cash collateral from January 21 to February 18. Permitted uses include court-approved payments, ordinary operating expenses under the Debtor's budget (with a 10% variance per line item), and additional expenditures, subject to approval by the U.S. Small Business Administration. As adequate protection, the SBA will be granted a perfected post-petition replacement lien on the cash collateral, with the same validity and priority as its pre-bankruptcy lien. In addition, the Debtors must maintain required insurance coverage. The order is without prejudice to future requests for modified adequate protection or other creditor remedies. A continued hearing is scheduled for February 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/mxB2m from PacerMonitor.com. About A.G. New York Transportation Inc. A.G. New York Transportation, Inc. offers luxury transportation services in Orlando, Florida, including airport transfers, wedding and corporate travel, and group charters. It holds authorization for both intrastate and interstate passenger transport. A.G. New York Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06549) on October 13, 2025, listing up to $50,000 in assets and between $1 million to $10 million in liabilities. Aleksey Golovnitskiy, president of A.G. New York Transportation, signed the petition. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. ADVANCED REHABILITATION: Claims to be Paid from Income ------------------------------------------------------ Advanced Rehabilitation Clinics, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Small Business Plan of Reorganization under Subchapter V dated January 26, 2026. The Debtor is a physical therapy and rehabilitation center that focuses on treatment to prevent, minimize, or eliminate impairments of body functions, activity limitations, and participation restrictions and specializes in the care of musculoskeletal, neuromuscular, cardiovascular, pulmonary, and integumentary system issues. In October 2024, the owner and president of the Debtor, Kevin Cronin passed away suddenly. On or about August 24, 2022, Kevin Cronin took out a revolving line of credit with Village Bank and Trust in the amount of $100,000, which provided all of the Debtor's assets as collateral. The Debtor believed that the Estate of Kevin Cronin was responsible for the payment of the loan and that the loan would have been paid in full from the estate. When it became apparent that the Estate was not paying this loan, the Debtor filed this underlying bankruptcy in order to pay Village Bank and Trust Company. This Plan proposes to make payments in full to Village Bank and Trust Company, the Internal Revenue Service, and to offset any alleged balance due to the Estate of Kevin Kronin. The Debtor's Plan provides for payments to allowed claims from income related to operations. Class 2 consists of the Unsecured Claim of Ajay Desai. Ajay Desai is a general unsecured creditor, who is the landlord of the Debtor. As of the date of this Plan Ajay Desai has general unsecured balance of $52,760. The Debtor will pay Ajay Desai the full amount of his claim in sixty equal installments of $896.00. Ajay Desai is an impaired creditor. Class 3 consists of the Unsecured Claim of The Estate of Kevin Cronin. The Estate of Kevin Cronin (the "Cronin Estate") shall not be entitled to receive any distribution, payment, or other consideration under this Plan. This exclusion is based upon the Cronin Estate's refusal to satisfy its outstanding obligations to Village Bank and Trust Company in the amount of $122,775.09 (the "Outstanding Obligation"), which exceeds the balance of $82,000.00. The $82,000.00 appears in the corporate records as Kevin Cronin's capital contribution to the Debtor and has never been treated like a loan. The Cronin Estate may become eligible for distributions under the Plan only upon full satisfaction of the Outstanding Obligation to Village Bank in the amount of $122,775.09, plus any applicable interest, fees, and costs. Any such eligibility shall be contingent upon the Cronin Estate providing written documentation, in form and substance, satisfactory to evidence full payment of the Outstanding Obligation and with verification of any balance due to the Estate from the Debtor. In order to successfully fund the Chapter 11 repayment plan, the Debtor will obtain new business and grow existing business. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens or terms of repayment to the holder of any Allowed Claim, except for the Restructured Promissory Note and all other loan documents. A full-text copy of the Plan of Reorganization dated January 26, 2026 is available at https://urlcurt.com/u?l=j7XTXF from PacerMonitor.com at no charge. Counsel to the Debtor: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, Illinois 60062 847 564 0808 About Advanced Rehabilitation Clinics Inc. Advanced Rehabilitation Clinics, Inc., filed a petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16498) on Oct. 27, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Deborah L. Thorne oversees the case. Penelope N. Bach, Esq., at Bach Law Offices, is the Debtor's bankruptcy counsel. Village Bank and Trust, as secured creditor, is represented by: Adam B. Rome, Esq. Greiman, Rome, & Griesmeyer, LLC 205 W. Randolph St., Ste. 2300 Chicago, IL 60606 Phone: 312-428-2750 arome@grglegal.com ADVANTACLEAN OF METRO: Gets Court Nod to Use Cash Collateral ------------------------------------------------------------ AdvantaClean of Metro New Orleans, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral to fund operations. The Debtor's cash collateral consists of cash in its bank accounts and cash generated by its operations in which the U.S. Small Business Administration and Hancock Whitney Bank assert valid liens. Under the court order, the Debtor is authorized to use cash collateral pursuant to its budget, subject to permitted variances of up to 10% per line item and in the aggregate per month. If the Debtor's weekly use of cash collateral exceeds the permitted variances without prior consent of the SBA or Hancock Whitney, the Debtor's right to use cash collateral terminates three business days after receipt of notice of default from the lenders. The Debtor may thereafter seek expedited court authority to use cash collateral. As adequate protection, the SBA and Hancock Whitney Bank will be granted replacement liens on post-petition personal property and proceeds, excluding avoidance actions, to secure any diminution in value of their collateral. The court also approved monthly payments of $2,437 to the SBA and $4,000 to Hancock Whitney Bank. The order requires ongoing financial reporting, maintenance of books and records, and monthly escrow of $2,000 with the Subchapter V trustee for professional fees (subject to court approval). The order is available at https://is.gd/3vveIC from PacerMonitor.com. About AdvantaClean of Metro New Orleans AdvantaClean of Metro New Orleans, LLC is a provider of mold remediation, water damage restoration, air duct cleaning, and moisture management services for both homes and businesses. With an emphasis on fostering healthier living spaces, the Company offers solutions for problems such as flooding, mold issues, and crawl space sealing. As a locally owned and managed business, AdvantaClean is dedicated to offering professional, dependable, and top-quality services to the New Orleans area. AdvantaClean of Metro New Orleans sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.: 25-10439) on March 13, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC serves as the Debtor's counsel. Hancock Whitney Bank, as lender, is represented by: Peter J. Segrist, Esq. David J. Scotton, Esq. Carver, Darden, Koretzky, Tessier, Finn, Blossman & Areaux, L.L.C. 1100 Poydras Street, Suite 3100 New Orleans, LA 70163 Telephone: (504) 585-3800 Fax: (504) 585-3801 segrist@carverdarden.com scotton@carverdarden.com AGZ PROPERTIES: Seeks to Hire Anthony J. DeGirolamo as Counsel -------------------------------------------------------------- AGZ Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Anthony J. DeGirolamo, Attorney at Law, as counsel. The firm's services include: (a) assisting the Debtor in fulfilling its duties as Debtor in possession; (b) representing the Debtor with respect to motions filed in its Chapter 11 case; (c) assisting the Debtor in the administration of its Chapter 11 case. DeGirolamo's current hourly rates are: Anthony DeGirolamo, Attorney $410 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $6,432 from the Debtor. Mr. DeGirolamo disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr., Ste. 100B Canton, OH 44718 Telephone: (330) 305-9700 Facsimile: (330) 305-9713 Email: tony@ajdlaw7-11.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. AGZ Properties LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10294) on January 27, 2026, listing $1,855,000 in assets and $73,432 in liabilities. The petition was signed by Edward Marko, the trustee, in his capacity as president. Judge Jessica E Price Smith presides over the case. Anthony J. DeGirolamo, Esq. at ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW serves as the Debtor's counsel. AGZ PROPERTIES: Taps David A. Corrado as Special Corporate Counsel ------------------------------------------------------------------ AGZ Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire the Law Office of David A. Corrado as special corporate counsel. The counsel will be assisting the Debtor in litigation matters pending in Cuyahoga County Court of Common Pleas. The firm will charge $695 per hour for its services. The firm does not represent and does not hold any interest adverse to the Debtor and is a "disinterested person" within the meaning of sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached through: David A. Corrado, Esq. Law Office of David A. Corrado 100 Park Avenue, Suite 210 Orange Village, OH 44122 Tel: (216) 696-0222 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. AGZ Properties LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10294) on January 27, 2026, listing $1,855,000 in assets and $73,432 in liabilities. The petition was signed by Edward Marko, the trustee, in his capacity as president. Judge Jessica E Price Smith presides over the case. Anthony J. DeGirolamo, Esq. at ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW serves as the Debtor's counsel. AIX VENTURES: 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 AIX Ventures, LLC, according to court dockets. About AIX Ventures AIX Ventures, LLC, a company based in Key Biscayne, Fla., filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-20530) on Nov. 2, 2021, listing up to $10 million in assets and up to $500,000 in liabilities. Guillermo Lopez, manager of AIX Ventures, signed the petition. Judge Robert A. Mark oversees the case. The Debtor tapped Joel M. Aresty P.A. as legal counsel. AKUMIN INC: 99.97% of 2028 Notes Tendered by Early Deadline ----------------------------------------------------------- Akumin Inc. announced that, as of the early deadline, being 5:00 p.m., New York City time, on February 2, holders of $436,222,000 million in aggregate principal amount of 2027 Notes (accounting for 100% of the outstanding 2027 Notes) and holders of $354,483,000 million in aggregate principal amount of 2028 Notes (accounting for 99.97% of the outstanding 2028 Notes) have validly tendered their Old Notes in the Exchange Offer. Akumin further announced that the requisite consents have been received to adopt the Proposed Amendments and Akumin will promptly enter into a Supplemental Indenture in respect of each series of the Old Notes, relating to the Proposed Amendments. However, the Proposed Amendments will not become operative until, and unless, the Settlement Date occurs. Akumin further announced that Eligible Holders who validly tender their holdings of the Old Notes after the Early Deadline but prior to the Expiration Time shall receive the Total Exchange Consideration, being $1.00 principal amount of New Notes for each $1.00 principal amount of Old Notes validly tendered and accepted at or before the Expiration Time. Eligible Holders who validly tendered their Old Notes prior to the Early Tender Deadline shall also receive the Total Exchange Consideration. Eligible Holders whose Old Notes are accepted in the Exchange Offer will still receive, in cash, accrued and unpaid interest on such Old Notes from and including the last interest payment date on such Old Notes prior to the Settlement Date, to, but not including the Settlement Date. The Exchange Offer is currently scheduled to expire at the Expiration Time, being 5:00 p.m., New York City time, on February 18, 2026, unless extended or terminated. Subject to all conditions to the Exchange Offer and the Consent Solicitation having been either satisfied or waived by Akumin, payment of the Total Exchange Consideration will occur on the Settlement Date, which is expected to be within three business days of the Expiration Time or as soon as practicable thereafter. Akumin reserves the right to extend the Expiration Time and/or Settlement Date, in its discretion, subject to applicable securities law and the terms of the previously announced Support Agreement (as defined in the Offer to Exchange) entered into by Akumin and certain noteholders. The Exchange Offer and Consent Solicitation remain outstanding, and settlement remains subject to certain further conditions set forth in the Offer to Exchange. Eligible Holders may not deliver consent in the Consent Solicitation without tendering the Old Notes of the applicable series participating in the Exchange Offer. Eligible Holders who validly tender their Old Notes pursuant to the Exchange Offer will be deemed to have delivered their related consents to the Proposed Amendments by such tender. If the Proposed Amendments become operative, holders who do not tender Old Notes at or prior to the Expiration Time, or at all, will be bound by the Proposed Amendments, meaning that their series of Old Notes will be governed by the relevant Old Notes Indenture as amended by the relevant Supplemental Indenture. There are no withdrawal or revocation rights in connection with the Exchange Offer or Consent Solicitation except in the case of an input error within DTC's Automated Tender Offer Program platform or certain limited circumstances where additional withdrawal rights are required by law (as determined in each case by Akumin in its sole discretion) or the terms of the Support Agreement. The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offer to Exchange. The Offer to Exchange and other documents relating to the Exchange Offer and Consent Solicitation may be obtained from the exchange and information agent subject to confirmation of eligibility through online procedures established by the Exchange and Information Agent, available at: https://deals.is.kroll.com/akumin. "Eligible Holders" are holders of the Old Notes who certify that they are: (i) "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act of 1933, as amended or (ii) outside the United States to holders of each series of Old Notes who are persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. The New Notes have not been and will not be registered under the Securities Act or any other securities laws. Accordingly, the New Notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time. About Akumin Akumin is a U.S. provider of advanced imaging and radiation oncology services, committed to excellence in patient care and expanding access to life-saving diagnostics and treatments. Serving millions annually, Akumin operates one of the nation's largest networks of fixed-site radiology centers and mobile imaging and oncology solutions, including the innovative Akumin AXIS Expandable Patient Solutions(TM). Partnering with over 800 hospitals and physician groups, Akumin combines clinical expertise, operational excellence, and advanced technology to broaden access, enhance care standards, and meet community needs. Through innovation and collaboration, Akumin is pioneering the future of patient-centered care. Kroll Issuer Services (US) is acting as the Exchange and Information Agent in connection with the Exchange Offer and Consent Solicitation. Sidley Austin LLP is acting as legal counsel to Akumin in connection with the Exchange Offer and Consent Solicitation. Akin Grump Strauss Hauer & Feld LLP is acting as counsel to certain Supporting Holders in connection with the Exchange Offer and Consent Solicitation. ALEXANDER CADE: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Alexander Cade Enterprises, Inc seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm's services include: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Robert Lane, Partner $650 Joshua Gordon, Partner $625 Zachary Casas, Partner $600 Kyle Garza, Partner $550 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Alexander Cade Enterprises, Inc Alexander Cade Enterprises, Inc is a Texas-based company engaged in retail and commercial operations, providing a range of goods and services to local and regional markets. Alexander Cade Enterprises, Inc sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10110) on January 23, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Robert Chamless Lane, Esq., The Lane Law Firm PLLC. ALL-CITY TOWING: Case Summary & 15 Unsecured Creditors ------------------------------------------------------ Lead Debtor: All-City Towing LLC 1213 W. Mallory Ave Milwaukee, WI 53221 Business Description: The Debtors collectively operate auto repair shops and provide 24-hour light-duty and heavy-duty towing and transportation services in and around Milwaukee and Sheboygan, Wisconsin. The business owns and operates the towing and transportation equipment, employs the workforce, and conducts operations through multiple interrelated entities. The Debtors function as a single, integrated enterprise within the auto repair, towing, and transportation industry. Chapter 11 Petition Date: February 1, 2026 Court: United States Bankruptcy Court Eastern District of Wisconsin Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- All-City Towing LLC (Lead Case) 26-20523 Bret's Towing LLC 26-20524 ACT RE LLC 26-20525 Bret's RE LLC 26-20526 OMS Properties LLC 26-20527 5408 S 13th LLC 26-20528 5414 S 13th LLC 26-20529 Daddy Jeff LLC 26-20530 Mactire Services LLC 26-20531 Judge: Hon. Rachel M Blise Debtors' General Bankruptcy Counsel: Evan P. Schmit, Esq. KERKMAN & DUNN 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: 414-277-8200 Email: eschmit@kerkmandunn.com All-City Towing LLC's Estimated Assets: $1 million to $10 million All-City Towing LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Jeff Piller as member and manager. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5NUJQSI/All-City_Towing_LLC__wiebke-26-20523__0001.0.pdf?mcid=tGE4TAMA List of All-City Towing LLC's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AKF Inc. dba FundKite Purchased Unknown Att: Current Officer Receipts 88 Pine Street, 24th Floor New York, NY 10005 2. Ascentium Capital LLC Trailer $22,339 Att: Current Officer 23970 HWY 59 N Kingwood, TX 77339 Email: ToddChase@AscentiumCapital.com 3. Aurum Funding Source Personal Unknown Att: Current Officer Property 2002 Coney Island Brooklyn, NY 11223 Email: subs@aurumfundingsource.com 4. Capital One Credit Card $200,000 Att: Current Officer P.O. Box 30285 Salt Lake City, UT 84130 5. Cintas Uniforms $35,406 P.O. Box 88005 Chicago, IL 60680-1005 6. Kelly Barnes $0 802 W. Essex Ln Milwaukee, WI 53205 7. Marlin Leasing Corp. Unknown Att: Current Officer 300 Fellowship Rd Mount Laurel, NJ 08054 8. Marques Jackson $0 3066 North 54th St Milwaukee, WI 53210 9. MCA Servicing Company $447,444 Att: Current Officer 9821 E Bay Harbor Dr. 706 Miami Beach, FL 33154 Email: infor@mcaservcingcompany.com 10. Menards Credit Card $10,000 P.O. Box 17708 Portland, ME 04112 11. NBL SPV II LLC Unknown Att: Current Officer 200 S Orange Avenue, Suite 1175 Orlando, FL 32801 12. Old National Bank $256,339 Att: Current Officer 792 Wisconsin Business Banking Milwaukee, WI 53202 13. Panthers Capital Unknown Att: Current Officer 185 Carrier St Liberty, NY 12754 14. TVT Capital Source LLC Unknown Att: Current Officer 395 S Main Street, Suite 201 Alpine, UT 84004 15. U.S. Small Business $500,000 Administration Att: Current Officer 2 North St., Suite 320 Birmingham, AL 35203 ALMA IMPROVEMENTS: Hires Morrison Tenenbaum PLLC as Legal Counsel ----------------------------------------------------------------- Alma Improvements Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison Tenenbaum PLLC as counsel. MT Law will provide these services: (a) advising the Debtor with respect to its powers and duties as Debtor-in-possession in the management of its estate; (b) assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (d) preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; (e) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and the estate; and (f) performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law will receive these hourly rates: Lawrence F. Morrison $660 Brian J. Hufnagel $595 associates $380 paraprofessionals $200 MT Law received a retainer in the amount of $10,000. MT Law is a "disinterested party" within the meaning of Secs. 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: (212) 620-0938 E-mail: lmorrison@m-t-law.com About Alma Improvements Corp Alma Improvements Corp sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45165) on October 27, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Lawrence Morrison, Esq. at Morrison Tenenbaum PLLC serves as the Debtor's counsel. ALPINE CORP: Taps Stein Shostak Pollack & O'Hara as Special Counsel ------------------------------------------------------------------- Alpine Corporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Stein Shostak Pollack & O'Hara as special counsel. The firm will provide these services: (a) review the import transactions and Customs entries of the Debtor, and prepare responses thereto to the U.S. Customs and Border Protection for those entries not yet under protest or in litigation; (b) prepare all necessary pleadings and documents for the purpose of appeal to the Debtor's Custom entries; and (c) perform such other and further legal services as are necessary and proper regarding U.S. Customs issues on behalf of the Debtor. The firm will be paid at a blended fee, non-refundable fee of $7,500, plus out-of-pocket costs. If successful, then the firm will receive 20 percent of the gross recovery. Elon Pollack, Esq., a managing partner at Stein Shostak Pollack & O'Hara, 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: Elon Pollack, Esq. Stein Shostak Pollack & O'Hara 865 South Figueroa Street, Suite 1388 Los Angeles, CA 90017 Telephone: (213) 630-8888 Facsimile: (213) 630-8390 About Alpine Corporation Alpine Corporation, founded in 1999 and based in California, designs, imports, and distributes home, garden, and holiday products, offering a range that includes outdoor lighting, fountains, planters, garden decor, seasonal items, and innovative new products such as Bluetooth speakers. The Company operates an in-house design team known for producing decorative and functional pieces, and maintains a global sourcing operation to ensure quality, competitive pricing, and timely delivery. Alpine serves both retail stores and online customers through its platform, positioning itself in the home and garden products industry. Alpine Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-10067) on January 5, 2026. At the time of the filing, the Debtor disclosed up to $50 million in both assets and liabilities. Honorable Judge Neil W. Bason oversees the case. Kogan Law Firm, APC is the Debtor's counsel. AMERICAN AIRLINES: S&P Affirms 'B+' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on American Airlines Group Inc. (AAL). S&P also raised its issue-level ratings on the company's 2014 slots, gates, routes (SGR) revolver and term loan to 'BB' from 'BB-'. The stable outlook reflects our expectation for AAL to generate earnings growth and positive free cash flow over the next two years, resulting in funds from operations (FFO) to debt of over 12% and adjusted debt to EBITDA at or below 5x on sustained basis. AAL's operating results last year were weaker than expected, but we believe the company is poised for improvement in 2026. Subdued domestic demand hurt the company more than its network peers, but S&P assumes a more constructive industry backdrop this year. S&P said, "We also expect positive momentum in premium and loyalty program sales that should benefit earnings and lower leverage, at least through 2026. "We expect the company to generate stronger financial results and credit measures in 2026 following declining operating performance last year. The company was hurt by various market and company-specific headwinds in 2025 more than its network airline peers were, due mainly to its higher share of domestic main cabin revenue. As a result, its earnings, credit measures, and profitability were below our expectations, including FFO to debt at just below our 12% downside rating threshold. "However, we believe the company is poised to generate higher earnings and cash flow over the next two years. We also expect that higher earnings will translate into positive free cash flow that AAL will use for debt repayment, which is a key strategic focus. We forecast stronger credit measures to levels firmly in line with our expectations for the rating in 2026 and 2027, including FFO to debt of at least 14% and adjusted debt to EBITDA at or below 5x. "We assume the company will achieve at least the low end of its 2026 earnings per share (EPS) guidance, which is $1.70-$2.70. This corresponds with net earnings of over $1 billion, up from about $110 million in 2025 and a meaningful incremental contribution to cash flow. Our key assumptions include an approximate 5% increase in capacity and low-single-digit percent increases in passenger revenue per available seat mile (PRASM) and non-fuel unit costs. We also assume modestly lower average fuel costs relative to 2025, resulting in an adjusted EBITDA margin in the 11%-12% area. While the company used cash on hand to reduce debt last year (neutral to leverage), lower absolute debt should help temper the volatility of the company's credit measures. Moreover, it adds to future funding capacity, if needed, from reduced asset encumbrance and contributes to stronger estimated recovery prospects for some of its debt that we rate (details below). However, the company's debt level remains significant: close to $37 billion in debt and leases (before our adjustments) at the end of 2025. "Airline industry conditions are expected to strengthen relative to last year. We don't expect a repeat of the tariff and geopolitical-related uncertainty that constrained travel last year, which contributes to our more constructive outlook. We also consider the recent strength in bookings across much of the industry, even when accounting for recent weather-related challenges. In our view, there is a lower risk of the excess capacity that occurred in the second half of 2024 and first half of 2025, but this is highly speculative. Continuing profitability challenges by smaller, domestic-focused airlines (which compete with AAL on its regional routes) should limit the downside to unit revenues as they rationalize loss-making routes. "Other initiatives could contribute to higher profitability. We expect upside from AAL's premium revenues, which we assume are higher-margin and have outpaced main cabin sales. The company noted that its premium seat growth rate will double that of its main cabin by 2030 (30% growth, with a 50% increase in lie-flat seat growth) and exceed main cabin sales in 2026. This is inclusive of announced reconfigurations of its Boeing wide-body (777-200, 777-300) and Airbus narrow-body (A319, A320) fleet and its current order book. Currently, about 50% of its revenue is driven by premium offerings, which we currently view as a competitive advantage relative to its non-network airline peers. "We also consider the upside from its new loyalty (AAdvantage) program deal with Citi (though details on the financial impact are limited) and ongoing efficiency gains. "AAL's financial profile will remain highly sensitive to unexpected changes in market conditions. The near-term prospects for growth are positive, but visibility is limited beyond the next few months. Sustained improvement in the company's credit measures is heavily linked to higher earnings and cash flow. The potential risks associated with a softening U.S. economy and geopolitical issues are incorporated in our estimates to a degree. The airline industry is highly cyclical, and weaker-than-expected demand or fares can have a significant adverse effect on credit measures, particularly if jet fuel prices increase. We estimate that, all else being equal, a 150-basis point (1.5%) decline in our PRASM assumption in 2026 would lead to an FFO-to-debt ratio remaining below 12% (our upside threshold for the rating). That said, the company has guided to free cash flow of over $2 billion (at the mid-point of its EPS guidance range), which is above our estimates and would provide financial flexibility to absorb a degree of earnings pressure. Moreover, AAL has moderate capex requirements over the next few years given its significant fleet investments leading up to the pandemic. "The stable outlook reflects our view that AAL will modestly improve its credit measures over the next two years, led by higher earnings. We estimate its FFO to debt at about 14% in 2026 and modestly higher in 2027. We believe higher capacity and improvement in average fares should mitigate cost inflation this year, with gradual strengthening thereafter. We assume AAL will apply forecasted free operating cash flow generation exclusively toward debt repayment. "We could lower the rating if, over the next 12 months, we expect AAL's FFO-to-debt ratio to remain near 12% over the next two years. In this scenario, we would expect limited growth in the company's revenue that results from weaker-than-expected travel demand and fares or higher-than expected costs that lead to lower earnings and margins. A lack of material free cash flow available to reduce the company's debt could also lead to a downgrade if not accompanied by higher earnings. "We could raise our rating on AAL in the next 12 months if we expect it will increase and maintain an FFO-to-debt ratio of about 16% or adjusted debt to EBITDA in the mid-4x area. In this scenario, we would expect the company to generate earnings and cash flow above our estimates, most likely due to outsized growth in its premium revenues that leads to higher-than-expected margins and earnings. We would also expect material adjusted free cash flow to be used for debt reduction." ANDERSON HAY: Committee Seeks to Hire Tonkon Torp as Counsel ------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Anderson Hay Enterprise, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Eastern District of Washington to employ Tonkon Torp LLP as counsel. The firm's services include: (a) provide legal advice to the committee with respect to its duties and powers in the bankruptcy cases; (b) consult with the committee and the Debtors regarding the administration of the bankruptcy cases; (c) assist the committee in its investigation of the acts, conduct, assets, liabilities, post-petition financing, and financial condition of the Debtors, the operation of their businesses, the desirability of continuing or selling such businesses and/or assets, the intercompany transfers, and any other matters relevant to these cases or to the formulation of a plan; (d) assist the committee in the evaluation of claims against the Debtors' estates; (e) assist the committee in participating in the formulation of a plan; (f) assist the committee with any effort to request the appointment of a trustee or examiner; (g) advise and represent the committee in connection with administrative and substantive matters arising in these bankruptcy cases; (h) appear before this court, any other federal court, state court or appellate courts on behalf of the committee; and (i) perform such other legal services as may be required and which are in the interests of the unsecured creditors. The firm will be paid at these hourly rates: Timothy Conway, Partner $750 Danny Newman, Partner $600 Zoe Habekost, Associate $375 Spencer Fisher, Paralegal $350 Mr. Newman 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: Danny Newman, Esq. Tonkon Torp LLP 1300 SW 5th Ave., #2400 Portland, OR 97201 Telephone: (503) 802-2089 Email: danny.newman@tonkon.com About Anderson Hay Enterprise Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as counsel. On January 20, 2026, an official committee of unsecured creditors was appointed in these Chapter 11 cases. The committee tapped Tonkon Torp LLP as counsel. ANDERSON HAY: Seeks to Tap Root Results as Professional Consultant ------------------------------------------------------------------ Anderson Hay Enterprise, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Washington to employ Root Results, LLC as professional consultant. The firm will render these services: (a) assess the Debtors' current structure and operations and support development of a leaner go-forward business model and go-to-market strategy; (b) evaluate departments and workflows, recommend changes to improve efficiency, and streamline processes and systems to reduce complexity; and (c) provide employee support as needed to support implementation of the revised business model by May 1, 2026. The firm will be paid at these following rates: (a) a flat fee of $120,000, paid in 8 equal payments of $15,000; and (b) a success fee of $40,000, based on achieving an increase in gross margin of $100,000 per month along with a reduction of general and administrative expenses of $200,000 per month on average based on the FY 2027 budget that begins on May 1, 2026. In addition, the firm will seek reimbursement for expenses incurred. Richard Brune, a manager at Root Results, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard Brune Root Results, LLC About Anderson Hay Enterprise Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as counsel. On January 20, 2026, an official committee of unsecured creditors was appointed in these Chapter 11 cases. The committee tapped Tonkon Torp LLP as counsel. ANTELOPE HOSPITALITY: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Antelope Hospitality, LLC. About Antelope Hospitality Antelope Hospitality LLC, doing business as Scenic View Inn, operates a full-service hotel in Page, Arizona. The hotel is positioned near major Northern Arizona attractions including Antelope Canyon, Horseshoe Bend, Glen Canyon National Recreation Area, Lake Powell, and local dining and shopping options, serving as a base for tourists, photographers, and adventurers. Antelope Hospitality filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12347) on December 22, 2025, listing up to $10 million in estimated assets and up to $50 million in estimated liabilities. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Bradley D. Pack, Esq., at Engelman Berger, PC. ARDENT PROTECTION: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Ardent Protection, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The court issued an interim order authorizing Ardent Protection, as debtor-in-possession, to use cash collateral through February 21, in accordance with an interim budget. The court found the relief necessary to prevent immediate and irreparable harm to the bankruptcy estate. As adequate protection, secured creditor Locality Bank will receive payment of $2,500 and will be granted replacement liens on post-petition assets, with the same priority and extent as its pre-bankruptcy liens. The interim order is effective immediately and without prejudice to further relief. A final hearing is scheduled for February 11, with objections due no later than 4:30 p.m. (Eastern Time) at least two days prior to the hearing. The order is available at https://is.gd/9EjC01 from PacerMonitor.com. Locality Bank, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com About Ardent Protection LLC Ardent Protection, LLC offers professional security and protection services, including on-site guarding, safety consulting, and risk mitigation. Ardent Protection LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10122) on January 07, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Robert A. Gusrae, Esq. BDD RESTAURANT: Hires Stevenson & Bullock as Bankruptcy Counsel --------------------------------------------------------------- BDD Restaurant Company, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Stevenson & Bullock, PLC as counsel. The firm will provide these services: (a) prepare all schedules, applications, motions, orders, and reports, and appear at bankruptcy court hearings on behalf of the Debtor, in the bankruptcy case; and (b) generally counsel the Debtor in all legal matters during the Chapter 11 case; whereby it has retained the firm for the purposes of representing it in all bankruptcy related matters, and in negotiations and proceedings pertaining to the Chapter 11 case. The firm received a retainer of $14,238 for pre-petition fees and expenses for its representation of the Debtor. Elliot Crowder, Esq., an attorney at Stevenson & Bullock, 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: Elliot G. Crowder, Esq. Stevenson & Bullock, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Telephone: (248) 354-7906 Facsimile: (248) 354-7907 Email: ecrowder@sbplclaw.com About BDD Restaurant Company LLC BDD Restaurant Company, LLC is a limited liability company. BDD Restaurant Company, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40750) on January 26, 2026. In its petition, the debtor reported estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. The case is being handled by Honorable Judge Lisa S. Gretchko. The Debtor is represented by Elliot G. Crowder, Esq., at Stevenson & Bullock, PLC. BEAVER HOLLOW: Seeks to Tap Baumeister Denz LLP as General Counsel ------------------------------------------------------------------ Beaver Hollow Niagara LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Baumeister Denz LLP to handle its Chapter 11 case. Arthur Baumeister, Jr., Esq., the primary attorney in this representation, will be paid at his hourly rate of $375. Prior to the petition date, the firm received a retainer of $27,500. Mr. Baumeister 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: Arthur G. Baumeister, Jr., Esq. Baumeister Denz, LLP 174 Franklin Street, Suite 2 Buffalo, NY 14202 Telephone: (716) 852-1300 Email: abaumesiter@bdlegal.net About Beaver Hollow Niagara LLC Beaver Hollow Niagara LLC is a hospitality and recreation company that operates a resort property in Western New York, offering lodging, event space, and outdoor recreational activities. The company serves both leisure travelers and group bookings, including retreats, educational programs, and nonprofit organizations, and relies on a network of service and supply vendors to support its daily operations. Beaver Hollow Niagara LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10001) on January 2, 2026. In its petition, the Debtor reports $460,000 in assets against $704,000 in debt, spread across 82 creditors. Honorable Bankruptcy Judge Carl L. Bucki handles the case. The Debtor is represented by Arthur G Baumeister, Jr., Esq. of Baumeister Denz LLP. BELLE MEADE: Seeks to Hire Global Investments Realty as Broker -------------------------------------------------------------- Belle Meade Studios, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Joel Rodriguez and Global Investments Realty, Inc. as real estate broker. The firm will market and sell the Debtor's property located at 7625 Biscayne Boulevard, Miami, FL 33138. The broker will be paid a commission equal to 6 percent of the sales price. As disclosed in the court filings, Global is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel Rodriguez Global Investments Realty, Inc. 7625 Biscayne Boulevard Miami, FL 33138 Phone: (305) 635-3005 Email: Joel@glirealty.com About Belle Meade Studios, LLC Belle Meade Studios LLC, located in Miami, Florida, offers creative services such as audio recording, video production, and photography, operating from a professional studio at 7625 Biscayne Blvd, Suite 1, catering to artists and content creators. Belle Meade Studios LLC in Miami, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-22016) on Oct. 13, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Rachel Dugger signed the petition as authorized manager, signed the petition. LAW OFFICES OF SCOTT ALAN ORTH, P.A. serve as the Debtor's legal counsel. BIG ROCK SPORTS: Seeks Chapter 7 Bankruptcy with Over $100MM Debt ----------------------------------------------------------------- Lauren Ohnesorge of Triangle Business Journal reports that Big Rock Sports, a long-standing sporting goods distributor, has filed for Chapter 7 bankruptcy in North Carolina, listing more than $100 million in debt. The filing indicates the company does not intend to reorganize and instead plans to shut down operations and sell off assets. Under Chapter 7, a bankruptcy trustee will manage the liquidation process, including the sale of inventory and property for the benefit of creditors. Big Rock, which had operated for more than 70 years, served independent retailers with a wide range of outdoor and sporting merchandise, according to report. The case underscores the challenges facing brick-and-mortar-focused sporting goods suppliers as the industry adapts to online competition and evolving consumer demand. Big Rock's collapse highlights how financial pressures continue to reshape the outdoor retail supply chain, the report states. About Big Rock Sports Big Rock Sports is a North Carolina-based outdoor and sporting goods retailer. Big Roc Sports sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00208) on January 16, 2026. In its petition, the Debtor reports liabilities over $100 million. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by Brett Matthew Neve, Esq. of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP. BISHOP OF FRESNO: Committee Hires Stout Risius as Valuation Expert ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Stout Risius Ross, LLC as valuation expert. The firm will render these services: (a) provide expert consulting services and expert testimony regarding the appropriate value of real estate assets and claims against the Debtor; (b) provide expert consulting services and expert testimony in connection with any contested matters or litigation arising in this case; (c) provide expert consulting services and expert testimony in the review and evaluation of reports prepared by the Debtor, its professionals, its insurers, and professionals; (d) perform an appraisal or otherwise analyze value of real property; (e) prepare and draft an appraisal report that considers the value of the Debtor's assets; (f) perform a valuation of or otherwise analyze the claims submitted against the Debtor; (g) prepare and draft a report summarizing the value of claims in the case; (h) prepare other reports and materials as may be useful or necessary to assist the committee in court proceedings or in the mediation process; (i) assist with the preparation of case filings concerning the issues for which Stout is providing expert consulting services and expert testimony; (j) participate in meetings or discussions with the Debtor, its professionals, its insurers, or other parties-in-interest; (k) conduct one or more inspections of real property; (l) perform all necessary due diligence, background investigation and preparation that is customarily associated with the valuation of real property to determine the market value and liquidation value of the properties; (m) consult with the committee and its counsel concerning valuation matters generally; (n) testify, if necessary, before the Court concerning the valuation of the real property and/or claims; and (o) such other expert consulting and advisory services as may be requested by the committee. The firm will be paid at these hourly rates: Managing Director $625 - $900 Director $345 - $600 Senior VP/Senior Manager $300 - $525 Vice President/manager $275 - $440 Amalysts/Associates $180 - $360 In addition, the firm will seek reimbursement for expenses incurred. Katie McNally, 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: Katie McNally Stout Risius Ross, LLC 150 West Second Street, Suite 400 Royal Oak, MI 48067 About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLOCK COMMUNICATIONS: Moody's Rates New $450MM 1st Lien Notes 'B3' ------------------------------------------------------------------ Moody's Ratings assigned a B3 rating to Block Communications, Inc.'s proposed $450 million of senior secured first lien notes. Moody's affirmed the B3 Corporate Family Rating and B3-PD Probability of Default Rating. The outlook remains stable. Additionally, the Caa1 rating on the existing senior unsecured notes and the Ba3 ratings on the existing senior secured first lien bank credit facilities remain unchanged. The actions were prompted by the proposed refinancing of Block's capital structure. Proceeds from the $450 million of senior secured notes (due 2031) and a $45 million draw on the new, unrated $75 million super-senior secured revolving credit facility (expiring 2030) will be used to retire existing indebtedness consisting of $300 million senior unsecured notes and $186 million outstanding under the senior secured first lien bank credit facilities. The proposed transaction extends debt maturities risk, but an increase in interest expense will limit free cash flow generation. The actions also follow several credit-positive measures taken by the company that support deleveraging and stability in the business. Moody's expects proceeds from the previously announced sale of the broadcast business will be used to repay revolver borrowings in Q3 2026. In addition, the shutdown of the Pittsburgh Post Gazette and cost-cutting measures taken at the Toledo Blade materially reduce the annual EBITDA burn in the publishing segment, supporting consolidated profitability. Other cost-cutting measures taken across the business in 2025, including outsourcing marketing and customer care, will support year-over-year margin expansion in 2026. While these developments will lead to an improved leverage profile, cash flow remains limited due to the capital intensive nature of the business and the aforementioned increase in interest expense. RATINGS RATIONALE Block's B3 Corporate Family Rating is constrained by small scale and a challenging operating environment in cable, which comprises approximately 72% of the go-forward revenue. Block's high-speed-data (HSD) segment continues to face pressure with customers switching to fixed wireless and cell-phone internet as evidenced by subscriber losses in the low-single digits. However, the company notes positive trajectories, with voluntary connects increasing and disconnects, both voluntary and involuntary, sharply down. Therefore, Moody's expects sequential stabilization to slight growth in data subscribers in 2026 and 2027. As a result, Moody's adjusted debt-to-EBITDA is expected to be in the 4.5x – 4.8x range over the next 12-18 months. However, with cash flow generation consumed by approximately $60 million of capex and $40 million of annual interest expense post refinancing, free-cash-flow to debt is expected to be near one-percent. Supporting the credit profile is a long operating history and family ownership, with limited shareholder-friendly transactions. The business benefits from increased stability following the shutdown of the Pittsburgh Post-Gazette and exit of broadcast, shifting the mix towards cable. The cable segment, by far the largest contribution to revenue and EBITDA, is supported by secular broadband demand, a competitive, high-speed and fiber-rich network and strong market position (measured by penetration). The business model provides good visibility with recuring revenue and strong profitability with EBITDA margins in mid-40% range. Moody's views Block's liquidity as weak currently, but Moody's expects liquidity to be adeuqate following the closing of the broadcast sale. Block has $8 million of cash on the balance sheet as of Q3 2025, breakeven to slightly positive free cash flow and access to the $75 million super senior revolving credit facility. Availability on the facility will be limited to $30 million until broadcast sale proceeds are used to repay an expected $45 million outstanding. Delays in the sale of the broadcast business could cause the company to further draw on the revolver, resulting in limited availability on the revolver. The company is subject to a 5.0x maximum leverage covenant, tested quarterly, and Moody's expects adequate cushion over the next 12-18 months. The stable outlook reflects Moody's expectations for stabilization and improvement in EBITDA that support deleveraging and breakeven to slightly positive free cash flow. It also incorporates the near-term expectation that proceeds from the sale of the company's broadcast business will be used to repay revolver borrowings, further improving the leverage profile and supporting liquidity. The senior secured notes is rated at B3, in line with the company's B3 CFR given they comprise a significant majority modeled claims in the capital structure following the refinancing. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if profitability measures taken across the business and improved trends in the broadband business support EBITDA growth such that debt-to-EBITDA remains below 4.5x and retained cash flow to net debt stays above 15%, both on a sustained and Moody's adjusted basis. Positive rating actions would also be contingent upon good liquidity as evidenced by sustained positive free cash flow to debt in the mid-single digits. In the near-term, downward rating actions could occur if a delay in the sale of the broadcast business prolongs expected improvement in liquidity and deleveraging. Ratings could also face downward pressure if: a) Moody's expectations sequential data subscriber stabilization does not occur or b) there is an expectation for negative free cash flow or c) debt-to-EBITDA increases. Block Communications, Inc., founded in 1900, is a privately held, diversified media company headquartered in Toledo, Ohio. Itis wholly-owned and controlled by the Block Family. It operates four segments including cable television, telecommunications, newspaper publishing, and television broadcasting. The Company's cable operations, comprising a majority of the business, are branded Buckeye Broadband (serving Toledo and Erie County Ohio and parts of Southeast Michigan) and MaxxSouth serving North and Central Mississippi and Northwest Alabama. The Company reported revenue of approximately $483 million for the LTM period ended September 30, 2025. The principal methodology used in these ratings was Telecommunications Service Providers 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. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. BOTTOMLINE INK: Hires Pamela Rose Auction as Auctioneer ------------------------------------------------------- Bottomline Ink Corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Pamela Rose of Pamela Rose Auction Co., LLC to serve as auctioneer. The auctioneer will provide these services: (a) conduct an online auction of personal property no longer necessary to the operations of the Debtor; (b) provide a preview date and time of February 6, 2026 from 12:00 pm-1:00 pm; (c) conduct online bidding ending on February 9, 2026 at 10:00 am; (d) oversee removal of property on February 11, 2026; (e) sell all items "as is" and "where is" to the highest bidder; and (f) prepare and distribute notice of the auction via social media and other advertisement. The auctioneer shall receive a commission of 35% and reimbursement of expenses advanced for purposes of the auction. A 15% Buyer's Premium will be added to the final price, along with a 6.75% sales tax. Pamela Rose Auction Co., LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Pamela Rose PAMELA ROSE AUCTION COMPANY, LLC 5825 Weckerly Road Whitehouse, OH 43571 Telephone: (419) 865-1224 Website: pamelaroseauction.com About Bottomline Ink, Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on December 31, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BRANAVA INC: Gets Interim OK to Use Cash Collateral Until March 5 ----------------------------------------------------------------- Branava Inc. got the green light from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral through March 5. The court entered an interim order authorizing the Debtor to use cash collateral in accordance with its budget, subject to a 10% aggregate variance. As adequate protection for any diminution in the value of their collateral, secured creditors will be granted replacement liens, with the same validity, extent and enforceability as their pre-bankruptcy liens. The secured creditors are the U.S. Small Business Administration, Cadence Bank, and Idea 247, Inc., which, as of the petition date, assert claims of $150,000, $60,000, and $90,000, respectively. These creditors a security interest in the Debtor's personal property. The next hearing is scheduled for March 5. The order is available at https://is.gd/Nusl24 from PacerMonitor.com. About Branava Inc. Branava Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-40063) on January 22, 2026, listing under $1 million in both assets and liabilities. Stephen Darr of Huron Consulting Group serves as Subchapter V trustee. The Debtor is represented by Christopher L. Murray, Esq., at Murray Law Firm, P.C. BRANAVA INC: Gets OK to Pay Pre-Petition Wages ---------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order granting the motion of Branava, Inc. to pay pre-petition wages and related payroll tax obligations. According to the Company's 13-week budget through April 23, 2026, the Company projects $7,545 in weekly payroll-related obligations. The court's order is available at http://urlcurt.com/u?l=ZpNHHd from PacerMonitor.com. About Branava Inc. Branava Inc. operates a full-service hair salon in Billerica, Mass. It also sells gift cards and occasionally beauty products. Branava Inc. was established by founder and president Michele Nordengren. Branava Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40063) on January 22, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Christopher L. Murray, Esq., at Murray Law Firm, P.C. represents the Debtor as bankruptcy counsel. BRANAVA INC: Seeks Subchapter V Bankruptcy in Massachusetts ----------------------------------------------------------- On January 22, 2026, Branava Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the debtor reports between $100,001 and $1,000,000 in liabilities owed to between 1 and 49 creditors. About Branava Inc. Branava Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-40063) on January 22, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. The case is assigned to Chief Bankruptcy Judge Elizabeth D. Katz. The debtor is represented by Christopher L. Murray, Esq., of Murray Law Firm, P.C. BRIGHT MINDS: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: Bright Minds Afterschool Program, LLC 5898 Highway 85 Riverdale, GA 30274 Business Description: Bright Minds Afterschool Program, LLC provides after-school care and educational enrichment services for children of various ages in Riverdale, Georgia, operating within the child care and educational services industry. The Company offers structured programs designed to support learning, recreation, and social development outside of regular school hours. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-51447 Debtor's Counsel: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Email: tmcclendon@joneswalden.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Aljami Durham as manager. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2OII73I/Bright_Minds_Afterschool_Program__ganbke-26-51447__0001.0.pdf?mcid=tGE4TAMA BUBBLY PAWS: Steven Nosek Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Bubbly Paws, LLC. Mr. Nosek 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. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About Bubbly Paws LLC Bubbly Paws, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-40261) on January 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. BURMAN'S TREE: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: Burman's Tree Services, LLC 17045 Garvey Rd. Chelsea MI 48118 Case No.: 26-41101 Business Description: Burman's Tree Services provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the Company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. Burman's Tree Services operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Judge: TBD Debtor's Counsel: Donald C. Darnell, Esq. DARNELL LAW 8005 Main St., Ste. 5 Dexter MI 48130 Tel: 734-424-5290 Email: dondarnell@darnell-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Adam Burman as member and manager. A copy of the Debtor's list of its six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IVQWE7A/Burmans_Tree_Services_LLC__miebke-26-41101__0010.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free onPacerMonitor at: https://www.pacermonitor.com/view/OUCOY4Y/Burmans_Tree_Services_LLC__miebke-26-41101__0001.0.pdf?mcid=tGE4TAMA C-5 HOLDINGS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: C-5 Holdings, LLC 200 E. Basse, Suite 300 San Antonio, TX 78209 Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-40512 Judge: Hon. Edward L Morris Debtor's Counsel: Davor Rukavina, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Suite 4000 Dallas, TX 75201 Tel: 217-855-7500 Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Darren B. Casey as manager. 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/YVZX4BQ/C-5_Holdings_LLC__txnbke-26-40512__0002.0.pdf?mcid=tGE4TAMA CARE FOR THE ELDERLY: Hires Levene Neale as Bankruptcy Counsel -------------------------------------------------------------- Care for the Elderly, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire OR Capital Group as Levene, Neale, Bender, Yoo & Golubchik L.L.P. as its general bankruptcy counsel. LNBYG will provide these services: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; (b) advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; (d) conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; (e) preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; (f) representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; (g) assisting the Debtor in any asset sale process; (h) assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and (i) performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. Effective as of January 1, 2026, LNBYG's current ordinary hourly rates range from $595 to $795 per hour for attorneys, and $300 per hour for paraprofessionals. LNBYG has received retainers totaling the sum of $110,000. LNBYG is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: dln@lnbyg.com About Care for the Elderly, Inc. Care for the Elderly, Inc. specializes in services and programs for seniors, including the management of facilities and initiatives that promote health, safety, and quality of life. The company adheres to the regulations governing healthcare and elder care providers. Care for the Elderly, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10221) on January 11, 2026. In its petition, the debtor reports estimated assets in the range of $10 million to $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Barry Russell handles the case. The debtor is represented by Ron Bender, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. CARE FOR THE ELDERLY: Hires OR Capital Group as Financial Advisor ----------------------------------------------------------------- Care for the Elderly, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire OR Capital Group as its financial advisor. The firm will render these services: a. cash flow management, including, without limitation, development and monitoring of its cash flow budgets (as well as cash inflows/outflows), reconciliation of cash balances, and generally facilitating the Debtor with respect to all of its financial and accounting activities during this case; b. financial reconciliation and analysis, including, without limitation, analyses and reconciliation with respect to historical financial data such as receipts, disbursements and outstanding obligations as well as current and future operating transactions and activities, variance analyses with respect to cash flow projections, and collections of accounts receivable; and c. operational & administrative oversight, including, without limitation, working with legal counsel and management to ensure compliance with all administrative duties and tasks of the Debtor such as the timely completion and submission of schedules, monthly operating reports, financial reports, and all other financial reporting obligations of the Debtor. The firm will be paid at these rates: Adam Cohen $450 per hour Junior Personnel $225 per hour The firm received a pre-petition retainer in the amount of $10,000. As disclosed in the court filings, OR Capital Group does not represent or hold any interest adverse to the Debtor or to its bankruptcy estate. The firm can be reached through: Adam Cohen OR Capital Group 333 South Hope Street, 53rd Floor Los Angeles, CA 90071 Phone: (866) 421-2166 About Care for the Elderly, Inc. Care for the Elderly, Inc. specializes in services and programs for seniors, including the management of facilities and initiatives that promote health, safety, and quality of life. The company adheres to the regulations governing healthcare and elder care providers. Care for the Elderly, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10221) on January 11, 2026. In its petition, the debtor reports estimated assets in the range of $10 million to $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Barry Russell handles the case. The debtor is represented by Ron Bender, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. CARE FOR THE ELDERLY: Taps Hooper Lundy as Special Counsel ---------------------------------------------------------- Care for the Elderly, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Hooper, Lundy & Bookman, P.C. as its special healthcare and litigation counsel. The firm will be representing the Debtor in connection with its legal healthcare issues have extensive experience in handling a broad range of civil and regulatory cases for health care providers, including hospitals and long-term care facilities, such as the Debtor. The firm will be paid at these hourly rates: 5 Percent 10 Percent 15 Percent Discount* Discount** Discount*** Gary F. Torrell $1,406.00 $1,332.00 $1,258.00 Mark A. Johnson $1,420.25 $1,345.50 $1,270.75 Devin M. Senelick $1,235.00 $1,170.00 $1,105.00 * This discount is for fees up to $500,000 ** This discount is for fees from $500,00 to $750,000 *** This discount is for fees in excess of $750,000 The firm received from the Debtors a retainer of $1,267,250.86. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Johnson, Esq., a partner at Hooper, Lundy & Bookman, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Johnson, Esq. Hooper, Lundy & Bookman, P.C. 1875 Century Park East Suite 1600 Los Angeles, CA 90067 Tel: (310) 551-8111 Fax: (310) 551-0304 Email: mjohnson@hooperlundy.com About Care for the Elderly, Inc. Care for the Elderly, Inc. specializes in services and programs for seniors, including the management of facilities and initiatives that promote health, safety, and quality of life. The company adheres to the regulations governing healthcare and elder care providers. Care for the Elderly, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10221) on January 11, 2026. In its petition, the debtor reports estimated assets in the range of $10 million to $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Barry Russell handles the case. The debtor is represented by Ron Bender, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. CARE ONE: Janice Seyedin Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Care One Home Health Services, Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Care One Home Health Services Inc. Care One Home Health Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01443) on January 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. CAROLINA FITNESS: Section 341(a) Meeting of Creditors on March 4 ---------------------------------------------------------------- On January 25, 2026, Carolina Fitness Equipment, LLC filed a Chapter 11 petition in the United States Bankruptcy Court for the Western District of North Carolina. The Debtor reports liabilities ranging from $1 million to $10 million owed to multiple creditors. A meeting of creditors under Section 341(a) to be held on March 4, 2026 at 01:00 PM at Zoom Meeting. About Carolina Fitness Equipment, LLC Carolina Fitness Equipment, LLC sells new and used commercial and residential fitness equipment and provides installation, delivery, and maintenance services from its Belmont, North Carolina location to customers throughout the Carolinas and nearby areas. Carolina Fitness Equipment, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30091) on January 25, 2026. The company reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laura T. Beyer oversees the case. The Debtor is represented by Cole Hayes, Esq. CBM ENTERPRISES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: CBM Enterprises, LLC 5203 Juan Tabo Albuquerque NM 87111 Business Description: CBM Enterprises, LLC is a single-asset real estate company that owns a property at 2424 50th St. in Lubbock Texas. Chapter 11 Petition Date: February 3, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-50040 Debtor's Counsel: Robert B. Wilson, Esq. LAW OFFICE OF ROBERT B WILSON PO Box 10236 Tel: 806-763-9555 E-mail: robwil_0521@msn.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was submitted without the signature of the filer. 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/OWKZX5A/CBM_ENTERPRISES_LLC__txnbke-26-50040__0001.0.pdf?mcid=tGE4TAMA CHRYSALIS HEALTHCARE: Hires Lane Law Firm as Bankruptcy Counsel --------------------------------------------------------------- Chrysalis Healthcare Partners LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm's services include: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Robert Lane, Partner $650 Joshua Gordon, Partner $625 Zachary Casas, Partner $600 Kyle Garza, Partner $550 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Chrysalis Healthcare Partners LLC Chrysalis Healthcare Partners LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80040) on January 27, 2026, listing uo to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Alfredo R Perez presides over the case. Robert C Lane, Esq. at The Lane Law Firm PLLC serves as the Debtor's counsel. CHRYSALIS HEALTHCARE: Melissa Haselden Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Chrysalis Healthcare Partners, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Chrysalis Healthcare Partners Chrysalis Healthcare Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-80040) on January 27, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Alfredo R. Perez presides over the case. Robert C. Lane, Esq. at The Lane Law Firm, PLLC represents the Debtor as bankruptcy counsel. CLAROS MORTGAGE: S&P Upgrades ICR to 'CCC+' Following Refinancing ----------------------------------------------------------------- On Feb. 4, 2026, S&P Global Ratings raised its issuer credit rating on Claros Mortgage Trust Inc. to 'CCC+' from 'CCC'. The outlook was stable. S&P subsequently withdrew its rating at the issuer's request. Claros' repayment of its term loan B due in August 2026 alleviates near-term refinancing risk. On Feb. 2, 2026, the company announced that it closed on a new $500 million, four-year secured term loan credit facility. The loan was provided by investment funds and accounts managed by HPS Investment Partners LLC. Claros recently announced the closing of a new $500 million, four-year secured term loan, and it used the proceeds to fully repay its $556.2 million term loan B, relieving near-term refinancing risk. Claros used the net proceeds from the issuance, together with cash on hand, to fully repay its $556.2 million term loan B, which was due in August 2026. Following the refinancing, the company has limited near-term debt maturities outside of its repurchase agreements, which mature in 2028 and beyond when considering extension options. The new term loan credit facility has an annual variable rate of SOFR plus 675 basis points and can be prepaid at any time, subject to certain conditions. S&P said, "Given the rate on the loan, our expectation for interest rates to decline, and our expectation that Claros' operating performance will continue to show modest signs of improvement, we would expect the company to look to refinance or repay the new loan prior to its maturity in January 2030." As part of the transaction, Claros has aligned several of its financial covenants across its financing facilities. As such, S&P expects near-term covenant pressure to be eased but believe its interest coverage covenant could become an issue once it is tested again (Sept. 30, 2027). The company has made material progress on loan resolutions, but asset quality remains under pressure. Through the first three quarters of 2025, loan resolutions totaled $2.2 billion of unpaid principal balance (UPB), including a mix of full repayments, discounted payoffs, and foreclosures. As of Sept. 30, 2025, $2.1 billion of UPB across 17 loans remained with internal risk ratings of 4 or 5, representing 44% of the total carrying value of the company's loan portfolio. While this represents an improvement from $2.6 billion a quarter prior, a significant amount of loans remain high-risk. Slightly offsetting the risk is Claros' exposure to multifamily assets within the risk 4 and 5 categories, including four loans with a total UPB of $640 million that are expected to be moved to the real estate owned (REO) portfolio. On average, S&P thinks the multifamily assets provide a pathway to a better resolution relative to the other assets within the company's high-risk loans. S&P said, "At the time of the rating withdrawal, the stable outlook reflected our expectation that despite alleviated near term refinancing risk, we believe asset quality remains weak, and Claros has a significant number of challenged investments to work through. Additionally, while modified covenants as part of the transaction provide near-term cushion, we continue to have concerns about the company's interest coverage covenant over the medium-term (it begins to be tested again starting Sept. 30, 2027)." CONGRUEX GROUP: Moody's Cuts CFR to Caa2 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Ratings downgraded Congruex Group LLC's ("Congruex") corporate family rating to Caa2 from Caa1, its probability of default rating to Caa2-PD from Caa1-PD/LD, and the ratings on its senior secured bank credit facility – including the senior secured revolving credit facility and senior secured term loan – to Caa2 from Caa1. The rating outlook was changed to negative from stable. RATINGS RATIONALE The downgrade of Congruex's ratings reflects: (1) 2025 results being weaker than Moody's prior expectations, thereby putting pressure on credit metrics – Moody's adjusted leverage rose to 8.9x for the LTM period ended in September 30, 2025; (2) no meaningful improvement in free cash flow generation expected in 2026, resulting in continued pressure on the company's liquidity profile; (3) maturity risk for its revolver, which becomes due in May 2027. Congruex's Caa2 CFR is supported by its strong market position as one of the larger providers of design, engineering, construction, and maintenance services to blue chip US broadband network operators. The rating also benefits from expectations for ongoing capital spending in wireline and wireless broadband infrastructure by Congruex's customers, driven by increasing demand for network bandwidth. The rating is constrained by the company's limited scale, end-market and customer diversity. The credit profile is also constrained by elevated leverage and limited history of consistent cash flow generation. The company is also exposed to risks related to debt-funded M&A and subsequent integration risks under the company's private equity ownership. Congruex's liquidity is weak. As of September 30, 2025, the company had unrestricted cash of $16.7 million and $30 million of remaining availability under its $75 million revolver. Moody's do not expect Congruex to generate free cash flow in 2026, putting additional pressure on liquidity. The revolver contains a maximum total net leverage ratio covenant of 6.5x. Congruex was able to meet the covenant for the quarter ended September 30, 2025 following an equity cure from its sponsor. Congruex's capital structure is comprised of a $75 million revolving credit facility maturing in May 2027 and a term loan due in May 2029. The Caa2 ratings of the senior secured credit facilities, the same as the Caa2 CFR, reflect the preponderance of debt represented by the term loan and revolver. The credit facilities are secured by the assets of the borrower and benefit from secured guarantees by the direct parent of Congruex Group LLC and each existing and subsequently acquired direct or indirect US restricted subsidiary of Congruex Group LLC, as defined by the credit agreement. The negative outlook reflects Moody's expectations for earnings to stabilize over the next few quarters but credit metrics and liquidity will remain under pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Congruex's ratings could be upgraded if the company improves its earnings and free cash flow generation while maintaining adequate liquidity. Congruex's ratings could be downgraded if liquidity weakens further, earnings continues to decline, or if the company is unable to extend the maturity of its revolver. Congruex Group LLC, formed in 2017 and based in Boulder, Colorado, provides end-to-end design, engineering, construction, and maintenance services to broadband network operators. The company is majority owned by affiliates of private equity sponsor Crestview Partners. The company generated approximately $780 million in revenue for the LTM period ending September 30, 2025. The principal methodology used in these ratings was Construction 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. CONSCIOUS CONTENT: Committee Hires Jenner & Block as Lead Counsel ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Conscious Content Media, Inc., doing business as Begin, and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Jenner & Block LLP as lead counsel. The firm's services include: (a) provide legal advice regarding the committee's organization, duties, and powers in these Chapter 11 cases; assist and represent it in the preparation of legal documents necessary in the discharge of its duties; (b) evaluate and participate in the Debtors' restructuring process to ensure such process proceeds in the most efficient manner to maximize recoveries to the unsecured creditors; (c) assist the committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and participate in and review any proposed asset sales or dispositions, and any other matters relevant to these Chapter 11 cases; (d) attend meetings of the committee and meetings with the Debtors and secured creditors, and their attorneys and other professionals, and participate in negotiations with these parties, as requested by the committee; (e) take all necessary action to protect and preserve the interests of the committee; (f) assist the committee in the review, analysis, and negotiation of any financing or proposed use of cash collateral; (g) assist the committee with respect to communications with the general unsecured creditor body about significant matters in these Chapter 11 cases; (h) review and analyze claims filed against the Debtors' estates; (i) represent the committee in hearings before the Court, appellate courts, and other courts in which matters may be heard, and represent the interests of the committee before those courts and before the U.S. Trustee; (j) assist the committee in preparing all necessary motions, applications, responses, reports, and other pleadings in connection with the administration of these Chapter 11 cases; (k) assist the committee in the review, formulation, analysis, and negotiation of any Chapter 11 plan(s) and accompanying disclosure statement(s) that have been or may be filed; and (l) provide such other legal assistance as the committee may deem necessary and appropriate. The firm will be paid at these hourly rates: Catherine Steege, Partner $2,875 Partners $1,25 - $2,875 Counsel $685 - $2,400 Associates $935 - $1,695 Melissa Root, Partner $1,960 Karen Lou, Associate $1,185 Staff Attorneys $685 - $855 Discovery Attorneys $420 - $465 Paraprofessionals $365 - $755 In addition, the firm will seek reimbursement for expenses incurred. Ms. Root 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: Melissa Root, Esq. Jenner & Block LLP 353 N. Clark Street Chicago, IL 60654 Telephone: (312) 923-2952 Email: mroot@jenner.com About Conscious Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Conscious Content Media and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12231) on December 17, 2025. In its petition, Conscious Content Media reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors tapped Bayard PA and Reitler, Kailas & Rosenblatt, LLP as counsel and Eisner Advisory Group LLC as financial advisor. Stretto, Inc. is the claims and noticing agent and administrative advisor. On January 8, 2026, the Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors appointed in these Chapter 11 cases. The committee tapped Jenner & Block LLP as counsel, Pashman Stein Walder Hayden, PC as Delaware co-counsel, and Novo Advisors LLC as financial advisor. CONSCIOUS CONTENT: Committee Hires Pashman Stein as Local Counsel ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Conscious Content Media, Inc., doing business as Begin, and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pashman Stein Walder Hayden, PC as Delaware co-counsel. The firm's services include: (a) advise the committee with respect to its rights, duties, and powers in these Chapter 11 cases; (b) assist and advise the committee in its consultations and negotiations with the Debtors, the secured lenders, the U.S. Trustee and other parties-in-interest; (c) assist with the committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and other parties-in-interest; (d) advise the committee as to the ramifications of the Debtors' activities and motions before this Court; (e) attend the meetings of the committee; (f) represent the committee at all hearings and other proceedings; (g) assist the committee in preparing motions, objections, pleadings and applications as may be necessary to further the committee's interests and objectives; and (h) perform such other legal services as may be required and are deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: Partners $560 - $1,150 Of Counsel $645 - $1,065 Counsel $490 - $730 Associates $445 - $675 Paraprofessionals $395 - $445 In addition, the firm will seek reimbursement for expenses incurred. Joseph Barsalona II, Esq., a partner at Pashman Stein Walder Hayden, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Pashman did not represent the client in the 12 months prepetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Pashman understands that the committee is formulating a budget and staffing plan. Recognizing that in the course of large cases like these Chapter 11 cases, it is highly likely that there may be a number of unforeseen circumstances that will need to be addressed by it and its counsel giving rise to additional fees and expenses, Pashman's fees shall be included in such budget. Mr. Barsalona 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: Joseph Barsalona II, Esq. Pashman Stein Walder Hayden, PC Wilmington, DE 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com About Conscious Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Conscious Content Media and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12231) on December 17, 2025. In its petition, Conscious Content Media reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors tapped Bayard PA and Reitler, Kailas & Rosenblatt, LLP as counsel and Eisner Advisory Group LLC as financial advisor. Stretto, Inc. is the claims and noticing agent and administrative advisor. On January 8, 2026, the Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors appointed in these Chapter 11 cases. The committee tapped Jenner & Block LLP as counsel, Pashman Stein Walder Hayden, PC as Delaware co-counsel, and Novo Advisors LLC as financial advisor. CONSCIOUS CONTENT: Committee Seeks to Tap Novo as Financial Advisor ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Conscious Content Media, Inc., doing business as Begin, and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Novo Advisors LLC as financial advisor. The firm will render these services: (a) become familiar with and analyze the Debtors' DIP/Cash Collateral budget, assets and liabilities, and overall financial condition and prospects; (b) review financial and operational information furnished by the Debtors; (c) scrutinize the economic terms of various agreements; (d) analyze the Debtors' proposed business plans and developing alternative scenarios, if necessary; (e) assess the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (f) prepare or review as applicable, avoidance action and claim analyses; (g) evaluate reorganization strategies and alternatives to creditors; (h) view and/or prepare information and analyses necessary for plan confirmation; (i) assist the committee in reviewing the Debtors' financial reports; (j) advise the committee on the current state of these Chapter 11 cases; (k) advise the committee in negotiations with the Debtors and third parties as necessary; (l) assist in prosecuting committee responses/objections to the Debtors' motions; (m) attend meetings, teleconferences, and depositions on behalf of the committee; (n) if necessary, participate as a witness in hearings before the Court with respect to matters upon which Novo has provided advice; and (o) other activities as are approved by the committee, its counsel, and as agreed to by Novo. The firm's hourly rates range between $450 and $1,195. In addition, Novo will be reimbursed for out-of-pocket expenses incurred. Claudia Springer, Esq., a principal at Novo Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Claudia Z. Springer, Esq. Novo Advisors, LLC 200 W. Madison St., Suite 1000 Chicago, IL 60606 Email: (312) 846-60654 About Conscious Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Conscious Content Media and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12231) on December 17, 2025. In its petition, Conscious Content Media reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors tapped Bayard PA and Reitler, Kailas & Rosenblatt, LLP as counsel and Eisner Advisory Group LLC as financial advisor. Stretto, Inc. is the claims and noticing agent and administrative advisor. On January 8, 2026, the Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors appointed in these Chapter 11 cases. The committee tapped Jenner & Block LLP as counsel, Pashman Stein Walder Hayden, PC as Delaware co-counsel, and Novo Advisors LLC as financial advisor. CONSCIOUS CONTENT: Taps Eisner Advisory Group as Financial Advisor ------------------------------------------------------------------ Conscious Content Media, Inc., doing business as Begin, and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Eisner Advisory Group LLC as financial advisor. The firm will render these services: (a) assist the Debtors in identifying and evaluating various restructuring alternatives; (b) assist the Debtors in contingency planning; (c) advise and assist the Debtors in the compilation and preparation of financial information, statements, schedules, budgets and monthly operating reports necessary due to requirements of the Court and/or Office of the U.S. Trustee; (d) assist the Debtors and their counsel with the formulation of a Chapter 11 plan of reorganization or liquidation and the preparation of the corresponding disclosure statement schedules; (e) provide tax advisory services as necessary or appropriate at the Debtors' request; (f) prepare a valuation report to determine fair market value of the Debtors for financial and strategic planning purposes as necessary or appropriate at the Company's request; (g) provide testimony in the cases as necessary or appropriate at the Debtors' request; and (h) provide other financial advisory and bankruptcy support services as requested by the Debtors. The firm's hourly rates are as follows: Partners/Directors $695 - $995 Adeola Akinrinade, Engagement Partner $800 Lauren Berret, Managing Director $750 Managers/Senior Managers ` $355 - $600 Paraprofessionals/Staff $245 - $350 In addition, the firm will seek reimbursement for expenses incurred. Ms. Akinrinade 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: Adeola Akinrinade Eisner Advisory Group LLC 733 3rd Ave. New York, NY 10017 About Conscious Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Conscious Content Media and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12231) on December 17, 2025. In its petition, Conscious Content Media reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors tapped Bayard PA and Reitler, Kailas & Rosenblatt, LLP as counsel and Eisner Advisory Group LLC as financial advisor. Stretto, Inc. is the claims and noticing agent and administrative advisor. On January 8, 2026, the Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors appointed in these Chapter 11 cases. The committee tapped Jenner & Block LLP as counsel, Pashman Stein Walder Hayden, PC as Delaware co-counsel, and Novo Advisors LLC as financial advisor. CRESCENT MIDSTREAM: S&P Assigns 'B+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned a 'B+' issuer credit rating to Crescent Midstream Intermediate Holdings LLC (CMIH) and a 'B+' issue-level rating to the proposed senior secured term loan B (TLB) with a recovery rating of '3'. The '3' recovery rating indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The stable outlook reflects S&P's expectation that the company will generate stable cash flow and its S&P Global Ratings-adjusted leverage will be 3.50x-3.75x in 2026 and about 3.00x in 2027. CMIH intends to issue a $500 million senior secured term loan B (TLB) due 2033 and put in place a new $100 million revolving credit facility (RCF) due 2031, which will be pari passu. The company will use proceeds to repay outstanding debt at Crescent Midstream Holdings LLC (Holdings) and Crescent Midstream Operating LLC (Operating). At close, the company will have $16 million of the RCF drawn and there will be no debt outstanding at the Holdings and Operating levels. S&P said, "While the company has doubled in size since 2021, we believe its operating scale is relatively limited. Over the past few years, the company has taken a number of growth initiatives including the 2025 expansion in Cameron Highway Oil Pipeline System (CHOPS), which increased its capacity to 575,000 barrels per day (bpd) from 350,000 bpd. Through its wholly owned subsidiary, Crescent Midstream LLC (Crescent), the company holds a 36% equity interest in CHOPS. "The majority of CMIH's cash flows will rely on distributions from its joint venture (JV) affiliates. Despite this significant reliance on JV affiliates for cash flow generation, we forecast stable distributions throughout the outlook period and anticipate its consolidated S&P Global Ratings-adjusted EBITDA will increase to $120 million-$125 million in 2026 and $130 million-$135 million in 2027. "CMIH's stable cash flows are backed by constructive contracts with high-quality counterparties. The majority of the company's assets are life-of-lease contracted with deepwater wells that have production lives of 20-40 years, limiting its contract renewal risk. We estimate about 89 % of the company's cash flows are underpinned by fixed-fee contracts and about 75% are backed by long term life-of-lease dedication and minimum volume contracts, providing good cash flow visibility. Also, more than 75% of its cash flow is from investment-grade rated counterparties. "CMIH benefits from its strategically located assets in the Gulf of Mexico despite some concentration risk. Through its three segments--CHOPS, Eastern Crescent Louisiana Integrated Pipeline System (ECLIPS), and Western Gulf Pipeline System (Western Gulf) -- the company primarily transports crude oil from deepwater wells in Gulf of Mexico to refineries in Texas and Louisiana. We generally view volumes from deepwater wells favorably, given their low decline rates. "The company also benefits from lower break-even prices in Gulf of Mexico compared with other basins. We believe the company is well positioned to secure volumes as there are limited alternative transportation routes in that region due to high infrastructure costs and regulatory hurdles. We also note the concentration in the Gulf of Mexico exposes the company to significant volumetric risks during hurricane downtime." CMIH's assets are currently underutilized, with pipelines operating at 30%-50% of total capacity. Despite this relatively low utilization rate, the company's excess capacity positions it to meet increased demand and potential growth in drilling activity within the region with limited incremental investment needed. CMIH has a clear path to deleverage over the next two years. The company's TLB is subject to a 75% excess cash flow (ECF) sweep if its leverage exceeds 4.0x, decreasing to 50% when leverage is 3.5x-4.0x, 25% when leverage is 2.0x-3.5x, and no cash sweep when it falls below 2x. S&P said, "We anticipate the company will generate at least $70 million of free operating cash flow (FOCF) in 2026 and 2027, supporting deleveraging. We forecast CMIH's S&P Global Ratings-adjusted debt to EBITDA will deleverage from 3.50x-3.75x range in 2026 to around 3.00x in 2027." In addition, the anticipated FOCF and availability under its new RCF provide the company with financial flexibility for growth initiatives. S&P said, "Our stable outlook on the company reflects the predictability and stability of the company's cash flows backed by a supportive contractual framework. We expect the company's S&P Global Ratings-adjusted leverage of 3.50x-3.75x in 2026 and in the 3.00x area in 2027." S&P could consider a negative rating action if it forecasts the company will sustain S&P Global Ratings-adjusted leverage above 4.5x. This could occur if: -- The company generates lower-than-expected EBITDA generation due to lower volumes; or -- The company makes lower-than-anticipated debt repayments. S&P said, "Due to the company's limited scale and geographic diversity, we do not expect to take a positive rating action over the next 12 months. However, we could consider a positive rating action if it maintains S&P Global Ratings-adjusted leverage of 3.0x-3.5x while expanding its operating scale and improving asset utilization." DAIRY BUILDING: Taps ETHOS Commercial as Real Estate Broker ----------------------------------------------------------- Dairy Building, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ ETHOS Commercial Advisors LLC to serve as real estate advisor and broker. ETHOS Commercial Advisors LLC will provide these services: (a) providing the Debtor with advice on marketing and sale of the Debtor’s leasehold interest(s) in real estate; (b) locating and negotiating with prospective purchasers; and (c) handling all other matters relating to the marketing and sale of interest(s) in real property. Under the proposed compensation terms, ETHOS will receive a commission of 4 percent of the gross sales price received or imputed value upon the close of escrow. Of this amount, 2.5 percent is payable to ETHOS and 1.5 percent is payable to a cooperating broker, if applicable. ETHOS Commercial Advisors LLC is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Josh Bean, Executive Managing Director and Principal Broker ETHOS Commercial Advisors LLC 1111 NE Flanders Street, Suite 201 Portland, OR 97232 Telephone: (503) 205-0610 E-mail: josh@ecacre.com About Dairy Building, LLC Dairy Building, LLC owns a commercial building in Portland, Oregon, and holds a leasehold interest in the property under a ground lease. The property has been valued at approximately $2 million based on a June 11, 2025 proposal letter of intent reflecting the applicable interest rate. Dairy Building, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34175) on December 15, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Douglas R. Ricks, Esq. of Sussman Shank LLP. DAN LEPORE & SONS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Dan Lepore & Sons Company received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. At the February 4 hearing, the court authorized the Debtor's continued use of cash collateral and scheduled a further hearing for February 25. The Debtor was previously authorized to use cash collateral from February 2 to 8 under the court's January 28 sixth interim order. The sixth interim order granted Wells Fargo Bank, N.A. post-petition replacement liens on the Debtor's assets, with the same validity, priority, and enforceability as its pre-bankruptcy liens. Dan Lepore & Sons has a Wells Fargo revolving credit line, reduced from $2.5 million to $2 million, with about $1.6 million outstanding. The loan is secured by a broad lien on nearly all of the Debtor's personal property, perfected by UCC-1 filings since 2012. Wells Fargo Bank, as secured creditor, is represented by: Christine L. Barba, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 barbac@ballardspahr.com About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DBJ US: Linda Leali Named Subchapter V Trustee ---------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for DBJ US Corp. Ms. Leali 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. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About DBJ US Corp. DB USA Corporation operates as a bank holding company. The company, through its subsidiaries, offers commercial banking services including checking accounts, commercial loans, equipment financing, investment services, foreign exchange services, and other financial services to customers in the United States. DBJ US Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11015) on January 27, 2026. In its petition, the debtor reported estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Robert A. Mark. The debtor is represented by James B. Miller, Esq. DELANI CONSTRUCTION: Section 341 Meeting of Creditors on March 4 ---------------------------------------------------------------- On January 27, 2026, Delani Construction LLC filed for Chapter 11 protection in the United States Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to an undisclosed number of creditors. A meeting of creditors under Section 341(a) to be held on March 4, 2026 at 01:30 PM at Appear by Teams. About Delani Construction LLC Delani Construction LLC is a construction firm based in Monee, Illinois, specializing in residential construction, including single-family homes, home additions, and remodeling. It operates locally as a general contractor, providing services such as framing, excavation, and site work. Delani Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01384) on January 27, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Saulius Modestas, Esq., Modestas Law Offices, P.C. DKC ENTERPRISES: Unsecureds to Get Share of Income for 36 Months ---------------------------------------------------------------- DKC Enterprises, LLC, d/b/a Henceforth, DC, filed with the U.S. Bankruptcy Court for the District of Columbia a Plan of Reorganization dated January 27, 2026. The Debtor owns and operates a craft brewery, brew pub, wine bar, and speakeasy located at 1335 H Street, NE, Washington, DC. The Debtor was formed in early 2023 and raised initial capital during the second and third quarters of 2023 from private investors. Funds were intended to support lease obligations, design and engineering, permitting, construction, equipment procurement, and initial operating expenses. The business plan assumed a customary development and construction timeline for a hospitality project of this type in Washington, DC. The bankruptcy filing was precipitated by several factors beyond the Debtor's control. Initially, the Debtor's financial distress resulted from prolonged pre-construction and construction delays caused by defective engineering work, resulting in significant cost overruns and approximately one year of unplanned rent and carrying costs prior to opening. These factors materially reduced available working capital and shortened the Debtor's operating runway. The resulting liquidity constraints were compounded by unusually adverse late-2025 market conditions in Washington, DC, including reduced economic activity near Capitol Hill and a federal government shutdown that suppressed demand during the Debtor's initial ramp-up period. Class 3 consists of General Unsecured Claims. The Debtor shall distribute Pro Rata to the holders of Allowed General Unsecured Claims all funds constituting the Disposable Income Payment Amounts, other than any amounts paid or reserved for payment of (i) the fees and expenses of the Subchapter V Trustee or the Debtor's Professionals under Article V.B., (ii) amounts due under the Amended First Internet Loan, and (iii) amounts due for the Allowed Priority Tax Claim. The foregoing distributions shall be in full and final satisfaction of the General Unsecured Claims. Disposable Income Each month, on or before the last day of the month, beginning with the first full month following the Effective Date, the Reorganized Debtor shall fully fund the amount of the minimum operating reserve (the "Operating Reserve") set forth in the Financial Projections for the following month. The amount of funds, if any, remaining after (i) payment of all ongoing expenses for the month, including rent due under the Lease, as amended (ii) payment of the amount due under the Amended First Internet Loan, (iii) payment of the amount due to the holder of the Priority Tax Claim, (iv) funding of the Operating Reserve, and (v) payment of the amount due the Subchapter V Trustee or the Debtor's Professionals under Article V.B., shall constitute the "Disposable Income Payment Amount." The Financial Projections and the obligation to pay the Disposable Income Payment Amount shall extend until the end of the 36th full month following the Effective Date (the "Income Distribution Period"). If the Disposable Income Payment Amount is negative for a given month, then no Disposable Income Payment Amount shall be paid for that month, and the negative amount for that month shall carry over to the following month. On or before the last day of the month immediately following the end of the three-month period following the Effective Date, and on or before the last day of the month following each subsequent three-month period during the Income Distribution Period, the Reorganized Debtor shall distribute the Disposable Income Payment Amount, Pro Rata, to holders of Class 3 General Unsecured Creditors. The Equity Interests shall be Allowed and Reinstated on the Effective Date. The Reorganized Debtor shall fund distributions using cash on the balance sheet and cash flow generated from business operations. The Debtor does not anticipate obtaining new financing arrangements (other than the Amended First Internet Debt). If the Reorganized Debtor fails to make any payment of the Disposable Income Payment Amount and that failure remains uncured more than ten Business Days after written notice from a holder of an Allowed Claim, then such holder of the Allowed Claim may file a notice of the default with the Court. The Reorganized Debtor shall have thirty days from the filing of a notice of default to file a response informing the Bankruptcy Court as to how the Reorganized Debtor intends to cure the default. If the Reorganized Debtor fails to file such a response, or fails to comply with further orders of the Bankruptcy Court to cure the default, then the Chapter 11 Case may be converted to a chapter 7 case or dismissed, as may be in the best interests of creditors. A full-text copy of the Plan of Reorganization dated January 27, 2026 is available at https://urlcurt.com/u?l=PBLvfm from PacerMonitor.com at no charge. Counsel to the Debtor: Lawrence A. Katz, Esq. Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Telephone: (703) 584-8362 E-mail: LKatz@hirschlerlaw.com About DKC Enterprises LLC DKC Enterprises, LLC, doing business as Henceforth DC, operates a brewery and wine bar located at 1335 H Street NE in Washington, DC. It serves handcrafted beers, wines, and other beverages in a community-oriented venue that also hosts private events and social gatherings. DKC Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00500) on October 30, 2025, with $3,073,243 in assets and $3,208,735 in liabilities as of September 30, 2025. Michael Spinello, managing member, signed the petition. Judge Elizabeth L. Gunn presides over the case. Lawrence A. Katz, at Hirschler Fleischer, PC, is serving as the Debtor's counsel. DYNAMIC STAR: Loses Bid to Adjourn Hearing on Motions to Dismiss ---------------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York denied the request of J. Ted Donovan, counsel for Chapter 11 debtors Dynamic Star LLC (Case No. 25-23154-SHL), DS 1 GP Inc. (Case No. 25-23155-SHL), Fordham Landing Preferred Sponsor LLC (Case No. 25-23156-SHL) and Fordham Landing Preferred LLC (Case No. 25-23157-SHL), seeking for a two-week adjournment of several pending motions to dismiss the Chapter 11 cases from January 7, 2026 to the week of February 9, 2026, The motions were separately filed in these cases by the lenders, Fordham South Lender LLC and Fordham North Preferred Investor LLC, and a preferred equity interest holder in two of the Debtors, Igal Namdi and his affiliate, Namdar Fordham Landing LLC. The Debtors own the equity in two highly-publicized development projects to build affordable housing in the Bronx on property adjoining the Harlem River. The project at Fordham Landing South is more advanced than Fordham Landing North, but both projects have good potential. Since the Chapter 11 filings on December 1, 2025, the Debtors have been in active discussions with potential lenders and government authorities regarding the scope of municipal financing. The Court holds the request for an adjournment is denied as the Debtors cannot adjourn the motion of another party -- that has been properly noticed and scheduled -- without the consent of that party. Fordham South Lender LLC, represented by Benesch, Friedlander, Coplan & Aronoff LLP, said the Chapter 11 cases must be dismissed because the Debtors lacked the requisite good faith in filing their cases because they did so solely as a litigation tactic to avoid foreclosure on the pledged equity. That the Debtors filed these cases solely to gain the benefit of the automatic stay and further their campaign of frivolous and dilatory litigation is also apparent from the underlying facts. Neither Debtor is an operating company; they have no employees and few or no creditors other than Lender. These cases are essentially single asset real estate cases, because the Debtors are holding companies with no assets other than direct equity interests in non-debtor DS Fordham Landing 1 LLC, which is a non-operating, single asset real estate company that owns property located at 320 West Fordham Road, Bronx, New York. Given the lack of cash flow generated by the Property, it is unknown how the Debtors intend to, or if they even could, finance these cases. The court's order is available at http://urlcurt.com/u?l=Ou6EgM from PacerMonitor.com. A hearing on the matter was held Jan. 27 but the court has yet to enter an order. About Dynamic Star LLC Dynamic Star LLC and affiliates are stock holding companies that own equity interests in major real estate development projects in the Bronx, New York. Dynamic and DS 1 hold all Class A membership interests in DS Fordham Landing 1 LLC, which owns the property at 320 West Fordham Road, while Fordham Sponsor and FLP collectively own DS Fordham Landing 2 LLC, DS Fordham Landing 4, and MDBZJGGS LLC, which hold properties at 2371, 2391 and 2401, and 2444 Exterior Street. These holdings, known collectively as Fordham Landing, are being developed as one of the largest new affordable housing projects in New York City in recent decades. Dynamic Star LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23154) on December 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $500 million each. The Debtors are represented by Kevin Nash, Esq. of GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. ELDORADO GOLD: S&P Places 'B+' ICR on CreditWatch Positive ---------------------------------------------------------- S&P Global Ratings placed all its ratings on Vancouver-based gold producer Eldorado Gold Corp., including its 'B+' issuer credit rating, on CreditWatch with positive implications. The CreditWatch positive placement reflects the likelihood that S&P could raise its ratings on Eldorado by one notch within the coming months as the company's liquidity and cash flows benefit from favorable gold prices with continued progress on its Skouries project. Favorable gold prices continue to benefit Vancouver-based gold producer Eldorado Gold Corp.'s operating cash flows, improving the company's liquidity and financial flexibility as it nears commercial production at its Skouries development project in Greece. Separately, on Feb. 2, 2026, Eldorado announced it agreed to acquire Vancouver-based Foran Mining Corp. in an all-stock transaction valued at C$3.8 billion, which will bring a nearly completed McIlvenna Bay development project into the company's portfolio upon the close of acquisition. S&P said, "We believe continued strong gold prices and steady progress at its Skouries project have reduced the company's financial risks, increasing the likelihood of an upgrade. "The CreditWatch placement reflects that we will likely raise our ratings on Eldorado within the coming months. Gold prices remain strong and well above our price assumptions, contributing to increased operating cash flow for Eldorado over the past few quarters. Spot gold prices of about $5,000 per ounce (/oz) are well above our current assumption of $3,300/oz for 2026 and could lead to realized cash flows that are higher than our base-case estimates." Concurrently, the company has steadily advanced its Skouries copper-gold development project over the past couple of quarters and the project is about 90% complete (as of Dec. 31, 2025), with commercial production still on target in mid-2026. With incremental progress on the project, we believe execution and financial risks associated with the project construction have significantly reduced. At the same time, Eldorado had a large cash balance of just over $1 billion as of Sept. 30, 2025. S&P believes all the above factors provide Eldorado with significant financial flexibility and a liquidity cushion to manage setbacks, which could potentially include cost overruns or delays related to the Skouries project or operational challenges, improving the prospects for an upgrade in the near term. Separately, Eldorado announced it entered into a definitive agreement to acquire Foran for approximately C$3.8 billion in an almost all-stock deal, which will bring a nearly completed McIlvenna Bay development project (85% complete as of Dec. 31, 2025) into the company's portfolio upon close of acquisition. The development involves an underground mine in Saskatchewan that the company expects will produce annually about 41 million pounds (Mlbs) of copper, 20 thousand ounces (koz) of gold, 444 koz of silver, and 54 Mlbs of zinc with a reserve mine life of about 18 years. S&P anticipates the transaction will close in the second quarter of 2026, subject to the votes of both companies' stockholders, the receipt of regulatory approvals, and the fulfillment of customary closing conditions. S&P said, "In our view, the addition of McIlvenna Bay will enhance diversity by adding a new mine in a stable jurisdiction that will increase the company's exposure to copper. The combined company will have six operating assets in three countries, including Skouries (Greece) and McIlvenna Bay projects (Canada) that are nearing commercial production, with copper production from these two projects reducing its predominant gold exposure. We forecast its annual gold-equivalent production will increase more than 80% to about 900 koz by the end of 2027, compared with Eldorado's 2025 production of 488 koz, which will support materially higher earnings and cash flows over the next several years. "We expect the combined entity's S&P Global Ratings-adjusted debt to EBITDA, pro forma for the acquisition, will be below 1.0x in 2027 and anticipate it will generate sizable positive free operating cash flow (FOCF) once the Skouries and McIlvenna mines are in steady state operations, despite our assumption for a decline in the gold price to $2,600/oz in 2027. We believe this FOCF generation will provide the company with ample capacity to invest to grow production, continue shareholder returns, and reduce its debt. "The CreditWatch positive placement reflects the likelihood that we could raise our ratings on Eldorado by one notch within the coming months as the company's liquidity and cash flows benefit from favorable gold prices with continued progress on its Skouries project." ELITE PRINTING: Unsecured Creditors to Split $100K in Plan ---------------------------------------------------------- Elite Printing & Packaging Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Missouri a Disclosure Statement describing Plan of Reorganization dated January 27, 2026. The Debtor operates a printing, packaging, co-packing and fulfillment business. The Debtor is located at 1601 Tradeport Drive, Hazelwood, Missouri 63042. The Debtor's financial issues stem from Elite's failed expansion into trading card packaging. Elite expended capital for specialized equipment and the relationship with the customer was unsuccessful. The resulting debt and loss of focus from the core business, coupled with the subsequent pandemic, raised Elite's debt to unsustainable levels. While the Debtor's customer base was strong, the cash flow strain led to the bankruptcy filing. The Debtor filed this chapter 11 proceeding to resolve the excess secured debt including multiple merchant cash advance lenders. The Debtor's postpetition business has been strong with existing customers maintaining sales levels and the Debtor picking up new customers. The unfortunate side effect of this increase in business has been a strain in cash flow. The new business increases immediate costs but the receivables from the new business have a sixty-day turn. In response to this, the Debtor will seek approval of postpetition financing which will be incorporated into its Plan of Reorganization. The Debtor has operated at a small total profit during the case. Class 14 consists of all Allowed Unsecured Claims of Approved Critical Vendors who were referenced in the Court's Order Authorizing Payment of Pre-Petition Claims of Critical Vendors dated May 28, 2025. The Class 14 Allowed Unsecured Creditors shall receive payment on their remaining unpaid pre-petition claims in twelve equal quarterly installments beginning on the last day of the first full month following the Effective Date. Class 15 consists of all Allowed Unsecured Claims held by any Unsecured Creditor against the Debtor. Each Class 15 Allowed Unsecured Claimant shall receive payment that consists of its pro rata share of $100,000.00 to be distributed no later than sixty days after the Effective Date (the "Class 15 Distributions"). The Debtor shall reserve sufficient funds to pay any Class 15 creditor who has a Claim to which an objection has been filed. The Claim shall be paid in accordance with entry of a final order allowing or disallowing the claim. Class 16 consists of all Allowed Interests in the Debtor. All Class 16 Allowed Interests will (a) be cancelled on the Confirmation Date and (b) receive no Distribution under the Plan. The Plan will be funded with cash on hand, future operating revenue and postconfirmation equity contribution from new equity holders. The Debtor has secured an agreement with an unrelated third party for (x) subject to Court approval, a secured debtor-in-possession loan in an amount of $600,000.00 and (y) a capital contribution to the Reorganized Debtor in the amount $1,600,000.00 to be paid on the Effective Date in exchange for (37.5%) of the common stock of the Reorganized Debtor ("Capital Contribution"). A full-text copy of the Disclosure Statement dated January 27, 2026 is available at https://urlcurt.com/u?l=kqcpAv from PacerMonitor.com at no charge. Counsel to the Debtor: Spencer P. Desai, Esq. The Desai Law Firm LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 E-mail: spd@desailawfirmllc.com About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc., operates a printing, packaging, co-packing and fulfillment business at 1601 Tradeport Drive, Hazelwood, Missouri 63042. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, at The Desai Law Firm, is the Debtor's bankruptcy counsel. FABS RESTAURANT: Claims to be Paid from Ongoing Operations ---------------------------------------------------------- Fabs Restaurant Group, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated January 27, 2026. The Debtor is a Florida corporation engaged in the operation of a restaurant and food service business in Miami-Dade County, Florida. Due to declining revenues, increased operating costs, and accumulated tax liabilities, the Debtor filed this case under Chapter 11, Subchapter V, to reorganize its financial affairs while continuing operations. Class 2 consists of General Unsecured Claims. This Class shall be paid pro rata from disposable income. This Class is impaired. This Plan proposes to fund payments through future disposable income generated from ongoing operations. A full-text copy of the Subchapter V Plan dated January 27, 2026 is available at https://urlcurt.com/u?l=wPsHUx from PacerMonitor.com at no charge. Counsel to the Debtor: Diego G. Mendez, Esq. Mendez Law Offices, PLLC P.O. Box 228630 Miami, FL 33178 Telephone: (305) 264-9090 Facsimile: (305) 264-9080 Email: diego.mendez@mendezlawoffices.com About Fabs Restaurant Group Fabs Restaurant Group, Inc., is a Florida corporation engaged in the operation of a restaurant and food service business in Miami-Dade County, Florida. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23002) on Oct. 31, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark presides over the case. Diego Mendez is serving as the Debtor's legal counsel. FAIR ANDREEN: Unsecureds to Get Share of Litigation Proceeds ------------------------------------------------------------ Fair Andreen, Incorporated filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Disclosure Statement describing Chapter 11 Plan dated January 27, 2026. In 2021, Steven Bates started looking to purchase a business. Six months after being laid off, he became frustrated looking for a job. He learned of the ability to use his retirement account to purchase a business under "ROBS." It stands for "Rollover as Business Start-up," and is approved under the IRS laws. In May 2022, he caused the Debtor to be incorporated in Illinois. He was preparing to purchase a business in Illinois. However, that purchase fell through. He then learned from a business broker's solicitation of the opportunity to purchase the business of City Press, Inc., n/k/a Lau & Fehring, Inc. (the "Seller"). Since Mr. Bates already had a corporate entity, he used it to purchase the Debtor's business. The Debtor purchased the business, including the trade name, "City Press," on February 13, 2023. Mr. Bates put in approximately $1.0 million toward the purchase and operations by using his retirement account for the purchase. The Debtor partially financed the purchase. It obtained a term loan of $1,934,400 and a revolving line of credit loan in the amount of $450,000 from The Huntington National Bank in Green Bay. The combined loss of income due to the Seller's fraud, the Fuji J Press 750HS problems and Mr. Retzlaff's disloyalty significantly impacted the Debtor's finances. The business could not realize anticipated sales. It could not generate sales due to the equipment problems and the sales taken by Mr. Retzlaff and Graphicolor Printing. Entering into high-interest MCA loans exacerbated the financial problems. Despite these setbacks, the Debtor's sales are presently increasing. To cut costs, the Debtor has let two nonproduction people go and has put a third non production person on part-time. Throughout the Case, the Debtor operated its printing business. The Debtor took steps to reduce expenses. It rejected two leases for presses and a vehicle that were not needed, saving $22,300 per month in payments. The Debtor renegotiated a warehouse lease that could be terminated on six months' notice to reduce damages when the warehouse was no longer needed. The Debtor took other steps to reduce overhead, including reducing its workforce, to lower its overhead costs. The Debtor also raised its prices to increase revenue. Class 3 consists of Convenience Claims. Convenience Claims are those Claims of $1,000 or less and Creditors that elect to reduce their Claims to $1,000. They will be paid their Pro Rata share from a pool of $4,000 on the Effective Date. This is a dividend of approximately 35%. Class 3 is impaired and entitled to vote to accept or reject the Plan. Class 4 consists of Unsecured Claims. Unsecured Claims of more than $1,000 that are not entitled to priority (which includes the $375,000 claim of Lau & Fehring, Inc.) shall be paid their Pro Rata share from the Net Litigation Proceeds plus their Pro Rata share from a pool of $50,000 on the first day of the 48th month after the Effective Date. In addition, to the extent that Huntington Bank's Allowed Claims are treated under Section 4.2(c) due to a cramdown, the difference between $8,700 and the amount determined to be paid Huntington Bank under Section 4.2(c) shall be paid into a pool and distributed quarterly on a Pro Rata basis to Class 3 Claims on a quarterly basis for the first 48 months after the Effective Date. Class 4 is impaired under the Plan. Creditors holding Class 4 Claims are entitled to vote to accept or reject the Plan. Provided however, if any amount is owed for Administrative Expenses, any amount to be paid to Class 4 shall first be paid to Administrative Expenses. Class 5 consists of Equity Securities. Equity security holders will retain their interests in the Debtor. They are not impaired and not entitled to vote to accept or reject the Plan. Funding for the Plan depends on the Debtors' business operations and proceeds of the litigation. Litigation is inherently risky so the Debtor's projections do not show any receipts from the litigation. Preliminarily, the Debtor estimates that it lost $1 million of gross revenue from the actions of Graphicolor Printing, Inc. and Gregory D. Retzlaff. Assuming a gross profit margin of 32%, this suggests damages of $320,000 for one or more years. Preliminarily, the Debtor estimates that due to the allegedly false statements made in a Confidential Information Memorandum, the Debtor overpaid for the business by $1.6 million. Preliminarily, the Debtor made payments of $19,000 per month for 11 months, a total of $209,000, for a press that the Debtor could not use. These total approximately $2.1 million. If litigation costs one-third of the preliminary values, this suggests a gross of $1.4 million which should be further discounted by the uncertainty of litigation. A full-text copy of the Disclosure Statement dated January 27, 2026 is available at https://urlcurt.com/u?l=qSk4sL from PacerMonitor.com at no charge. Fair Andreen Inc., is represented by: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About Fair Andreen Incorporated Fair Andreen, Incorporated, doing business as CityPress, is a printing and graphic communications company specializing in commercial printing, book printing, prepress, direct mail, digital printing, and art printing services. With a strong focus on innovation and eco-friendly solutions, the company serves diverse industries by providing customized printing options. Fair Andreen filed a Chapter 11 petition (Bankr. E.D. Wisc. Case No. 25-21724) on April 2, 2025, listing up to $10 million in both assets and liabilities. Steven S. Bates, president of Fair Andreen, signed the petition. Judge G. Michael Halfenger oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, is serving as the Debtor's legal counsel. Huntington Bank, as secured creditor, is represented by: Matthew L. Hendricksen, Esq. Plunkett Cooney PC 221 N. LaSalle Street, Suite 3500 Chicago, IL 60601 Tel: 312-970-3495 Email: mhendricksen@plunkettcooney.com FAT BRANDS: Noteholders Seek Chapter 11 Trustee Appointment ----------------------------------------------------------- The ad hoc group of securitization noteholders filed a motion to direct the appointment of a Chapter 11 trustee for FAT Brands, Inc.'s special purpose subsidiaries. In a filing with the U.S. Bankruptcy Court for the Southern District of Texas, the ad hoc group sought the appointment of an independent trustee to replace FAT Brands as manager of FAT Brands Royalty I, LLC and two other special-purpose financing subsidiaries; and Twin Hospitality, Inc. as manager of the Twin securitization silo. The members of the ad hoc group hold approximately $990 million or approximately 85% of the notes outstanding under four pre-bankruptcy securitizations issued by the special purpose subsidiaries. The ad hoc group accused the managers -- controlled by FAT Brands CEO Andrew Wiederhorn -- of looting the special purpose subsidiaries. According to the ad hoc group, the managers have systematically failed to deposit brand collections into authorized accounts as and when required; commingled brand collections in non-securitization accounts with non-securitization cash; and paid non-securitization expenses including the substantial indemnification payments to Mr. Wiederhorn, bonuses to management, and other payments for personal expenses of the CEO and his family members. "Despite the securitization noteholders' repeated requests and attempts at resolution, the managers refused to take any steps to remedy these violations or to prevent the further conversion of the securitization noteholders' collateral," the ad hoc group said. The group also alleged that a substantial portion of the managers' revenues are being used to fund payments to insiders totaling nearly $200 million. "As with the numerous other instances of fraud prior to the commencement of these Chapter 11 cases that have been revealed in the managers' own regulatory reporting, there are troubling signs that the managers fraudulently siphoned assets away from their rightful owners," the ad hoc group said. The ad hoc group further said that the financial condition of the special purpose subsidiaries is rapidly deteriorating largely as a result of the managers' gross mismanagement. "The continuation of the current board and management in particular, Mr. Wiederhorn, could result in post-petition misconduct similar to that occurring pre-petition. It will likely result in significant depletion of value from the [special purpose subsidiaries] as the managers cannot be trusted to pursue a restructuring transaction that is truly in the best interests of the [special purpose subsidiaries]," the ad hoc group said. The ad hoc group of securitization noteholders is represented by: Charles R. Koster, Esq. White & Case, LLP 609 Main Street, Suite 2900 Houston, TX 77002 Telephone: (713) 496-9700 charles.koster@whitecase.com -and– Andrew Zatz, Esq. Laura J. Garr, Esq. White & Case, LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 819-8200 azatz@whitecase.com lgarr@whitecase.com Brian Pfeiffer, Esq. Amanda Parra Criste, Esq. White & Case, LLP 200 South Biscayne Boulevard, Suite 4900 Miami, FL 33131 Telephone: (305) 371-2700 brian.pfeiffer@whitecase.com aparracriste@whitecase.com -and– White & Case, LLP Jason N. Zakia (pro hac vice pending) Adam T. Swingle (pro hac vice pending) 111 South Wacker Drive, Suite 5100 Chicago, IL 60606 Telephone: (312) 881-5400 jason.zakia@whitecase.com adam.swingle@whitecase.com About FAT Brands Inc. FAT Brands, Inc. is a multi-brand restaurant company that owns or franchises a portfolio of 18 restaurant brands, including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, and Great American Cookies, offering concepts spanning pizza, burgers, wings, pasta, desserts, and casual dining. Its operations include about 2,200 locations open or under construction across the United States and internationally, supported by roughly 7,500 direct employees and approximately 45,000 store-level employees of franchisees. FAT Brands develops and operates co-branded and multi-brand restaurant formats to combine complementary concepts and expand its footprint. FAT Brands and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90126) on January 26, 2026, with $1 billion to $10 billion in assets and liabilities. John C. DiDonato, chief restructuring officer, signed the petition. Judge Alfredo R. Perez presides over the cases. The Debtors tapped Latham & Watkins LLP as bankruptcy counsel; Hunton Andrews Kurth LLP as bankruptcy co-counsel; GLC Advisors & Co., LLC as investment banker; Huron Consulting Group Inc. as financial advisor; and Omni Agent Solutions, Inc. as noticing, solicitation and subscription agent. FAT BRANDS: Seeks to Hire Omni as Claims and Solicitation Agent --------------------------------------------------------------- FAT Brands Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Omni Agent Solutions, Inc. as claims, noticing, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance in the amount of $25,000. Paul Deutch, executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch Omni Agent Solutions, Inc. 5955 De Soto Avenue, Suite 100 Woodland Hills, CA 91367 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. FINLEY DESIGN: Gets Extension to Access Cash Collateral ------------------------------------------------------- Finley Design, P.A. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court issued its ninth interim order authorizing the Debtor to use cash collateral to pay the expenses set forth in its budget for the period from February 1 to 28. The budget projects total operational expenses of $135,831.88. First Citizens Bank & Trust Co. and five other creditors hold UCC-perfected security interests. As protection for the Debtor's use of their cash collateral, secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to pay $1,500 per month to First Citizens and maintain insurance of its property, with First Citizens listed as loss payee. The next hearing is scheduled for February 25. The interim order is available at https://urlcurt.com/u?l=yRgMGI from PacerMonitor.com. About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Philip Sasser, Esq. Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com FLOAT ALASKA: Seeks to Hire Stretto as Claims and Noticing Agent ---------------------------------------------------------------- FLOAT Alaska LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the Petition Date, the Debtors provided Stretto an advance in the amount of $25,000. Sheryl Betance, senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange, Suite 100 Irvine, CA 92602 About FLOAT Alaska LLC FLOAT Alaska LLC is an Anchorage, Alaska-based holding company that owns and operates regional and planned transpacific airline services through its subsidiaries. Its operations include New Pacific Airlines, Inc., which provides passenger and cargo flights across Alaska and plans broader international routes; Corvus Alaska Holdings Inc. and FLOAT Alaska Holdings LLC, which manage airline operations and corporate assets; FLOAT Alaska IP LLC, which oversees intellectual property and branding; and FlyCoin, Inc., a blockchain-based airline loyalty platform. FLOAT Alaska LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10075) on Jan. 26, 2026. In the petitions signed by Thomas Hsieh, manager, FLOAT Alaska disclosed up to $10 million in estimated assets and up to $50 million in estimated liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Saul Ewing LLP as bankruptcy counsel and Stretto, Inc. as claims and noticing agent. FORTUNE CIRCLE: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fortune Circle Hotels, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court entered a third order authorizing Fortune Circle Hotels, an affiliate of Fortune Circle, LLC, to use cash collateral through March 27 to pay the expenses set forth in its budget. The Debtor may exceed budgeted amounts by up to 110%, on a weekly basis, either per line item or in the aggregate. Moreover, the budget may be modified with the prior written consent of Rapid Finance. As adequate protection for any diminution in the value of its interest, Rapid Finance will be granted a post-petition replacement lien on the same type of collateral securing its pre-bankruptcy claims. The replacement lien will retain the priority, validity, and enforceability it held as of the petition date. A further hearing is scheduled for March 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/z6zU4 from PacerMonitor.com. Fortune Circle Hotels operates a 75-room Hawthorn Extended Stay by Wyndham hotel in St. Robert, Missouri, under a lease from Fortune Hotel, LLC, which is also in Chapter 11. In 2023, the Debtor obtained a $227,000 business loan from Rapid Finance, which claims a security interest in revenue streams and various personal property. However, the Debtor questions whether Rapid Finance's lien is perfected. About Fortune Circle LLC Fortune Circle, LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Fortune Circle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17508) on November 12, 2025, listing up to $10 million in both assets and liabilities. Syed Hussain, sole member, signed the petition. Judge Timothy A. Barnes oversees the case. William Factor, Esq., at The Law Office of William J. Factor, Ltd., represents the Debtor as bankruptcy counsel. FULLER'S SERVICE: Trustee Taps Susan Headley as Controller ---------------------------------------------------------- N. Neville Reid, the Chapter 11 trustee for Fuller's Service Center Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to retain ordinary course professional Susan Headley retroactive to January 1, 2026. Prior to the Petition Date, the Debtor employed Ms. Headley for nine years as its Controller to monitor and document various financial transactions of the Debtor. Prior to the Trustee's appointment, Ms. Headley indicated she would be resigning from the Debtor as of Dec. 31, 2025. Before resigning and at the Trustee's request, Ms. Headley agreed to provide financial services to the Trustee and his financial advisors and agents. The Trustee seeks to pay Ms. Headley on an hourly basis, at a rate of $50/hour. Ms. Headley can be reached at: Susan Headley St Charles, Illinois About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. Heartland Bank & Trust Company, as secured creditor, is represented by Michael A. O'Brien, Esq. at O'Brien Law Offices, P.C. GAS POS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: Gas Pos, Inc 490 Wildwood No. Cir., Suite 150 Birmingham, AL 35209 Business Description: Gas Pos, Inc, based in Birmingham, Alabama, provides point-of-sale (POS) systems, EMV-compliant fuel dispensers, and back-office software solutions for gas stations, convenience stores, and fuel retailers, offering cloud-based platforms for transaction processing and reporting. Founded in 2015, the Company serves the fuel retail and trucking sectors across the U.S., integrating hardware and software to manage sales, payments, and fleet card transactions. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 26-00362 Judge: Hon. D Sims Crawford Debtor's Counsel: Richard Scott Williams, Esq. RUMBERGER KIRK & CALDWELL, PA 2001 Park Place North | Suite 1300 Birmingham, AL 35203 Tel: (205) 572-4926 Fax: (205) 326-6786 E-mail: swilliams@rumberger.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Joshua Smith as CEO. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/THNHW7A/Gas_Pos_Inc__alnbke-26-00362__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S2TNKVY/Gas_Pos_Inc__alnbke-26-00362__0001.0.pdf?mcid=tGE4TAMA GENESIS GLOBAL: Claim Objection Deadline Extended to February 20 ---------------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York granted Genesis Global Holdco, LLC's request to extend the deadline to file an objection to certain administrative expense claims from January 21, 2026 to February 20, 2026, amid ongoing negotiations. As shared by the Troubled Company Reporter, on September 1, 2024, Genesis Global Trading, Inc. filed three Administrative Expense Claims, Claim No. 1675, Claim No. 1678 and Claim No. 1680. The court's order is available at http://urlcurt.com/u?l=A6BEfn from PacerMonitor.com. About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GOOD WOOD: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Good Wood Investments, LLC 12345 Massey Ave. Tyler, TX 75708 Business Description: Good Wood Investments, LLC, a real estate company, owns and leases a single income -producing property. Chapter 11 Petition Date: February 3, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-60070 Debtor's Counsel: Glen Patrick, Esq. PATRICK LAW OFFICES 2495 South Main Lindale, TX 75771 Tel: 903-882-6173 E-mail: glen@patricklawoffices.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kyle Gillin as managing member. 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/VC5DN5Q/Good_Wood_Investments_LLC__txebke-26-60070__0001.0.pdf?mcid=tGE4TAMA GRAFFITI PYRAMID: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Graffiti Pyramid, LLC. About Graffiti Pyramid Graffiti Pyramid, LLC is a Philadelphia, Pa.-based single-asset real estate company that owns, develops, and leases a mixed-use property at 1700 Germantown Avenue in the Olde Kensington neighborhood, comprising commercial space, residential units, and parking. Graffiti Pyramid filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 26-10044) on January 5, 2026, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Derek J. Baker oversees the case. Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as bankruptcy counsel, and Duane Morris, LLP as special litigation counsel. GROUP STONE: Unsecureds to Get Share of Income for 60 Months ------------------------------------------------------------ Group Stone Investment Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization under Subchapter V dated January 27, 2026. The Debtor is a Florida corporation engaged in the import, storage, and distribution of high-end construction materials, with a specialized focus on marble, granite, quartz, and other natural and engineered stone products. The Debtor operates a warehouse and distribution facility located at 912 South Nova Road, Ormond Beach, Florida 32174 (the "Ormond Beach Facility"), from which it imports, inventories, and distributes stone materials to contractors, designers, and retailers throughout Central Florida and the broader Southeast region. The Debtor filed its voluntary petition on October 29, 2025 (the "Petition Date"), after evaluating all feasible alternatives and determining that reorganization through the Subchapter V expedited process offered the best opportunity to stabilize operations, renegotiate obligations, and restore the business to profitability. The Debtor's sixty-month financial projections, demonstrates feasibility through consistent positive monthly disposable income and a commitment of all disposable income to plan payments. All secured creditors shall retain their liens on collateral or receive replacement liens, and shall be paid from the Debtor's disposable income on a schedule designed to satisfy claims with interest over the plan term or shorter periods as feasible. General unsecured creditors shall receive pro-rata distributions from disposable income remaining after payment of secured claims and administrative expenses. Equity holders shall retain 100% of their pre-petition equity interests and shall participate in any excess proceeds or distributions available after all claims are paid. Class 3 consists of all Allowed General Unsecured Claims against the Debtor that are not secured by any lien on property and are not entitled to priority status under Section 507(a) of the Bankruptcy Code. The General Unsecured Claimants shall receive monthly pro-rata distributions from all Projected Disposable Income remaining after payment of: * the Allowed Administrative Expense Claims; * the cure amounts and monthly payments on secured claims; and * the post-petition ordinary course operating expenses. The distributions will be based on the Disposable Income Projections attached to this plan. The Reorganized Debtor estimates that the distribution per month available for distribution to Class 3 claimholders over the 60-month plan term is as follows: Year 1: $6,000.00 Year 2: $6,500.00 Year 3: $7,000.00 Year 4: $9,000.00 Year 5: $10,000.00 Class 4 consists of Equity Interest Holders of the Debtor. All equity holders will retain their equity interests in the same amounts and with the same character as they existed prior to the Petition Date. Equity Holders shall continue to operate the business in the ordinary course and in accordance with the Reorganized Debtor's operating budget. Equity Holders shall be bound by all provisions of the Plan and the Confirmation Order. Equity Holders shall comply with all Court orders and directives of the Subchapter V Trustee. The Plan shall be funded through the ongoing operations of the Debtor and in accordance with the provisions of the Plan. A full-text copy of the Plan of Reorganization dated January 27, 2026 is available at https://urlcurt.com/u?l=X6ceqz from PacerMonitor.com at no charge. Counsel to the Debtor: Jesus Santiago, Esq. Elee Dammous, Esq. DASA Law 14100 Palmetto Frontage Road, Suite 370 Miami Lakes, FL 33016 Tel: (888) 343-DASA (3272) Fax: (659) 901-1780 E-mail: eService@Dasa.Law About Group Stone Investment Group Stone Investment Inc., a company based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. It imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Group Stone Investment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06982) on October 29, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor tapped Jesus Santiago, at Dasa Law as bankruptcy counsel, and The Genesis Firm, LLC as accountant. HADNOT LOGISTICS: Unsecureds Will Get 5.36% of Claims over 5 Years ------------------------------------------------------------------ Hadnot Logistics LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated January 27, 2026. The was formed in 2016. Debtor operates a trucking company. The Debtor is currently owned 100% by Maurita Hadnot. Ms. Hadnot will remain managing member and retain her 100% ownership interest going forward. The Debtor elected to file chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. All allowed unsecured creditors, shall receive a pro rata distribution at zero percent per annum over the next five years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. Debtor will distribute $52,500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, includes the undersecured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 5.36% of their allowed claims under this plan. The allowed unsecured claims total $997,897.60. Class 5 is impaired. Class 6 consists of Equity Interest Holder (Current Owner). Maurita Hadnot is the 100% the equity interest holders. They will receive no payments under the Plan; however, theywill be allowed to retain ownership of the Debtor. Class 6 is not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated January 27, 2026 is available at https://urlcurt.com/u?l=xLMZ2f from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About Hadnot Logistics LLC Hadnot Logistics, LLC, a company in Rockwall, Texas, transports heavy and oversized machinery across the southern and southeastern region of the United States. Hadnot Logistics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34270) on Oct. 29, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Scott W. Everett presides over the case. Robert Lane, Esq., at The Lane Law Firm PLLC, is the Debtor's bankruptcy counsel. HOME STAY: Seeks to Hire Steidl & Steinberg as Bankruptcy Counsel ----------------------------------------------------------------- Home Stay Comfort Care LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Steidl & Steinberg, P.C. to handle its Chapter 11 case. The firm will be paid at $400 per hour. The firm will receive a retainer in the amount of $5,000, plus the filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher M. Frye, Esq., a partner at Steidl & Steinberg, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher M. Frye, Esq. Steidl and Steinberg, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 About Home Stay Comfort Care LLC Home Stay Comfort Care LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20160) on January 19, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Christopher M. Frye, Esq. at Steidl & Steinberg, P.C. serves as the Debtor's counsel. HOWARD HUGHES: S&P Upgrades ICR to 'B+', On CreditWatch Positive ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Houston-based Howard Hughes Holdings Inc. (HHH) to 'B+' from 'B' and its issue-level ratings on the existing unsecured notes to 'BB-' from 'B+.' At the same time, we assigned our 'BB-' issue-level rating to the proposed $500 million unsecured notes due 2032 and $500 million unsecured notes due 2034. All of our ratings, including our 'B+' issuer credit rating and 'BB-' issue-level ratings, remain on CreditWatch with positive implications. The positive CreditWatch placement reflects the likelihood we will raise our ratings on the company following the close of the company's acquisition of Vantage Group Holdings Ltd., which we expect will occur in the second quarter of 2026, subject to the satisfaction of customary regulatory approvals and closing conditions. HHH is proposing to issue $1 billion in senior unsecured notes to repay its existing 5.375% senior unsecured notes due 2028, pay transaction-related fees and expenses, and for general corporate purposes. S&P expects total earnings before taxes to improve in 2026 due to increasing condominium sales, contributing to leverage remaining below our upside threshold of 8x. The upgrade reflects HHH's current and forecasted leverage compared with our upgrade threshold. HHH intends to use the net proceeds of its proposed senior unsecured notes to repay its existing 5.375% senior unsecured notes due 2028, pay transaction-related fees and expenses, and for general corporate purposes. The notes will be issued through its wholly owned subsidiary, The Howard Hughes Corp. The upgrade reflects the stand-alone company's current and forecasted leverage compared with our upgrade threshold of debt to EBITDA below 8x and EBITDA interest coverage above 2x. As of the third quarter ended Sept. 30, 2025, its S&P Global Ratings-adjusted debt to EBITDA was 5.1x and EBITDA interest coverage was 2.4x. S&P forecasts stand-alone 2026 debt to EBITDA of 5.8x and EBITDA interest coverage of 2.0x. S&P said, "We expect 2026 operating performance to improve mainly due to higher condominium sales compared with 2025 levels, driven primarily by The Park Ward Village, which was 97% presold as of the end of 2025. In addition, the Operating Assets (OA) segment will strengthen due to an improvement in leasing fundamentals specifically for its multifamily portfolio. "However, we expect the Master Plan Community (MPC) segment to decline in 2026 following a record year of land sales in 2025. Still, with this transaction of $1 billion of debt issuance, we expect the company's stand-alone leverage to improve and remain in the mid- to high-5x area through the end of the year. "We believe the recently proposed acquisition could benefit HHH's credit quality because it's acquiring higher-rated Vantage Group Holdings Ltd. The acquisition will transform HHH into a diversified holding company." It will finance the $2.1 billion acquisition with approximately $1.2 billion of cash on its balance sheet and up to $1 billion of non-interest-bearing, non-voting preferred stock issued by HHH to Pershing Square Holdings Ltd. (PSH). HHH will receive a series of call options, enabling it to redeem the PSH preferred stock and acquire additional economic ownership of Vantage over up to seven years. The CreditWatch with positive implications reflects the likelihood we'll raise S&P's ratings on HHH upon close of the transaction, which it anticipates in the second quarter of 2026, assuming the transaction is completed as proposed. HUDSON 1701/1706: Hires Boies Schiller & Flexner LLP as Co-Counsel ------------------------------------------------------------------ Hudson 1701/1706, LLC and Hudson 1702, LLC seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Boies Schiller & Flexner LLP, as co-counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their business and management of their properties; (b) negotiating, drafting, and pursuing documentation necessary in these Chapter 11 Cases; (c) preparing on behalf of the Debtors applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; (d) appearing in Court and protecting the interests of the Debtors before the Court; (e) conducting pretrial discovery, engaging in any mediation, and otherwise prosecuting the Adversary Proceedings on behalf of the Debtors and their estates; (f) assisting with any disposition of the Debtors' assets, by sale or otherwise; (g) negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; (h) attending meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; (i) providing legal advice to the Debtors regarding bankruptcy law, litigation and other issues in connection with the Debtors' ongoing business operations; and (j) performing all other legal services for, and providing all other necessary legal advice to, the Debtors which may be necessary and proper in these Chapter 11 Cases. The firm's current hourly rates are: Partners $1,120 to $2,730 Counsel $1,100 to $2,020 Associates $840 to $1,120 Staff Attorneys $570 to $650 Paralegals $460 to $590 Boies Schiller & Flexner LLP is a "disinterested person" under section 101(14) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached through: Robert D. Gordon, Esq. Boies Schiller & Flexner LLP 55 Hudson Yards, 20th Floor New York, NY 10001 Phone: (212) 446-2372 About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. IMPACT STAFFING: Claims to be Paid from Ongoing Operations ---------------------------------------------------------- Impact Staffing Solutions, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Washington a First Amended Plan of Reorganization for Small Business Under Subchapter V dated January 26, 2026. The Debtor is a small, locally-owned temporary staffing agency doing business in Eastern and Western Washington, Oregon, and Idaho. An important part of its business is providing temporary, seasonal employees for the agriculture and seafood industry employees. Impact is a Washington limited liability company, and obtained its certificate of formation from the State of Washington on January 8, 2025. Rebecca Valdez aka Becky Valdez, Charolette McDowell aka Char McDowell, and Jessica Lustig are Impact's members (each, a "Member" and collectively, the "Members"). Each Member holds one third of the total membership interest in Impact. Pursuant to an Asset Purchase Agreement dated February 25, 2025 (the "Purchase Agreement"), and an Installment Purchase Agreement dated February 27, 2025 (the "Installment Agreement"), Impact purchased assets, including intellectual property, goodwill, and seller's book of business, from R&SL, Inc. a temporary staffing business (the "Sale"). The purchase price was $1,500,000, with a down payment of $25,000 paid to R&SL on or about February 21, 2025, with the unpaid balance of $1,475,000 to be paid pursuant to the Installment Agreement. Impact's debt to R&SL is unsecured. Under the proposed First Amended Plan, priority claims will receive payment in full, together with interest at the applicable statutory rates, and general unsecured creditors without priority will receive payments, without interest, totaling $346,820 on their allowed claims over three years, or approximately 78% of their claims. Creditors that elect to be treated as a convenience class claim, or who have an allowed general unsecured claim of $2,000 or less will receive the full amount of their claims or $2,000, whichever is less, within 45 days of the Effective Date. This First Amended Plan sets forth the Debtor's proposal to restructure its obligations and emerge from chapter 11. The Projections show that the Debtor will use all its disposable income for the three-year period described in Section 1191(c)(2) of the Bankruptcy Code to make payments under the First Amended Plan. Debtor expects to make its final Plan payment in April 2029. This First Amended Plan provides for one class of unsecured claims with priority, one class of secured claims, six classes of unsecured claims without priority, including a convenience class, and one class of equity security holders. Class 5 consists of general unsecured claims without priority, whether filed or scheduled, unless specifically provided for in another class. The Debtor proposes to allow all claims on Exhibit 5 as filed or scheduled, to be paid on the same basis as all other general unsecured claims without priority. Class 6 consists of general unsecured claims without priority, scheduled in an unknown amount and for which no proof of claim has been filed. The Debtor proposes to allow claims scheduled as liquidated and/or disputed, whether in an unknown amount or $0.00 and where no proof of claim was filed, as $0.00. Class 6 claims will receive no distribution under the confirmed First Amended Plan. Class 7 consists of convenience claims. Class 7 claims includes all allowed general unsecured claims without priority and less than $2,000, and any allowed general unsecured claims without priority that elect to be treated as a Class 7 convenience claim. Class 7 claims will be paid $2,000 or the allowed amount of their claim, whichever is less, within 45 days of the Effective Date, but in no event before the allowed administrative claims of the Subchapter V trustee, Chris Ries, and Jeff Dunbar are paid in full. Class 8 consists of equity security holders. Each of the Debtor's Members hold a one third interest in the Debtor. Each Member will retain her membership interests in Impact Staffing Solutions, LLC. The Debtor will continue to operate its business and fund the confirmed First Amended Plan by the ongoing operations of the Reorganized Debtor. An independent CPA will be retained to prepare Impact's annual federal tax returns and provide other accounting services the Debtor may require. On the Effective Date, (a) all property of the bankruptcy estate will vest in the Debtor pursuant to Section 1186(b), and (b) of the Bankruptcy Code except as otherwise provided in this First Amended Plan, the Debtor will take title to such property free and clear of all claims, liens, encumbrances, and other interests of creditors. A full-text copy of the First Amended Plan dated January 26, 2026 is available at https://urlcurt.com/u?l=J68mjx from PacerMonitor.com at no charge. About Impact Staffing Solutions Impact Staffing Solutions provides workforce and employment placement services across the Pacific Northwest, linking businesses with qualified candidates for seasonal, temporary, temp-to-hire, and direct-hire roles. The Company operates through five regional offices and serves a broad range of industries. It focuses on supporting workforce growth through integrity, transparency, and long-term relationships between employers and job seekers. Impact Staffing Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Was. Case No. 25-01726) with $1,000,001 to $10 million in both assets and laibilities. The petition was signed by Jessica Lustig as member. Judge Hon. Frederick P Corbit oversees the case. The Debtor is represented by: Geoffrey Groshong Groshong Law PLLC Tel: 206-508-0585 E-mail: geoff@groshonglaw.com INDUSTRIAL F&B III: Fitch Rates New $550MM 7Yr. Secured Notes 'B+' ------------------------------------------------------------------ Fitch Ratings has assigned Industrial F&B Investments III, Inc.'s proposed $550 million 7-year senior secured notes issuance a 'B+' rating with a Recovery Rating of 'RR3'. The debt will be pari passu to the company's $1.25 billion senior secured term loan B. Net proceeds from this offering, along with funds from the $1.25 billion term loan and other cash and equity contributions, will be used to pay the cash consideration and redeem existing debt for the Treehouse Foods, Inc. (Treehouse) acquisition. Remaining proceeds will be used towards general working capital and corporate purposes and to pay transaction fees and expenses. Upon consummation of the acquisition, TreeHouse will assume all the debt obligations of Industrial F&B Investments III, Inc. Treehouse's 'B' rating reflects the company's weak performance trends, execution issues, high leverage, and modest scale with EBITDA in the high-$300 million range, balanced with the company's leading position in the North America private-label category. Key Rating Drivers Execution Issues, Weak Volume Trends: Over the past decade, TreeHouse has undergone multiple transformations in efforts to reshape its portfolio for growth, with volume pressure since 2016. It acquired businesses to gain scale but struggled to achieve synergies. Despite various strategic efforts to reduce complexity through divestitures and shifting to higher-growth, higher-margin product categories, volumes declined in 2023 and 2024, driven by supply chain disruptions and product recalls. Fitch forecasts a 4% decline in organic sales in 2025, reflecting ongoing volume pressures and continued operational inefficiencies, driven by recalls and margin management initiatives. Private-label products typically perform well during periods of financial strain, as consumers trade down from branded products for affordability and value. Industry private-label penetration grew in 2024 and 2025 given increased consumer focus on value following several years of high inflation. Despite this tailwind, Treehouse's volumes declined due to temporary facility closures and quality control issues. Fitch expects TreeHouse's organic sales to be relatively flat in 2026 as volume declines moderate to low single digits versus a projected 8% decline in 2025, driven by resolution of supply chain issues, investments in innovation and go-to-market strategies. Take Private Acquisition: On Nov. 10, 2025, TreeHouse agreed to be taken private by Investindustrial in an all-cash deal valued at $2.9 billion, or around 8x Fitch-adjusted LTM September 2025 EBITDA. This is the second deal between the companies in four years, following Investindustrial's $950 million acquisition of the majority of TreeHouse's Meal Preparation business in August 2022. The post-acquisition capital structure is expected to be largely leverage neutral, consisting of a $1.25 billion first lien term loan B and $550 million of senior secured notes issued to repay the existing $1.7 billion of debt, which includes outstanding borrowings under its A/R securitization program. Fitch believes that, under new management with experience in its legacy business, TreeHouse could realize cost savings and improve profitability over the medium term. Relatively Small Industry Player: Although TreeHouse is a leader in the North American private label space, it is smaller than many branded packaged food competitors. The Campbell's Company (Campbell; BBB-/Stable), a direct competitor in broth and snacks, generated $10.3 billion of total net revenue and over $1.8 billion of EBITDA in fiscal 2025 (ended Aug. 31), compared with Treehouse's 2024 revenue and EBITDA of around $3.5 billion and $370 million, respectively. Fitch expects TreeHouse's EBITDA to remain in the high-$300 million range over the next 12-24 months as the company focuses on improving supply chain capabilities and reducing business complexity. Stable Margins, Modest FCF Generation: In 2025, Fitch expects margins to remain relatively flat at 11% versus 10.9% in 2024, driven primarily by ongoing cost-saving initiatives offsetting volume declines. With new management, Fitch expects margins to remain in the 11% range over the medium term with topline stabilization and investments in operational efficiencies. The company has historically generated positive FCF, excluding working capital swings from divestitures, due to minimal capex. Fitch expects FCF to be around $100 million in 2025 and modestly positive thereafter, driven by higher cash interest expenses, restructuring costs, and higher capex to fund operational capabilities. Elevated Leverage: Fitch expects pro forma leverage for 2025 to be around 4.9x, in line with 2024, reflecting flattish EBITDA and modest incremental debt from the transaction. Beginning 2026, Fitch expects leverage to be flat at around 5.0x, reflect stable EBITDA and debt levels. Peer Analysis Treehouse's 'B' rating and Stable Outlook reflects the company's weak performance trends, execution issues, high leverage, and modest scale, with EBITDA in the high-$300 million range. Other rated peers include The Kraft Heinz Company (Kraft Heinz; BBB/Rating Watch Negative), The Campbell's Company (Campbell; BBB-/Stable), and Conagra Brands, Inc. (Conagra; BBB-/Stable). Kraft Heinz's rating reflects its portfolio of strong brands and actions taken to strengthen its market position through portfolio optimization and repositioning efforts. The Negative Rating Watch reflects the company's announced plan to separate into two entities: Global Taste Elevation Co. (Remain Co) and North American Grocery Co. Fitch expects to resolve the Rating Watch when there is greater clarity on RemainCo's pro forma capital structure, operating and cash flow prospects and long-term financial policy. Campbell's ratings reflect the company's strong brands, significant market share in several product categories and leverage sustained in the high-3x range. Fitch expects EBITDA could decline in the low- to mid-teens in fiscal 2026, driven by the weak topline, higher input costs and ongoing reinvestment into the business and recover modestly thereafter. Leverage is expected to be around 4.2x in fiscal 2026 and in the high-3x range in fiscal 2027, assuming FCF is used towards debt reduction. Conagra's ratings reflect its position as one of the largest players in the U.S. packaged foods industry, with a strong presence in the frozen, refrigerated and snacking categories. Fitch expects EBITDA to trend toward the high $1 billion range in fiscal 2026, with EBITDA leverage approaching 4x. Fitch's Key Rating-Case Assumptions -- 2025 organic sales is expected to decline by 4% driven by high-single digit volume declines offset by mid-single digit pricing actions. Beyond 2025, organic sales is expected to be flattish from volume stabilization. -- EBITDA is expected to be $370 million in 2025 relative to $366 million in 2024 and remain relatively flat thereafter. EBITDA margin is expected to be 11% in 2025, a modest increase from 10.9% in 2024, as the company manages inflationary pressures with cost-savings initiatives. Margins are expected to remain in the 11% range from ongoing supply chain optimization and increased investment into marketing and innovation. -- FCF is expected to be around $100 million in 2025 with capex of $125 million. Beyond 2025, FCF is expected to be minimal, driven by higher cash interest burden and capex of $150 million- $170 million annually. -- Leverage is expected to improve in 2025 to 4.8x from 4.9x in 2024, before increasing to 5.0x in 2026, as the company continues to invest in operational excellence to stabilize topline and position for growth. Leverage is expected remain in the 5.0x range over the forecast period from flattish EBITDA and debt levels. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (b, Higher), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (b+, Moderate), Financial Structure (b+, Moderate), and Financial Flexibility (bb, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in Fitch's analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis Fitch conducts a bespoke recovery analysis when assigning and monitoring instrument ratings for issuers with IDRs of 'B+' and below. The recovery analysis assumes that TreeHouse would be reorganized in bankruptcy as a going concern (GC) rather than being liquidated. The recovery analysis further assumes the RCF will be fully drawn. TreeHouse' recovery analysis is based on a going concern enterprise value. Fitch assumes a $250 million going concern EBITDA. The going concern EBITDA reflects a scenario of continued market share losses given ongoing execution issues and/or increased competition in its portfolio categories. EBITDA margins are assumed to be around 10%, reflecting continued operational issues and marketing efforts to improve sales, offset partially by cost cutting and supply chain optimization efforts achieved through bankruptcy. TreeHouse's recovery analysis uses a 6.0x EV multiple. This compares to the 6.4x median bankruptcy multiple for food, beverage and consumer companies. The EV multiple considers the company's diversified product offerings, offset by its relatively small scale with a focus on private label compared to other branded peers. After deducting 10% administrative claims from the going-concern valuation and considering the company's debt capital structure, the company's new proposed $550 million senior secured note is rated at a 'B+'/'RR3'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Revenue and EBITDA declines due to market share losses or margin pressures, operational issues or debt-financed dividends or acquisitions that would cause leverage to be sustained above 6.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Stabilization in volume trends with EBITDA improvements such that leverage is sustained below 5.0x. Liquidity and Debt Structure Fitch views TreeHouse's post-closing liquidity as satisfactory, with approximately $400 million of ABL capacity. This is viewed relative to 1.0% amortization on the $1.25 billion term loan B, with payment commencing after the first full fiscal year. TreeHouse's proposed capital structure consists of approximately $400 million ABL revolver, a first-lien $1.25 billion term loan B, and $550 million of senior secured notes. Proceeds are expected to be used towards repaying existing debt and outstanding borrowings under its A/R securitization program. Prior to the announcement of the acquisitions, as of Sept. 30, 2025, TreeHouse had around $400 million in liquidity, including $21 million in cash and $372.2 million available under its $500 million secured RCF due Jan. 17, 2030 (netting $95 million of borrowings and $32.8 million of letters of credit). In addition to the revolver, the company's capital structure included a $422.9 million secured term loan A-1 due January 2030, a $480 million of secured term loan A due January 2030, and a $500 million unsecured bond due September 2028. The company also has a A/R securitization program in place and as of Sept. 30, 2025, the total outstanding borrowings on the facility was $221.7 million. Issuer Profile TreeHouse is the leading manufacturer and distributor of private label packaged foods and beverages in North America. The company has 24 production facilities and distributes both private label and regionally branded products to supermarkets, mass merchandisers, and specialty retailers. INSPIRED HEALTHCARE: Chapter 11 Raises DST Investor Concerns ------------------------------------------------------------ Inspired Healthcare Capital, a sponsor of senior housing and healthcare-related real estate investments, filed for relief under Chapter 11 of the U.S. Bankruptcy Code on February 2, 2026, according to public court records. Inspired Healthcare Capital sponsored and managed alternative investment offerings, including Delaware Statutory Trust offerings and other structures sold through brokerage firms and financial advisors nationwide. The investments were commonly marketed as long-term, income-oriented holdings, often emphasizing stability, predictable cash flow, and tax advantages for conservative investors. Impact on IHC DST Investors: The Chapter 11 filing has significant implications for investors in Inspired Healthcare Capital DST offerings and IHC-affiliated funds. Investors' ultimate recovery, if any, may depend on the restructuring process, asset sales, and a court-approved plan of reorganization. The bankruptcy filing also raises serious questions regarding how these investments were recommended and sold, including whether the risks associated with illiquid, sponsor-managed investments were fully explained to investors by the broker-dealers and financial advisors who recommended them. Altamirano PLLC, a New York-based law firm focused on securities arbitration and investor protection matters, is currently representing IHC investors in FINRA arbitration claims against brokerage firms that recommended the products. Following the Chapter 11 filing, the firm continues to review potential claims involving unsuitable investment recommendations, material misrepresentations or omissions, and failures by brokerage firms to conduct adequate due diligence on IHC, its management, and the DST offerings. "Bankruptcy filings create uncertainty," said Jorge Altamirano, founder of Altamirano PLLC. "They are often accompanied by communications that emphasize continuity or frame the restructuring as a positive development for investors. We are focused on helping investors understand their options and examining whether brokerage firms met their obligations when selling these investments." Additional information regarding IHC's restructuring plans may become available over time. About Altamirano PLLC Altamirano PLLC is a New York-based law firm representing IHC investors in securities arbitration and complex financial disputes nationwide. The firm focuses on claims involving alternative investments, including non-traded real estate investments, private placements, and other illiquid products. About Inspired Healthcare Capital Inspired Healthcare Capital is a private equity firm specializing in senior housing investments, dedicated to creating exceptional living environments for their approximately 2,620 residents. Inspired Healthcare Capital owns 35 operating senior living communities in 14 states, comprised of independent living units, assisted living units, and memory care units. Inspired Healthcare Capital also forms and manages fund entities and has a strong commitment to delivering long-term value to its investors, while prioritizing the well-being and care of its residents. Inspired Healthcare Capital is advised by McDermott Will & Schulte as legal counsel, Raymond James & Associates, Inc. as investment banker, and Ankura Consulting Group as restructuring advisor. INTEGRATED ENDOSCOPY: Taps Arias Valuation as Property Appraiser ---------------------------------------------------------------- Integrated Endoscopy, Inc., the Debtor and Debtor-in-Possession, seeks approval from the United States Bankruptcy Court for the Central District of California, Santa Ana Division, to employ Arias Valuation Group, LLC as its intellectual property appraiser in its Chapter 11 case. Arias Valuation Group, LLC will provide these services: (a) provide an analysis and valuation of the Debtor's intellectual property, including patents registered with the United States Patent and Trademark Office and patents registered in countries outside the United States; (b) provide a valuation of the intellectual property as of the Petition Date; (c) provide a valuation of the intellectual property as of November 30, 2025, reflecting the economic value after the Debtor attained FDA 510(k) clearance on its wireless camera; (d) perform valuation services in accordance with generally accepted valuation methodology; and (e) document the results of its valuation in a narrative report. The Appraiser has requested a post-petition retainer in the amount of $20,000. Arias Valuation Group, LLC proposes to charge the bankruptcy estate these hourly rates: $500 per hour for communications, $500 per hour for valuation analysis and report preparation, $250 per hour for administration, research, and data gathering, and $650 per hour for in person court testimony and preparation for in person court testimony. According to court filings, Arias Valuation Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: Joseph Clement Arias Valuation Group, LLC 2504 Eagleview Circle Longmont, CO 80504 Telephone: (303) 902-2493 About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: (212) 484-3900 Facsimile: (212) 484-3990 E-mail: jeffrey.gleit@afslaw.com brett.goodman@afslaw.com - and - Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: (213) 629-7400 Facsimile: (213) 629-7401 E-mail: aram.ordubegian@afslaw.com christopher.wong@afslaw.com J.A. CARRILLO: Seeks to Hire Duncan & Schuler CPA as Accountant --------------------------------------------------------------- J.A. Carrillo Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Duncan & Schuler CPA, PLLC as accountant. The Debtor needs an accountant to prepare and file its S corporate tax returns. James Schuler, the primary accountant in this representation, will be billed at his hourly rate of $320 per hour for preparation of S corporation returns. In addition, there is a charge of $80 per hour for assembly of the return by his assistant. Mr. Schuler 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: James Schuler, CPA Duncan & Schuler CPA, PLLC 9222 Lake City Way N.E. Seattle, WA 98115 Telephone: (206) 623-6622 About J.A. Carrillo Construction J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new construction drywall and complete drywall service packages throughout the state. J.A. Carrillo Construction filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13492) on December 10, 2025, listing up to $3,009,770 in total assets and up to $3,726,313 in total liabilities. The Debtor tapped Faye C. Rasch, Esq., at Wenokur Riordan PLLC as counsel and Duncan & Schuler CPA, PLLC as accountant. J.L.E.T. ENTERPRISES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ J.L.E.T. Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. Under the interim order signed by Judge Luis Rivera II, the Debtor is authorized to use cash collateral through February 18 to pay court-approved amounts, including Subchapter V Trustee interim compensation; budgeted expenses (with up to a 10% per-line-item variance); and additional amounts subject to approval by the U.S. Small Business Administration. This authorization will continue until further of the court. As adequate protection, the SBA will have a perfected post-petition lien on the pre-bankruptcy collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor is required to maintain insurance coverage for its property in accordance with its obligations under the loan and security documents with the secured creditor. The next hearing is set for February 18. The interim order is available at https://urlcurt.com/u?l=B7x2uX from PacerMonitor.com. According to the Florida Secured Transaction Registry, the SBA may assert a perfected pre-bankruptcy security interest in the cash collateral. The SBA holds a $111,613 claim secured by the Debtor's tangible and intangible personal property. About J.L.E.T. Enterprises LLC J.L.E.T. Enterprises, LLC is a North Port, Fla.-based company operating in the pet care and retail industry. It offers dog-focused products including specialty frozen and cooked foods, toys, grooming tools, and accessories. J.L.E.T. conducts business under the names Lucy's Dog Bakery & Spa, Three Dog Bakery & Grooming, and Diversified Services SWF. J.L.E.T. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00096) on January 15, 2026. In its petition, the Debtor reported total assets of $51,687 and total liabilities of $1,163,778. Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael Dal Lago, Esq., at Dal Lago Law. JADE HOLDINGS: Seeks to Hire Infeld Barr Reiskind as Accountant --------------------------------------------------------------- Jade Holdings Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Infeld Barr Reiskind CPAS LLC as accountant. The firm will prepare the Debtor's 2024 federal and state partnership returns. The firm will receive a flat fee payment of $2,500. Steven Reiskind, a certified public accountant at Infeld Barr Reiskind, 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: Steven Reiskind, CPA Infeld Barr Reiskind CPAS LLC 5011 S. State Road 7, Suite 107 Davie, FL 33314 Telephone: (954) 616-1389 About Jade Holdings Group LLC Jade Holdings Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23338) on November 11, 2025. In its petition, the Debtor reported assets between $50,001 and $100,000 and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtor tapped Chad T. Van Horn, Esq., at Van Horn Law Group, PA as counsel and Infeld Barr Reiskind CPAS LLC as accountant. KASAI HOLDINGS: Court OKs Appointment of Chapter 11 Trustee ----------------------------------------------------------- Judge Brenda Martin of the U.S. Bankruptcy Court for the District of Arizona approved the appointment of Michael Carmel as Chapter 11 trustee for Kasai Holdings Three, LLC. The appointment comes upon the application filed by the U.S. Trustee for Region 14 to appoint a bankruptcy trustee in Kasai Holdings' Chapter 11 case. The U.S. Trustee has consulted with the following party-in-interest who were present at January 16th hearing regarding the appointment of the trustee: * Attorneys for the Cutchall Management Company * Attorneys for Michael Orris, D.O. and Michael Orris Holdings LLC * Kasai's Counsel * Counsel for Kasai's insider, Michael Russello * Attorneys for Blue Ridge Bank, by its authorized service provider, Jaris Lending, LLC * Attorneys for Capybara Capital To the best of the U.S. Trustee's knowledge, Mr. Carmel's connections with Kasai, creditors, and other parties-in-interest, their respective attorneys and accountants, the United States Trustee, and persons employed in the Office of the U.S. Trustee are limited to the connections set forth in Mr. Carmel's verified statement. A copy of the appointment order is available for free at https://urlcurt.com/u?l=6rjLVd from PacerMonitor.com. On January 12, Cutchall Management Company, a Nebraska limited liability company, sought appointment of a Chapter 11 trustee for Kasai based on recently discovered fraud, dishonesty, and criminal conduct allegedly concealed by Michael Russello of Dinnertainment, LLC, Kasai's sole manager. Cutchall asserted that the recently discovered fraud and criminal conduct was allegedly perpetrated by Mr. Russello beginning on May 21 -- 94 days before Kasai's bankruptcy filing -- and continued post-petition while Mr. Russello served as a fiduciary of the estate. On January 14, Dr. Michael Orris, D.O., of Michael Orris Holdings, LLC likewise raised the need for appointment of an independent trustee. Dr. Orris alleged that his account was frozen after Wynwood Group Capital Group, LLC obtained a stipulated judgment against Michael Orris Holdings, LLC and sought garnishment, based on a merchant cash agreement allegedly executed by Mr. Russello without authorization, much of which occurred post-petition. About Kasai Holdings Three Kasai Holdings Three, LLC owns and operates a restaurant in Scottsdale, Ariz. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06967) on August 22, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Michael F. Russel, manager through Dinnertainment, LLC, signed the petition. Judge Brenda K. Martin presides over the case. Chris D. Barski, Esq., at Barski Law Firm, PLC, is the Debtor's bankruptcy counsel. KB3 2275 CENTURY: Unsecureds Will Get 21.7% of Claims in Plan ------------------------------------------------------------- KB3 2275 Century LLC filed with the U.S. Bankruptcy Court for the Central District of California a First Amended Disclosure Statement describing Chapter 11 Plan dated January 27, 2026. The Plan proposes to restructure the financial affairs of the Debtor. The Plan proponent believes it is feasible because, both on the Effective Date and for the duration of the Plan, the proponent estimates that Debtor will have sufficient cash to make all distributions. Classes 1 and 2 Secured Claims (divided into subclasses 1A, 1B, 2A, 2B, etc.) consist of claims secured by Collateral (such as a mortgage/deed of trust secured by a house, a car loan secured by the car, or any other claim secured by a lien on property of the bankruptcy estate), which generally are entitled to be paid in full, over time, with interest. Class 1 is reserved for claims secured only by real estate that is an individual Debtor's principal residence. Class 2 contains all other secured claims. Class 4 consists of General Unsecured Claims (claims that are not entitled to "priority" under the Bankruptcy Code and that are not secured by Collateral), which will receive, over time, the following estimated percentage of their claims (or fixed percentage, if the Plan so provides): 21.7%. Exception: the Plan may designate a subclass of small "convenience class" claims which will be paid in full on the Effective Date, and in rare situations the Plan may designate additional unsecured subclasses. Class 5 consists of Interests. This class will remain unchanged unless otherwise stated in the exhibits to the Plan or this Disclosure Statement. This Plan will be funded as explained in the exhibits to the Disclosure Statement. All transfers of property under this Plan shall be made in accordance with any applicable provisions of non bankruptcy law to the extent required by Section 1129(a)(16) of the Bankruptcy Code. On the Effective Date, all property of the bankruptcy estate will vest in the reorganized Debtor pursuant to Section 1141(b) & (c) of the Bankruptcy Code, free and clear of all claims and interests except as otherwise provided in this Plan. Except as otherwise provided in this Plan, (1) the payment terms promised in this Plan constitute new contractual obligations that replace any payment terms that existed prior to the Effective Date, and (2) all rights and obligations other than those new payment terms continue to apply. A full-text copy of the First Amended Disclosure Statement dated January 27, 2026 is available at https://urlcurt.com/u?l=ntQjjn from PacerMonitor.com at no charge. Counsel to the Debtor: Onyinye N. Anyama, Esq. Anyama Law Firm, A Professional Corporation 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Telephone: (562) 645-4500 Facsimile: (562) 645-4494 E-mail: info@anyamalaw.com About KB3 2275 Century LLC KB3 2275 Century, LLC a Los Angeles-based real estate company operating from Avalon Boulevard. KB3 2275 Century filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10237) on January 14, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Neil W. Bason handles the case. The Debtor is represented by Onyinye N. Anyama, at Anyama Law Firm. KEVIN D CHANEY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Kevin D. Chaney & Company, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use up to $20,000 in cash collateral to pay the expenses set forth in its budget. Celtic Bank/SBA, a potential secured creditor, asserts a claim of $129,951 against the Debtor. To the extent Celtic Bank/SBA holds a perfected security interest in pre-bankruptcy assets used post-petition, it will receive a replacement lien on post-petition assets similar to its pre-bankruptcy collateral as adequate protection. The order also authorized the opening of a separate debtor-in-possession bank account for post-petition professional fees, with funds remaining property of the bankruptcy estate and subject to court approval. A final hearing is scheduled for February 25. Absent objections filed within 14 days of January 28, the interim order will become final. The order is available at https://is.gd/2YTEzL from PacerMonitor.com. As of the petition date, the Debtor's principal assets consisted of bank accounts and cash ($538); furniture, fixtures and equipment ($7,500); accounts receivable ($11,500); and landlord security deposit ($3,000). A significant portion of the value of Debtor's business arises from its ongoing operations. About Kevin D. Chaney & Company Inc. Kevin D. Chaney & Company, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40451) on January 18, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas J. Tucker presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney At Law represents the Debtor as bankruptcy counsel. KLE EQUIPMENT: Seeks to Extend Plan Exclusivity to February 25 -------------------------------------------------------------- KLE Equipment Leasing LLC and affiliates asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 25 and April 30, 2026, respectively. The Debtors have taken steps toward proposing a plan of reorganization. They sent a draft plan to creditors on or shortly after December 23, 2025. The Debtors received responses from 12 creditors, including extensive comments from BMO Bank N.A., which has a claim of more than $14.8 million against every Debtor. The Debtors believe that the comments from BMO Bank have been useful. In part, the comments addressed the Debtors' proposal to resolve issues involved with the prepetition transfers that occurred. The Debtors claim that they prefer to file motions for one-month extensions instead of a longer period to keep the pressure on all parties to reach resolution of plan terms as well as use the motions to keep the Court abreast of the plan process. Because the dialog on a plan continues and progress is being made, the Debtors prefer to extend the exclusive period to file a plan and obtain its approval rather than prematurely beginning the plan confirmation process. The Debtors are a relatively large enterprise size that has a complex financial structure. More time is needed to work through negotiations with creditors. The Debtors explain that they are making good faith progress towards reorganization by revising their proposed plan and again sending it to the largest creditors in the case for additional comments. Respectfully, the Debtors believe the extensions requested are reasonable. Attorneys for the Debtors: Jerome R. Kerkman, Esq. Nicholas W. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About KLE Equipment Leasing KLE Equipment Leasing, LLC, is a Wisconsin-based equipment leasing company headquartered in Neenah. KLE Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge G. Michael Halfenger handles the case. The Debtor is represented by Nicholas Kerkman and Jerome R. Kerkman, at Kerkman & Dunn. KOLSTEIN MUSIC: Court Extends Cash Collateral Access to Feb. 18 --------------------------------------------------------------- Kolstein Music, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through February 18. The fifth interim order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, the U.S. Small Business Administration. As adequate protection for the Debtor's use of its cash collateral, SBA and other secured creditors will have a perfected post-petition replacement lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with secured creditors. The next hearing is scheduled for February 18. The Debtor's cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the lien of SBA by virtue of a UCC-1 financing statement filed with the State of New York on May 30, 2020. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/1Tvc9 from PacerMonitor.com. About Kolstein Music Inc. Kolstein Music, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03511) on June 8, 2025, listing up to $1 million in both assets and liabilities. Andrew Layden serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 dvelasquez@lathamluna.com LELAND HOUSE: Seeks Approval to Hire Savills as Real Estate Broker ------------------------------------------------------------------ Leland House Limited Partnership Company seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Savills Inc. as real estate broker. The Debtor needs a broker to market and sell its property, a 20-story Beaux-Arts Detroit landmark built in 1927. The firm will receive a commission of 4 percent if there is no co-broker, 5 percent with a co-broker, and 3 percent if the property is sold to one of two reserved parties, plus out-of-pocket expenses incurred. Gregory Bockart, Jr., vice chairman at Savills, 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: Gregory Bockart, Jr. Savills, Inc. 399 Park Avenue, 11th Floor New York, NY 10022 Telephone: (313) 474-5171 Email: gbockart@savills.us About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor tapped Ryan D. Heilman, Esq., at Heilman Law, PLLC as counsel and Harmon Partners as financial advisor. LINEAS DE PUERTO: Retains Monge Robertin as Restructuring Advisors ------------------------------------------------------------------ Lineas de Puerto Rico Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to retain Monge Robertin Advisors, LLC and Jose M. Monge Robertin, CPA, CIRA, to serve as insolvency and restructuring advisors for the Debtor in Possession. Monge Robertin Advisors, LLC and Jose M. Monge Robertin, CPA, CIRA will provide these services: (a) plan development; (b) liquidation analysis; (c) claims administration and review; (d) tax consulting; (e) financial consulting; (f) feasibility analysis; (g) negotiations with creditors; (h) investment and financing matters; and (i) other matters to assist counsel and the Debtor's reorganization. Jose M. Monge Robertin, CPA, CIRA will receive an hourly rate of $275. Other professionals' hourly rates range from $35 to $175. A deposit of $5,000 has been provided. Monge Robertin Advisors, LLC and Jose M. Monge Robertin, CPA, CIRA are "disinterested persons" within the meaning of Sections 101 and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Jose M. Monge Robertin, CPA, CIRA MONGE ROBERTIN ADVISORS, LLC INOVA Building, Suite 100 16 Innovacion Ave, Valle Tolima Caguas, PR 00727 Telephone: (787) 745-0707 E-mail: cpamonge@cirapr.com About Lineas de Puerto Rico Inc. 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. Lineas de Puerto Rico Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-00298) on January 29, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. is Debtor's legal counsel. LINEAS DE PUERTO: Taps Nelson Robles-Diaz Law as Counsel -------------------------------------------------------- Lineas de Puerto Rico Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Nelson Robles-Diaz Law Offices, P.S.C. to serve as legal counsel. Robles-Diaz will provide these services: (a) prosecuting the motions and applications filed; (b) advising/representing the Debtor with respect to its duties, rights and powers; (c) advising/representing the Debtor in negotiations with creditors; (d) advising/representing the Debtor in analyzing the claims; (e) advising/representing the Debtor with respect to its various investigations of claims, causes of action and other matters; (f) advising/representing the Debtor with respect to any negotiations and litigation that may be necessary, and at hearings and other proceedings; (g) advising/representing the Debtor with respect to pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (h) advising/representing the Debtor with respect to such other matters as may be required and are deemed to be in the interests of the Debtor in accordance with applicable law. Robles-Diaz will receive these fees: -- $350 per hour for attorney Nelson Robles-Diaz; -- $60/80 per hour for paralegals and law clerks, respectively; -- a retainer of $10,000 paid upon execution of the engagement letter; -- a separate payment of $1,738 for the Chapter 11 filing fees. Robles-Diaz is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Nelson Robles-Diaz, Esq. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. PO Box 192302 San Juan, PR 00919-2302 Telephone: (787) 294-9518 Cellular: (787) 370-4172 E-mail: nroblesdiaz@gmail.com About Lineas de Puerto Rico Inc. 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. Lineas de Puerto Rico Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-00298) on January 29, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. is Debtor's legal counsel. LR GREENVIEW: Unsecured Creditors to Split $18K in Plan ------------------------------------------------------- LR Greenview LLC submitted a Fourth Amended Plan of Reorganization dated January 27, 2026. The Debtor was started in 2021 when Joseph and Lennene Lichens purchased a boba tea franchise from Teaspoon Franchising, Inc. and opened Teaspoon in Walnut Creek, California. Due to supply-chain issues with building supplies caused by the Covid-19 pandemic, the cost to buildout the location was nearly double the initial estimate. Subsequently, the Debtor entered into a Receivables Sale Agreement, a Merchant Cash Advance, and a Purchase and Sale of Future Receipts Agreement, which with their predatory practices, led to the bankruptcy filing. The Debtor is working to reduce its costs and increase its revenue. Teaspoon Franchising, Inc. has negotiated new contracts with some suppliers that will reduce costs. In order to increase revenue, the Debtor launched a new line of both hot and cold coffee beverages in March 2025 and began opening two hours earlier in the morning in order to increase both daily and seasonal (winter) sales. The Debtor's objective in this chapter 11 case is to reorganize through a confirmed Chapter 11, Subchapter v plan. The Debtor's financial projections show that the Debtor will have projected disposable income for the 109-month plan of $432,699.13. The final Plan payment is expected to be paid on February 28, 2035, which is anticipated to be 109 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Class 3 consists of Non-priority unsecured creditors. Distributions in the total amount of $18,000 will be made to non-priority unsecured creditors. Each holder of an allowed non-priority unsecured claim will receive a prorata share of each monthly distribution. All claims of insider Joseph Lichens will be disallowed. This Class is impaired. The Debtor will continue in business during and after the 109-month payment period of the Plan. The Debtor expects to continue in its prior relationships with most or all of its vendors on a current basis. The Debtor plans to emphasize and prioritize hot beverage food sales to a greater degree than previously and will continue to pursue traditional beverage sales. The marketing data from other franchise locations that recently began to sell hot food items leads the Debtor to believe that it is realistic to expect that its newly introduced hot food items can grow its business. The Debtor shall directly make all payments due under the Plan to the Class 2(A) creditor by the 28th day of each month following the Effective Date, and the payments shall terminate after 109 such months. The Debtor estimates that (a) total payments to non-priority unsecured creditors of $18,000. These payments will be paid monthly by the Debtor and shall be made by the 28th day of each month following the Effective Date, and the payments shall terminate after 60 such months. This would result in estimated distributions to non-priority unsecured creditors of approximately 28% of their allowed claims. As set forth in exhibits to this Plan, the Debtor believes that such an estimated distribution to non-priority unsecured creditors will be greater than that which would result from an immediate liquidation of assets in chapter 7. A full-text copy of the Fourth Amended Plan dated January 27, 2026 is available at https://urlcurt.com/u?l=UvbNgP from PacerMonitor.com at no charge. About LR Greenview LR Greenview, LLC, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 25-40170) on January 31, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge William J. Lafferty oversees the case. The Debtor is represented by: Erin E. Daly, Esq. Regal Tax & Law Group, P.C. Tel: 628-219-9859 Email: erin@regaltaxlaw.com LUDAN HOLDINGS: 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 Ludan Holdings, LLC, according to court dockets. About Ludan Holdings LLC Ludan Holdings, LLC is a real estate holding company that owns a single residential condominium unit at 253 NE 2nd Street, Miami, Fla. Ludan Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10019) on January 4, 2026. In its petition, the Debtor reports total assets of $2,000,100 and total liabilities of $1,799,135. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Jesus Santiago, Esq. MARK D. BORNSTEIN: Case Summary & 11 Unsecured Creditors -------------------------------------------------------- Debtor: Mark D. Bornstein Podiatry LLC 100 West Gore Avenue Suite 406 Orlando, FL 32806 Business Description: Mark D. Bornstein Podiatry LLC provides podiatric medical services, including diagnosis and treatment of foot and ankle conditions, and operates a medical practice in Orlando, Florida. Chapter 11 Petition Date: February 1, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00685 Judge: Hon. Grace E Robson Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 704-894-6834 E-mail: jeff@bransonlaw.com Total Assets: $45,805 Total Liabilities: $1,363,331 The petition was signed by Mark David Bornstein as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VRRFHGQ/Mark_D_Bornstein_Podiatry_LLC__flmbke-26-00685__0001.0.pdf?mcid=tGE4TAMA MARTINEZ & SONS: Seeks to Hire Considine & Considine as Accountant ------------------------------------------------------------------ Martinez & Sons Produce, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Considine & Considine, Certified Public Accountants as accountant. The firm will render these services: a. assist the Debtor's bookkeeper in reconciling financial records to the extent that such assistance would be necessary but would not be duplicative; b. provide accounting and tax advice and guidance as necessary; c. prepare monthly operating reports; and d. analyze the Debtor's current and historical financial records to assist in the preparation of Subchapter V plan and projections. The hourly fees charged to the estate: Partners $400 Managers $250 Staff Accountants $100 As disclosed in the court filings, Considine & Considine does not hold nor represent any interest adverse to the Debtor or the estate, and is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Karilyn Edwards, CPA Considine & Considine, Certified Public Accountants 8989 Rio San Diego Dr. #250 San Diego, CA 92108 Phone: (619) 231-1977 Email: kle@cccpa.com About Martinez & Sons Produce Martinez & Sons Produce, Inc., founded in 1985 by the Martinez family in San Diego, California, cultivates and distributes gourmet vegetables including tomatoes, carrots, squash, cucumbers, onions, green beans, beets, and basil, and operates a vertically integrated system managing production from field to customer, supplying regional and national markets. Martinez & Sons Produce, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05253) on December 18, 2025. In its petition, the Debtor reports estimated assets of up to $1 million and estimated liabilities of up to $10 million. The Debtor is represented by Maggie Schroedter, Esq., at Robberson Schroedter LLP. MICHAL INTERNATIONAL: Case Summary & 12 Unsecured Creditors ----------------------------------------------------------- Debtor: Michal International Investment LLC f/k/a Yanai International Investment, LLC f/k/a Michal International Investment, LLC c/o Arbel Capital Advisors Attn: Daniel Sasson 4 Waverly Place Lawrence, NY 11559 Business Description: Michal International Investment LLC, based in Lawrence, New York, is a financial investment entity engaged in holding and trading securities and other financial assets, classified under NAICS 5239. Chapter 11 Petition Date: February 1, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10124 Judge: Hon. Laurie Selber Silverstein Debtor's Counsel: Mark L. Desgrosseilliers, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0191 Fax: (302) 295-0199 E-mail: desgross@chipmanbrown.com Debtor's Restructuring Advisor: ARBEL CAPITAL ADVISORS LLC Debtor's Investment Banker: SILVER BIRCH SILVER BIRCH GROUP, INC. - and - BA SECURITIES, LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $100 million to $500 million The petition was signed by Boaz Toshav as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XGYJ6MY/Michal_International_Investment__debke-26-10124__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Scintilla Fund, LP Loan Unknown Maples Corporate Services Limited PO Box 309 Ugland House KY1-1104, Cayman Islands Zack Keinan Email: zk@scintillafund.com 2. Amos & Daughters Loan $20,166,833 Investments and Assets c/o Boaz Ben Zur & Co. Four Towers (Northern Tower) Fourth 28 Tel Aviv 6473925 Israel Boaz Ben Zur Email: Boaz@bzlaw.co.il Phone: +973-3-7155000 3. Avraham Neuman Loan $17,294,120 c/o Boaz Ben Zur & Co. Four Towers (Northern Tower) Fourth 28 Tel Aviv 6473925 Israel Boaz Ben Zur Email: Boaz@bzlaw.co.il Phone: +973-3-7155000 4. Richter Loan $15,053,846 c/o Boaz Ben Zur & Co. Four Towers (Northern Tower) Fourth 28 Tel Aviv 6473925 Israel Boaz Ben Zur Email: Boaz@bzlaw.co.il Phone: +973-3-7155000 5. Shaked Partners II Loan $7,500,000 Fund LP c/o Benowich Law, LLP 1025 Westchester Avenue West Harrison, NY 10604 Sarah Benowich Email: sbenowich@pearlcohen.com Phone: 646-878-0800 Leonard Benowich Email: leonard@benowichlaw.com Phone: 914-946-2400 6. Shahar Moses Loan $3,463,575 c/o Boaz Ben Zur & Co. Four Towers (Northern Tower) Fourth 28 Tel Aviv 6473925 Israel Boaz Ben Zur Email: Boaz@bzlaw.co.il Phone: +973-3-7155000 7. Dan Barnea Loan $3,089,515 c/o Boaz Ben Zur & Co. Four Towers (Northern Tower) Fourth 28 Tel Aviv 6473925 Israel Boaz Ben Zur Email: Boaz@bzlaw.co.il Phone: +973-3-7155000 8. Avner Sonino Loan $2,250,000 Michal Sovino, Amit Andy, Tami Tauman c/o Erdinast, Ben Nathan, Toledano Museum Tower Berkovitch St 4, Tel Aviv-Yafo, Israel Almog Gil Or and Adv Noga Cohen Sadikler Email: office@ebnlaw.co.il Phone: +972-3-777-0111 9. Boston Executive Wages $2,065,829 Helicopters Christopher R. Donovan, President 209 Access Road Gate #3 Norwood, MA 02062 Email: christopherdonovan1@gmail.com 10. Avner Sonino, Michal Loan $2,000,000 Sovino c/o Erdinast, Ben Nathan, Toledano Museum Tower Berkovitch St 4, Tel Aviv-Yafo, Israel Almog Gil Or and Adv Noga Cohen Sadikler Email: office@ebnlaw.co.il Phone: +972-3-777-0111 11. Amit Andy, Adam Kalay, Loan $1,000,000 Yael Tauman c/o Erdinast, Ben Nathan, Toledano Museum Tower Berkovitch St 4, Tel Avid-Yafo, Israel Almog Gil Or and Adv Noga Cohen Sadikler Email: office@ebnlaw.co.il Phone: +972 3-777-0111 12. Avner Sonino, Michal Loan $875,000 Sovino, Yael Tauman Tami Tauman c/o Erdinast, Ben Nathan, Toledano Museum Tower Berkovitch St 4, Tel Aviv-Yafo, Israel Almog Gil Or and Adv Noga Cohen Sadikler Email: office@ebnlaw.co.il Phone: +972 3-777-0111 MII AVIATION: Case Summary & 12 Unsecured Creditors --------------------------------------------------- Debtor: MII Aviation Services LLC c/o Arbel Capital Advisors Attn: Daniel Sasson 4 Waverly Place Lawrence, NY 11559 Chapter 11 Petition Date: February 1, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10123 Debtor's Counsel: Mark L. Desgrosseilliers, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0191 Fax: (302) 295-0199 E-mail: desgross@chipmanbrown.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Boaz Toshav as manager. 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/WTSAA6A/MII_Aviation_Services_LLC__debke-26-10123__0001.0.pdf?mcid=tGE4TAMA MONDORIVOLI LLC: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: Mondorivoli, LLC 873 E. Third Street Durango, CO 81301 Business Description: Mondorivoli, LLC, based in Durango, Colorado, operates in the real estate sector, managing property holdings and related business activities. Chapter 11 Petition Date: February 3, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-10649 Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Bonnie Bell Bond, Esq. LAW OFFICE OF BONNIE BELL BOND 8400 E. Prentice Avenue Suite 1040 Englewood, CO 80111 E-mail: BONNIE@BELLBONDLAW.COM Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jean-Pierre Bleger as member and manager. The Debtor listed K. Jamie Buechler, Esq. of Buechler Law Office, based in Denver, Colorado, as its only unsecured creditor, with a claim of $12,446. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YBIZ6EY/Mondorivoli_LLC__cobke-26-10649__0001.0.pdf?mcid=tGE4TAMA MTF HOLDINGS: Hires Ciardi Ciardi & Astin as Bankruptcy Counsel --------------------------------------------------------------- MTF Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Ciardi Ciardi & Astin to serve as legal counsel in its Chapter 11 case. Ciardi Ciardi & Astin will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor (b) prepare on behalf of the Debtor any necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary; and (d) prepare and file a Plan of Reorganization. The firm's professionals will receive these hourly rates: Albert A. Ciardi, III $625 Daniel S. Siedman $475 Sonali DOshi $375 Dorene Torres, Paralegal $150 Ciardi Ciardi & Astin is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Albert A. Ciardi, III, Esq. Daniel S. Siedman, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 E-mail: aciardi@ciardilaw.com dsiedman@ciardilaw.com About MTF Holdings, LLC MTF Holdings, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. MTF Holdings, LLC and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10236) on January 21, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petitions were signed by Michael Fay as owner. Judge Patricia M Mayer presides over the case. Albert A. Ciardi, III, Esq. at CIARDI CIARDI & ASTIN serves as the Debtor's counsel. NEO ASSETS: Seeks to Hire Regina Zabarte as Real Estate Broker -------------------------------------------------------------- NEO Assets, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Regina Zabarte, a broker practicing in San Jose, Cal., as real estate broker. The Debtor needs a broker to sell its property located 975 South First Street, San Jose, California. The broker will receive $50,000 flat fee if the Debtor's own procured buyer (as one had already been interested prior to the bankruptcy filing) closes the deal; $80,000 flat fee if another buyer that the broker locates/finds purchases the property; and $10,000 flat fee if all deals fall through. Ms. Zabarte disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The broker can be reached at: Regina Zabarte 1530 Southwest Expy. Apt. 141 San Jose, CA 95126 Telephone: (408) 431-5684 About NEO Assets LLC NEO Assets, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50015) on January 6, 2026. In the petition signed by Lucy Cai, authorized representative, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Stephen L. Johnson oversees the case. Arasto Farsad, Esq., at Farsad Law Office, PC represents the Debtor as counsel. NINE ENERGY: Moody's Cuts CFR to 'Caa3' Following Bankruptcy Filing ------------------------------------------------------------------- Moody's Ratings downgraded Nine Energy Service, Inc.'s (Nine) Probability of Default Rating to D-PD from Caa2-PD. Moody's also downgraded Nine's Corporate Family Rating to Caa3 from Caa2 and its senior secured notes rating to Ca from Caa3. Nine's Speculative Grade Liquidity (SGL) rating is unchanged at SGL-4. The outlook remains negative. Shortly following this rating action, Moody's will withdraw all of Nine's ratings. These actions follow Nine's February 02, 2026 voluntary filing of petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The company has been in negotiations with its lenders regarding the implementation of a consensual capital restructuring and expects to emerge from bankruptcy within 45 days. RATINGS RATIONALE Nine's Chapter 11 bankruptcy filing has resulted in the downgrade of its PDR to D-PD, reflecting a default on its debt agreements. The Caa3 CFR and Ca senior secured notes rating reflect Moody's views on recovery. The negative outlook continues to reflect the continuously challenging industry environment that the company operates in. Shortly following this rating action, Moody's will withdraw all of Nine's ratings. Nine Energy Service, Inc. (Nine), headquartered in Houston, Texas, is a publicly traded provider of oilfield services to oil and gas exploration and production companies, with a focus on well completions. Nine reported $571 million of revenue and $64 million of adjusted EBITDA in the twelve months to September 30, 2025. The principal methodology used in these ratings was Oilfield Services published in October 2025. Nine's Caa3 CFR is two notches below the scorecard-indicated outcome of Caa1. The difference reflects the company's announced bankruptcy filing and Moody's views on expected recovery. NOOR ESTHETIQUE: Seeks Chapter 11 Bankruptcy in Virginia -------------------------------------------------------- On January 22, 2026, Noor Esthetique & Wellness Center, PLLC filed a voluntary petition for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. The Debtor reports $100,001 to $1 million in total debt and lists between 1 and 49 creditors, according to court filings. About Noor Esthetique & Wellness Center, PLLC Noor Esthetique & Wellness Center, PLLC is a Virginia-based medical aesthetics and wellness provider delivering non-surgical cosmetic treatments and wellness services. The practice focuses on personalized care and minimally invasive aesthetic solutions. Noor Esthetique & Wellness Center, PLLC sought Chapter 11 relief under the U.S. Bankruptcy Code (Bankr. Case No. 26-10157) on January 22, 2026. The petition shows estimated assets of up to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Chief Bankruptcy Judge Brian F. Kenney handles the case. The Debtor is represented by Martin C. Conway, Esq. of Conway Law Group, PC. NOOR ESTHETIQUE: Stephen Metz Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for Noor Esthetique & Wellness Center, PLLC. Mr. Metz will be paid an hourly fee of $660 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Metz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Metz Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, Maryland 20814 Phone: (240) 507-1723 Email: smetz@offitkurman.com About Noor Esthetique & Wellness Center Noor Esthetique & Wellness Center, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10157) on January 22, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Martin C. Conway, Esq. at Conway Law Group, PC represents the Debtor as bankruptcy counsel. NOR-WES INC: Hires Palouse Ag Leasing LLC as Estate Professional ---------------------------------------------------------------- Nor-Wes, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Palouse Ag Leasing LLC as an estate professional. The broker will market and sell the Debtor's aircrafts: (a) one Thrush T660 agricultural aircraft, Registration No. N710NW; and (b) one Air Tractor AT‑502XP agricultural aircraft, Registration No. N502XP. The proposed compensation to the broker will consist of a commission equal to 3 percent of the gross purchase price received for each aircraft, payable from the sale proceeds at closing. As disclosed in the court filings, Palouse Ag Leasing LLC does not hold or represent any interest adverse to the Debtor or the estate and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Palouse Ag Leasing LLC 713 East F St Moscow, ID 83843-9245 About Nor-Wes Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. NOR-WES INC: Seeks to Tap Robert W. Raley as Bankruptcy Counsel --------------------------------------------------------------- Nor-Wes, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Robert W. Raley, Esq., an attorney practicing in Bossier City, La., as bankruptcy counsel. The firm will provide these services: (a) assist and advise the Debtor relative to the administration of this proceeding; (b) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (c) represent the Debtor before the Bankruptcy Court and advise it on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; (e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; (f) communicate with creditors and other parties in interest; (g) assist the Debtor in preparing all legal papers necessary to the administration of the estate; (h) confer with other professionals retained by the Debtor and other parties in interest; (i) negotiate and prepare the Debtor's Chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on its behalf to obtain confirmation of the plan; and (j) perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with this Chapter 11 case. The firm will be paid at these following hourly rates: Robert Raley, Attorney $400 Other Attorneys $350 - $400 Paralegals $60 - $90 In addition, the firm will seek reimbursement for expenses incurred. Mr. Raley disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert W. Raley, Esq. 290 Benton Spur Road Bossier City, LA 71111 Telephone: (318) 747-2230 Email: bankruptcy@robertraleylaw.com About Nor-Wes Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. OCUMETICS TECHNOLOGY: Seeks Approval for $4M Debenture Forbearance ------------------------------------------------------------------ Ocumetics Technology Corp. announced on January 30, 2026, that it is seeking approval from the TSX Venture Exchange with respect to a forbearance agreement to be entered into between the Corporation and the holders of secured convertible debentures that were issued by the Corporation in May and June 2024. Under the proposed forbearance agreement, it is proposed that the Debentureholders will forbear from demanding payment of the Debentures and from taking any steps to realize upon any security granted in respect of the Debentures until June 19, 2027 notwithstanding the maturity of the Debentures. The Debentures have an aggregate face value principal amount of up to $4,000,000. The Debentures bear interest at rate of 18% per annum, compounded annually. Subject to the forbearance, the Debentures will mature, and Principal and interest will be payable by the Corporation, on the date which is two years from the date of issue. The Corporation may prepay the indebtedness under the Debentures at any time upon ninety (90) days prior written notice, without penalty. Principal is convertible at the option of the holder into common shares of the Corporation at a conversion price of $0.32 per share to and including the Maturity Date. Interest will be convertible into common shares of the Corporation pursuant to shares for debt applications, from time to time, at the option of the debentureholders. Such shares for debt applications will be subject to the approval of the Exchange. The Debentures are secured by a general security agreement on the personal property of the Corporation among other things. In consideration for the within forbearance, subject to the approval of the Exchange, the Corporation is proposing to issue to each Debentureholder such number of share purchase warrants equal to the Principal of its Debenture plus accrued interest to and including the date the Warrants are issued, divided by $0.58. It is proposed that each Warrant would entitle the holder thereof to purchase one common share at an exercise price of $0.58 until the earlier of: (a) June 19, 2027 or (b) the date upon which the indebtedness has been fully repaid, such Expiry Date being subject to acceleration in accordance with Section 2.2(e) of Policy 5.1 of the Exchange. About Ocumetics Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) is a Canadian research and product development company that is dedicated to developing advanced vision correction solutions that enhance the quality of life for patients. Through innovative research and development, Ocumetics aims to transform the field of ophthalmology with state-of-the-art intraocular lenses and other vision-enhancing technologies. Ocumetics is in the first-in-human early feasibility study phase of a game-changing technology for the ophthalmic industry. Ocumetics has developed an intraocular lens that fits within the natural lens compartment of the eye, potentially to eliminate the need for corrective lenses. It is designed to allow the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without the help of glasses or contact lenses. OFFICE PROPERTIES: SavATree Out as Committee Member --------------------------------------------------- The U.S. Trustee for Region 7 disclosed in a court filing the removal of SavATree, LLC from the official committee of unsecured creditors in the Chapter 11 cases of Office Properties Income Trust and its affiliates. The remaining members of the committee are: 1. CSC Delaware Truste Company Greg Daniels, Vice President gregory.daniels@cscglobal.com Counsel: Jonathan Levine Winston & Strawn LLP jonlevine@winston.com 2. ValueWorks, LLC Attn: Charles Lemonides charles@valueworksllc.com Counsel: Robert J. Gayda Seward & Kissel LLP gayda@sewkis.com 3. Diamond Family Investments, LLC Attn: Irvin Schlussel irv.schlussel@diamondfo.com 4. Computershare Trust Company, N.A. As Trustee for 8.00% $14M Senior Unsecured Notes Due 2030 Attn: Rachel Atkin rachel.atkin@computershare.com Counsel: Thomas A. Pitta Emmet Marvin & Martin, LLP tpitta@emmetmarvin.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. ORION PORTFOLIO: Seeks 120-Day Extension of Plan Filing Deadline ---------------------------------------------------------------- Orion Portfolio Management, LLC, asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization for additional one-hundred twenty days. The Debtor initiated this Chapter 11 case to restructure secured mortgage debts. The Debtor's obligations consist mostly of secured debts on real property. The Debtor explains that it intends to sell its real estate, and is working to ensure tenants are fully moved out, and is completing renovations which make the property more marketable. Debtor has engaged the services of a real estate broker. An Application to Employ Broker was filed on January 5, 2026, and is currently pending. The Debtor claims that it has complied with all of its post-filing Chapter 11 obligations. Orion Portfolio Management LLC is represented by: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About Orion Portfolio Management Orion Portfolio Management LLC is a single asset real estate company that owns and manages property at 714-714 Armandale Street in Pittsburgh, Pennsylvania. Orion Portfolio Management sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21767) on July 3, 2025. In its petition, the Debtor estimated assets and liabilities between $500,000 and $1 million. Brian C. Thompson, at Thompson Law Group, PC, is serving as counsel to the Debtor. PACIFICORP: S&P Assigns 'BB' Rating on Junior Subordinated Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to Portland, Ore.-based PacifiCorp's (BBB-/Negative) proposed fixed-to-fixed reset rate junior subordinated notes due August 2056. The company intends to use the net proceeds from these notes for general corporate purposes. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%) when adjusting the financial statements of both PacifiCorp and its parent Berkshire Hathaway Energy Co. This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having no equity content after August 2036 because the remaining period until maturity will be less than 20 years. "We rate these securities two notches below our 'BBB-' long-term issuer credit rating on PacifiCorp to reflect their subordination and management's ability to defer interest payments on the instrument. "The long-term nature of the junior subordinated notes, along with the company's limited ability and lack of incentives to redeem the issuance for a long-dated period, meets our standards for permanence. While the coupon floor feature of the notes gives the issuer less protection from some interest rate and refinancing scenarios than equivalent hybrids that don't have a floor, we expect PacifiCorp would replace this instrument with an equivalent or stronger form of equity before potential redemption to maintain a similar layer of capital that can absorb losses or conserve cash when needed. Redeeming the notes without replacing with an equivalent or stronger form of equity would likely preclude future equity credit all else equal." Furthermore, the instruments are subordinated to all of PacifiCorp's existing and future senior debt obligations, including its first-mortgage bonds, thereby satisfying the condition for subordination, and the interest payments are deferrable for up to 10 years, which fulfills the deferability element. PAPPAS PIPING: Seeks to Hire Marshack Hays Wood as General Counsel ------------------------------------------------------------------ Pappas Piping Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Marshack Hays Wood LLP as counsel. The firm will render these services: (a) develop and draft the Chapter 11 Plan; (b) negotiate with creditors to gain support for the Plan; (c) file motions and applications to protect the Debtor's interests as necessary; (d) assist in any possible liquidation of the Debtor's assets and administering the bankruptcy estate; (e) ensure compliance with the Bankruptcy Code, the Federal Rule Bankruptcy Procedure and the Local Bankruptcy Rules; (f) review and, if appropriate, object to creditor claims; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court and in any action where the rights of the Debtor or the estate may be litigated or affected; and (h) perform any and all other legal services incident and necessary for the smooth administration of this bankruptcy case. The firm will be paid at these hourly rates: Richard Marshack, Partner $770 D. Edward Hays, Partner $770 David Wood, Partner $670 Kristine Thagard, Of Counsel $670 Matthew Grimshsaw, Of Counsel $670 Chad Haes, Of Counsel $670 Aaron de Leest, Partner $670 Laila Rais, Partner $590 Alina Mamiyuk, Of Counsel $570 Tinho Mang, Senior Counsel $570 Radford Barnhardt, Associate $470 Sarah Hasselberger, Associate $470 Devan de los Reyes, Associate $400 Pamela Kraus, Paralegal $380 Chanel Mendoza, Paralegal $380 Layla Buchanan, Paralegal $380 Cynthia Dastida, Paralegal $380 Sandra Pineda, Paralegal $380 Laurel Dinkins, Paralegal $380 Chantaal Arnold, Paralegal $350 Pre-petition, the firm received from the Debtor a $35,000 retainer (plus an additional $4,000 received from Grobstein Teeple LLP, for a total of $39,000) on December 2, 2025, which included the initial filing fee, to file this instant matter. Mr. Wood disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David A. Wood, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 About Pappas Piping Service Pappas Piping Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10033) on January 6, 2026, listing up to $10 million in both assets and liabilities. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PIPELINE CONSTRUCTION: Amends Unsecureds & UCB Secured Claims Pay ----------------------------------------------------------------- Pipeline Construction & Maintenance, Inc., and affiliates submitted a Disclosure Statement describing First Amended Plan of Reorganization dated January 27, 2026. The Debtors are commencing this Solicitation after extensive discussions over the past several months with certain of their key creditor constituencies, the proceedings within a necessary chapter 11 bankruptcy process, and the agreement among the Debtors and certain creditor constituencies as to the best restructuring objective. As a result of these negotiations, the Debtors are proposing a deleveraging transaction that will restructure the existing debt obligations of the Debtors in chapter 11 proceedings through the Plan (the "Restructuring"). Class 2 consists of the Allowed UCB Secured Claim. Approximately 12.38% through issuance of the UCB Plan Note in the amount of $1.97 million, and the UCB Plan Note Security Agreement, maintaining and granting continuing Liens on the UCB Plan Note Collateral. On the Effective Date, except to the extent that the Holder of the Allowed Class 2 Claim agrees to a less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Class 2 Claim, the Holder of the UCB Secured Claim shall receive the UCB Plan Note, and the UCB Plan Note Security Agreement, maintaining and granting continuing Liens on the UCB Plan Note Collateral. On the Effective Date, all necessary documentation evidencing the Allowed UCB Secured Claim, including, without limitation, any new promissory notes evidencing the obligations of the Reorganized Debtors, and all other documents, instruments, mortgages, and agreements to be entered into, delivered, or confirmed thereunder, shall become effective, perfected, valid, binding, and enforceable in accordance with their terms, and each party thereto shall be bound thereby, without further notice by the Debtors or Reorganized Debtors. For the avoidance of doubt, any claims held by the Holder of an Allowed Class 2 Claim against third parties that guaranteed or otherwise provided collateral as security for the UCB Secured Claim shall not be released. Class 9 consists of all Allowed Unsecured Claims against each Debtor. Except to the extent that a Holder of an Allowed Class 9 Claim agrees to a less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Class 9 Claim, each such Holder shall receive Cash in an amount equal to the lesser of (a) the Allowed amount of its General Unsecured Claim and (b) its Pro Rata share of (i) the Class 9 Cash Distributions and (ii) the GIS Litigation Distribution. The Class 9 Cash Distributions shall total $750,000, and shall be paid as follows: * the Reorganized Debtors shall pay an initial Distribution of $100,000 to Holders of Allowed Unsecured Claims on a pro rata basis within twenty Business Days after the Effective Date. * Thereafter, on or before ten Business Days after the end of each succeeding calendar quarter, with the first Distribution to be made on or before July 14, 2026, the Reorganized Debtors shall pay the sum of $100,000 to Holders of Allowed Unsecured Claims on a pro rata basis, except that the final payment, to be made on or before January 14, 2028, shall be in the amount of $50,000. The GIS Litigation Distribution shall be made to the Holders of Allowed Unsecured Claims on a pro rata basis in the amount of one third (33.33%) of the "GIS Litigation Net Proceeds", which shall mean any monetary recovery from the GIS Litigation, net of any and all attorney fees, and costs of the GIS Litigation. The GIS Litigation Distribution shall be made on or before twenty Business Days after entry of a final unappealable judgment in the GIS Litigation. Class 9 is Impaired by the Plan. Each Holder of an Allowed Class 9 Claim is entitled to vote to accept or reject the Plan. The Reorganized Debtors shall fund the all payments and Distributions with Cash on hand, including Cash from operations and borrowing under the DIP Credit Agreement, and, as necessary under the Exit Facility, and as well, with respect to Class 9 Treatment, from the GIS Litigation Net Proceeds. A full-text copy of the Disclosure Statement dated January 27, 2026 is available at https://urlcurt.com/u?l=RRB6EH from PacerMonitor.com at no charge. Counsel for the Debtors: KELLY HART PITRE Louis M. Phillips, Esq. One American Place 301 Main Street, Suite 1600 Baton Rouge, LA 70801-1916 Telephone: (225) 381-9643 Email: louis.phillips@kellyhart.com Rick M. Shelby, Esq. Amelia L. Hurt, Esq. 400 Poydras Street, Suite 1812 New Orleans, LA 70130 Telephone: (504) 522-1812 Email: rick.shelby@kellyhart.com amelia.hurt@kellyhart.com About Pipeline Construction & Maintenance Pipeline Construction & Maintenance provides pipeline construction, maintenance and integrity, marine, fabrication, civil, and logistics services primarily for the oil and gas industry, operating across multiple locations in Louisiana, Texas, Mississippi, and Alabama. Headquartered in Houma, Louisiana, the Company has been delivering turn-key solutions to industry partners since 1996. Its operations involve providing services aimed at supporting production processes efficiently and managing costs. Pipeline Construction & Maintenance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50760) on Aug. 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Judge John W. Kolwe oversees the case. The Debtor is represented by Louis M. Phillips, Esq. at KELLY HART & PITRE. PORT ELIZABETH: Committee Seeks to Hire Dundon Advisers as Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Port Elizabeth Terminal & Warehouse Corp. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Dundon Advisers LLC as financial advisor. The firm will render these services: (a) assist in the analysis, review, and monitoring of the restructuring process; (b) develop a complete understanding of the Debtors' businesses and their valuations; (c) determine whether there are viable alternative paths for the disposition of the Debtors' assets from those currently or in the future they proposed; (d) monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; (e) assist the committee in identifying, valuing, and pursuing estate causes of action, (f) assist the committee to analyze, classify and address claims against the Debtors and to participate effectively in any effort in these Chapter 11 cases to estimate (in any formal or informal sense) contingent, unliquidated, and disputed claims; (g) assist the committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; (h) advise the committee negotiations with the Debtors, certain of its lenders, and third parties; (i) assist the committee in reviewing the Debtors' financial reports; (j) assist the committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (k) review and provide analysis of the present and any subsequently proposed the Debtor financing or use of cash collateral; (l) assist the committee in evaluating and analyzing avoidance actions; (m) assist the committee in investigating alleged encumbrances upon assets; (n) review and provide analysis of any proposed disclosure statement and Chapter 11 plan and, if appropriate, assist the committee in developing an alternative Chapter 11 plan; (o) attend meetings and assist in discussions with the committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; (p) present at meetings of the committee, as well as meetings with other key stakeholders and parties; (q) perform such other advisory services for the committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and (r) provide testimony on behalf of the committee as and when may be deemed appropriate. The firm will be paid at these hourly rates: Principal $1,090 Managing Director and Senior Adviser $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 In addition, the firm will seek reimbursement for expenses incurred. Rick Wright, a managing director at Dundon Advisers, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rick Wright Dundon Advisers LLC 10 Bank Street, Suite 1100 White Plains, NY 10606 Telephone: (914) 341-1188 Email: info@dundon.com About Port Elizabeth Terminal & Warehouse Port Elizabeth Terminal & Warehouse Corp. and affiliates provide transportation, logistics, and warehousing services in the U.S., including rail boxcar and container handling, multi-modal shipping, specialized material handling, cross-docking, packing, specialized handling of beverages -- including alcoholic products -- and product care and protection. Port Elizabeth Terminal & Warehouse Corp. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-22123) on November 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq., at Saul Ewing LLP. On December 5, 2025, the Office of the United States Trustee for the District of New Jersey appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped FBT Gibbons LLP as counsel and Dundon Advisers LLC as financial advisor. PPS STANWIX: Seeks to Hire Bronson Law Offices as Legal Counsel --------------------------------------------------------------- PPS Stanwix, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ the Bronson Law Offices PC to handle its Chapter 11 case. The firm will be paid at these hourly rates: H. Bruce Bronson, Attorney $550 Paralegal $150 - $250 The firm received a retainer in the amount of $6,738 from the Debtor. Mr. Bronson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: H. Bruce Bronson, Esq. Bronson law Offices, PC 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonalaw.net About PPS Stanwix LLC PPS Stanwix LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12295) on Oct. 18, 2025, listing under $1 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. PRIMROSE CANDY: Section 341(a) Meeting of Creditors on March 5 -------------------------------------------------------------- On January 27, 2026, Primrose Candy Co. filed for Chapter 11 protection in the United States Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors. A meeting of creditors under Section 341(a) to be held on March 5, 2026 at 01:30 PM at Appear by Microsoft Teams Filed by U.S. Trustee Adam G. Brief. About Primrose Candy Co. Primrose Candy Co. manufactures confectionery products, including hard and chewy candies, caramel, taffy, and popcorn-based sweets, and provides contract manufacturing, private-label, and packaging services for branded and specialty food products. Founded in 1928, it is a family-owned business operating a large production facility in Chicago, Illinois, serving customers across the United States. Primrose Candy Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01430) on January 27, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Debtor is represented by David K. Welch, Esq., Burke, Warren, MacKay & Serritella, P.C. PULASKI ROOFING: Hires Smith Ortiz P.C. as Bankruptcy Counsel ------------------------------------------------------------- Pulaski Roofing & Construction Co. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Smith Ortiz P.C. as legal counsel. The firm will render these services: (a) render legal advice with respect to the powers and duties of the Debtor; (b) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other legal services as may be necessary proper therein; and (c) do the necessary legal work regarding approval of the disclosure statement and plan. The firm will be paid at these rates: Partner $350 per hour Legal Assistant $265 per hour The firm received a retainer in the amount of $6,000. As disclosed in the court filing, Smith Ortiz P.C. is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ted A. Smith, Esq. Smith Ortiz P.C. 4309 W. Fullerton Avenue Chicago, IL 60639 Telephone: (773) 384-7400 E-mail: ted.smith@smithortiz.com About Pulaski Roofing & Construction Co. Pulaski Roofing & Construction Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18718) on December 5, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge David D. Cleary presides over the case. Ted Smith, Esq., at Smith Ortiz PC represents the Debtor as legal counsel. QUALITY LIVING: Beverly Brister Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Beverly Brister, Esq., a practicing attorney in Benton, Ark., as Subchapter V trustee for Quality Living Property Management LLC. Ms. Brister will be paid an hourly fee of $360 for her services as Subchapter V trustee. Should travel be required outside of Saline or Pulaski Counties, the Subchapter V trustee will seek a compensation rate of $100 per hour for actual travel time incurred. Ms. Brister declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Beverly I. Brister, Esq. Attorney at Law 212 W. Sevier Benton, AR 72015 Phone: 501-778-2100 Email: bibristerlaw@gmail.com About Quality Living Property Management Quality Living Property Management, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10299) on January 28, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Phyllis M. Jones presides over the case. Vanessa Cash Adams, Esq., at the Law Office of Vanessa Cash Adams, Inc. represents the Debtor as bankruptcy counsel. QUALITY OFFICE: Hires Law Office of Michael K. Moore as Counsel --------------------------------------------------------------- Quality Office Liquidations, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Michael K. Moore of the Law Office of Michael K. Moore, APC to serve as bankruptcy counsel. Mr. Moore will provide these services: (a) represent the Debtor and Debtor-in-Possession in connection with the commencement and prosecution of the Chapter 11 case; (b) prepare and file the petition and related documents initiating the Chapter 11 case; and (c) perform legal services necessary to enable the Debtor to execute its duties as debtor and debtor-in-possession and to implement restructuring and reorganization under Chapter 11. Mr. Moore will receive an hourly rate of $475, and an hourly rate of $200 is proposed for paraprofessionals, subject to Court approval. Prior to the filing of the bankruptcy petition, the Debtor paid the Law Firm a $15,000 retainer, from which pre-petition costs and fees totaling $9,718.00 were paid, inclusive of the $1,738.00 Chapter 11 court filing fee. The Law Office of Michael K. Moore, APC is a "disinterested person" within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael K. Moore, Esq. LAW OFFICE OF MICHAEL K. MOORE, APC 210 E Center ST Manteca, CA 95336 Telephone: (209) 373-5815 Facsimile: (844) 814-2419 E-mail: 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. R INTERCONNECTIONS: Seeks to Hire Boyle Legal as Legal Counsel -------------------------------------------------------------- R Interconnections Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to retain Boyle Legal, LLC to serve as bankruptcy counsel. Boyle Legal, LLC will provide these services: (a) give Debtor legal advice with respect to my powers and duties as Debtor-in-Possession in the continued reorganization of its debts; (b) take necessary actions to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances and liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor in which property of the Debtor has substantial equity; (d) represent Debtor, as Debtor-in-Possession, in any proceedings which may be instituted in this Court by Debtor, Creditors, or other Parties-in-Interest during the course of this proceeding; (e) prepare necessary pleadings, answers, orders, reports, and other legal papers; and (f) perform all other Bankruptcy legal services for Debtor-in-Possession or to employ attorneys, or other Professionals, for such other non-Bankruptcy legal services during the pendency of this Case. The firm received an initial retainer of $10,000, inclusive of filing fees, from the Debtor. Hourly rates are $400 for Michael Boyle (partner) and $100 to $150 for paralegals. According to court filings, the proposed attorney has no connection with the Debtor, Creditors, the U.S. Trustee, or any other party in interest and is a "disinterested party." The firm can be reached at: Michael L. Boyle, Esq. BOYLE LEGAL, LLC 64 2nd Street Troy, NY 12180 Telephone: 518-407-3121 E-mail: mike@boylebankruptcy.com About R Interconnections Inc R Interconnections Inc operates a retail storefront selling fishing tackle and gear across upstate New York and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10033-1-pgr) on January 14, 2026. In the petition signed by Thomas Zebrowski, US operations manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. RB MARKETPLACE: Taps Landrau Rivera & Assoc. as Bankruptcy Counsel ------------------------------------------------------------------ RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Landrau Rivera & Assoc. as counsel. The firm's services include: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, aid it in the orderly liquidation of its assets; (c) advise the Debtor with respect to its negotiations with creditors for the prupose of proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; (g) employ other professional services as necessary to complete the Debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The firm will be paid at these hourly rates: Noemi Landrau Rivera, Attorney $250 Legal and Finncial Assistants $75 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor. Ms. Rivera 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: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05025) on October 31, 2025. At the time of the filing, the Debtor disclosed up to $50,000 in both assets and liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. RENNINGER PROPERTIES: Taps Carothers & Hauswirth LLP as Counsel --------------------------------------------------------------- Renninger Properties LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Carothers & Hauswirth LLP as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as a debtor-in-possession in the continued operation of its business and management of its property; b. assisting the Debtor in negotiation and documentation of financing arrangements, debt restructuring, and cash collateral orders; c. assisting the Debtor with the preparation of its Schedules, Statement of Financial Affairs, Applications, Answers, Orders, reports, and any other necessary legal pleadings and papers; d. providing legal services to Debtor in connection with the formulation and implementation of a plan of reorganization; and e. performing all other legal services for Debtor as debtor-in-possession, which may be necessary. The firm's current hourly rates: Attorney Time (Partners and Associates) $300 to $525 Paralegals and Law Clerks $100 to $150 Carothers & Hauswirth received a retainer of $8,000. As disclosed in the court filings, Carothers & Hauswirth is a "disinterested" person, as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick W. Carothers, Esq. Gregory W. Hauswirth, Esq. CAROTHERS & HAUSWIRTH LLP Foster Plaza 10 680 Andersen Drive, Suite 230 Pittsburgh, PA 15220 Telephone: (412) 414-6996 Facsimile: (412) 910-7510 Email: pcarothers@ch-legal.com ghauswirth@ch-legal.com About Renninger Properties LLC Renninger Properties LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10201) on January 13, 2026, listing up to $50,000 in both assets and liabilities. Lawrence N Rogak, Esq. at Lawrence N. Rogak LLC serves as the Debtor's counsel. RIVERSIDE TIRES: Seeks Chapter 7 Bankruptcy in Virginia ------------------------------------------------------- On January 31, 2026, Riverside Tires and More LLC filed a voluntary petition for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Virginia. The Debtor reports $100,001 to $1 million in total debt and lists between 1 and 49 creditors, according to court filings. About Riverside Tires and More LLC Riverside Tires and More LLC is a limited liability company. Riverside Tires and More LLC sought Chapter 7 relief under the U.S. Bankruptcy Code (Bankr. Case No. 26-60121) on January 31, 2026. The petition shows estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by H. David Cox, Esq. of Cox Law Group, PLLC. RIZO-LOPEZ FOODS: Court Extends Cash Collateral Access to Feb. 11 ----------------------------------------------------------------- Rizo-Lopez Foods, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. The court issued a seventh interim order authorizing the Debtor to use cash collateral until the next hearing in accordance with its budget, subject to a 10% variance. As of the petition date, the Debtor's cash collateral consists of cash on deposit ($1,000), accounts receivable ($1.045 million) and inventory ($1.866 million) in which Wells Fargo Bank, N.A. and other creditors assert an interest. As adequate protection, Wells Fargo Bank will receive payment in the amount of $88,000. In addition, the bank and other secured creditors will be granted automatically perfected replacement liens on post-petition assets, with the same priority and extent as their pre-bankruptcy liens. The order clarifies that the replacement liens will not secure any unsecured or undersecured portions of claims. These liens only secure the amount of cash collateral used by the Debtor. A continued hearing is scheduled for February 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/2LSXF from PacerMonitor.com. About Rizo-Lopez Foods Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. RONALD JINSKY: Unsecureds Will Get 30% of Claims over 5 Years ------------------------------------------------------------- Ronald Jinsky, LLC, filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Second Amended Plan of Reorganization dated January 26, 2026. The Debtor is a Wisconsin limited liability corporation that was incorporated on November 6, 2014, and whose principal business office is located at 2870 S Bartells Drive, Beloit, WI 53511. The Debtor operates as an over-the-road trucking company and is hired to perform interstate and intrastate freight services. With this Plan of Reorganization, the Debtor is seeking to lengthen maturity dates to adjust payments owed to its secured lenders and other creditors, while reducing its total general unsecured debt to improve the cash flow of the business. This Plan of Reorganization will maximize the return for all interested parties as payments to creditors are expected to exceed what would be received in a liquidation. This Plan of Reorganization proposes to pay priority, secured and administrative claims in full, and general unsecured creditors approximately 30% of the total debt of approximately $1,041,000 over a period of five years. The Debtor's cash flow projection show that the Debtor will have projected average disposable income over five years of approximately $1,081,163 annually or approximatrly $90,097 per month for debt service. Class 3 consists of non-priority unsecured creditors. The estimated total amount owed to these claimants is estimated to be $1,041,000. The Debtor will pay approximately 30% of the total debt at the rate of $5,261.00 per month during the 5-year term of the Plan to be distributed on a pro-rata basis. Payments beginning the 28th day of the month following the effective date of the Plan. This Class is impaired. Class 4 consists of Equity Holders. The Debtor's equity holders shall retain their ownership interest upon confirmation of this Plan. However, the Debtor's equity holders shall receive no distributions under the Plan, or from the Debtor, until the allowed claims of the Debtor's creditors are paid in accordance with the terms and provisions of this Plan. The Debtor shall implement its Plan by applying income from the Debtor's trucking operation and re-amortizing secured claims and pay them over time as restructured. A full-text copy of the Second Amended Plan dated Jan. 26, 2026 is available at https://urlcurt.com/u?l=2NCzRC from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel J. McGarry, Esq. Krekeler Law, S.C. 26 Schroeder Ct. Suite 300 Madison, WI 53711 Tel: (608) 258-8555 Email: dmcgarry@ks-lawfirm.com About Ronald Jinsky LLC Ronald Jinsky, LLC, doing business as Jinsky Trucking, is a family-owned and operated interstate trucking company based in Beloit, Wisconsin. Established in 1982, the company specializes in transporting general freight, metal sheets, building materials, and paper products. Ronald Jinsky sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10838) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. The Debtor is represented by Daniel J. McGarry, Esq., at Krekeler Law, S.C. U.S. Bank NA, as lender, is represented by: Erie Von Helms, Esq. Kohner, Mann & Kailas, S.C. 4650 North Port Washington Road Milwaukee, WI 53212 Phone:414-962-5110 Email: evonhelms@kmksc.com RVR DEALERSHIP: Moody's Raises CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded RVR Dealership Holdings, LLC's ("RV Retailer") corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and senior secured term loan B rating to B3 from Caa1. In addition, Moody's assigned a B3 rating to the company's proposed new $650 million senior secured term loan B due 2033. The ratings outlook was changed to stable from positive. The upgrade reflects RV Retailer's improved capital structure given the additional debt repayment as well as the commitment from its owners and parent company to provide continued support. The company will use approximately $120 million contributed from its parent company, $50 million of new contributed equity and $650 million from the proposed new term loan B to repay its existing term loan ($760 million), $45 million of revolver borrowings and to put $15 million of cash to the balance sheet. And although leverage will remain high with debt to EBITDA of around 7.0x pro forma for the transaction as of September 30, 2025, Moody's expects leverage to materially improve to around 6.0x going forward. The upgrade also reflects an expectation for further gradual improvement with regards to unit sales, margins, costs and inventories. However, the ratings also recognize the highly cyclical nature of RV Retailer demand, particularly given it is a relatively high cost discretionary purchase. The stable outlook reflects Moody's expectations for continued improvement in credit metrics while maintaining at least adequate liquidity and generating positive free cash flow as the industry realigns supply with demand. The outlook also considers that RV Retailer's parent company and owners will continue to support a business strategy and capital structure that results in credit metrics and liquidity that are appropriate for its ratings and outlook throughout industry cycles. RATINGS RATIONALE RV Retailer's B3 corporate family rating reflects its improved capital structure given the additional debt repayment as well as the commitment from its owners and parent company to provide continued support to RV Retailer. It also reflects that RV Retailer's leverage will remain high with debt/EBITDA of around 7.0x pro forma for the transaction as of 9/30/25 but that leverage is expected to materially improve to around 6.0x going forward. It also reflects the highly cyclical nature of RV demand, particularly given it is a relatively high cost discretionary purchase. RV Retailer's earnings have improved over the first three quarters of 2025 as a result of strong new unit sales growth, improved gross margins as a result of inventory management, positive operating expense leverage and significant cost reduction initiatives. The rating also reflects an expectation for further gradual improvement with regards to unit sales, margins, costs and inventories. In general, Moody's expects steady operating performance along with lower outstanding debt to result in improved credit metrics, although risks remain including the overall consumer spending environment remaining challenging and even higher-end consumers could become more frugal. The rating is supported by RV Retailer's solid market share as the second largest RV Retailer in a highly fragmented segment and its diversified revenue streams between new and used vehicles, finance & insurance and parts & service. The rating is also supported by the fact that RV Retailer's nearest debt maturity is more than two years away as its $100 million revolving credit facility and $900 million floorplan facility come due in February 2028 and after the refinancing of its existing term loan with a proposed new $650 million term loan due in 2033. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded in the event of a sustained decline in operating performance resulting in operating margins remaining depressed, free cash flow turning negative, or liquidity were to weaken for any reason. The adoption of a more aggressive financial strategy could also negatively impact the ratings or outlook. Quantitatively, ratings could be downgraded if debt to EBITDA is sustained above 7.5x or EBITA to interest expense is sustained below 1.0x. The ratings could be upgraded in the event of consistent revenue and earnings growth and at least adequate liquidity, including sustained and solid positive free cash flow. Through an industry cycle, debt/EBITDA is sustained below 5.75x and EBITA/interest is sustained above 1.75x. A financial policy that supports metrics at these levels. Headquartered in Florida, RV Retailer operates 97 dealerships across 31 states with a significant presence in Texas. The company does business under the Blue Compass RV brand and is among the top two RV dealership groups in the US. For the LTM period ending September 30, 2025, revenue was approximately $2.63 billion. The company is majority owned by Redwood Holdings. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. S & H SYSTEMS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: S & H Systems, Inc. f/d/b/a S & H Industrial Services, Inc. 2908 S. Caraway Rd. Suite 100 Jonesboro, AR 72401 Business Description: S & H Systems, Inc. designs, installs, and maintains material handling and automation systems for distribution centers, warehouses, and manufacturing and fulfillment facilities, providing services that include operational analysis, systems design engineering and estimating, and controls and software integration. The Company delivers conveyor systems, goods-to-person solutions, automated storage and retrieval systems, autonomous mobile robotics, robotic and pick/put wall solutions, and warehouse control systems, supporting both new and retrofit operations across the United States. S & H Systems is headquartered in Jonesboro, Arkansas, and employs approximately 180 people. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 26-10365 Judge: Hon. Phyllis M Jones Debtor's Counsel: Kevin P. Keech, Esq. KEECH LAW FIRM, PA POB 194 Amity, AR 71921 Tel: 501-221-3200 Fax: 501 221 3201 E-mail: kkeech@keechlawfirm.com Total Assets: $41,717,420 Total Liabilities: $62,495,282 The petition was signed by Mark Donovan as chief financial officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BWJJ32Y/S__H_Systems_Inc__arebke-26-10365__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ace Companies, Inc. Credit Account $1,502,174 14455 Myerlake Circle Clearwater, FL 33760 2. Alabama Mechanical Credit Account $1,673,474 Systems & C 8708 Rolling Hills Drive Tuscaloosa, AL 35406 3. Axiom Distribution Credit Account $2,061,313 & Fullfill 1007 N Orange Street, #1164 Wilmington, DE 19801 4. Brock Solutions US Credit Account $3,217,518 Sytems, LLC 8080 Tristar Drive, Ste 126 Irving, TX 75063 5. Culver Equipment LLC Credit Account $2,017,904 1606 S. 1st Ave Phoenix, AZ 85003 6. Daifuku Intral Credit Account $709,544 Logistics Ameri 63 Northwind Pkwy Hobart, IN 46342 7. Dematic Corp Credit Account $1,669,971 P. O. Box 152117 Grand Rapids, MI 49505-2117 8. Diversified Automation, Inc. Credit Account $1,700,335 1914 Stanley Gault Parkway Louisville, KY 40223 9. Fletchline Electrical Services Credit Account $640,281 5480 Lakeview Road Springfield, TN 37172 10. HW Integrated Systems LLC Credit Account $623,015 7910 Innovation Way Mason, OH 45040-9498 11. Interroll USA, Inc. Credit Account $2,658,605 P. O. Box 744144 Atlanta, GA 30384-4114 12. JDM Mechanical Credit Account $1,015,120 Installations, 8705 Business Circle #1 Converse, TX 78109 13. Ken Hendrix, Jr. Loan $509,742 354 Housley Pt. Hot Springs National Park, AR 71913 14. Material Handling Credit Account $1,240,317 Systems, Inc 131 Griffin Way Mount Washington, KY 40047 15. New Millenium Credit Account $827,928 Contractors, Inc P. O. Box 61 Taylorsville, GA 30178-1521 16. Roach Credit Account $1,257,527 Manufacturing Corp P.O. Box 1310 Trumann, AR 72472 17. Steele Solutions, Inc. Credit Account $1,835,064 9909 S. 57th Street Franklin, WI 53132 18. Talos Engineer Credit Account $1,410,292 Products, LLC 541 Industrial Drive Lewisburg, TN 37091 19. Transnorm System, Inc. Credit Account $492,715 2810 Ave. E. East Arlington, TX 76011 20. Travis McVay Credit Account $700,036 MacKnight Safety Solutions 3902 Reese Road Rosenberg, TX 77471 SADDI LLC: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Saddi, LLC. About Saddi LLC Saddi, LLC is a single-asset real estate company that owns one income-producing property. Saddi filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10034) on January 5, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Vijay Bhardwaj as managing member. Judge Derek J Baker presides over the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin represents the Debtor as legal counsel. SAKS GLOBAL: Seeks to Hire A&G Realty Partners as Consultant ------------------------------------------------------------ Saks Global Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire A&G Realty Partners, LLC, as a real estate consultant and advisor. The firm will render these services: a. assist the Company with real estate strategy; b. consult with the Company to discuss the Company's goals, objectives and financial parameters in relation to the Leases; c. provide ongoing advice and guidance related to individual financial and non-financial lease restructuring opportunities; d. prepare a "desktop" valuation of each Lease and Property; e. negotiate with the landlords of the Leases on behalf of the Company to obtain Lease Modifications acceptable to the Company; f. negotiate with the Landlords on behalf of the Company to obtain Early Termination Rights acceptable to the Company; g. if requested by the Company, market the Leases in a manner and form as determined by A&G and approved by the Company, and negotiate with the Landlords and other third parties on behalf of the Company to assist the Company in obtaining Lease Sales acceptable to the Company; h. if requested by the Company, negotiate with Landlords on behalf of the Company to assist the Company in obtaining Landlord Consents acceptable to the Company in its sole discretion; i. prepare and implement a marketing plan to sell, and conduct a sale process, for the Properties; j. represent the Company in, and negotiate, the sale of the Properties; k. assist the Company and its counsel in the documentation of sale transactions involving one or more of the Properties; and l. provide regular update reports to the Company regarding the status of the Services. A&G shall be compensated at these fees: a. Desktop Valuation. $5,000 per site for owned and ground leased Properties and $2,500 per site for leased Properties. The Company shall pay the DTV Fee to A&G 50% upon execution of this Agreement, to the extent not previously paid, and 50% immediately prior to the delivery of the Desktop Valuation. b. Monetary Lease Modifications. For each Monetary Lease Modification obtained by A&G on behalf of the Company, A&G shall earn and be paid a fee in the amount of two percent (2%) of the Occupancy Cost Savings, per Lease. c. Non-Monetary Lease Modifications. For each Non-Monetary Lease Modification obtained by A&G on behalf of the Company, A&G shall earn and be paid a fee in the amount of the greater of $3,500 and two percent (2%) of the Occupancy Cost Savings. d. Early Termination Rights. For each Early Termination Right obtained by A&G on behalf of the Company, A&G shall earn and be paid a fee in the amount of twenty percent (20%) of one (1) month's Gross Occupancy Cost, per Lease. e. Property Sales. For each Property Sale obtained by A&G on behalf of the Company, A&G shall earn and be paid a fee in the amount of one percent (1%) of the Gross Proceeds thereof. f. Lease Sales. For each Lease Sale obtained by A&G on behalf of the Company, A&G shall earn and be paid a fee in the amount of two percent (2%) of the Gross Proceeds thereof. g. Landlord Consents. If requested by the Global Debtors, for each consent obtained by A&G to extend the Global Debtors' time to assume or reject a Lease as a part the Chapter 11 Cases and agreed to by the Global Debtors in their sole and absolute discretion, A&G shall earn and be paid a fee in the amount of 500, per Lease. As disclosed in the court filings, A&G 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: Emilio Amendola A&G Realty Partners, LLC 445 Broadhollow Road, Suite 410 Melville, NY 11747 Direct: (631) 465-9507 Mobile: (917) 860-2192 Email: emilio@agrep.com About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAKS GLOBAL: Seeks to Hire PJT Partners as Investment Banker ------------------------------------------------------------ Saks Global Enterprises LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ PJT Partners LP as investment banker. The firm will render these services: (a) assist the evaluation of the Debtors' businesses and prospects; (b) assist in the development of the Debtors' long-term business plan and related financial projections; (c) assist in the development of financial data and presentations to the Board, various creditors, and other third parties; (d) analyze the Debtors' financial liquidity and evaluating alternatives to improve such liquidity; (e) analyze various restructuring scenarios and the potential impact of these scenarios on the recoveries of those stakeholders impacted by the restructuring; (f) provide strategic advice with regard to restructuring or refinancing the Debtors' obligations; (g) evaluate the Debtors' debt capacity and alternative capital structures; (h) participate in negotiations among the Debtors and their creditors, lessors and other interested parties; (i) value securities offered by Saks Global in connection with a restructuring; (j) assist in arranging financing for the Debtors, as requested; (k) provide expert witness testimony in connection with the Chapter 11 cases of the Debtors concerning any of the subjects encompassed by the other investment banking services; (l) assist the Debtors in preparing marketing materials in conjunction with a possible transaction; (m) assist the Debtors in identifying potential buyers or parties in interest to a transaction and assist in the due diligence process; (n) assist and advise the Debtors concerning the terms, conditions and impact of any proposed transaction; and (o) provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to a potential transaction, restructuring and/or capital raise, as requested and mutually agreed. The firm will be paid at these following fees: (a) monthly fee of $200,000; (b) capital raising fee: (i) Senior Debt -- 1 percent of the total issuance and/or committed amount of senior debt financing; (ii) Junior Debt/Unsecured Debt Financing -- 2 percent of the total issuance and/or committed amount of junior debt financing, or unsecured debt financing. (iii) Equity Financing -- 3 percent of the issuance amount of equity or equity-linked financing. (c) amendement fee -- 0.25 percent multiplied by the aggregate amount of existing CMBS debt that remains outstanding upon consummation of a Restructuring, earned and payable upon the consummation of a Restructuring; 50 percent of the Amendment Fee paid to PJT shall be credited, once and without duplication, against the Restructuring Fee and/or any Transaction Fees payable to PJT; (d) restructuring fee - $28,000,000 earned and payable upon consummation of a Restructuring; (e) transaction fee - payable in cash at closing of such Transaction directly out of the gross proceeds or from any other available sources in the amount of in respect of any Transaction involving a sale of all or substantially all of the Debtors' assets, whether in one transaction or a series of related transactions: (1) $28,000,000 plus (2) 1 percent of the Transaction Value in excess of the amount required to pay all then outstanding DIP financing obligations or such lower amount as agreed between the Debtors and the lenders under the SGUS Third Out Loans; and (f) fee cap -- not exceeding $47.5 million. In addition, the firm will seek reimbursement for expenses incurred. Jamie Baird, a partner at PJT Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jamie Baird PJT Partners LP 280 Park Avenue, 15th Floor New York, NY 10017 Telephone: (212) 364-7800 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. SAN FRANCISCO CARE: Hires Bachecki Crom & Co as Accountant ---------------------------------------------------------- San Francisco Care Center, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Bachecki, Crom & Co., LLP, Certified Public Accountants as accountant. The firm will render these services: (a) prepare and file tax returns; (b) analyze tax claims filed in this case; (c) correspond with taxing authorities, if necessary; (d) consult with the Debtor and Debtor's counsel regarding general tax and accounting matters; and (e) consult with Debtor and Debtor's counsel as to those accountancy matters which may arise during the Chapter 11 case. The firm will be paid at these rates: Partners $425 - $650 per hour Senior Accounts $375 - $490 per hour Junior Accountants $140 - $370 per hour As disclosed in court filings, Bachecki, Crom & Co. is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Austin J. Wade, CPA Bachecki, Crom & Co., LLP 400 Oyster Point Blvd Ste 106 South San Francisco, CA 94080 Phone: (415) 398-3534 Email: awade@bachcrom.com About San Francisco Care Center San Francisco Care Center, LP owns and operates a residential care and memory facility for the elderly, with patients ranging in age from 80 to 100 years old. The Debtor provides services to assist residents with their daily activities, such as feeding, bathing, dressing, medication management, toileting and mobility support. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30025) on January 14, 2025. In the petition signed by Teresa Wong, managing partner, the Debtor disclosed up to $50 million in both assets and liabilities. The Debtor is represented by Sarah M. Stuppi, Esq. at Law Offices Of Stuppi And Stuppi. SANTA PAULA: Hires Gwyn Goodman Realty as Real Estate Broker ------------------------------------------------------------ Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Gwyn Goodman Realty, Inc. as real estate broker. The broker will receive a commission equal to 5 percent for 6770 Wheeler Canyon Road, Santa Paula, California; Sand Canyon Road, Somis, California; and Waters X Stockton Rd., Moorpark, California. Gwyn Goodman, a broker with Gwyn Goodman Realty, Inc., disclosed in the court filings that the firm is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Gwyn Goodman Gwyn Goodman Realty, Inc. 8106 Posita Avenue Somis, CA 93066 Phone: (805) 987-6695 (805) 443-5650 Email: ggoodmanrealty@aol.com About Beaver Hollow Niagara LLC Beaver Hollow Niagara LLC is a hospitality and recreation company that operates a resort property in Western New York, offering lodging, event space, and outdoor recreational activities. The company serves both leisure travelers and group bookings, including retreats, educational programs, and nonprofit organizations, and relies on a network of service and supply vendors to support its daily operations. Beaver Hollow Niagara LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10001) on January 2, 2026. In its petition, the Debtor reports $460,000 in assets against $704,000 in debt, spread across 82 creditors. Honorable Bankruptcy Judge Carl L. Bucki handles the case. The Debtor is represented by Arthur G Baumeister, Jr., Esq. of Baumeister Denz LLP. SANTA PAULA: Seeks to Hire Buxman Group as Real Estate Broker ------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Carl J. Buxman of Buxman Group as real estate broker. The broker will market and sell the Debtor's real properties commonly known as Ranch 4, Ranch 10, Ranch 25, Jasmine Ranch 4, and Ranch 65. The broker will be paid a commission equal to 2 percent of the selling price of the property. Buxman Group is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Carl J. Buxman Buxman Group 10425 S. Kings River Rd. Reedley, CA 93654 Tel: (559) 318-0818 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by: Reed Olmstead, Esq. LAW OFFICES OF REED H. OLMSTEAD 5142 Hollister Ave #171 Santa Barbara, CA 93111 Tel: (805) 963-9111 Email: reed@olmstead.law SHERMAN DE LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Sherman De LLC WDS Hotels Sherman LLC Holiday Inn Express & Suites 2909 Michelle Dr Sherman, TX 75092 Business Description: Sherman De LLC, based in Sherman, Texas, owns and manages a property operating under the Holiday Inn Express & Suites brand, participating in the hotels and motels industry, providing short-term lodging and related accommodation services. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-30498 Judge: Hon. Stacey G Jernigan Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Aziz Jamal as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NYTRLCI/Sherman_De_LLC__txnbke-26-30498__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N4SJ46Q/Sherman_De_LLC__txnbke-26-30498__0001.0.pdf?mcid=tGE4TAMA SIBUNA GROUP: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Sibuna Group, LLC. About Sibuna Group LLC Sibuna Group, LLC, a Georgia-based limited liability company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58300) on July 25, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities up to $50,000. SIMBA IL HOLDINGS: Hires Grobstein Teeple LLP as Financial Advisor ------------------------------------------------------------------ Simba IL Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Grobstein Teeple LLP as its financial advisors. The firm will render these services: a. obtain and evaluate financial records; b. evaluate assets and liabilities of the Debtor and Estate; c. evaluate tax issues related to the Debtor and Estate; d. prepare tax returns; e. analyze tax implications of liquidation of certain of the Debtor’s assets up to and including real property located at 1220 Red Butte Drive, Aspen, Colorado 81611. f. provide litigation consulting if required; and g. provide accounting and consulting services requested by the Applicant and its counsel. The firm will be paid at these hourly rates: Partners and Principals Grobstein, Howard $780 Teeple, Joshua $650 Alfonso, Tony $550 Boffill, Kermith $550 Chamichyan, Silva $450 Howard, Benjamin $625 McBride, Andrew $575 Mehra, Dimple $485 Rasmussen, Erik $575 Roopenian, Steven $450 Shamas, Eddie $425 Stake, Kurt $595 Wright, Kailey $510 Managers and Directors Elair, Wes $350 Frias, Josephine $330 McCarthy, Michael $385 Medina, Tony $375 Thomsen, William $495 Torossian, Tatevik $485 Professionals Ciezczak, Matt $275 Cooper, Nicholas $350 Jones, Olivia $375 Kent, Ryusei $325 McCallum, Breanna $275 Meacham, Kevin $375 Muga, Tracey $250 Pei-Wen, Lin (Lynn) $325 Pourmehr, Liyona $175 Qin, Kunpeng $225 Siegel, Brian $325 Tsaturyan, David $285 Paraprofessionals Borba, Brooke $250 Carranza, Wendi $115 Cortez, Dina $135 Galarza, Clara $175 Harris, Shelly $105 Labuschagne, Taylor $250 Maurier, Lola $95 Nino, Claudia $125 Rice, Lynn $200 Weiss, Denise $190 Zerehi, Ken $185 Mr. Teeple 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: Joshua R. Teeple, CPA Grobstein Teeple LLP 23832 Rickfield Boulevard, Suite 245 Lake Forest, CA 92630 Telephone: (949) 381-5655 Facsimile: (949) 381-5665 Email: jteeple@gtllp.com About Simba IL Holdings, LLC Simba IL Holdings, LLC operates as a nonbank holding company that manages equity interests in subsidiary businesses. Simba IL Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12616) on September 16, 2025, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Mordechai H. Ferder, manager, signed the petition. Judge Mark D. Houle oversees the case. Leonard M. Shulman, Esq., at Shulman Bastian Friedman Bui & O'Dea, LLP represents the Debtor as legal counsel. SKYLARK HOTELS: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: Skylark Hotels, Inc. d/b/a Empire Inn 294 E. Hospitality Lane San Bernardino, CA 92408 Business Description: Skylark Hotels, Inc., doing business as Empire Inn, owns and operates an 82-room budget motel located at 294 E. Hospitality Lane in San Bernardino, California, with a comparable sale value of about $6.5 million. Chapter 11 Petition Date: February 1, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10787 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Kevin Tang, Esq. TANG & ASSOCIATES 17011 Beach Blvd Suite 900 Huntington Beach, CA 92647 Tel: 714-594-7022 Fax: 714-421-4439 E-mail: kevin@tang-associates.com Total Assets: $6,771,564 Total Liabilities: $10,117,752 The petition was signed by Kalpesh Prafull Solanki as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VV2WGFI/Skylark_Hotels_Inc_dba_Empire__cacbke-26-10787__0001.0.pdf?mcid=tGE4TAMA ST. AGUSTIN: Seeks Approval to Hire Hector L. Colon Vega as Expert ------------------------------------------------------------------ St. Agustin Housing Associates, LP seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Hector L. Colon Vega, an industrial engineer and professional plumber practicing in Ponce, Puerto Rico, as expert. The expert will provide services on the use of water and sewer services provided by the Puerto Rico Aqueducts and Sewer Authority. Mr. Colon Vega will be billed at his hourly rate of $175. Ms. Colon Vega disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The expert can be reached at: Hector Colon Vega Nuevo Norte # 51 Edf. De La Cruz Suite. 203 Ponce, PR 00731 Telephone: (787) 709-8463 About St. Agustin Housing Associates LP St. Agustin Housing Associates, LP filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 25-02511) on June 2, 2025, listing under $1 million in both assets and liabilities. The case is assigned to Honorable Enrique S. Lamoutte Inclan. The Debtor is represented by Godreau & Gonzalez Law, LLC. STAR INFRA: Case Summary & 10 Unsecured Creditors ------------------------------------------------- Debtor: Star Infra, LLC 1208 Sue Ann Rose Dr. Austin, TX 78717 Business Description: Star Infra, LLC holds an equitable interest in approximately 6.42 acres planned for development as a multifamily project located at 2082 Kauffman Loop, Liberty Hill, Williamson County, Texas 78642, with the Debtor's interest appraised at $24 million. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-10197 Judge: Hon. Christopher G Bradley Debtor's Counsel: Jack N. Fuerst, Esq. JACK N. FUERST, ATTORNEY AT LAW 2500 Tanglewilde St., Ste 320 Houston, TX 77063 Tel: 713-299-8221 Email: jfuerst@sbcglobal.net Total Assets: $24,997,000 Total Liabilities: $11,947,784 The petition was signed by Sivarama Katta as manager. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FUYCZOI/Star_Infra_LLC__txwbke-26-10197__0001.0.pdf?mcid=tGE4TAMA STOKES & STOKES: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: Stokes & Stokes Properties, LLC 1849 Dillon Road Ambler, PA 19002 Business Description: Stokes & Stokes Properties, LLC owns residential rental properties in Philadelphia. Chapter 11 Petition Date: February 3, 2026 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-10431 Judge: Hon. Ashely M Chan Debtor's Counsel: Demetrius Parrish, Esq. LAW OFFICES OF DEMETRIUS J. PARRISH 7715 Crittenden Street, #360 Philadelphia, PA 19118 Tel: (215) 735-3377 Fax: (215) 827-5420 E-mail: djpbkpa@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Michelle Williams as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VFUTLHA/Stokes__Stokes_Properties_LLC__paebke-26-10431__0001.0.pdf?mcid=tGE4TAMA SUKRAN LLC: July 27 Governmental Claims Bar Date ------------------------------------------------ On January 26, 2026, Sukran LLC commenced a Chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Nevada. Court records show the Debtor reports total liabilities of approximately $3.78 million. The deadline for governmental units to file claims is on July 27, 2026. About Sukran LLC Sukran LLC owns and leases a commercial office property at 291 N. Pecos Rd. in Henderson, Nevada. Sukran LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code on January 26, 2026 (Bankr. D. Nev. Case No. 26-10445). The bankruptcy petition lists estimated assets of $2,500,361 and liabilities totaling $3,775,533. The Debtor is represented by Janet Trost, Esq. SWEETWATER BORROWER: S&P Affirms 'B' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based online musical retailer Sweetwater Borrower LLC. At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the proposed term loan B due in 2033 and new revolving credit facility due 2031. The stable outlook reflects S&P's expectation that the company will grow sales and EBITDA in the mid-single-digit percent area in 2026 as it expands its market share and product offerings while maintaining adjusted leverage below 6x. Sweetwater plans to refinance its capital structure and pay a dividend to its financial sponsor. As part of the transaction, the company will issue a new seven-year $825 million first-lien term loan B and a new five-year $125 million senior secured revolving credit facility (undrawn), refinancing its existing $556 million term loan and $100 million revolver due 2028. Notwithstanding the additional $269 million of funded debt, S&P projects the company's S&P Global Ratings-adjusted leverage will remain below 6x throughout 2026. S&P said, "We expect Sweetwater to continue to expand revenue and earnings. This will allow the company to manage the higher leverage from the proposed dividend recapitalization. The company will use the proceeds from the new term loan--as well as about $39 million in balance-sheet cash--to repay its existing term loan B maturing in 2028, fund a $286 million dividend to its financial sponsor, and pay fees and expenses. The company will also refinance its existing $100 million revolving credit facility (undrawn) with a new $125 million revolving facility due in 2031. Pro forma for the transaction, adjusted leverage increases to about 5.4x for the 12 months ended Sept. 30, 2025, from 3.9x pre-transaction. Sweetwater's debt burden is growing significantly, and credit-protection metrics are weakening as part of this transaction. However, we expect earnings growth, driven by favorable ecommerce trends in the industry and improving sales leverage, to result in adjusted leverage decreasing to about 4.7x by the end of 2026. Through third-quarter 2025, revenues were up 9%, and gross margin increased about 60 basis points (bps). This--along with improved sales leverage--enabled adjusted EBITDA margins to expand almost 150 bps. "Our projections for positive free operating cash flow (FOCF) also create flexibility for Sweetwater to pay down debt over time, as it has done in the past. Still, Sweetwater's financial sponsor ownership heightens the risk the company could pursue additional debt-funded shareholder returns or acquisitions. "We expect high-single-digit percent adjusted EBITDA growth annually over the next two years, supported by Sweetwater's strategic initiatives and secular e-commerce. The company has generated solid growth in recent years, exceeding that of the overall music retail industry by capitalizing on increasing e-commerce spending and through its differentiated "Sales Engineer" model that encourages individualized customer support and strong relationships. This customer-centric strategy has led to strong customer retention rates, driving repeat purchases and continued market-share gains. Sweetwater's outperformance continued in 2025, driven by successful marketing, competitive pricing, and the execution of its growth initiatives, which include growing its rental business and expanding its product categories to suit a wider customer base. We forecast revenue growth will moderate to 5%-6% annually in 2026 and 2027 following high-single-digit percent growth in 2025. This is based on our expectation that Sweetwater will increase its market share while the industry's growth is flat for the year in a difficult consumer environment. In our view, growth in e-commerce musical retail will likely outpace growth in brick-and-mortar. The company's strong revenue growth and greater leverage of its selling, general, and administrative expenses (SGA) as well as favorable shift in product mix enabled S&P Global Ratings-adjusted EBITDA margins to expand to 8.5% on a trailing-12-month basis at the end of the third fiscal quarter despite evolving conditions around tariffs. We expect profitability will continue to benefit from improving sales leverage. Our base projects EBITDA margins of 8.8% in 2025 and 9% in 2026, leading us to forecast EBITDA of $163 million and $176 million, respectively. Sweetwater is not the importer of record for most of its products, and therefore its exposure is largely indirect. That said, about 35% of its inventory is manufactured in China. We expect suppliers will continue to adjust MAP (minimum advertised pricing) levels to preserve retail margins and that Sweetwater's institutional customer base and growing rental business positions the company well to increase its market share in an environment where we expect flat industry growth and rising prices. "Sweetwater's size and narrow category focus are limiting factors. The company is a leading player in the highly fragmented musical retail industry. Despite its market position, we believe Sweetwater's size and scale are limited. The company serves a narrow customer base with limited product diversity compared with broader retailers. Moreover, we view Sweetwater's product offerings as discretionary and would expect operating performance to deteriorate in the event of a recession, as demand for audio equipment and instruments would likely decrease meaningfully. In addition, the company faces competition from larger retailers with greater customer reach. That said, we expect the company's growth initiatives--geared toward expanding its rental business, distribution capabilities, and product offerings into adjacent categories--will benefit top-line growth. Further, the company's effective sales force and good customer service are competitive strengths that we believe will continue to support market-share gains. "We expect capital spending to accelerate over the next two years in support of capacity-expansion projects. Sweetwater's online business model benefits from relatively low capital expenditure requirements. Low maintenance needs enable the company to invest in growth initiatives, such as expanding its distribution capabilities and investing in its band and orchestra rental program. We forecast capex increasing to about $40 million in 2026 and $35 million in 2027 from less than $20 million in 2025, with the majority earmarked for growth initiatives. The company is investing in expanding its distribution center capacity along with a continued build-out of its band and orchestra rental business. This leads us to forecast FOCF of about $60 million in 2026. Sweetwater has previously made discretionary debt paydowns on its existing term loan B, and we believe it could use excess cash to reduce debt after the dividend recapitalization is complete. We expect pro forma liquidity will be around $160 million post close of the transaction, consisting of cash on hand and revolver availability. "The stable outlook reflects our expectation that Sweetwater will generate positive FOCF and maintain sufficient headroom within its credit-protection metrics as its effective sales force, pricing strategy, and performance marketing support profitable market-share growth over the next 12 months." S&P could lower the rating on Sweetwater if it sustains S&P Global Ratings-adjusted leverage above 6x, and it expects FOCF to weaken. This could occur if: -- Heightened competition in the industry or management missteps cause performance to deteriorate; -- Profitability deteriorates relative to our base case, stemming from macroeconomic pressures that weaken demand; or -- The company pursues a more aggressive financial policy. While unlikely over the next 12 months, S&P could raise the rating on Sweetwater if: -- S&P believes it will sustain adjusted leverage below 5x, supported by earnings growth and a commitment to pursuing a more conservative financial policy; and -- It significantly expands its operating scale, leading to continued positive sales growth and margin improvement. SYNCUBE CONTAINERS: Charles Mouranie Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for Syncube Containers, LLC. Mr. Mouranie 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. Mouranie declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About Syncube Containers LLC Syncube Containers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40806) on January 27, 2026, with $100,001 to $500,000 in assets and liabilities. Alexander Joseph Berry-Santoro, Esq., at Maxwell Dunn, PLC represents the Debtor as legal counsel. TECH READY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Tech Ready Mix, Inc. TRM Construction Management Services, LLC 7509 Rollingbrook Trl Solon, OH 44139-5155 Business Description: Tech Ready Mix, Inc., founded in 2010 and incorporated in Ohio, manufactures and supplies ready-mixed concrete, construction aggregates, and related materials for public works, commercial, industrial, and residential projects. The Company owns and operates concrete batch plants and delivery logistics within a regional footprint, providing engineered mixtures and materials to federal, state, municipal, and private customers. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-10413 Judge: Hon. Jessica E Price Smith Debtor's Counsel: Frederic P Schwieg, Esq. FREDERIC P. SCHWIEG ATTORNEY AT LAW 19885 Detroit Rd #239 Rocky River OH 44116 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com Total Assets: $5,750,280 Total Liabilities: $11,041,817 The petition was signed by Mark Perkins as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LISO74Q/Tech_Ready_Mix_Inc__ohnbke-26-10413__0001.0.pdf?mcid=tGE4TAMA TELESCOPE PROPERTIES: Amends Unsecureds & Secured Claims Pay ------------------------------------------------------------ Telescope Properties, LLC, submitted a First Amended Combined Disclosure Statement and Plan dated January 27, 2026. For the purposes of approval and implementation of this Plan, Administrative Creditors and Priority Creditors shall be paid on account of their respective Administrative and Priority Claims in accordance with the provisions set forth. Class 1 consists of General Unsecured Claims. Allowed General Unsecured Claims shall receive distributions, pro rata, from the Debtor's available net sale proceeds after payment of (i) allowed secured claims and liens against the sold property, (ii) allowed administrative expenses and U.S. Trustee fees, and (iii) any other amounts required to be paid under the Plan or by Court order. Based on current projections and expected sale proceeds, the Debtor believes Allowed General Unsecured Claims will be paid in full, but reserves the right to make pro rata distributions if net proceeds are insufficient. Byline Bank asserts an unsecured deficiency claim in the approximate amount of $171,937.03 derived by subtracting $90,574.83 received from the sale of 12062 Klinger Street, Hamtramck, Michigan (closing December 6, 2024) from its asserted claim of $262,511.86, subject to allowance and any claim objections. This class is impaired. Class 2 consists of Chaplin First Deed of Trust Claim. The Debtor shall sell the Chaplin Property pursuant to Section 363 of the Bankruptcy Code and a separate sale order. The Debtor seeks authority to sell the Chaplin Property for gross consideration of not less than $2,194,000 (the "Minimum Price"), on customary residential real estate terms and not subject to a financing contingency. At closing, the holder of the first deed of trust shall be paid in full from sale proceeds for its allowed secured claim (including unpaid principal, interest at the non-default rate, and other amounts allowed by the Bankruptcy Court) pursuant to payoff statements. Class 3 consists of Chaplin Second Deed of Trust Claim. The Debtor shall sell the Chaplin Property pursuant to Section 363 of the Bankruptcy Code and a separate sale order. At closing, the holder of the second deed of trust shall be paid from sale proceeds to the extent of its allowed secured claim (including unpaid principal, interest at the non-default rate, and other amounts allowed by the Bankruptcy Court) pursuant to payoff statements, after payment of senior liens and customary closing costs. The lien shall be released upon payment in full. This class is impaired. Class 4 consists of Lindley Secured Claim and Construction Loan. Pursuant to the Financing Order, SSA holds (a) the allowed secured claim secured by the Lindley Property, as modified so that all postpetition interest accrues at a fixed 11% rate beginning on the Petition Date until paid in full, and (b) a $250,000 construction loan bearing 11% "Dutch interest" (accruing on the full principal amount as if fully drawn) to be disbursed in draws per an approved budget and inspection. The Debtor shall complete construction, list, and sell the Lindley Property in accordance with the Completion Deadline and Sale Closing Deadline set forth in the Financing Order. From Lindley sale proceeds, SSA shall be paid in full an amount not less than the "Accrued Claim" plus closing costs, with SSA's liens released upon payment in full. The Debtor intends to fund this Plan primarily through (a) the sale of the Chaplin Property pursuant to Section 363 of the Bankruptcy Code, and (b) the completion and sale of the Lindley Property pursuant to the postpetition financing and refinance approved by the Court under the Financing Order. The Chaplin Property has been actively marketed since May 7, 2025 through the Multiple Listing Service and other customary channels, and has been shown to numerous prospective purchasers. The Debtor has filed a motion seeking authority to sell the Chaplin Property free and clear under Section 363 of the Bankruptcy Code for gross consideration of not less than $2,194,000 (the "Minimum Price"), not subject to a financing contingency, and to close promptly upon receipt of the highest and best offer meeting or exceeding the Minimum Price. A full-text copy of the First Amended Combined Disclosure Statement and Plan dated January 27, 2026 is available at https://urlcurt.com/u?l=gwyduz from PacerMonitor.com at no charge. Attorney for the Debtor: Robert Bassel, Esq. P.O. Box T Clinton, MI 49236 Telephone: (248) 677-1234 Email: bbassel@gmail.com About Telescope Properties Telescope Properties is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Telescope Properties, LLC in Flint, MI, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 24-30425) on March 6, 2024, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Shabi Jafri as principal, signed the petition. Judge Joel D. Applebaum oversees the case. Robert N. Bassel serves as the Debtor's legal counsel. TEXMAR GROUP: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: Texmar Group, LLC 22196 Adams Street Porter, TX 77365 Business Description: Texmar Group, LLC provides commercial and industrial machinery and equipment rental and leasing services in Porter, Texas, offering a range of heavy construction and material-handling equipment, including excavators, dozers, forklifts, and powerwashers, to businesses and contractors across the region. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30736 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Vicky M. Fealy, Esq. THE FEALY LAW FIRM, PC 1235 North Loop West Suite 1120 Houston TX 77008 Tel: (713) 526-5220 Email: vfealy@fealylawfirm.com Total Assets: $2,300,096 Total Liabilities: $2,717,600 The petition was signed by Mohamed El Attar in his capacities as president and owner. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KM2SSTY/Texmar_Group_LLC__txsbke-26-30736__0001.0.pdf?mcid=tGE4TAMA TKC HOLDINGS: Moody's Rates New $675MM Secured Bank Credit Facility ------------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to TKC Holdings, Inc.'s proposed backed senior secured bank credit facility, which includes a $600 million First Lien Term Loans (subject to final allocation) and $75 million First Lien Revolving Credit Facility. Moody's also affirmed TKC Intermediate Holdings, LLC's (TKC) corporate family rating at B3 and probability of default rating at B3-PD. The senior secured bank credit facility rating is subject to Moody's expectations of follow on new debt and could be changed if the follow on debt is not issued. The outlooks for both entities are stable. The company plans to use the debt proceeds to refinance the entire capital structure (including the existing Holdco PIK notes), and to make a small distribution to shareholders. While the new structure comes with slightly increased total interest expense (compared to ex PIK interest, equal if incl PIK interest), it improves Moody's views of the company's ability to deleverage without the PIK notes growing each year. Upon completion, funding, and full repayment of the existing TKC debt, Moody's will withdraw the repaid debt ratings at that time. "The ratings affirmation reflects Moody's forecasts for deleveraging towards 6.5x through 2027 after being at about 7.5x pro forma for the new capital structure. With continued solid operating performance Moody's expects TKC to now be able to actively deleverage from moderate EBITDA growth while maintaining strong free cash flow and good liquidity", said Will Gu, a Moody's Ratings analyst. RATINGS RATIONALE TKC's B3 CFR is constrained by: (1) Moody's expectations of high financial leverage remaining above 7x through 2026; (2) aggressive financial policies under private ownership by H.I.G. Capital, including a history of debt-funded distributions; and (3) a volume-based business exposed to social risks linked to prison policy reform. The rating benefits from: (1) Moody's expectations of improving operating performance in 2026 as a result of net new business wins and higher growth cross selling services like tablets, technology, and payments; (2) good revenue visibility supported by multiyear contracts and high renewal rates; and (3) a strong market position in its commissary and food service businesses, providing competitive advantages in pricing and bidding processes. TKC has good liquidity, with sources of around $205 million, compared to about $8 million of uses until the end of 2026. Sources consist of Moody's expectations of about $50 million in cash pro forma for 2025, full availability under the new $75 million revolving credit facility expiring 2031 and Moody's expectations of free cash flow of about $80 million over the next 12 months. Uses of liquidity include $8 million of mandatory term loan amortization. While Moody's don't expect the company to use its revolving credit facility during the year, the company might use it occasionally to cover working capital needs. The revolving credit facility will have a springing covenant based on a maximum first lien net leverage ratio. Moody's do not expect the covenant to be applicable in the next 12 to 18 months. The company has limited ability to generate alternate liquidity from asset sales. The B2 rating on TKC Holdings, Inc.'s $600 million First Lien Term Loan and $75 million Revolving Credit Facility reflects their priority ranking in the capital structure and benefits from loss absorption cushion provided by Moody's expectations for other structurally subordinated debt. The term loan and revolver are guaranteed by TKC Intermediate Holdings, LLC. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $175 million and 50% of LTM EBITDA, plus an unlimited additional amount subject to the closing date Secured Leverage Ratio. There is no inside maturity sublimit. A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate the debt or lien priority. The stable outlook reflects Moody's views that TKC's operating performance will improve over the next 12-18 months, but financial leverage will remain relatively elevated. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TKC's ratings could be upgraded if debt/EBITDA sustains below 6x, positive free cash flow continues to improve, and operating performance also continues to improve. The ratings could be downgraded if EBITA to interest coverage is sustained less than 1.0x, liquidity erodes through greater than expected cash burn, operating performance deteriorates, or the market position weakens. TKC is a leading provider of commissary, food service, and related products to the corrections industry across the United States. The company is headquartered in St. Louis, Missouri and is owned by funds affiliated with H.I.G. Capital. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. TKC maps to a B1 historical scorecard-indicated outcome under Moody's Global Business and Consumer Services Methodology which is two notches above the actual rating assigned. The difference reflects the company's high financial leverage and track record of dividend recapitalizations under ownership by H.I.G. Capital. TKC HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on St. Louis-based TKC Holdings Inc. and assigned its 'B-' issue-level rating to the company's proposed first-lien credit facilities with a '3' recovery rating, reflecting its expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of default. The stable outlook reflects S&P's view that TKC will modestly increase its revenue and profitability over the next 12 months while maintaining positive cash flow and leverage of about 7x. TKC Holdings intends to issue a $75 million revolver (undrawn at close) and $600 million first-lien term loan, in addition to $1 billion of other first-lien debt and $575 million other second-lien debt to refinance its existing capital structure, fund a $100 million distribution to shareholders, and pay financing-related fees and expenses. S&P said, "While we forecast the transaction will modestly increase its S&P Global Ratings-adjusted leverage above 7x and increase the company's cash interest expense, we expect TKC will maintain adequate liquidity and generate free operating cash flow (FOCF) to debt of 1.5%-3.0%. "The transaction will modestly increase leverage and weaken near-term cash flow metrics. Pro forma for the transaction, we project TKC's S&P Global Ratings-adjusted leverage will rise to 7.1x for the last-12-monrth period ended Sept. 30, 2025, reflecting increased debt to fund shareholder returns. While we anticipate total interest expense will modestly decrease under the new capital structure, we expect the company's cash interest expense to increase by over $50 million in 2026 as it refinances approximately $500 million of payment-in-kind (PIK) obligations with cash interest-bearing debt. "Furthermore, we forecast elevated capital expenditure (capex) of approximately $40 million for investments in new business initiatives will contribute to FOCF to debt declining to about 1.5% in 2026 from 2%-3% expected at the end of 2025. Still, we expect TKC will maintain adequate liquidity, supported by full availability under the company's $75 million revolving credit facility and $25 million-$30 million of reported FOCF in 2026. "We forecast TKC's S&P Global Ratings-adjusted EBITDA margins will strengthen to approximately 17% in 2025 and 2026, increasing over 250 basis points from 14.3% reported for 2024. This is primarily attributable to the implementation of contracts with more favorable terms, which we expect to mitigate the impact of inflation. While input costs have increased due to tariffs, the company has offset these pressures through procurement efficiencies and product substitutions, contributing to margin expansion. "Over the past three years, TKC has also benefited from a favorable gap between the Consumer Price Index food-away-from-home category (which its customer contract price escalators are tied to) and the Producer Price Index for food (which most of its input costs are tied to). Furthermore, we expect the company will continue its recent trend of winning more higher-margin telephone and technology contracts, which will expand margins in 2026 and 2027. "In 2026, the Federal Communications Commission (FCC) will enact rules capping per-minute call rates and eliminating most ancillary fees. We expect the change will cause TKC's telephone services revenue, which represents less than 10% of total revenue, to decline. However, we expect this change to be margin accretive given our belief that lower call rates will increase total call volume and our understanding that the FCC order will also eliminate site commissions TKC paid to facilities under the previous model. Under our updated base-case forecast, we anticipate TKC will continue generating total revenue growth in the low-single-digit percent area, supported by the conversion of recent new business bookings and a modest increase in prison populations. "Still, higher scrutiny of prison service providers could pressure operating performance. TKC remains exposed to regulatory, operational, and reputational risks inherent in its concentration in correctional foods, commissary, payments, and inmate communications services. We believe increased public and regulatory scrutiny of prison service providers could pressure its operating performance, potentially leading to increased operational and pricing demands that could erode EBITDA margins, result in customer losses, or hinder TKC's ability to win new business. "We believe the rapid increase in U.S. Immigration and Customs Enforcement (ICE) detention rates over the past 12 months has heightened scrutiny of detention conditions and service quality. While we understand ICE-related revenue contributes less than 3% of TKC's total revenue, we expect the company to benefit from ICE detention growth in our forecast. While TKC has expanded its margins in recent years, avoided material customer losses, and continued to secure new business, occasionally competitors who lose a bid will challenge the result, which can generate negative headlines if there are accusations about substandard quality and nutrition. "Although these issues are generally episodic, they reflect a structurally sensitive operating environment subject to regulatory shifts, public sentiment, and heightened oversight. On a positive note, we expect the new FCC rules regarding fee caps on inmate calling will put less scrutiny on that area of TKC's business." Additionally, cybersecurity represents an ongoing operational and reputational risk for TKC Holdings, highlighted by a 2025 cyber incident that temporarily disrupted payment systems across certain facilities. The outage limited account access and transaction processing, generating negative publicity, and while services were restored, such incidents can expose any company to increased costs and potential contractual or regulatory scrutiny. The stable outlook reflects S&P's view that TKC will modestly increase its revenue and profitability over the next 12 months while maintaining positive cash flow and leverage of about 7x. S&P could lower its rating on TKC if S&P views its capital structure as unsustainable, indicated by: -- Declining operating performance resulting in sustained FOCF deficits; -- Leverage maintained above 10x; -- S&P's belief that TKC depends upon favorable business, financial, and economic conditions to meet its financial commitments; or -- Weakened liquidity caused by worse-than-expected profitability, sizeable revolver draws, or a potential covenant breach. S&P could raise its rating on TKC if: -- It reduces its leverage below 7x with a commitment from its financial sponsors to maintain leverage below this threshold, and FOCF to debt exceeds 5%. TOYS CANADA: Files Under CCAA to Restructure Retail Footprint ------------------------------------------------------------- Toys "R" Us (Canada) Ltd. / Toys "R" Us (Canada) Ltee announced on Feb. 3, 2026, that it has commenced proceedings under the Companies' Creditors Arrangement Act pursuant to an initial order granted by the Ontario Superior Court of Justice (Commercial List). After careful consideration of all reasonably available alternatives, TRU Canada has sought creditor protection under the CCAA to obtain a stay of proceedings as it evaluates its strategic alternatives and implements certain restructuring initiatives. These initiatives will include reducing its retail footprint to better position the Company in today's retail environment. All of TRU Canada's currently active stores will remain open during this process. Among other things, the Initial Order provides for a stay of proceedings in favour of the Company for an initial period of 10 days, subject to extension thereafter as the Court deems appropriate. As part of its restructuring process, the Company has appointed Neil Taylor as Chief Restructuring Officer. Neil will assist the Company as it navigates the CCAA process while maintaining operations and continuing to serve customers, partners, and employees. Alvarez & Marsal Canada Inc. has been appointed as the CCAA Monitor. Additional information related to the Company's CCAA proceedings will be available on the Monitor's website at https://www.alvarezandmarsal.com/TRUCanada. About Toys "R" Us (Canada) Ltd. Toys "R" Us Canada has been Canada's dedicated specialty retailer of toys and baby products since 1984, spreading happiness throughout its stores across Canada and e-commerce sites: Toysrus.ca and Babiesrus.ca. The Company nurtures the needs of Canadian families at every stage, from baby essentials to learning and play products for children and adolescents, with a wide range of national brands, exclusive products, innovative programs and unique partnerships. Committed to creating an experience-driven destination for the whole family, Toys "R" Us Canada offers a fun and memorable in-store experience for children and their parents. The company also focuses on giving back to its communities through charity efforts that support children and their families in need. Toys "R" Us Canada is a subsidiary of Putman Investments. Toys "R" Us and Babies "R" Us are registered trademarks owned by Toys "R" Us (Canada) Ltd. All rights reserved. About Toys "R" Us Toys "R" Us, Inc., is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise is sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise is also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us is now a privately owned entity but still files with the Securities and Exchange Commission as required by its debt agreements. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings. Grant Thornton is the monitor appointed in the CCAA case. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. Cullen Drescher Speckhart of Wolcott Rivers Gates is representing the Committee. TRANSATLANTIC BRIDGE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Transatlantic Bridge Corp. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. 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 Finance of America Commercial, LLC. This authorization will continue until further order of the court. As adequate protection, Finance of America Commercial and other creditors with a security interest in the cash collateral will be granted a replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The next hearing is set for March 10. The interim order is available at https://shorturl.at/kKvzS from PacerMonitor.com. Prior to its bankruptcy filing, Transatlantic executed various loan and security documents in favor of multiple secured creditors, which hold security interests in substantially all of its assets. As a result, the Debtor's post-petition cash and accounts receivable constitute cash collateral subject to these pre-bankruptcy liens. The Debtor estimated the current value of its accounts receivable and cash at approximately $6,600, based on receivables less than 90 days old, with additional value tied to other pledged assets such as real estate. Finance of America Commercial, as secured creditor, is represented by: Taji S. Foreman, Esq. Kelley Kronenberg 10360 West State Road 84 Fort Lauderdale, FL 33324 Telephone: (954) 370-9970 tforeman@kelleykronenberg.com About TransAtlantic Bridge Corp. TransAtlantic Bridge Corp. holds an eight-unit multifamily building at 521 E Jackson Avenue in Mount Dora, Florida, a property that is currently valued at about $402,529. TransAtlantic filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04515) on December 5, 2025, with $423,518 in assets and $2,755,371 in liabilities. Hanna Moore, chief executive officer of TransAtlantic, signed the petition. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. TRC COMPANIES: Moody's Puts 'B3' CFR Under Review for Upgrade ------------------------------------------------------------- Moody's Ratings has placed the ratings for TRC Companies LLC's (TRC) under review for upgrade, including the B3 corporate family rating, B3-PD probability of default rating, and B3 ratings on the senior secured 1st lien bank credit facilities. Previously, the outlook was stable. The review was prompted by TRC's announcement on December 15, 2025 that it has entered into an agreement to be acquired by WSP Global Inc. (WSP) for $3.3 billion. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close by the end of February 2026 [1]. Moody's placed the ratings on review for upgrade because TRC is expected to become part of a public and well-capitalized entity with greater scale. TRC's existing debt includes a change of control provision; therefore, Moody's expects it will be repaid in connection with the transaction. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review for upgrade reflects Moody's expectations that, under the ownership of WSP (TSX: WSP), TRC will benefit from becoming a key part of WSP's US Power & Energy segment. As part of a significantly larger professional engineering and consulting firm, TRC is expected to gain access to greater resources for strategic investments. WSP maintains a conservative balance sheet, and the combined entity is anticipated to benefit from enhanced financial flexibility, including a prudent post-transaction leverage target. As part of the review for upgrade, Moody's will focus on the completion of the transaction following receipt of all necessary approvals, and whether TRC's debt will be fully repaid at closing. Upon closing of the acquisition, Moody's would anticipate withdrawing the CFR, PDR and instrument ratings of TRC. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. TRC's B3 CFR is two notches below the B1 scorecard-indicated outcome, which reflects the company's acquisitive strategy and associated execution risks. Headquartered in Windsor, CT, TRC is a national engineering, consulting, and construction management firm that services utility, commercial & industrial, infrastructure and energy markets. The company serves a broad range of clients by managing projects from initial concept and design to delivery and operations. TRUCORDIA HOLDCO: S&P Downgrades ICR to 'B-', Outlook Stable ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S. insurance broker Trucordia Holdco LLC to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on the company's first-lien term loan to 'B-' from 'B', and kept its '3' recovery rating (50%-70%; rounded estimate: 50%) on this debt unchanged. The stable outlook reflects that while S&P expects credit metrics to improve this year on modest organic growth and solid margin expansion, it forecasts leverage and cash flow measures will remain strained over the next 12 months. Trucordia Holdco LLC reported weaker-than-expected earnings, resulting in materially strained credit metrics such as S&P Global Ratings-adjusted leverage of 9x (excluding preferred shares treated as debt). S&P said, "The downgrade reflects a deterioration in credit metrics due to meaningful performance misses relative to our previous expectations. When we first assigned our ratings in June 2025, Trucordia's S&P Global Ratings-adjusted leverage was elevated for the rating at about 8.5x (excluding preferred shares treated as debt), but we anticipated favorable performance trends would drive substantial deleveraging. "We previously forecasted leverage of 7.0x-7.5x by the end of 2025 and below 7.0x by the end of 2026, driven by healthy organic growth and strong margin expansion largely stemming from improved earnings quality. Instead, leverage has moved in the opposite direction and was about 9.0x for the 12 months ended Sept. 30, 2025, reflecting weakened organic growth amid unfavorable market developments and elevated expenses that are not added back in our calculation of EBITDA. "While we anticipate leverage to improve over the next 12 months, our revised forecasts see leverage falling at a slower pace and remaining as one the highest among those of similarly rated peers. We now expect leverage to remain above 9x at the end of 2025 and to then improve but remain well above 7x through 2026. "Similarly, cash flows have trended well behind our initial forecasts. We previously expected positive operating cash flow of $50 million - $100 million in 2025. However, for the first nine months of 2025, the company reported operating cash flow deficits of about $35 million, though we note that this reflects the impact of the relatively higher interest burden from the company's previous capital structure--operating cash flows would be slightly positive if we normalize for the interest savings under Trucordia's current capital structure and adjust for certain one-time events such as legal costs and transaction fees. "Market headwinds and company-specific idiosyncrasies are pressuring Trucordia's results. Based on year-to-date trends for the first nine months of 2025, we expect Trucordia's organic revenue to remain flat to slightly negative for full-year 2025, a significant divergence from our prior expectations of 5%-7% organic growth." While softening in property rates have slowed organic growth for most peers in the industry, Trucordia's organic growth is a negative outlier in our portfolio of rated peers and partly reflects the company's business mix, which includes higher exposure to industries that have been hit somewhat harder than others (e.g., real estate and construction). The company was also affected by various idiosyncratic factors that occurred in 2025, including impactful team lift-outs and other producer attrition. Excluding these items, S&P thinks organic growth should be modestly positive in 2025. Along with the subdued revenue, expenses related to producer hiring, business optimization, and other one-time events were higher than expected and weighed on profitability. S&P said, "While company-calculated EBITDA margins are likely to be relatively stable for 2025, we expect Trucordia's S&P Global Ratings-adjusted EBITDA margins to be lower at 30% compared with the 33%-35% in our previous forecast due to the elevated expenses that are not added back in our calculation of EBITDA. We note, however, that these higher expenses reflect increased recruiting and optimization efforts to support long-term organic growth and operational efficiencies amid a tougher market backdrop." S&P said, "We expect improved performance in the next 12 months, but the potential for continued cost pressures and volatility remain key constraints. Notwithstanding the market headwinds and company-specific challenges, we believe Trucordia maintains steady business fundamentals, with solid client retention above 90% and healthy new business generation. Coupled with these factors, Trucordia's meaningful producer-related investments should support a modest rebound in organic growth in 2026. "We forecast S&P Global Ratings-adjusted EBITDA margins to improve to 32%-35% in 2026, primarily driven by meaningful reductions in certain add-back expenses that we view to have been more one-time in nature (e.g., transaction and legal costs). We also expect prior investments and natural operating leverage to provide additional modest support to margins. "While our revised base-case scenario assumes generally favorable trends, we think earnings remain susceptible to events beyond the scope of our base case, such as additional team lift-outs, materially worsening market conditions, or merger and acquisition (M&A) integration challenges. Furthermore, given the company's recent performance shortfall, our updated forecasts incorporate revenue and S&P Global Ratings-adjusted EBITDA figures that are notably lower than previously expected. "We still believe Trucordia and its financial sponsor owners are committed to reducing leverage over the next several years, but, in our view, the path to deleveraging to 7x or below will take longer than originally expected and extend beyond our rating horizon. "The stable outlook reflects our expectation that Trucordia will demonstrate favorable trends in revenue, margins, and cash flow in 2026, leading to modest improvements in credit metrics that we nevertheless expect to remain in line with our current ratings over the next 12 months. "We may consider a downgrade in the next 12 months if operating performance and credit metrics deteriorate further such that we view the company's capital structure to be unsustainable, which could be the case if leverage increases above 10x (excluding preferred shares treated as debt) and EBITDA interest coverage is near 1x (excluding payment-in-kind interest) on a sustained basis." This might occur if: -- Revenue declines because of lost market share, adverse new business and retention trends, or worse-than-expected macroeconomic conditions; -- Margins contract due to operational missteps, intensified competition, or unexpected integration-related challenges; or -- The company adopts a more aggressive financial policy. S&P may consider an upgrade in the next 12 months if Trucordia exceeds its base-case expectations and achieves substantial revenue and EBITDA growth, leading it to expect leverage below 7x (excluding preferred shares treated as debt) and coverage of 2x (excluding payment-in-kind interest) on a sustained basis. TWISTED SKY: $1.8M Sale to Aero Twist to Fund Plan -------------------------------------------------- Twisted Sky High Inc. filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated January 27, 2026. The Debtor operates three retail food outlets in the Pittsburgh International Airport located at 1000 Airport Blvd, Pittsburgh, PA 15231. The three retail food outlets are: two Auntie Anne's locations, a popular national chain specializing in hand-rolled soft pretzels, pretzel bites, dips, and related snacks — one located in Concourse A and the other located in Concourse D; and one Cinnabon location, an American chain of baked goods stores and kiosks famous for its signature cinnamon rolls and sweet treats — located in Concourse A. The Debtor began operating in early 2024, when it entered into a lease/license agreement with the Allegheny County Airport Authority ("ACAA") on behalf of the Pittsburgh International Airport. In 2023, the Debtor's gross revenue was $3,069,465.00, which increased to $3,310,506.00 in 2024. In October of 2025, because of a dispute over the amount of the rent due, a termination notice was sent by ACAA. Two weeks after the termination notice was received Debtor filed in Chapter 11. The Debtor is closing and paying all of its Creditors by selling its assets, including its three franchise agreements for operation of two Auntie Anne locations and one Cinnabon location at the Pittsburgh International Airport to Aero Twist, LLC for $1,800,000.00. Once payments under the Plan are made Debtor intends to dissolve. Class 2 consists of General Unsecured Claims. The allowed unsecured claims total $1,297,040.41. This Class shall receive pro rata distribution. This Class is impaired. Class 3 consists of Equity Interest Holders Crystal Stepien and Paul Stepien. Crystal Stepien will continue to be a 76% owner, and Paul Stepien will continue to be a 24% owner until the corporation is dissolved. The Plan will be funded through the sale of the business assets in an amount to satisfy all secured claims in full and provide an anticipated 100% distribution to unsecured creditors. This is a sale-based Plan. All Plan distributions shall be funded from the closing of the sale of substantially all of the Debtor's assets to Aero Twist LLC. Confirmation and the Effective Date are conditioned upon entry of a final, non-appealable order approving the sale. Based upon a letter of intent from Aero Twist, LLC, the Debtor is proposing to sell all of its assets to Aero Twist LLC for $1,800,000.00. The sale is contingent on Aero negotiating a new sale/licensing agreement with ACAA for the three locations currency occupied by the Debtor and financing from PNC Bank. A full-text copy of the Plan of Reorganization dated January 27, 2026 is available at https://urlcurt.com/u?l=eBooAa from PacerMonitor.com at no charge. Counsel to the Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 637-0000 E-mail: chad@cvhlawgroup.com About Twisted Sky High Inc. Twisted Sky High, Inc., doing business as Auntie Anne's, operates pretzel and snack food outlet at Pittsburgh International Airport under the Auntie Anne's franchise brand. It is engaged in preparing and selling soft pretzels, beverages, and related quick-service food items to travelers and retail customers. Twisted Sky High sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22904) on October 29, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Paul Stepien, chief operating officer, signed the petition. Judge Carlota M. Bohm oversees the case. Chad Van Horn, at Van Horn Law Group, P.A., is the Debtor's bankruptcy counsel. UKG INC: S&P Upgrades ICR to 'B' on Strengthening Business ---------------------------------------------------------- S&P Global Ratings upgraded UKG Inc. to 'B' from 'B-'. S&P also raised the issue-level rating on UKG's secured debt facility to 'B' from 'B-'. The stable outlook reflects S&P's expectation of top-line growth and stable EBITDA margins over the next 12 months and that UKG will generate meaningful positive FOCF. Workforce management (WFM) and human capital management (HCM) software provider UKG Inc.'s business has continued to improve over the past few years as subscription revenue growth remained constant and EBITDA margins were boosted by its focus on profitability. Due to this, UKG's EBITDA and free operating cash flow (FOCF) generation expanded. UKG will keep leverage below the 8x area. UKG is majority owned by financial sponsor Hellman and Friedman, but the company has been more conservative with its financial policy over the past few years. It has also not completed any sizeable debt-funded acquisitions over the past few years. Instead, it has used balance sheet cash for small to midsize acquisitions. S&P anticipates that leverage will remain below 8x and the company will produce FOCF to debt of more than 4%. S&P said, "We expect mid-single digit revenue growth and EBITDA margins in mid-30% area in fiscal 2026. Demand for its WFM and HCM solutions has been strong. We believe those solutions are mission-critical because they are tied to many important processes of running a business, like human resources (HR), workforce scheduling, and planning and payroll, such that they are not easily cut even with potential weakness in the labor market. Due to this, UKG has seen stable demand for its solutions even in a volatile labor market. Furthermore, the company has continued to grow its subscription revenue segment, and its recurring revenue is now more than 90%, which will somewhat mitigate it against potential sector-specific volatility. "We expect cross-sell and upsell opportunities and new products will help sustain the company's revenue growth in the mid-single-digit percent area in fiscal 2026. To maintain operational disciple, during the first quarter of fiscal 2026, UKG approved another cost savings program to take effect over the course of its fiscal year. While one-time costs related to this program will add to operating expenses, we still expect UKG to maintain its EBITDA margins in the mid-30% area in fiscal 2026. Given our expectations for growth, leverage could decline to about 5x by the end of fiscal 2026, absent debt-funded acquisitions or dividends. However, the company is owned by financial sponsors, and while its owners have not been overly aggressive with debt leverage recently, we still believe they will prioritize growth and investment returns over deleveraging. Therefore, we do not anticipate the company maintaining leverage below 6x long-term. That said, given recent history, we also do not expect the company to increase leverage above 8x." UKG has strengthened its business on good operational execution and maintaining competitiveness over the past few years. The company has focused on profitability ever since its initial merger with Kronos. In fiscal 2023, there were restructuring and business operation issues that kept its EBITDA margins in the low-20% area. However, over the past two years, UKG has executed multiple costs savings and integration efforts without disruptions to business operations and one-time costs have rolled off significantly. Due to those executed cost savings and integration efforts, along with revenue growth, its S&P adjusted EBITDA margins improved to the mid-30% area in fiscal year 2025. Also, its S&P Global Ratings-adjusted EBITDA increased by more than 80% and free cash flow improved over the past two fiscal years. S&P said, "Due to its good business execution, we believe UKG's business profile has strengthened. We also believe that while it operates in a competitive WFM market with many large and small competitors, UKG has maintained a strong position in the market." It has been able to continue to grow revenue mid-single-digit and improve EBITDA margins. It also continues to have mid-90% retention rates, showing its solutions are well received by its customers. S&P said, "We expect UKG will be able to maintain mid-single digit FOCF generation to debt in fiscal 2026. As EBITDA generation has increased and equity tax liabilities have declined, the company has generated positive FOCF for six straight quarters after some years of negative FOCF generation. Its capital expenditure requirements remained about 3% of total revenue, enabling the company to generate more than $550 million of FOCF in fiscal 2025. "We believe it will continue to use net working capital as it continues to grow its WFM and HCM subscription revenue solutions. We also expect higher equity tax liability payments in fiscal 2026. Even with those modest headwinds to FOCF generation, we still project UKG's free cash flow to debt will be more than 4% in 2026. "The stable outlook reflects our expectation of top-line growth and stable EBITDA margins over the next 12 months and that UKG will generate meaningful free cash flow." S&P could look to downgrade UKG's rating if: -- It sustains leverage above the 8x area due to debt-funded shareholder returns, acquisitions, or weak operating performance from competitive pressures or a tough macroeconomic environment; or -- FOCF to debt after nondiscretionary equity spending is below the mid-single-digit percent area. While unlikely over the next 12 months, S&P could upgrade UKG if: -- S&P believes the company will sustain leverage below 6x; and -- Sustain FOCF to debt after nondiscretionary equity spending above the high-single-digit percent area inclusive of debt-funded shareholder returns or dividends. ULTIMATE PAVERS: Seeks to Hire McIntrye Law as Bankruptcy Counsel ----------------------------------------------------------------- Ultimate Pavers Inc., and Eduardo Fernandez seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Mcintyre Thananasides Bringgold Elliott Grimaldi & Guito, P.A., doing business as McIntrye Law as counsel. The firm will render these services: a. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on its behalf, the defense of any actions commenced against the Debtor, negotiations concerning any litigation in which the Debtor may be involved, and objections, when appropriate, to claims filed against the estate; b. prepare, on behalf of the Debtor, any applications, answers, orders, reports, and/or papers in connection with the administration of the estate; c. counsel the Debtor with regard to its rights and obligations as a debtor-in-possession; d. prepare and file schedules of assets and liabilities; e. prepare and file a chapter 11 plan; and f. perform all other necessary legal services in connection with this chapter 11 case through the effective date of a plan of reorganization. The firm's current hourly rates range from $100 to $130 for paraprofessionals to $250 to $500 for attorneys. McIntrye Law and its attorneys are disinterested and do not hold or represent any interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Richard J. McIntyre, Esq. MCINTYRE THANANASIDES BRINGGOLD ELLIOTT GRIMALDI & GUITO, P.A. 1228 E. 7th Ave., Suite 100 Tampa, FL 33605 Tel: (813) 229-2800 Email: rich@mcintyrefirm.com sheridan@mcintyrefirm.com About Ultimate Pavers Inc. Ultimate Pavers Inc. is a Tampa, Florida-based construction company specializing in paving services (NAICS 2389). Ultimate Pavers Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05696) on August 12, 2025. In its petition, the Debtor estimated assets and liabilities between $100,000 and $500,000 each. The Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Andrew J. Wit, Esq. at Jennis Morse. UNIQUE THIRD: Patient Care Ombudsman Hires Rimon PC as Counsel -------------------------------------------------------------- Joseph Tomaino, the patient care ombudsman (PCO) appointed in the Chapter 11 cases of Unique Third Avenue LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Rimon PC as counsel. The firm will render these services: (a) provide the PCO with legal advice with respect to his duties, obligations, and powers as PCO during the continuance of the Debtors' cases; and (b) represent the PCO as an interested party in connection with any proceedings in this case which effect the rights of the PCO and the patients of the Debtors. In addition, the firm may render other professional services: (a) prepare on behalf of the PCO, all necessary legal documents required by the Bankruptcy Code and the Bankruptcy Rules; and (b) perform all other legal services for the PCO, which may be necessary in connection win his duties in the Debtors' cases. Ronald J. Friedman, Esq., an attorney at Rimon, 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: Ronald J. Friedman, Esq. Rimon, PC 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Telephone: (516) 479-6300 About Unique Third Avenue Unique Third Avenue, LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging, LLC and Unique Imaging Services, LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777-2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-12461) on November 4, 2025. In the petition signed by Nick Lavrinoff, chief restructuring officer, Unique Third Avenue disclosed $3,261,747 in assets and $11,429,935 in liabilities. Judge John P. Mastando oversees the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, represents the Debtor as legal counsel. Joseph J. Tomaino is appointed as patient care ombudsman (PCO) in these Chapter 11 cases. The PCO tapped Rimon PC as counsel. UPTOWN PHARMACY: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Uptown Pharmacy of Kingman, Inc. About Uptown Pharmacy of Kingman Inc. Uptown Pharmacy of Kingman, Inc., a company based in Golden Valley, Arizona, operates a community pharmacy providing prescription and over-the-counter medications, immunizations, point-of-care testing, medication therapy management, compounding, and durable medical equipment. It also offers flu clinics at business locations, travel vaccinations, telemedicine consultations, and health screenings, and accepts insurance or provides cash pricing for uninsured patients. Uptown Pharmacy, established in 1963, provides pharmacy services to Kingman and neighboring areas. Uptown Pharmacy of Kingman filed Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 0:25-bk-12678) on Dec. 1, 2025, listing between $50,001 and $100,000 in assets and $1 million and $10 million in liabilities. Judge Paul Sala oversees the case. The Debtor is represented by: Debtor's Counsel: Krystal M. Ahart, Esq. Kahn & Ahart, PLLC Bankruptcy Legal Center 301 E. Bethany Home Road, Suite C-195 Phoenix, AZ 85012-1266 Tel: 602-266-1717 Krystal.Ahart@azbk.biz URGENT CARE: Taps Colombo Kitchin Dunn Ball as Special Counsel -------------------------------------------------------------- Urgent Care Down East, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Colombo, Kitchin, Dunn, Ball & Porter, LLP as special counsel. The firm will assist the Debtor with employment law matters regarding employee severance and other legal considerations. Tracy Stroud, Esq., the primary attorney in this representation, will be billed at his hourly rate of $300. Mr. Stroud 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: Tracy H. Stroud, Esq. Colombo, Kitchin, Dunn, Ball & Porter, LLP 1698, East Arlington Blvd. Greenville, NC 27858 Telephone: (252) 321-2020 Facsimile: (252) 353-1096 Email: tsroud@ck-attorneys.com About Urgent Care Down East Inc. Urgent Care Down East, Inc. operates a walk-in urgent care clinic in Washington, North Carolina, providing same-day medical treatment for acute illnesses, minor injuries, occupational health services, and routine physicals, serving patients in Eastern North Carolina. Urgent Care Down East, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05002) on December 16, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. The Debtor tapped George Mason Oliver, Esq., at the Law Offices of George Oliver, PLLC as bankruptcy counsel and Colombo, Kitchin, Dunn, Ball & Porter, LLP as special counsel. VILLAGE HOMES: Unsecureds Will Get 100% of Claims over 36 Months ---------------------------------------------------------------- Village Homes LP filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for First Amended Plan of Reorganization dated January 27, 2026. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor’s properties are located in various subdivisions in Tarrant and Parker Counties, Texas. In October 2024, the Debtor entered into a Real Estate Sales Contract ("Olerio Contract") with Olerio Development, LLC, now known as Vilhom FW Holdings, LLC. Pursuant to the contract, the Debtor agreed to sell and Olerio agreed to purchase approximately 100 vacant lots, certain options to acquiring lots, the Debtor's name and related intellectual property, and certain furniture, fixtures, and equipment. Olerio did not close the Asset Sale Transaction by the scheduled closing date. Olerio's lis pendens filings created a cloud on the title of the contract lots, seriously impairing the Debtor's ability to sell the contract lots and operate its business effectively. The bankruptcy case was filed on October 1, 2025, to allow it to continue to operate and to repay its creditors. The Plan contemplates that the Debtor will continue to operate in the ordinary course of business from and after the Effective Date. The Plan provides that the proceeds from home sales will be applied to full payment of the Debtor's Secured Claims in accordance with the applicable loan documents, and in full payment of the Allowed Vilhom Claim and Allowed General Unsecured Claims over a period of five years with interest. Class 5 consists of Convenience Claims. Each holder of an Allowed Convenience Claim shall receive, as soon as practicable after the Effective Date, Cash equal to one hundred percent of the Allowed amount of such Convenience Claim. Class 5 is Unimpaired. Holders of Class 5 Claims are not entitled to vote to accept or reject the Plan. Class 6 consists of General Unsecured Claims. The holder of each Allowed General Unsecured Claim shall receive, beginning on or before the applicable Plan Distribution Date, Cash equal to the amount of such Allowed General Unsecured Claim in thirty-six substantially equal monthly installments of principal and accrued interest at the rate computed in accordance with Section 1961(a) of the Bankruptcy Code. Class 6 is Impaired. Each holder of a Class 6 Claim is entitled to vote to accept or reject the Plan. The allowed unsecured claims total $87,650.14. This Class will receive a distribution of 100% of their allowed claims. Holders of Class 7 Interests shall retain their Interests. Class 7 is Unimpaired. Class 7 is deemed to have accepted the Plan and is not entitled to vote to accept or reject the Plan. The Debtor shall continue to exist after the Effective Date, with all the powers available to such legal entities, in accordance with applicable law and pursuant to its constituent documents. Upon the occurrence of the Effective Date, the Debtor shall be thereafter referred to as the Reorganized Debtor. In the Debtor's Chapter 11 Case, the Plan proposes that the Debtor will continue its home-selling business, pay down its secured lenders with the proceeds of home sales according to the applicable loan documents, and pay unsecured claims in full over five years, all in accordance with the priority standards set forth in the Bankruptcy Code. A full-text copy of the Disclosure Statement dated January 27, 2026 is available at https://urlcurt.com/u?l=Bfmet1 from PacerMonitor.com at no charge. Counsel to the Debtor: Jeff Prostok, Esq. Emily S. Chou, Esq. Mary Taylor Stanberry, Esq. Vartabedian Hester & Haynes LLP 301 Commerce Street, Suite 2200 Fort Worth, TX 76102 Tel: (817) 214-4990 Email: jeff.prostok@vhh.law emily.chou@vhh.law mary.stanberry@vhh.law About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. WARRIOR SPORTS: Seeks to Tap Manuel D. Gomez as Bankruptcy Counsel ------------------------------------------------------------------ Warrior Sports Club seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Manuel Gomez, Esq., an attorney practicing in New York. The attorney will provide these services: (a) assist in the administration of its Chapter 11 proceeding, preparation of operating reports and complying with applicable law and rules; (b) review claims and resolve claims which should be disallowed; and (c) assist in reorganizing and confirming a Chapter 11 plan or implementing an alternative exit strategy. Mr. Gomez disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Manuel D. Gomez, Esq. 225 Broadway, Suite 900 New York, NY 10007 Telephone: (212) 571-2640 About Warrior Sports Club Warrior Sports Club sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12549) on November 17, 2025, listing under $1 million in both assets and liabilities. The case is assigned to Honorable Michael E. Wiles. The Debtor is represented Manuel D. Gomez, Esq. WATER'S EDGE: Court Confirms Amended Liquidation Plan ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued its Findings of Fact, Conclusions of Law and Order confirming the modified plan of liquidation of Water's Edge Limited Partnership. The court also approved the accompanying disclosure statement and non-material modifications to the Plan. Claims against and Equity Interests in the Debtor have been classified as follows: Entitled Class Designation Impairment to Vote ----- ----------- ---------- -------- 1 Secured Real Estate Tax Claims Unimpaired No 2 Secured DIV OA Lender Claim Unimpaired No 3 Secured First Insurance Unimpaired No Funding Claim 4 Secured Intrepid Investments Unimpaired No LLC Claim 5 Secured Stevenson Consulting Unimpaired No Services, Inc. Claim 6 Secured Valere Architects Claim Unimpaired No 7 Priority Claims Unimpaired No 8 General Unsecured Claims Unimpaired No 9 Unsecured Deferred CEI Claim Impaired Yes 10 Equity Interests Unimpaired No Class 9 Claim are the only impaired class. In full and final satisfaction, settlement, discharge and release of the Allowed CEI Deferred Claim against the Debtor, the holder of the Allowed CEI Deferred Claim shall receive, on the later to occur of the Effective Date or the date such Claim is Allowed, payment in accordance with the terms of a CEI Stipulation. Meanwhile, the holders of the Equity Interests in the Debtor will retain those interests without change or interruption. As shared by Troubled Company Reporter, Water's Edge owns and operates a 303-unit apartment complex in Revere. Since the filing of the Chapter 11 case, the Debtor has engaged in extensive negotiations with multiple parties interested in acting as a plan sponsor and/or joint venture partner to fund payment to creditors under a Plan and the necessary repairs and renovations to the Property. The Debtor continues to engage with this potential partner and is in discussions with several other interested parties. The various proposals under consideration by the Debtor provide for creditors to be paid the allowed amounts of their claims in full except as otherwise agreed and for the capital needed to repair and renovate the Property. The court's order is available at http://urlcurt.com/u?l=C9x57F from PacerMonitor.com. About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. Water's Edge Limited Partnership is represented by: Kathleen R. Cruickshank, Esq. MURPHY & KING Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Tel: (617) 423-0400 Special counsel to the Debtor: William R. Baldiga, Esq. BROWN RUDNICK, LLP One Financial Center Boston, MA 02110 Telephone No.: (617) 856-8586 Email: wbaldiga@brownrudnick.com Counsel to DIV OA Lender, LLC, the Debtor's previous DIP lender, are: John J. Monaghan, Esq. Lynne B. Xerras, Esq. Kathleen M. St. John, Esq. HOLLAND & KNIGHT 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel: (617) 523-2700 Fax: (617) 523-6850 E-mail: Bos-Bankruptcy@hklaw.com Lynne.Xerras@hklaw.com Kathleen.StJohn@hklaw.com Fairbridge Credit, LLC, as DIP lender, is represented by: Kate E. Nicholson, Esq. NICHOLSON DEVINE, LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com WEST RIDGE: Seeks to Extend Plan Exclusivity to March 16 -------------------------------------------------------- WestRidge Commerce Centre Development 2E, LLC ("WR2E"), a debtor affiliate of West Ridge, Inc., asked the U.S. Bankruptcy Court for the Northern District of West Virginia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 16 and May 15, 2026, respectively. WR2E seeks entry of an order extending the Exclusive Periods by an additional 45 days in order to match the Exclusive Periods for Debtors WRI, WRLH and WRC, specifically extending the Exclusive Filing Period to March 16, 2026, and the Solicitation Exclusivity Period to May 15, 2026, without prejudice to WR2E's right to seek further extensions of these Exclusive Periods. At this time, the Debtor seeks only to extend the Exclusive Periods for WR2E to make them coterminous with the Exclusive Periods for WRI, WRLH and WRC, with all rights reserved to seek additional extensions of the Exclusive Periods. The Debtor explains that the factors set out in the Express One case weigh in favor of extending the Exclusive Periods: * Size and Complexity of the Bankruptcy Case. The Chapter 11 Case is complex, and formulating a chapter 11 plan will require substantial time and effort. Additionally, the bar date for filing proofs of claim has not yet been set for any of the Debtors. * Sufficient Time to Negotiate a Plan of Reorganization. The Debtors require time to negotiate a plan of reorganization. The Debtors' focus to date has been on bringing all the Debtors under the Jointly-Administered Case, obtaining post-petition financing and satisfying the requirements set out in the Final DIP Order. The Second Joint Administration Order was entered less than a week before the expiration of the Exclusive Filing Period for WR2E. The Debtors and their professionals simply need additional time to compile and propose a plan of reorganization. * The Debtors' professionals have worked diligently since their retention to move these Chapter 11 Cases forward. Pursuant to the settlement embodied in the Final DIP Order, they have worked to cure reporting and informational deficiencies in the cases of WRI, WRLH, WRC, and WR2E. They also have been in frequent communication with key parties-in-interest and creditors of the Debtors to keep them abreast of the progress toward fulfilling these deficiencies and generating a path to a plan of reorganization. * Reasonable Prospect of Filing a Viable Plan. The Debtors are still evaluating the property of the estates and claims against the estates and confirming their financial information. The Debtors also are currently negotiating additional postpetition financing that will provide the Debtors with ample runway to propose, solicit and confirm a chapter 11 plan. * No Pressure on Creditors. The Debtor is not seeking to extend the Exclusive Periods to put pressure on creditors. Rather, the Debtor seeks to extend the Exclusive Periods to enable all the Debtors to negotiate and propose one joint chapter 11 plan that increases efficiency and synergy for the benefit of their creditors. WR2E's case is now jointly administered with the other related debtors. However, the various filing dates have created separate exclusivity periods for each debtor. * Unresolved Contingencies. Under the Jointly-Administered Case, the Debtors will file one plan to include all Debtors. The Debtors cannot formulate a consensual plan of reorganization until they determine the extent of claims against all their estates. The Debtors' professionals are currently working to prepare the schedules and statements of WRCD, WRCPI, and WRCP3, which will facilitate the analysis of unresolved contingencies among all Debtors. Counsel to the Debtors: David L. Dubrow, Esq. Scott B. Lepene, Esq. Nicholas A. Marten, Esq. Patrick Feeney, Esq. Carolyn Indelicato, Esq. ARENTFOX SCHIFF LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: (212) 484.3900 Facsimile: (212) 484.3990 Email: david.dubrow@afslaw.com scott.lepene@afslaw.com nicholas.marten@afslaw.com patrick.feeney@afslaw.com carolyn.indelicato@afslaw.com - and - Annie Y. Stoops, Esq. ARENTFOX SCHIFF LLP 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Telephone: (213) 629-740 Facsimile: (213) 629-7401 E-mail: annie.stoops@afslaw.com About West Ridge West Ridge, Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on August 18, 2025. In its petition, West Ridge reported estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David L. Bissett handles the cases. The Debtors tapped David B. Salzman, Esq., at Campbell & Levine, LLC, as bankruptcy counsel and Barth & Thompson as local counsel. WHITE CAP: Moody's Lowers CFR to 'B3' & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded White Cap Supply Holdings, LLC's (White Cap) corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, and the ratings on the company's senior secured bank credit facility, which is being increased by $800 million, to B3 from B2 and senior unsecured notes due 2030 to Caa2 from Caa1. At the same time, Moody's changed the outlook to stable from negative. Proceeds from the term loan add-on will be used to acquire Colony, a regional distributor throughout the Central and Eastern US. Colony expands White Cap's product offerings within its mechanical, electric and plumbing (MEP) that are used mainly within non-residential construction projects, increases its branch network and reduces White Cap's exposure to the residential construction end market. The downgrade of the CFR to B3 reflects White Cap's high leverage and weak interest coverage, following the debt-financed acquisition of Colony Hardware (Colony). Moody's expects that deleveraging from earnings growth to significantly below 7x debt/EBITDA will be difficult in the next 12 – 18 months due to continuing economic uncertainties, slowing of construction projects in North America and weak consumer confidence that is negatively impacting domestic residential construction. Governance risk considerations are material to the rating action, reflecting an aggressive financial policy evidenced by the company's willingness to significantly increase its leverage for shareholder distributions and acquisitions. "The downgrade to B3 reflects aggressive financial policies, with ongoing acquisitions likely funded with debt at a time of ongoing economic uncertainties, resulting in high leverage and limiting financial flexibility." says Peter Doyle, a Moody's Ratings VP-Senior Analyst. "However, substantial revolver availability and no significant near-term maturities support the stable outlook," added Doyle. RATINGS RATIONALE White Cap's B3 CFR reflects the company's high leverage, remaining around 7.5x debt/EBITDA through fiscal-year 2026 (ending January 2027), absent a material strengthening of current industry conditions, and low interest coverage of around 2x EBITDA/interest expense over the next 18 months. Since fiscal year-end 2024 (ending January 28, 2024), White Cap has increased its total debt, including lease commitments, by $2.5 billion to $6.2 billion pro forma as of November 03, 2025. Past debt-financed acquisitions and the returning of capital to shareholders have increased fixed charges. Cash interest payments are now approaching $400 million per year, constraining cash generation and limiting financial flexibility. Operating expenses related to growth initiatives will put some pressure on profit margins. White Cap operates in the competitive distribution sector, with some reliance on commodity-like products, which tend to be more easily available from other distributors. White Cap's leveraged capital structure is offset by its good operating performance, with its EBITDA margin sustained in the range of 11% - 12% over the next 18 months. White Cap's significant scale, as the largest rated distributor of concrete accessories and specialty construction products in North America, favorably positions the company with suppliers, enabling it to secure discounted pricing and ensure product availability to meet customer needs. Furthermore, the long-term fundamentals of the US construction market remain robust despite near-term softness. White Cap's good liquidity is a credit strength, with substantial availability under its asset-based revolving credit facility (RCF). White Cap has access to a $1.5 billion asset-based revolving credit facility due November 2030, which is governed by a borrowing base calculation that fluctuates with business seasonality. The RCF's maturity will move forward to July 2029, 91 days before the company's senior secured term loan due October 2029, if the outstanding amount of this term loan exceeds the greater of $271.0 million or an amount equivalent to 33.3% of four-quarter EBITDA. As of November 03,2025, revolver availability totaled about $1.2 billion, after no borrowings, some letter of credit issuances and the borrowing base formula. White Cap has no material debt maturities over the next three years. The stable outlook on White Cap's rating reflects Moody's expectations that leverage will remain around 7.5x debt/EBITDA over the next 12 – 18 months. Good liquidity with substantial RCF availability and no significant maturities further support the stable outlook through fiscal-year 2027. The B3 rating assigned to the senior secured bank debt, which is at the same level as the B3 CFR, results from its subordination to the company's asset based revolving credit facility but ranks in priority of payment relative to the company's senior unsecured notes. The senior secured bank debt consists of a senior secured $50 million RCF due November 2030 and a $5 billion (pro forma as of November 02, 2025) senior secured term loan maturing October 2029. As with White Cap's asset-based RCF, the senior secured RCF's maturity will spring forward to July 2029 if the outstanding amount of the senior secured term loan exceeds the greater of $271.0 million or an amount equivalent to 33.3% of the last 12-month EBITDA. The senior secured RCF and term loan are pari passu with each other. Each has a first lien on substantially all noncurrent assets and a second lien on assets securing the company's asset based revolving credit facility (ABL priority collateral). The Caa2 rating assigned to the $650 million senior unsecured notes due November 2030 is two notches below the B3 CFR because of their subordination to White Cap's substantial amount of secure debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upwards rating movement could occur if end markets remain supportive of long-term organic growth such that debt/EBITDA is sustained below 6.5x and EBITDA/interest expense is around 2.5x. Maintenance of good liquidity and predictable financial policies regarding capital deployment would also support an upgrade. A ratings downgrade could occur if debt/EBITDA remains above 7.5x and EBITDA/interest stays around 1.5x. Negative ratings pressure may also develop if the company experiences deteriorating liquidity or adopts increasingly aggressive acquisition or shareholder-return initiatives. White Cap, headquartered in Doraville, Georgia, is a leading North American industrial distributor of specialty construction products. Through their respective affiliates, Clayton, Dubilier & Rice (CD&R) owns about 76% (on a fully diluted basis) of White Cap and The Sterling Group owns around 10%, with the remainder owned by current management and retirees. Its revenue for the 12 months ended November 02, 2025 was $6.8 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. White Cap's scorecard-indicated outcome based on Moody's Distribution and Supply Chain Services methodology was a B1 based on data for the last 12 months period ending September 30, 2025 and a B2 based on Moody's foward-looking view for the next 12-18 months. The assigned B3 rating reflects the company's weak credit metrics including its high leverage and aggressive financial policies. WHITE CAP: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings affirmed all its ratings, including the 'B' issuer credit rating, on U.S.-based specialty concrete accessories and construction products and services distributor White Cap Supply Holdings LLC. S&P also assigned its 'B' issue-level and '4' recovery ratings to the proposed incremental term loan. The stable outlook reflects S&P's expectation that White Cap will successfully integrate Colony and achieve cost synergies while maintaining steady organic performance, resulting in leverage sustained below 7x. White Cap Supply Holdings LLC plans to issue an $800 million incremental term loan B due in 2033 to repay the asset-based loan (ABL) borrowings it used to fund the acquisition of Colony Hardware. S&P said, "We expect the incremental debt to strain White Cap's credit metrics and increase its S&P Global Ratings-adjusted debt leverage to 7x. However, we expect the company's leverage will fall over fiscal 2026 as the company benefits from scale, synergies, and previous investments." The Colony acquisition adds scale and product capabilities. The acquisition expands White Cap's footprint by adding 62 branches and three distribution centers primarily in the central and eastern U.S. It also expands its presence in the mechanical, electrical, and plumbing categories and provides it with cost synergy and cross-sell opportunities. S&P said, "We believe the similarities between Colony and White Cap should ease the integration burden. Colony is lower margin, but management believes it can bring margins up to White Cap's level over the next few years through synergies such as improving procurement and cutting unnecessary general and administrative expenses. "Leverage rising to 7x leaves little room for missteps. We estimate the acquisition will increase White Cap's S&P Global Ratings-adjusted leverage to 7.0x from about 6.5x. Nevertheless, we affirmed our rating with a stable outlook because we forecast leverage will improve to about 6.6x by the end of fiscal 2025 and improve further in 2026 as the company realizes procurement synergies and experiences modest organic growth. The company has a good track record of acquisition integration. Further, White Cap has been investing heavily in its operations, management, and systems, which we expect will unlock further benefits. "Still, this is the largest acquisition White Cap has undertaken since 2021, and large integrations can be challenging for even experienced acquirers. Leverage at the high end of our range leaves little room for operating missteps or integration issues." White Cap's infrastructure and nonresidential exposure insulate it from the housing cycle. Approximately 20% of the company's revenue comes from residential housing, which has been hindered by affordability challenges. The remainder is from broad-based infrastructure and nonresidential, which has been relatively more stable despite some challenges. S&P believes the company is less cyclical than many other distributors and building materials companies. Further, the company's well-diversified footprint limits exposure to any single market in the U.S. Organic revenue growth and EBITDA margin are improving. White Cap's total revenue only increased the last few years because of the company's well-established tuck-in acquisition strategy. Its organic revenue declined in 2023 and 2024, mainly because of weak residential demand and deflationary prices for some of the products it sells. However, organic growth turned positive in the first quarter of 2025 and accelerated throughout the year, primarily due to a rebound in prices despite soft volumes. In addition, EBITDA margin has declined the last few years from investments in technology, digital transformation, sales structure, and building out its new enterprise distribution center (EDC). However, its EBITDA margin began to expand in the second quarter of 2025, and S&P expects these past investments position the company for further margin improvement. Inventory may be a bigger use of cash as the company stocks its recently completed EDC, but it believes this will improve inventory management in the longer term. S&P said, "We expect White Cap to generate sufficient free cash flow to fund acquisitions and maintain adequate liquidity. Its strong margins and modest working capital and capital expenditure (capex) requirements will likely support annual cash flow generation of $200 million-$220 million over the next two years. We expect White Cap to remain acquisitive and anticipate it will opportunistically consolidate small distributors. However, we believe White Cap's free cash flow generation and light operating structure will provide it with enough liquidity to fund moderate acquisition activity. Additional debt funded acquisitions that keep leverage at or above 7x could pressure ratings. "The stable outlook reflects our expectation that White Cap will successfully integrate Colony and achieve cost synergies while maintaining steady organic performance, resulting in leverage sustained below 7x. "We could lower our ratings if S&P Global Ratings-adjusted debt to EBITDA rises above 7x or free operating cash flow (FOCF) to debt is sustained below 5%." This could occur if: -- High inflation persists and the company can no longer pass rising costs along to customers; -- A recession reduces demand; or -- Its financial policy is more aggressive than anticipated and includes large, debt-funded dividends to its financial sponsors or additional debt-funded acquisitions. S&P could raise its rating if demand for White Cap's products is stronger than it forecasts and the private-equity owners commit to more conservative financial policies such that: -- Leverage drops and remains below 5x EBITDA; and -- Discretionary cash flow remains positive and available for debt repayment. WHITE ROCK MEDICAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- White Rock Medical Center, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use the cash collateral of SRC Hospital Investments I, LLC in accordance with its budget. The relief allows the Debtor to fund ongoing hospital operations, payroll, vendor payments, administrative expenses, and restructuring efforts to preserve going-concern value. As adequate protection, SRC will be granted replacement liens on post-petition property that would constitute collateral and superpriority administrative expense claims under section 507(b) of the Bankruptcy Code for any diminution in value of its interests. The court found the adequate protection fair, reasonable, and necessary to prevent immediate and irreparable harm to the bankruptcy estate. A final hearing is scheduled for February 17, with objections due by February 10. The order is available at https://is.gd/kCEE2j from PacerMonitor.com. About White Rock Medical Center LLC White Rock Medical Center, LLC operates a healthcare facility providing medical and hospital services to patients in Texas. White Rock Medical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WILLIAM D. LEDFORD: Case Summary & 14 Unsecured Creditors --------------------------------------------------------- Debtor: William D. Ledford, DDS, LLC d/b/a Blue Stream Dental 1236 W 103rd St Kansas City, MO 64114 Business Description: William D. Ledford, DDS, LLC, doing business as Blue Stream Dental, provides general and specialized dental care services, including cosmetic dentistry, orthodontics, periodontal treatment, preventive care, and restorative dentistry, serving patients in Kansas City, Missouri. The practice provides family dental services and emergency care, with treatments delivered by dentist Dr. William D. Ledford and a clinical team operating in the dental healthcare industry. Chapter 11 Petition Date: February 2, 2026 Court: United States Bankruptcy Court Western District of Missouri Case No.: 26-40187 Judge: Hon. Cynthia A Norton Debtor's Counsel: Gary Mardian, Esq. WEISNER & FRACKOWIAK LC 6750 W 93rd Street Suite 220 Overland Park, KS 66212 Tel: 913-381-7654 Fax: 913-383-3948 E-mail: garym@wflaw.net Total Assets: $153,936 Total Liabilities: $1,345,186 The petition was signed by William D. Ledford as managing member. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QJ4PBHA/William_D_Ledford_DDS_LLC__mowbke-26-40187__0001.0.pdf?mcid=tGE4TAMA YS GARMENTS: S&P Upgrades ICR to 'CCC', Outlook Negative -------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on YS Garments LLC (doing business as Next Level Apparel) to 'CCC' from 'D'. S&P also raised its issue-level rating on its first-lien debt to 'CCC' from 'D'. The recovery rating is '3', indicating its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The negative outlook reflects risk the company could pursue a restructuring or another distressed exchange if operating performance doesn't improve in the next 12 months. Next Level amended its credit agreement to extend the maturities of its capital structure, which consists of a $203 million outstanding first-lien term loan and a $41.2 million revolving credit facility, to August 2027 from August 2026 and February 2026, respectively. The amendment also allows the company to extend its capital structure to August 2028 for an additional fee, subject to covenant compliance. However, the company's liquidity sources are limited, and S&P believes it continues to face refinancing risk associated with its maturities given sustained earnings weakness and S&P's expectation for S&P-Global Ratings adjusted leverage to remain elevated at over 7x in 2026. This could make it challenging for the company to refinance its maturities again ahead of them becoming current in six months. The amendment provides some temporary liquidity and covenant relief. However, the liquidity cushion is limited. The amendment allows for a portion of cash interest on its revolver and term loan borrowings (nearly all its outstanding debt) to be converted to payment-in-kind (PIK) for the three quarters through September 2026 at the company's election. It's S&P's understanding that Next Level won't PIK in the foreseeable future. The amendment also includes an amortization holiday through 2026 and relief from its total net leverage covenant until September 2027. The company is now subject to a revolver block that prohibits facility borrowings until total net leverage falls below 4x for two consecutive quarters and the PIK option has expired. As a result, Next Level's liquidity sources are currently limited to about $30 million of cash, including $17 million of sponsor-contributed equity (net of fees) as part of its December 2025 amendment, and its ability to generate cash flow from operations. S&P said, "We expect this is sufficient to fund quarterly debt service of about $6 million that will now only consist of cash interest for the next three quarters. However, we forecast a modest free operating cash flow (FOCF) deficit of about $4 million in 2026 as the company's working-capital position begins to stabilize after lapping the effects of distributor consolidation and inventory write-offs." However, absent a refinancing of its capital structure on satisfactory terms, the company lacks the liquidity to address its upcoming debt obligations. Despite the maturity extension, Next Level continues to face elevated refinancing risk. The company's amendment extended the maturities of its capital structure--consisting of a $203 million outstanding first-lien term loan and a $41.2 million revolving credit facility--to August 2027 from August 2026 and February 2026, respectively. It also allows Next Level to extend until August 2028 for an additional fee, subject to various conditions, including covenant compliance. However, S&P believes the challenging operating environment poses additional downside risk to its forecast given Next Level's vulnerable position as a small blank apparel wholesaler with high customer and product concentrations. This could complicate its ability to meet these thresholds given ongoing earnings weakness, leading to uncertainty around its ability to meaningfully improve profitability in the near term. S&P forecasts S&P Global Ratings-adjusted leverage will remain elevated in the mid-7x area in 2026 and exclude the sponsor's equity investment from our credit metrics, informed by new information and its revised assessment. This could make it challenging for the company to refinance its capital structure, which becomes current again in six months. The negative outlook reflects the increased risk of another default if Next Level is unable to improve its operating performance. S&P could lower the ratings if there's heightened risk of default in the next six months. This could occur if: -- The company's operating performance doesn't improve, resulting in an inability to refinance its capital structure; or -- Its liquidity position deteriorates, leading to a cash shortfall or covenant breach. S&P could take a positive rating action on Next Level if it no longer envision an elevated risk of default in the next 12 months. This could occur if the company: -- Addresses its upcoming debt maturities with satisfactory terms ahead of them becoming current; and -- Manages working capital effectively and maintains sufficient liquidity and a covenant cushion. [] Stretto Launches Real Estate Services for Bankruptcy Matters --------------------------------------------------------------- Stretto, a market-leading legal services and technology firm, has announced the launch of Stretto Real Estate Services to help legal professionals and fiduciaries manage and execute real-estate dispositions within bankruptcy and insolvency proceedings. Terry Rochford, who recently joined Stretto as managing director, will lead the new service offering. As an industry veteran, Terry brings more than three decades of specialized experience to his new role at Stretto. "Our clients continue to seek additional support from the Stretto team as they grow their practices and recognize that they can leverage our technology and expertise," states James M. Le, president at Stretto. "Stretto Real Estate Services represents yet another offering down that path. It will enable clients to manage and execute real-estate transactions with increased speed and efficiency as they navigate critical case milestones and court-driven deadlines. We're excited to have Terry on board to lead these efforts, and we are confident that our clients will benefit significantly from his expertise and this new solution." In leading the launch and strategic growth of Stretto Real Estate Services, Terry will leverage the company's nationwide infrastructure and collaborate with attorneys, trustees, creditors and other stakeholders to identify, market, and sell real-estate assets in Chapter 7, in Chapter 11, and in other insolvency matters. From valuation and marketing strategy through sale execution and closing, the service helps professionals stay on track with bankruptcy timelines and stakeholder requirements. Supported by Stretto's AI-enhanced tools and proprietary data-driven insights, Stretto Real Estate Services represents the company's latest offering further rounding out its comprehensive suite of bankruptcy case-management solutions. "Real-estate disposition in bankruptcy matters can bring significant challenges to attorneys and trustees," Terry states. "It's exciting to be joining Stretto to introduce a full suite of services to help our clients navigate these obstacles and gain greater efficiencies in the process. They can move forward with their real estate transactions with confidence, knowing every step is managed correctly, transparently, and without surprises." Terry actively participates as a member of the Turnaround Management Association (TMA) and American Bankruptcy Institute (ABI). Prior to joining Stretto, he served as senior vice president at Hilco Real Estate where he led the nation in Section 363 sales in 2024, and as vice president at Auction.com/Ten-X where he drove distressed asset sales nationwide. About Stretto Stretto delivers a full spectrum of case management and claims administration services, depository and distribution solutions, and technology tools to legal and financial professionals. With a comprehensive suite of tailored offerings, Stretto provides an unparalleled portfolio designed to meet our clients' unique financial and business objectives. For more information about Stretto, please visit stretto.com. [^] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------- Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* 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 ***