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260219.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, February 19, 2026, Vol. 30, No. 50 Headlines 2275 SUNSET: Seeks Chapter 11 Bankruptcy in California 4 WEST: Ironshore Wins Summary Judgment in Logan, et al., Case 407 SMILEY: Seeks to Extend Plan Exclusivity to July 17 51 PARK PLACE: Seeks to Tap Westerman Ball as Bankruptcy Counsel 717 SOUTH: Seeks to Hire Christopher L. Young PLLC as Counsel 904 X 4 INC: Seeks to Hire William G. Haeberle CPA as Accountant 9486 HOLLY: Commences Chapter 11 Bankruptcy in California ACCESS OHIO: Gets Extension to Access Cash Collateral ALBANY INN: Seeks to Extend Plan Exclusivity to June 12 ALL SPA SERVICES: Tarek Kiem Named Subchapter V Trustee ALL-CITY TOWING: Seeks to Hire Kerkman & Dunn as General Counsel ALLEN & SONS: Gets OK to Hire Toni Campbell Parker as Counsel ALPINE SUMMIT: Schultzes Lose Bid to Reclassify Claims as Secured AMC ENTERTAINMENT: Signs $150MM ATM Offering & Forward Transactions ANGELA HOLDINGS: Gets Final OK to Use Cash Collateral ANNEX CLOUD: Hercules Capital Marks $1.7MM Loan at 60% Off ANNEX CLOUD: Hercules Capital Marks $5.6MM Loan at 60% Off ASP UNIFRAX: Sixth Street Lending Marks $1.5MM 1L Loan at 13% Off ASP UNIFRAX: Sixth Street Lending Marks $1.5MM Loan at 86% Off ASP UNIFRAX: Sixth Street Lending Marks $3.5MM 1L Loan at 19% Off ASTRA ACQUISITION: Oaktree Strategic Marks $7.3MM Loan at 60% Off B & C PARTNERS: Leona Mogavero Named Subchapter V Trustee B-YOU ACADEMY: Carlos García Miranda Named Subchapter V Trustee BED BATH: Sixth Street Lending Marks $10.6MM Loan at 19% Off BED BATH: Sixth Street Lending Marks $45.9MM Loan at 19% Off BED BATH: Sixth Street Lending Marks $6.5MM Loan at 19% Off BIA HOSPITALITY: To Sell Rhinebeck Property to I Am Harmonious BIOXCEL THERAPEUTICS: Integrated Core, Affiliates Hold 8.4% Stake BLUE RIBBON: S&P Raises ICR to 'CCC' on Amended Credit Agreements BRIDGE TO ADULTHOOD: Plan Exclusivity Period Extended to April 21 BRIX CITY BREWING: Mark Politan Named Subchapter V Trustee BUILT LLC: Claims to be Paid from Continued Operations CANNABIST COMPANY: Extends Forbearance With Noteholders to Feb. 20 CANTOR GROUP: Starts Chapter 11 Bankruptcy in California CAST & CREW: Sixth Street Lending Marks CAD$96MM Loan at 37% Off CHATEAU CREOLE: Trustee Loses Bid for Severance in Starr Case CHICKASHA HOSPITALITY: Hires Fellers Snider Blankenship as Counsel CLAROS MORTGAGE: Board Size Up to 10 With Addition of Denise Olsen CONN'S INC: Court Dismisses Reed Case Without Prejudice COOPER-STANDARD AUTOMOTIVE: S&P Rates Sec. First-Lien Notes 'CCC+' CORDOVACANN CORP: Horizon Assurance Raises Going Concern Doubt CORNERSTONE GENERATION: S&P Affirms 'BB-' Rating on Secured Debt COURTESY SCREENING: Gets Interim OK to Use Cash Collateral COX OPERATING: GOL Violated Brokerage Agreement with R&R Boats CPG RESTAURANT: Taps Morrison-Tenenbaum PLLC as Bankruptcy Counsel CUBIC CORP: Fitch Subsequently Reassessed & Hikes IDR to CC CURIS INC: Regains Nasdaq MVLS Compliance, Under 1-Year Monitor CYPRESSWOOD TX: Seeks to Sell Houston Property at Auction D8 PERFORMANCE: Commences Chapter 7 Bankruptcy in Maryland DAVID A. ORTA: Hires James Schwitalla PA as Bankruptcy Counsel DAY TRANSLATIONS: Gets Extension to Access Cash Collateral DEBORAH'S LLC: Court Transfers Farmers and Merchants Bank Case DGN PHARMACY: Voluntary Chapter 11 Case Summary DIESEL DEVELOPMENT: Seeks 120-Day Extension of Plan Filing Deadline DRIFTWOOD YOGA: Gets Interim OK to Use Cash Collateral E&E FINANCE: Gina Klump Named Subchapter V Trustee EAD CONSTRUCTORS: Seeks to Extend Plan Exclusivity to May 20 EDDIE BAUER: Plans to Close 6 NJ Stores, Holds Liquidation Sales EMUNDSON INC: Hires ReMax Northwest Inc as Real Estate Broker ENTECCO FILTER: Seeks to Hire Iron Horse Auction as Auctioneer FALLS CONDOMINIUM: Seeks to Sell Condominium at Auction FIRST INVESTMENT: Nicole Nigrelli Named Subchapter V Trustee FLEXSHOPPER INC: Comm. Taps Sonoran Capital as Financial Advisor FLEXSHOPPER INC: Committee Taps Potter Anderson as Legal Counsel FLUENT INC: JB Capital Partners Report 7.2% Equity Stake FRANCESCA'S ACQUISITION: Omnichannel Brand Sale Underway in Ch. 11 FRONTERA ENERGY: Fitch Puts 'B' Rating on Unsec Notes on Watch Pos. FRONTIERSMEN INC: Creditors to Get Proceeds From Liquidation GLOBAL LOGISTICS: Edward Burr Named Subchapter V Trustee GO FREEDOM: Kevin Neiman Named Subchapter V Trustee GREENWAVE TECHNOLOGY: Names Chelsea Pullano Chief Financial Officer H.B. FULLER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable HAIN CELESTIAL: Refinancing Uncertainty Raises Going Concern Doubt HARVARD BIOSCIENCE: Preliminary Q4 Results Show Revenue of $23.7MM HAWAIIAN ELECTRIC: Fitch Affirms 'B+' IDR, Outlook Positive INHANCE PARENT: Golub Capital Marks $5.3MM Loan at 53% Off INLAND NORTHWEST: Hires Kathryn Deann Billing as Attorney INOTIV INC: Posts $28.4MM Net Loss in Q1, Covenant Risks Persist ISUN INC: Liquidation Process Nears Final Stages JAGUAR HEALTH: Lincoln Alternative Exits Beneficial Ownership JEFFERIES FINANCE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Neg. KARYOPHARM THERAPEUTICS: Integrated Core, Affiliates Hold 5.5% Sta LAS VEGAS COLOR: Taps Maynards/North East Printing as Auctioneers LEROYS MEATS: Seeks to Sell Vehicles at Best Price LM FINLEY: Gets Interim OK to Use Cash Collateral LUDAN HOLDINGS: Hires Miami Brokers LLC as Real Estate Broker LUDAN HOLDINGS: Seeks to Hire DASA Law as Bankruptcy Counsel LUMEN TECHNOLOGIES: Fitch Hikes LongTerm IDR to 'B', Outlook Stable LUTHERAN LIFE: Could Exit Ch.11 Soon After Reaching Settlement Deal MACC ENTERPRISES: Matthew Schaeffer Named Subchapter V Trustee MAD DUMPLINGS: Seeks Chapter 11 Bankruptcy in California MAINE DENTISTRY: Hires Porthouse & Associates as Tax Professional MAINE DENTISTRY: Seeks to Hire Archipelago Law as Special Counsel MANCHESTER, GA: S&P Affirms 'BB+' Rating on Revenue Bonds MARE ISLAND: Case Summary & 20 Largest Unsecured Creditors MARTINS FOOD: Gets Extension to Use Cash Collateral MAWSON INFRASTRUCTURE: Endeavor Holds 45.4% Stake as of Feb. 9 MAX NY: Commences Chapter 11 Bankruptcy in New York MBK HOLDINGS: Gets Final OK to Use Cash Collateral MERCY HOSPITAL: Judge Rejects Bid to Toss Mercy Iowa City Complaint MILLER'S LANDING: Unsecureds Will Get 6% of Claims over 60 Months MNH ENTERPRISE: Case Summary & 14 Unsecured Creditors MNH ENTERPRISE: Commences Chapter 11 Bankruptcy in California MNH ENTERPRISE: Robert Goe Named Subchapter V Trustee MORE OPPORTUNITY: Dawn Maguire Named Subchapter V Trustee NABORS DRILLING: Loses Bid to Dismiss Lejeune Asbestos Lawsuit NARU LLC: Jeanette McPherson Named Subchapter V Trustee NATIONAL BUILDERS: Unsecureds Will Get 100% of Claims in Plan NOR CAL DESIGN: Christopher Hayes Named Subchapter V Trustee NORDSTRAND ENGINEERING: Seeks to Tap Ordinary Course Professionals NORTHWESTERN LEARNING: Jerrett McConnell Named Subchapter V Trustee OCEAN PARKWAY: Seeks to Hire Alla Kachan PC as Bankruptcy Counsel OCUGEN INC: Names Rita Johnson-Greene Chief Financial Officer OLENOX INDUSTRIES: Appoints Erik Blum, Adam Falkoff to Board ONE 7 COMMUNICATIONS: Nathan Smith Named Subchapter V Trustee ONYX PORTFOLIO: Gets OK to Use Cash Collateral OPORTUN ISSUANCE 2026-A: Fitch Rates Class E Notes 'BB-sf' PAC HOUSING: Seeks to Hire Toni Campbell Parker as Legal Counsel PAPPAS PIPING: Taps Joshua R. Teeple of Grobstein Teeple as CRO PARAISO INFANTIL: Jose Diaz Crespo Named Subchapter V Trustee PARAMOUNT GOLD: Reports $4.43MM Q2 Net Loss PAVMED INC: Holds 27.5% Stake in Lucid Diagnostics Inc. PG&E CORP: S&P Rates Proposed Junior Subordinated Notes 'B' PLATINUM HEIGHTS: Gets Final Court Nod to Use Cash Collateral PLURALSIGHT LLC: Golub Capital Marks $2MM Loan at 22% Off POINT CLEAR: Hires Glenmore P. Powers II as Special Counsel POINT CLEAR: Hires Tracy A. Marion as Special Litigation Counsel POWER REIT: Henry Posner III Increases Stake to 10% PRECIPIO INC: Leviticus Partners Holds 9.1% Equity Stake PROAMPAC PG: Fitch Affirms 'B' IDR, Outlook Stable REUP GALAXY: Seeks to Hire Barron & Newburger P.C. as Attorney RFNA LP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ROGA PROPERTIES: Gets Interim OK to Use Cash Collateral ROYAL HASS: Tamara Miles Ogier Named Subchapter V Trustee RSKT HOLDING: Case Summary & Eight Unsecured Creditors RW AM HOLDCO: Golub Capital Marks $10MM Loan at 45% Off SAILORMEN INC: Taps David M. Baker of Aurora Management as CRO SAKS GLOBAL: SO5 Digital Debtors Taps Bradley Arant as Attorney SANTA PAULA: Seeks to Sell Riverside Property to Highest Bid SCILEX HOLDING: Registers 261,118 Addt'l Shares Under Equity Plans SEDILLO REALTY: Gets Interim OK to Use Cash Collateral SERVESTAR LLC: Case Summary & 20 Largest Unsecured Creditors SKILLSOFT CORP: S&P Alters Outlook to Negative, Affirms 'B-' ICR SONOMA PHARMACEUTICALS: $819K Q3 Loss; Warns of Financing Concerns SONOMA PHARMACEUTICALS: Vanessa Jacoby Holds 10,000 Stock Options SRTX INC: Files NOI to Facilitate Sale to A.Y.K International STOKES & STOKES: Hires Demetrius J. Parrish Jr. as Attorney SUMMIT ACCESS: Hires Rountree Leitman Klein & Geer as Attorney TAMPA BRASS: Hearing Today on Bid to Use Cash Collateral TOMPKINS SQUARE: Hires Wiggin and Dana LLP as Special Counsel TOWN & COUNTRY EVENT: Court Imposes $30K Sanctions v. Lewis Phon TURNING POINT: Fitch Affirms 'B+' IDR, Outlook Stable UNITED SITE: Gets Final OK to Obtain $120-Mil. DIP Financing VOLITIONRX LTD: Receives NYSE American Equity Deficiency Notice VOLO PROPERTY: Case Summary & One Unsecured Creditor WRIGHT SCAPES: Hires Gamberg & Abrams as Bankruptcy Counsel YOUNG REALTY: Seeks to Hire Mickler & Mickler as Legal Counsel ZK INTERNATIONAL: Fortune CPA Raises Going Concern Doubt ZYNEX INC: Resolves Federal Probe Over Business Practices With NPA [] Connell Foley Adds 5 Partners to New Restructuring Group [] Connell Foley Launches Corporate Restructuring Practice [] Fitch Affirms Ratings on 8 NA Agricultural Processing Companies [] Pryor Cashman Elects Seth H. Lieberman to Executive Committee [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 2275 SUNSET: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On February 11, 2026, 2275 Sunset Plaza LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About 2275 Sunset Plaza LLC 2275 Sunset Plaza LLC is a California-based real estate holding company associated with property interests located on Sunset Plaza. 2275 Sunset Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11242) on February 11, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The case has been assigned to the Honorable Julia W. Brand. The Debtor is represented by Rhonda Walker, Esq. 4 WEST: Ironshore Wins Summary Judgment in Logan, et al., Case -------------------------------------------------------------- The U.S. District Court for the Middle District of Georgia granted Ironshore Specialty Insurance Company's motion for summary judgment in the case captioned as IRONSHORE SPECIALTY INSURANCE COMPANY, Plaintiff, v. ALPHONZO LOGAN, et al., Defendants, CIVIL ACTION NO. 5:23-cv-00358-MTT (M.D. Ga.). Plaintiff Ironshore Specialty Insurance Company filed this declaratory judgment action against defendants Alphonzo Logan, Dewayne Logan, Jamaar Dewayne Logan as Executor of the Estate of Mary Francis Logan ("the Logans"), and 4 West Holdings, Inc. Shortly after Ironshore filed its complaint, the Logans filed a garnishment action in state court against Ironshore, which has now been consolidated with the declaratory judgment action. Both parties have moved for summary judgment on all of Ironshore's claims The Logans have also moved for summary judgment in their garnishment action. Ironshore issued a Long Term Care Organizations Professional Liability, General Liability and Employee Benefits Liability Insurance Policy to 4 West for the December 29, 2014 to December 29, 2015 policy period. Covenant Dove Healthcare of Macon, later known as Macon Rehabilitation and Healthcare Center LLC, was a named insured under the policy. Mary Francis Logan was a resident of Macon Rehab, a long-term care facility. In October 2014, Mary Francis fractured her hip when a facility employee was moving her to the shower. On April 28, 2015, counsel for the Logans wrote to Macon Rehab stating that it may be liable to Ms. Logan for her personal injury, and requested disclosure of the relevant insurance policies. In 2016, Alphonzo Logan, Dewayne Logan, and Jamaar Dewayne Logan -- Mary Francis' children -- filed a personal injury lawsuit against Macon Rehab in Bibb County, Georgia. On March 6, 2018, while the underlying action was pending, 4 West and several of its affiliated entities, including Macon Rehab, filed a voluntary Chapter 11 bankruptcy petition. On March 14, 2018, the State Court action was stayed pending the resolution of the bankruptcy proceedings. On June 22, 2018, the debtors filed their Third Amended Joint Plan of Reorganization (the "Third Plan") in the bankruptcy action. The Third Plan was confirmed and became effective on February 13, 2019. To settle the debtors' tort liabilities, the Third Plan created a $2,000,000 Tort Claimants Trust that was funded, in cash, by the Plan Sponsor. The Third Plan provided that tort claimants would receive a payment from the Tort Claimants Trust in exchange for full satisfaction, settlement, discharge, and release" of their claims against the debtors. On July 31, 2019, counsel for the Tort Claimants Trustee offered the Logans $4,000 in exchange for full and final settlement of the Logans' claim. On March 20, 2020, presumably after negotiations, the Logans signed a general release in exchange for $5,000. There is no evidence that Ironshore consented, in writing or otherwise, to the settlement. On September 18, 2023, Ironshore filed this action seeking a declaration that it has no obligation to pay the Logans' judgment. In Count I, Ironshore claims there is no coverage under the policy because the Logans fully released and discharged the insureds from any liability. Therefore, the judgment is not a loss that the insured is legally obligated to pay. In their answer to Ironshore's complaint, the Logans admitted that the general release discharged all claims against 4 West and Macon Rehab. However, the Logans denied that the judgment, though obtained after Macon Rehab had been released from liability, was not a loss that the insured was obligated to pay. On October 6, 2023, the Logans filed their garnishment action in the State Court of Gwinnett County against Macon Rehab, Ironshore Specialty Insurance Company, Ironshore Insurance Services, LLC, and Ironshore Indemnity, Inc. Ironshore removed the action to the Northern District of Georgia on November 22, 2023, and the action was transferred to this Court on February 14, 2024. On March 27, 2024, the garnishment action was stayed pending the resolution of the declaratory action. The two actions were consolidated on August 1, 2024. The confirmation order and the Third Plan provided for the distribution of funds to holders of various claims against the Debtors. Unlike earlier versions, the Third Plan separated unsecured claims into two categories: (1) "Class 4 General Unsecured Claims," and (2) "Class 4.A Tort Claims." The Logans' tort claim was a Class 4.A Tort Claim. The holders of tort claims could "opt out" of the Third Plan's release provisions. Unlike the other claimants, an "opt out" claimant was not subject to the Third Plan's third-party release provisions. Thus, opt-out claimants were free to pursue claims against the debtors and their insurers. Claimants who did not opt out had to liquidate their claims according to the Third Plan's distribution and release provisions. On March 20, 2020, the Logans executed the release, which released the debtors, specifically Macon Rehab, from all liability. The Court notes as the Logans admitted in their answer, it was the general release that discharged all claims against 4 West and Macon Rehab. Upon execution of that release, Macon Rehab was no longer legally obligated to pay the post-bankruptcy judgment. Thus, that judgment cannot be considered a loss under the policy, the Court finds. At the July 2025 hearing, the Logans advanced a new argument -- Macon Rehab's legal obligation to the Logans was never extinguished by the general release or the Third Plan. Rather, under this new argument, the Third Plan only limited the remedies of tort claimants to distributions from the Tort Claimants Trust. And, the Logans argued, the general release did not release Macon Rehab's liability because it was merely an ancillary document that was part of effectuating the Third Plan. Therefore, the Logans contended, because Macon Rehab was never released from liability, any judgment against Macon Rehab is a loss under the policy. This argument fails. The Court concludes that the March 2020 release relieved Macon Rehab of any legal obligation to the Logans and, thus, the May 2023 judgment is not a loss covered by the policy. The Logans' motion for summary judgment is denied. A copy of the Court's Order dated February 12, 2026, is available at https://urlcurt.com/u?l=iFkmYz About 4 West Holdings 4 West Holdings, Inc., et al. -- http://www.orianna.com/-- are licensed operators of 41 skilled nursing facilities and manage on skilled nursing facility located in seven states: Georgia, Indiana, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. In addition, one of related entity, Palladium Hospice and Palliative Care, LLC f/k/a Ark Hospice, LLC provides hospice and palliative care services at certain of the Facilities and other third party locations. They employ approximately 5,000 people, including but not limited to, nurses, nursing assistants, social workers, regional directors and supervisors. 4 West Holdings, Inc., and 134 of its affiliates and subsidiaries filed voluntary petitions in the U.S. Bankruptcy Court for the Northern District of Texas in Dallas seeking relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 18-30777) on March 6, 2018, with a restructuring plan that contemplates the transfer of 22 facilities to new operations. The Debtors continue to operate their businesses and manage their properties as debtors-in-possession. 4 West Holdings estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the filing. The Hon. Harlin DeWayne Hale is the case judge. The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel; Houlihan Lokey as investment banker; Crowe Horwath LLP as financial advisor; Ankura Consulting Group, LLC, as interim management services provider; and Rust Consulting/Omni Bankruptcy as claims agent. The Office of the U.S. Trustee on March 19, 2018, appointed an official committee of unsecured creditors. The Committee tapped Norton Rose Fulbright US LLP as its legal counsel, and CohnReznick LLP as its financial advisor. 407 SMILEY: Seeks to Extend Plan Exclusivity to July 17 ------------------------------------------------------- 407 Smiley Crossing LLC, asked the U.S. Bankruptcy Court for the District of Massachusetts to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 17 and September 17, 2026, respectively. The Debtor filed its Petition commencing this Chapter 11 case on November 17, 2025. The Debtor, a single asset real estate debtor, is the Debtor-in-Possession and continues to operate its business pursuant to Orders of this Court. Courts consider a variety of factors in determining whether "cause" exists to warrant an extension of the exclusivity periods, including: (a) the size and complexity of the case, (b) the debtor’s progress in resolving issues facing the estate and (c) whether an extension of time will harm the debtor's creditors. The first factor in determining whether "cause" exists to warrant the extension of exclusivity requested here is the size and complexity of the case. While this case, involving some $15 to $20 Million, is sizeable, as a single asset real estate Debtor, there are, effectively, only two parties with a significant economic interest in the case, the Debtor, and its secured lender. The Debtor explains that the complexity of the case comes from the nature of the Debtor's real estate asset, a residential and commercial mixed use building in Downtown Crossing, Boston, MA, wherein the residential component is fully leased but the commercial component is only temporarily leased at a below market rental and, with the current tenant considering re-leasing the property and other substantial retail tenants considering leasing the property on one of Boston's busiest retail blocks, the situation remains complex as the future of the commercial space in the Debtor's real estate asset will determine the nature of the Debtor's Chapter 11 reorganization. The second factor in determining whether "cause" exists to warrant the exclusivity extensions sought by the Debtor is the Debtor's progress in resolving issues facing the estate. The Debtor, in the less than three months since commencement of the case, has successfully obtained adversary use of cash collateral and employment of management, pursuant to Orders of this Court. In addition, the Debtor will, this month, commence making payments to its secured lender on the monthly amounts ordered by this Court pursuant to Section 362(d)(3) of the Bankruptcy Code. Additionally, the Debtor has been fully engaged in leasing its commercial space. The timing of its Chapter 11 filing, precipitated by lender litigation, meant that the first few months of the case ran through the Thanksgiving, Christmas and New Year's holidays and an unusually snowy and bitterly cold winter season, all factors slowing retail leasing decisions by retailers. The Debtor has, by any measure, made significant progress in the first few months of this case. The third factor used to determine whether "cause" exists to support the exclusivity extensions sought herein is whether the extension of time will harm the Debtor's creditors. It is unlikely that any of the Debtor's unsecured creditors will receive any payment in the absence of a confirmed Plan of Reorganization. The Debtor's secured lender is, again, receiving monthly payments in the amount ordered by this Court pursuant to Section 362(d)(3) of the Bankruptcy Code and will continue to do so during any extended period of exclusivity. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 51 PARK PLACE: Seeks to Tap Westerman Ball as Bankruptcy Counsel ---------------------------------------------------------------- 51 Park Place Owners LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Westerman Ball Ederer Miller Zucker & Sharfstein, LLP as bankruptcy counsel. The firm's services include: a. administering these chapter 11 cases and the Debtor's affairs while in chapter 11, including all issues arising from or impacting the Debtor in these chapter 11 proceedings; b. advising the Debtor with respect to its duty as a Debtor under the Bankruptcy Code; c. preparing on behalf of the Debtor of all necessary applications, motions, orders, reports and other legal papers; d. appearing in Bankruptcy Court to represent the interests of the Debtor; e. representing the interests of the Debtor in all aspects and phases of the potential sale or other disposition of the Property; f. negotiating, formulating, and drafting any plan of reorganization or liquidation and matters related thereto; g. advising and guiding the Debtor with respect to any transfer, pledge, conveyance, sale or other liquidation of its assets; h. conducting such investigation, if any, as the Debtor may desire concerning, among other things, the assets, liabilities, financial condition and operations of the Debtor that may be relevant to these cases, including the validity, extent, priority, and amount of alleged secured and unsecured claims and liens; i. commencing and prosecuting adversary proceedings as may be necessary and appropriate; and j. such other matters as may be necessary and appropriate in the context of the Debtor's chapter 11 case. The firm will be paid at these rates: Partners and counsel $460 to $845 per hour Associates $335 to $645 per hour Paraprofessionals $275 to $305 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William Heuer, a partner at Westerman Ball Ederer Miller Zucker & Sharfstein LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William C. Heuer, Esq. Westerman Ball Ederer Miller Zucker & Sharfstein LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: (516) 622-9200 E-mail: wheuer@westermanllp.com About 51 Park Place Owners LLC 51 Park Place Owners LLC, a single-asset real estate entity, owns and leases an apartment building at 51 Park Place Brooklyn, New York 11217. 51 Park Place Owners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.25-45919) on December 10, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by William C. Heuer, Esq. of WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN LLP. 717 SOUTH: Seeks to Hire Christopher L. Young PLLC as Counsel ------------------------------------------------------------- 717 South Michigan, LLC received approval from the U.S. Bankruptcy Court for the Western District of Washing ton to hire the Law Offices of Christopher L. Young PLLC to handle the bankruptcy proceedings. Christopher Young, Esq., the primary attorney in this representation, will be paid at his hourly rate of $$425. As disclosed in the court filings, the Law Offices of Christopher L. Young PLLC is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher L. Young, Esq. The Law Offices of Christopher L Young 92 Lenora St., No. 146 Seattle, WA 98121 Telephone: (206) 407-5829 Email: Chris@ChristopherLYoung.com About 717 South Michigan, LLC 717 South Michigan, LLC is a Seattle-based commercial real estate holding company. 717 South Michigan, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10045) on January 8, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher M. Alston handles the case. 904 X 4 INC: Seeks to Hire William G. Haeberle CPA as Accountant ---------------------------------------------------------------- 904 X 4, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ William Haeberle, a certified public accountant practicing in Florida. The accountant will be compensated at $300 for Monthly Operating Report per month. There was no money owed to him prior to the filing of the case and a $1,500 retainer will be paid post-petition. Mr. Haeberle 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: William G. Haeberle, CPA William G. Haeberle, CPA, LLC 1440 Peachtree Street Jacksonville, FL 32207 About 904 X 4, Inc. 904 X 4 Inc. is a Florida-based company that offers specialized products or services, likely focused on the automotive or retail sector. The company caters to local and regional clients, providing solutions designed to meet market demand with a focus on practical utility and service quality. 904 X 4, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04400) on November 25, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickle, Esq. of Mickler & Mickler. 9486 HOLLY: Commences Chapter 11 Bankruptcy in California --------------------------------------------------------- On February 11, 2026, 9486 Holly Road LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 9486 Holly Road LLC 9486 Holly Road LLC is a limited liability company organized to own and manage real estate assets. 9486 Holly Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10978) on February 11, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by David B. Golubchik, Esq., of Levene, Neale, Bender, Yoo & Golubchik L.L.P. ACCESS OHIO: Gets Extension to Access Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, entered an agreed order extending its prior interim order authorizing Access Ohio, LLC's use of cash collateral. First Commonwealth Bank filed a limited objection to the Debtor's motion regarding the use of cash collateral. To allow additional time for the Debtor and the bank to resolve the issues raised in that objection, both agreed that the terms of the prior interim order remain in effect. The court incorporated its earlier findings and confirmed that those provisions continue to govern. Under the agreed order, all findings and directives from the prior interim order remain fully effective. The Debtor is required to make a cash collateral payment of $15,000 to the lender on or before February 23 and is authorized to continue using cash collateral until the final hearing on the motion. The final hearing has been continued to March 2. Any objections must be filed by February 25. About Access Ohio LLC Access Ohio, LLC provides outpatient behavioral healthcare services focused on mental health and addiction treatment through a physician-led, multidisciplinary model that includes counselors, nurses, and case managers. The company was founded in 2006 and is based in Columbus, Ohio. Access Ohio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-50089) on January 9, 2026. In the petition signed by John A. Johnson, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tiffany Strelow Cobb oversees the case. Myron N. Terlecky, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co., LPA, represents the Debtor as legal counsel. ALBANY INN: Seeks to Extend Plan Exclusivity to June 12 ------------------------------------------------------- Albany Inn LLC and Albany Equity LLC asked the U.S. Bankruptcy Court for the Eastern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 12 and August 12, 2026, respectively. Equity is the fee title owner of the real property and improvements located at 3 Watervliet Avenue Extension, Albany, New York (the "Property"). On March 27, 2020, Inn (as the hotel operator) signed a franchise agreement with Ramada Worldwide Inc. ("Ramada Franchise Agreement"). Inn commenced this chapter 11 case to, inter alia, compel Ramada to reinstate the Inn's use of the reservation system pending further discussions with Ramada. The cornerstone of a chapter 11 plan for Equity will be through a sale of the Property. Equity has received written offers for the purchase of the Property. The present offers generated if or when closed, will be sufficient to pay creditors in full. During the First Extension Period, Equity entered into a contract of sale with a proposed purchaser for a sale price that would pay creditors, under a plan, 100% of the allowed claims of every potential creditor class. However, the purchaser under the contract timely exercised its right to terminate the transaction and it did not proceed to closing. It is contemplated that Inn's chapter 11 plan will be based, in large part, upon its ability to collect revenue from the ACDSS and through a conventional buyout of the Equity-Inn Lease, which Inn cannot assume absent the cure of its existing default. The Debtors explain that they have not made material progress in collecting the balance due from ACDSS. The Debtors will utilize the Second Extension Period to further pursue collection and provide the progress achieved in its plan and disclosure statement when filed in June. The Debtors assert that their creditors will not be prejudiced by extending the Exclusive Periods, nor will an extension impede its creditors from negotiating with the Debtors to achieve a consensual disposition of this case. Counsel to the Debtors: Gary M. Kushner, Esq. Goetz Platzer LLP One Penn Plaza, 31st Floor New York, New York 10119 Telephone: (212) 695-8100 Facsimile: (212) 629-4013 About Albany Inn LLC Albany Inn LLC is a real estate lessor that owns and rents residential property in New York. Albany Inn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43431) on July 18, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gary Kushner, at GOETZ PLATZER LLP. ALL SPA SERVICES: Tarek Kiem Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for All Spa Services Incorporated doing business as The Pool Spa Billiard Store, Inc. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About All Spa Services Incorporated All Spa Services Incorporated, doing business as The Pool Spa Billiard Store, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11636) on February 10, 2026, with up to $50,000 in both assets and liabilities. Judge Corali Lopez-Castro presides over the case. Brett D. Lieberman, Esq., represents the Debtor as legal counsel. ALL-CITY TOWING: Seeks to Hire Kerkman & Dunn as General Counsel ---------------------------------------------------------------- All-City Towing, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Kerkman & Dunn as their general counsel. The firm will render these services: (a) advise and assist the Debtors with respect to their duties and powers under the Bankruptcy Code; (b) advise the Debtors on the conduct of its chapter 11 case, including the legal and administrative requirements of operating in chapter 11; (c) attend meetings and negotiate with representatives of the creditors and other parties in interest; (d) prosecute actions on behalf of the Debtors, defend actions commenced against the Debtors, and represent the Debtors' interests in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; (e) prepare pleadings in connection with the Debtors' chapter 11 cases including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; (f) advise the Debtors in connection with any potential sale of assets; (g) appear before the Court to represent the interests of the Debtors' estates; (h) assist the Debtors in preparing, negotiating and implementing a plan, and advising with respect to any rejection of a plan and reformulation of a plan, if necessary; (i) assist and advise the Debtors in state court actions related to judgments and collection actions initiated by or against the Debtors that are necessary for an effective reorganization; and (j) perform all other necessary or appropriate legal services. The firm's rates are: Jerome R. Kerkman $625 per hour Evan P. Schmit $525 per hour Nicholas W. Kerkman $350 per hour Tyler Jones $315 per hour Non-Attorney Paraprofessionals $125 per hour As disclosed in the court filings, Kerkman & Dunn is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code and as required by Sec. 327(a), and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Evan P. Schmit, 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 All-City Towing LLC All-City Towing LLC operate auto repair, towing, and transportation businesses in Milwaukee and Sheboygan, Wisconsin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 26-20523) on February 1, 2026. In the petition signed by Jeff Piller, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Rachel M. Blise oversees the case. Evan P. Schmit, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. ALLEN & SONS: Gets OK to Hire Toni Campbell Parker as Counsel ------------------------------------------------------------- Allen & Sons Trucking Inc. received approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Toni Campbell Parker, Esq., an attorney practicing in Memphis, Tenn., to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $6,400. Mr. Parker 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: Toni Campbell Parker, Esq. 45 North Bb King Blvd., Ste. 201 Memphis, TN 38103 Telephone: (901) 483-1020 Email: Tparker002@att.net About Allen & Sons Trucking Inc. Allen & Sons Trucking Inc. is a logistics and freight provider that specializes in on-time deliveries, well-maintained vehicles, and personalized customer service, earning a trusted reputation among its clients. Allen & Sons Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-26293) on December 4, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jennie D. Latta handles the case. The Debtor is represented by Toni Campbell Parker, Esq. of Law Office of Toni Campbell Parker. ALPINE SUMMIT: Schultzes Lose Bid to Reclassify Claims as Secured ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas held that Proofs of Claim Nos. 316, 317, 340 filed by Geoffrey L. Schultz, Robert L. Schultz, and Casey L. Schultz in the bankruptcy case of Alpine Summit Energy Partners Inc. are allowable only as general unsecured claims and are disallowed to the extent they assert secured claims. On December 19, 2025, the Court held a hearing on the GUC Trustee's objection to Proofs of Claim Nos. 316, 317, 340 ("Claims at Issue") filed by Geoffrey L. Schultz, Robert L. Schultz, and Casey L. Schultz. At the hearing, the Claimants urged the Court to elevate the status of their claims from general unsecured claims to secured claims based on Texas oil and gas liens. The Claimants are heirs to the Estate of Norman L. Schultz, who owned interests in certain oil and gas wells. Prior to the Petition Date, the wells were transferred to Alpine Summit Funding, LLC, a non-debtor. The Debtors scheduled Norman Schultz's interests as a general unsecured claim in the amount of $121,200.23. The Estate of Norman Schultz filed a proof of claim, asserting an unsecured unliquidated claim based on "Oil and gas royalties owed." The Schultz Estate later amended its claim to assert a secured claim in the amount of $150,000.00. The Lienholder Trustee, established by the Debtors' confirmed Chapter 11 Plan, objected to those claims. The Court disallowed both claims. The Claimants then filed the Claims at Issue, asserting unliquidated, unsecured claims based "oil and gas royalties owed." The Claims were filed timely. The Claims relate to Norman Schultz's interests in the wells that were sold prepetition. No supporting documents were attached to the Proofs of Claim. The Claimants seek to elevate the status of their claims to secured, after the Bar date has passed. According to the Court, the fact that the proofs of claim reference "oil and gas royalties owed" does not place the GUC Trustee or the Estate on sufficient notice that the Claimants intended to assert secured claims based on statutory liens. Further, the Lienholder Trust has been terminated. Allowing a late assertion of secured status would be prejudicial to the rights of other creditors. The Court finds no basis to permit the reclassification of the Claims after the bar date. The Court disallows the Claims at Issue to the extent they assert secured claims. The GUC Trustee's objection to the Claims, to the extent they assert general unsecured claims, is overruled. A copy of the Court's Memorandum Opinion and Order dated February 12, 2026, is available at https://urlcurt.com/u?l=pJcxNF from PacerMonitor.com. About Alpine Summit Energy Partners Alpine Summit Energy Partners Inc. and its affiliates develop, own, and operate oil and gas properties in several formations in Texas. Alpine Summit Energy Partners and its affiliates, including HB2 Origination, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90739) on July 5, 2023. In the petition filed by Craig Perry, CEO and Chairman of Board of Directors, Alpine Summit Energy Partners estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Affiliate Ageron Energy II, LLC estimated $100 million to $500 million in assets and $1 million to $10 million in liabilities. Affiliate HB2 Origination, LLC estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey Capital, Inc. as investment banker; Huron Consulting Services, LLC as financial advisor; and White & Case LLP as special litigation counsel. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Reed Smith, LLP as bankruptcy counsel and Huron Consulting Services, LLC as restructuring advisor. Ryan Bouley of Huron serves as chief restructuring officer. AMC ENTERTAINMENT: Signs $150MM ATM Offering & Forward Transactions ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. disclosed in a regulatory filing that it entered into a Sales and Registration Agreement with: (1) Goldman Sachs & Co. LLC, B. Riley Securities, Inc. and Yorkville Securities, LLC, from time to time acting as sales agents and (2) Goldman Sachs & Co. LLC, as the Forward Seller of any and all Hedging Shares offered by the Forward Counterparty, and Goldman Sachs International, acting in its capacity as Forward Counterparty, relating to the shares of Class A common stock, par value $0.01 of the Company offered by the Prospectus Supplement and the accompanying prospectus having an aggregate offering price of up to $150,000,000. In accordance with the terms of the Sales and Registration Agreement, the Company may issue and sell shares of Common Stock covered by the Prospectus Supplement at any time and from time to time through the Sales Agents. The Sales Agents may act as agents on the Company's behalf or purchase shares of Common Stock from the Company as principal for its own account. The Company also entered into a master confirmation with Goldman Sachs International (in its capacity as buyer under any Forward, the "Forward Counterparty") pursuant to which the Company expects to enter into one or more collared forward transactions (each, a "Forward"), under which the Company will agree to sell up to the number of shares of Common Stock specified in such Forward (subject to adjustment as set forth therein) to the Forward Counterparty. If the Company enters into a Forward with the Forward Counterparty, to establish a hedge position under such Forward, the Forward Counterparty will have a pledge of up to the maximum number of shares of Common Stock deliverable under such Forward (the "Hedging Shares") from the Company, with a right to rehypothecate the pledged shares, and will rehypothecate and sell up to such maximum number of shares through Goldman Sachs & Co. LLC acting as the statutory underwriter (in such capacity, the "Forward Seller") in an offering under the Prospectus Supplement and accompanying prospectus over a period of time to be agreed between the Company and the Forward Counterparty for such Forward (an "Initial Hedging Period"), all subject to the terms of the Sales and Registration Agreement. The Initial Hedging Period for any Forward that we may enter into during a reporting quarter is expected to terminate during such reporting quarter or shortly thereafter. The establishment of such hedge positions could have the effect of decreasing, or limiting an increase in, the market price of Common Stock. The Company has been advised by the Forward Counterparty that it expects that, on the same days during the Initial Hedging Period when it is selling a number of Hedging Shares underlying the Forward, the Forward Counterparty or its affiliate(s) will be contemporaneously purchasing a substantial portion of such number of shares in the open market for its own account, as the Forward Counterparty expects its initial hedge position in respect of any Forward to be substantially less than the number of shares underlying such Forward. Such purchases in the open market may have the effect of increasing or limiting a decrease in the market price of Common Stock. The number of shares underlying any Forward will be reduced in the event that the Forward Counterparty is unable to introduce the maximum number of shares deliverable under the Forward into the public market during the Initial Hedging Period (including as a result of the prospectus being unavailable at any time during such Initial Hedging Period). In addition, the Company has been advised by the Forward Counterparty that the Forward Counterparty expects to dynamically modify its hedge positions for its own account by it or its affiliate(s) buying or selling shares of Common Stock or engaging in derivatives or other transactions with respect to Common Stock from time to time during the term of a particular Forward, including during the valuation period for such Forward. The purchases and sales of shares of Common Stock or other hedging transactions by the Forward Counterparty to modify the Forward Counterparty's hedge positions from time to time during the term of the Forward may variously have a positive, negative or neutral impact on the market price of Common Stock, depending on market conditions at such times. The settlement price per share under a Forward at maturity (whether on the scheduled maturity date or an accelerated maturity date, as applicable, for the Forward or a portion thereof) will be based on the arithmetic average of volume weighted prices of Common Stock during the valuation period for such Forward that will run between the completion of the Initial Hedging Period for such Forward or shortly thereafter and applicable maturity, subject to the agreed forward floor and cap prices. The Forward will specify the floor percentage (which will be less than 100%) and the cap percentage (which will be more than 100%). Upon completion of the Initial Hedging Period with respect to such Forward, the forward floor price and the forward cap price will be determined by multiplying the weighted average prices at which the Forward Counterparty will have sold the shares of Common Stock during the Initial Hedging Period to establish its hedge position for such Forward by the floor percentage and the cap percentage, respectively. The floor price is intended to mitigate the downside risk of any potential decline in the Reference Price below the floor price during the valuation period, but the cap price would also limit the potential upside benefit to the extent the Reference Price were to exceed the cap price during the valuation period. The Company will determine the scheduled maturity of a Forward at the time we enter into such Forward based, among other factors, upon the market conditions at the time, and the Company currently expects that such scheduled maturity will be approximately six months after completion of the Initial Hedging Period for such Forward. If the Company enters into any Forward with the Forward Counterparty, the Company expects to receive under such Forward: (x) an initial cash payment after completion of the respective Initial Hedging Period for such Forward or shortly thereafter, based on, among other factors, the floor price and prepayment percentage agreed for such Forward, if any and (y) at maturity of such Forward (or a portion thereof), an additional payment, if any, to the extent that the total amount due under such Forward exceeds the initial cash payment. If the number of the shares of Common Stock underlying any Forward is reduced upon completion of the Initial Hedging Period, the Company would not be entitled to receive the full amounts upon prepayment and/or at maturity of such Forward that it may initially anticipate at the time of entry into such Forward. The Company intends to use any: (1) net proceeds received from the Sales Agents upon issuance and sale of shares of Common Stock through the Sales Agents and (2) amount received from the Forward Counterparty upon prepayment and, if applicable, settlement of one or more Forwards, in each case, if any, to strengthen the Company's balance sheet and reinvest in the Company's core business to elevate and differentiate the movie-going experience under the AMC GO Plan. The Company intends to strengthen the balance sheet by bolstering the Company's liquidity, and by repaying, redeeming or refinancing the Company's existing debt (including expenses, accrued interest and premium, if any). Investments under the AMC GO Plan include such areas as seating, sight and sound enhancements, including an increase in the number of branded premium large format screens. Sales, if any, of Common Stock under the Prospectus Supplement and the accompanying prospectus may be made in sales deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made by means of ordinary brokers' transactions on or through the New York Stock Exchange or another market for Common Stock, sales made to or through a market maker other than on an exchange, including in the over-the-counter market, in negotiated transactions (including block trades), at market prices prevailing at the time of sale or at negotiated prices, through a combination of any such methods of sale, or by any other method permitted by law. The Sales Agents and Forward Seller are not required to sell any specific number or dollar amount of shares of Common Stock, but, subject to the terms and conditions of the Sales and Registration Agreement and, in relation to sales of the Hedging Shares, the applicable Forward Counterparty, the Sales Agents and the Forward Seller will use their respective commercially reasonable efforts, consistent with their normal trading and sales practices, to sell up to the designated shares of Common Stock. In respect of any sales by the Sales Agents on the Company's behalf and in respect of any sales of the Hedging Shares by the Forward Seller on behalf of the Forward Counterparty, the Company may specify that no shares of Common Stock may be sold, if the sales cannot be effected at or above the price designated by the Company, and the Company may specify other trading parameters for such sales (including volume limitations). Accordingly, any sales by the Sales Agents on the Company's behalf and any sales of the Hedging Shares by the Forward Seller may be suspended at any time, and there can be no assurance that either the Sales Agents or the Forward Seller will be able to sell any shares pursuant to the Sales and Registration Agreement. No sales of shares of Common Stock by the Sales Agents acting on the Company's behalf will occur simultaneously with any sales of the Hedging Shares by the Forward Seller on behalf of the Forward Counterparty, in each case, pursuant to the Sales and Registration Agreement. The Common Stock will be offered and sold pursuant to the Company's shelf registration statement on Form S-3 filed on February 9, 2026 with the Securities and Exchange Commission. The Company filed a prospectus supplement, dated February 9, 2026, to the prospectus, dated February 9, 2026, with the SEC in connection with the offer and sale of the Common Stock. This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of any offer to buy the securities discussed herein, nor shall there by any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Full text copies of the Sales and Registration Agreement and the Master Confirmation are available at https://tinyurl.com/mr3jvfar and https://tinyurl.com/96p93e6u, respectively. A copy of the opinion of Weil, Gotshal & Manges LLP, relating to the validity of the Common Stock registered pursuant to the Prospectus Supplement is available at https://tinyurl.com/5d8esu8x About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of September 30, 2025, the Company had $8,020.7 million in total assets, $9,798.2 in total liabilities, and $1,777.5 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all issuers remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). ANGELA HOLDINGS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Angela Holdings, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Ohio, to use the cash collateral of Wilmington Trust, N.A. Under the final order, the Debtor is authorized to use the lender's cash collateral strictly in accordance with an approved operating budget, subject to a monthly variance of 15%. The authorization remains effective until the earlier of the expiration of the remedies notice period or August 14, 2026, unless terminated sooner pursuant to the order. The Debtor projects total monthly operational expenses of $12,079.24. As adequate protection, Wilmington Trust will be granted replacement security interests in, and liens on, assets of the Debtor similar to its pre-bankruptcy collateral, with the same priority as its pre-bankruptcy liens. These replacement security interests and liens do not apply to avoidance claims and their proceeds. The lender will also receive monthly payments of $4,251.55 for taxes and $2,069.68 for insurance as additional protection. These payments will be held in the reserves. The final order is available at https://shorturl.at/vWUXe from PacerMonitor.com. The Debtor's cash collateral is encumbered by Wilmington Trust, which holds liens on the Debtor's real estate and other assets through multiple mortgages and a UCC filing, with a secured claim of approximately $2.9 million. The Debtor reports having about $75,000 in cash and cash equivalents and asserts that adequate protection exists because the secured creditor retains its lien on real estate that is unlikely to depreciate and will even benefit from reinvestments made through cash collateral use. Wilmington Trust, as secured creditor, is represented by: Nancy A. Valentine, Esq. Miller, Canfield, Paddock and Stone, P.L.C. 1100 Superior Avenue East, Suite 1750 Cleveland, OH 44114 Telephone: (216) 716-5040 Facsimile: (216) 716-5043 valentine@millercanfield.com About Angela Holdings LLC Angela Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 3:25-bk-32459) on December 8, 2025. In the petition signed by Douglas Kraus, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tyson A. Crist oversees the case. Dustin R. Hurley, Esq., at Hurley Law, LLC, represents the Debtor as legal counsel. ANNEX CLOUD: Hercules Capital Marks $1.7MM Loan at 60% Off ---------------------------------------------------------- Hercules Capital, Inc. has marked its $1,716,000 loan extended to Annex Cloud to market at $687,000 or 40% of the outstanding amount, according to Hercules's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Hercules Capital, Inc. is a participant in a Senior Secured Loan extended to Annex Cloud. The loan accrues interest at a rate of PIK Interest 3-month SOFR + 5.73%, Floor rate 6.73% per annum. The loan matures on June 2028. Hercules Capital, Inc. is a specialty finance company that provides senior secured loans to high-growth, innovative venture capital-backed companies, primarily in the technology, life sciences, and sustainable and renewable technology industries. The Company is led by Scott Bluestein as Director, President, Chief Executive Officer, and Chief Investment Officer (Principal Executive Officer) and Seth H. Meyer as Chief Financial Officer and Chief Accounting Officer (Principal Accounting and Financial Officer). The Company can be reached at: Scott Bluestein Hercules Capital, Inc. 1 North B Street, Suite 2000 San Mateo, CA 94401 Telephone: (650) 289-3060 About Annex Cloud Annex Cloud is a software and technology company that provides cloud-based customer engagement and loyalty solutions to enterprises seeking to enhance customer retention and data-driven marketing. ANNEX CLOUD: Hercules Capital Marks $5.6MM Loan at 60% Off ---------------------------------------------------------- Hercules Capital, Inc. has marked its $5,642,000 loan extended to Annex Cloud to market at $2,257,000 or 40% of the outstanding amount, according to Hercules's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Hercules Capital, Inc. is a participant in a Senior Secured Loan extended to Annex Cloud. The loan accrues interest at a rate of PIK Interest 3-month SOFR + 9.99%, Floor rate 10.99% per annum. The loan matures on June 2028. The Senior Loan matures on June 2028. Hercules Capital, Inc. is a specialty finance company that provides senior secured loans to high-growth, innovative venture capital-backed companies, primarily in the technology, life sciences, and sustainable and renewable technology industries. The Company is led by Scott Bluestein as Director, President, Chief Executive Officer, and Chief Investment Officer (Principal Executive Officer) and Seth H. Meyer as Chief Financial Officer and Chief Accounting Officer (Principal Accounting and Financial Officer). The Company can be reached at: Scott Bluestein Hercules Capital, Inc. 1 North B Street, Suite 2000 San Mateo, CA 94401 Telephone: (650) 289-3060 About Annex Cloud Annex Cloud is a software and technology company that provides cloud-based customer engagement and loyalty solutions to enterprises seeking to enhance customer retention and data-driven marketing. ASP UNIFRAX: Sixth Street Lending Marks $1.5MM 1L Loan at 13% Off ----------------------------------------------------------------- Sixth Street Lending Partners has marked its $1,513,000 Corporate Bond issued by ASP Unifrax Holdings, Inc. to market at $1,309,000 or 87% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners owns a First Lien Note issued by ASP Unifrax Holdings, Inc. The loan accrues interest at a rate of 7.10% (incl. 1.25% PIK) per annum. The loan matures on September 2029. Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The Fund is led by Robert ("Bo") Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert ("Bo") Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About ASP Unifrax Holdings, Inc. ASP Unifrax Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers ceramic fibers, heat insulation, fire protection, emission control, and other related chemical products. ASP UNIFRAX: Sixth Street Lending Marks $1.5MM Loan at 86% Off -------------------------------------------------------------- Sixth Street Lending Partners has marked its $1,559,000 Corporate Bond issued by ASP Unifrax Holdings, Inc. to market at $223,000 or 14% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners owns a Second Lien Note issued by ASP Unifrax Holdings, Inc. The loan accrues interest at a rate of 11.75% (incl. 4.75% PIK) per annum. The loan matures on September 2029. Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The Fund is led by Robert ("Bo") Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert ("Bo") Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About ASP Unifrax Holdings, Inc. ASP Unifrax Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers ceramic fibers, heat insulation, fire protection, emission control, and other related chemical products. ASP UNIFRAX: Sixth Street Lending Marks $3.5MM 1L Loan at 19% Off ----------------------------------------------------------------- Sixth Street Lending Partners has marked its $3,558,000 Corporate Bond issued by ASP Unifrax Holdings, Inc. to market at $2,877,000 or 81% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners owns a First Lien Loan issued by ASP Unifrax Holdings, Inc. The loan accrues interest at a rate of 11.75% (incl. 4.75% PIK) per annum. The loan matures on September 2029. Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The Fund is led by Robert ("Bo") Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert ("Bo") Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About ASP Unifrax Holdings, Inc. ASP Unifrax Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers ceramic fibers, heat insulation, fire protection, emission control, and other related chemical products. ASTRA ACQUISITION: Oaktree Strategic Marks $7.3MM Loan at 60% Off ----------------------------------------------------------------- Oaktree Strategic Credit Fund has marked its $7,337,000 loan extended to Astra Acquisition Corp. to market at $2,935,000 or 40% of the outstanding amount, according to Oaktree's Form 10-Q for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Oaktree Strategic Credit Fund is a participant in a First Lien Term Loan extended to Astra Acquisition Corp. The 1L Loan accrues interest at a rate of 6.75% per annum. The 1L Loan matures on February 25, 2028. Oaktree Strategic Credit Fund is a non-diversified, closed-end management investment company that invests primarily in private debt opportunities, including first lien loans, second lien loans, unsecured and mezzanine loans, bonds and preferred equity, as well as certain equity co-investments. The Fund is led by Armen Panossian as Chairman, Chief Executive Officer and Co-Chief Investment Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Strategic Credit Fund 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About ASTRA ACQUISITION CORP. Astra Acquisition Corp. is a company operating in the application software sector, providing technology solutions and related services. B & C PARTNERS: Leona Mogavero Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for B & C Partners, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About B & C Partners LLC B & C Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10413) on February 2, 2026, with $500,001 to $1 million in assets and liabilities. Judge Ashely M. Chan presides over the case. Ronald G. Mcneil, Esq., at Mcneil Legal Services represents the Debtor as legal counsel. B-YOU ACADEMY: Carlos García Miranda Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Carlos Garcia Miranda as Subchapter V trustee for B-You Academy, LLC. Mr. Garcia Miranda will be paid an hourly fee of $150 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Garcia Miranda declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About B-You Academy LLC B-You Academy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00512) on February 10, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mildred Caban Flores presides over the case. Teresa M. Lube Capo, Esq., at Lube & Soto Law Offices, Psc represents the Debtor as bankruptcy counsel. BED BATH: Sixth Street Lending Marks $10.6MM Loan at 19% Off ------------------------------------------------------------ Sixth Street Lending Partners has marked its $10,645,000 loan extended to Bed Bath And Beyond Inc to market at $8,651,000 or 81% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners is a participant in a ABL FILO term loan extended to Bed Bath And Beyond Inc. The loan accrues interest at a rate of 13.62% per annum. The loan matures on August 2027. Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The company is led by Robert ("Bo") Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The company can be reached at: Robert ("Bo") Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About About Bed Bath & Beyond, Inc. Bed Bath & Beyond, Inc. provides household products. The Company offers bathroom accessories, furniture, rugs, bedding, home improvement, storage, mattresses, lighting, outdoor, kitchen, kids bedding, and decor products. Bed Bath & Beyond serves customers worldwide. BED BATH: Sixth Street Lending Marks $45.9MM Loan at 19% Off ------------------------------------------------------------ Sixth Street Lending Partners has marked its $45,919,000 loan extended to Bed Bath And Beyond Inc to market at $36,965,000 or 81% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners is a participant in a Roll Up DIP term loan extended to Bed Bath And Beyond Inc. The loan accrues interest at a rate of 11.62% PIK per annum. The loan matures on August 2027. Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The company is led by Robert Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The company can be reached at: Robert Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About About Bed Bath & Beyond, Inc. Bed Bath & Beyond, Inc. provides household products. The Company offers bathroom accessories, furniture, rugs, bedding, home improvement, storage, mattresses, lighting, outdoor, kitchen, kids bedding, and decor products. Bed Bath & Beyond serves customers worldwide. BED BATH: Sixth Street Lending Marks $6.5MM Loan at 19% Off ----------------------------------------------------------- Sixth Street Lending Partners has marked its $6,500,000 loan extended to Bed Bath and Beyond Inc to market at $5,232,000 or 81% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners is a participant in a Super-Priority DIP term loan extended to Bed Bath And Beyond Inc. The loan accrues interest at a rate of 11.62% per annum. The loan matures on August 2027 Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The Fund is led by Robert Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About Bed Bath & Beyond, Inc. Bed Bath & Beyond, Inc. provides household products. The Company offers bathroom accessories, furniture, rugs, bedding, home improvement, storage, mattresses, lighting, outdoor, kitchen, kids bedding, and decor products. Bed Bath & Beyond serves customers worldwide. BIA HOSPITALITY: To Sell Rhinebeck Property to I Am Harmonious -------------------------------------------------------------- Bia Hospitality LLC, d/b/a Bia, seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. On February 17, 2026, an Order for relief under Chapter 11 was entered upon a petition filed by the Debtor. Prior to the filing of the Chapter 11 petition, the Debtor operated a fine dining restaurant located at 22 Garden Street, Rhinebeck, New York. On or about December 31, 2025, after years of marketing the business and the Assets for sale, the Debtor entered into an Asset Purchase Agreement with I Am Harmonious, LLC to purchase the Assets, together with the goodwill and going concern of the Debto's business, for the total price of $70,000.00. The Assets are encumbered by liens held by The Bank of Greene County, in the total amount of $63,449.16, and the U.S. Small Business Administration in the amount of $105,620.00. The contemplated sale to IAH will not provide payment in full to the Debtor's secured creditors and will not result in a dividend to the Debtor’s unsecured creditors. The Debtor still believes the sale to be in the best interest of the secured creditors and its estate, as it is the best offer it has received and it is unlikely that any greater recovery will be achieved for the creditors in an alternate scenario. The Debtor first listed the business of "Bia" for sale in 2022 on a private listing service called Crexi. In mid-2023, the business was listed publicly for sale on the MLS. The Debtor received a few offers since 2022 that did not make it to contract, with the last offer (prior to IAH) being May, 2025. The Debtor believes the proposed sale to IAH is in the best interest of all parties at this time. About Bia Hospitality LLC Bia Hospitality operates a fine dining restaurant. Bia Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. CASE NO. 26-35165 (KYP)) on February 17, 2026. Michelle L Trier at Genova, Malin & Trier, LLP represents the Debtor as legal counsel. BIOXCEL THERAPEUTICS: Integrated Core, Affiliates Hold 8.4% Stake ----------------------------------------------------------------- Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 1,835,192 shares of common stock -- with shared voting and dispositive power; held through entities subject to voting control and investment discretion by Millennium Management LLC and/or other investment managers controlled by Millennium Group Management LLC and Israel A. Englander -- of BioXcel Therapeutics, Inc.'s common stock, par value $0.001 per share, representing 8.4% of the shares outstanding. Integrated Core Strategies (US) LLC may be reached through: Gil Raviv, Global General Counsel 399 Park Avenue New York, NY 10022 Tel: (212) 841-4100 A full-text copy of Integrated Core Strategies (US) LLC's SEC report is available at: https://tinyurl.com/46yyct6t About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical Company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $44.8 million in total assets, $133.7 million in total liabilities, and $88.9 million in total stockholders' deficit. BLUE RIBBON: S&P Raises ICR to 'CCC' on Amended Credit Agreements ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based Blue Ribbon LLC to 'CCC' from 'D'. S&P raised its 'B-' issue-level rating to the first-lien first-out (super priority) term loan and revolving credit facility (RCF), with a recovery rating of '1' (90%-100%; rounded estimate: 95%); and raised the issue-level rating to 'CCC-' from 'D' on the legacy term loan B with a recovery rating of '5' (10%-30%; rounded estimate: 20%). The negative outlook reflects the possibility of a default, including a potential debt restructuring, within the next 12 months. Blue Ribbon amended its credit agreements on Jan. 30, 2026, reducing most of its cash interest obligations and all of its principal amortization requirements through the earlier of Sept. 30, 2027, or the sale of its Irwindale, Calif., facility. The transaction also raised $35 million of new capital from owners. Although the transaction improved liquidity in the near term, S&P expects very weak credit metrics of and EBITDA cash interest of 0.4x in 2026, and sources of cash less than uses of cash over the next 12 months without renegotiating existing obligations with trade partners or receipt of additional capital. S&P also anticipates continued negative free operating cash flow (FOCF) in 2026, which would further strain available liquidity and could potentially result in another default. Despite the improved near-term liquidity position, S&P continues to view Blue Ribbon's capital structure as unsustainable. In addition to a $35 million injection from its owners in the form of a senior secured loan pari passu with its existing first-lien term loan, the company has alleviated its significant contractual debt service burden that previously included annual debt amortization of about $18 million. It also cut cash interest payments roughly in half with an increased allowance to accrue payment-in-kind (PIK) interest at Bue Ribbon's option through the earlier of Sept. 30, 2027, or the sale of the Irwindale facility. S&P said, "However, our base-case FOCF projection includes deficits through at least fiscal 2028, which will offset most of the cash injection used to pay down its RCF. We forecast FOCF deficits of about $20 million in 2026 and roughly $15 million in both 2027 and 2028, which is insufficient to service its reduced cash interest absent a drastic improvement in operating performance or the sale of Irwindale." Furthermore, the company has significant contractual obligations with its trade partners, along with a large legal judgment against it currently in appeals, which could potentially erode its liquidity earlier than anticipated. Debt service remains constrained over the next 12 months, regardless of the new supply agreement with Anheuser Busch InBev (AB InBev). As anticipated, the company has faced a challenging strategic transition away from City Brewing with its recent sourcing agreement with AB InBev. The deal improved production reliability, but expanded volumes from access to increased brewing capacity and cost efficiencies has yet to materialize. S&P expects S&P Global Ratings-adjusted EBITDA to turn positive 2026 and almost double in 2027, driven by cost savings related to the new sourcing agreement. However, these gains may not be enough to satisfy the company's current obligations. S&P said, "Moreover, we don't foresee a substantial rebound in EBITDA until at least the second half of 2027 unless a favorable liquidity development takes hold, such as the proceeds from the Irwindale property. Our forecast credit metrics suggest that Blue Ribbon remains under pressure, with S&P Global Ratings-adjusted EBITDA cash interest coverage of about 0.4x in 2026." The Irwindale sale remains the key lever the company can use to repay debt. S&P said, "We anticipate Blue Ribbon will eventually sell all or a portion of the approximately 150-acre property. After repaying the $125 million mortgage, we expect proceeds of about $200 million, allowing Blue Ribbon to improve its credit measures by using the excess proceeds from a sale to repay funded debt. However, the timing and materiality of any sale are uncertain. We note that our forecast does not incorporate any debt paydown using the proceeds from a property sale." The negative outlook reflects S&P's belief that Blue Ribbon's capital structure remains unsustainable and there is an increased likelihood of a default. S&P could lower its rating if: -- Liquidity tightens such that S&P views a payment default, distressed exchange, and/or redemption as inevitable within six months, for example due to persistently low production volumes or higher-than-expected cash payments/settlements; -- The company conducts a restructuring under which S&P views the lenders as receiving less than original promise; or -- Its high contractual payment requirements to trade partners materially deplete remaining available liquidity before an operational turnaround succeeds or it monetizes the Irwindale property and materially repays debt. While unlikely, S&P could take a positive rating action if Pabst significantly improves operating performance and improves its liquidity position. This could occur if Blue Ribbon: -- Significantly improves operating performance due to ramping up volumes with AB InBev and regains shelf space without concessions on pricing with retail partners; and -- Applies proceeds from additional property sales to pay down debt, reducing its leverage and debt service requirements. BRIDGE TO ADULTHOOD: Plan Exclusivity Period Extended to April 21 ----------------------------------------------------------------- Judge Joan A. Lloyd of the U.S. Bankruptcy Court for the Western District of Kentucky extended Bridge to Adulthood, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 21 and June 22, 2026, respectively. As shared by Troubled Company Reporter, the Debtor seeks an extension of its exclusivity period for filing and soliciting acceptances of a plan. Debtor and its professionals need additional time to gather and analyze relevant data for purposes of proposing a feasible and confirmable chapter 11 plan. The Debtor explains that its largest creditor currently holds a judgment which is pending on appeal. The additional time may allow for an adjudication of that appeal which will play a significant role in the allocation of distributions pursuant to a plan. In addition, the Debtor needs additional time to provide detailed allocation information to its counsel regarding expenses and overall net income. Bridge to Adulthood LLC is represented by: Charity S. Bird, Esq. Tyler R. Yeager, Esq. J. Gabriel Dennery, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 E-mail: cbird@kaplanjohnsonlaw.com tyeager@kaplanjohnsonlaw.com gdennery@kaplanjohnsonlaw.com About Bridge to Adulthood Bridge to Adulthood LLC provides residential and community-based support services for individuals with intellectual and developmental disabilities in Kentucky. The Company participates in state Medicaid waiver programs, including the Michelle P. Waiver for children and teenagers and the Supports for Community Living program for adults, offering alternatives to institutional care. Its services include residential care, in-home and community support, and animal therapy, with operations centered at its facility in Allensville. Bridge to Adulthood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-10810) on September 23, 2025. In its petition, the Debtor reports estimated estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joan A. Lloyd handles the case. The Debtor tapped Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP as bankruptcy counsel and Gray Ice Higdon, PLLC as special counsel. BRIX CITY BREWING: Mark Politan Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq., at Politan Law, LLC, as Subchapter V trustee for Brix City Brewing, LLC. Mr. Politan will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Politan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street #502 Mendham, NJ 07945 Cell: (973) 768-6072 mpolitan@politanlaw.com About Brix City Brewing LLC Brix City Brewing, LLC is a craft brewing company focused on producing small-batch beers and distributing its products throughout the regional market. Brix City Brewing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-11340) on February 5, 2026. Its petition reflects estimated assets in the range of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Vincent F. Papalia oversees the case. The Debtor is represented by Brian Gregory Hannon, Esq., at the Law Office of Norgaard O'Boyle. BUILT LLC: Claims to be Paid from Continued Operations ------------------------------------------------------ Built, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated February 9, 2026. The Debtor manufactures high-end cabinetry, custom furniture, and architectural millwork in the Tampa area. The Debtor has been in business since 2013 and operates from 602 N. Newport Ave., Tampa, Florida 33606. The Debtor's Plan will be funded through the current and future income earned by the Debtor. The Debtor proposes a reasonable Plan which is proposed in good faith and not by any means forbidden by law. This Plan provides for five classes of secured claims; (1) class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro-rata share of their allowed claim payable over three years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 6 consists of General Unsecured Creditors. The Debtor will pay its projected net disposable income in the amount of $140,000.00 for the period described in Section 1191(c)(2) of the Bankruptcy Code to claimants in this class with allowed claims. Creditors in this class will receive a pro rata distribution of their claim, without interest, in twelve equal quarterly distributions, with payments commencing on the first day of the calendar quarter that is at least thirty days following the Effective Date of the Plan and continuing for a total of twelve consecutive quarters. This Class is impaired. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any Court of Competent Jurisdiction. The amount of the distribution will be considered final thirty-one days the entry of the Confirmation Order, unless there is an objection to claim pending at that time, in which the distribution shall be final upon the entry of a final, non-appealable order on the objection to claim. Class 7 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor postconfirmation. No distributions will be made to equity until such time as all payments in Class 6 have been made. Current management will continue to manage the Debtor post confirmation. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated February 9, 2026 is available at https://urlcurt.com/u?l=Xiwa86 from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Built LLC Built, LLC, founded in 2013 and based in Tampa, Florida, provides custom cabinetry, furniture, and architectural millwork for residential and commercial clients. The Company collaborates with interior designers, builders, and homeowners to provide design and fabrication services, with a focus on craftsmanship and attention to detail. Built operates as a small team delivering tailored design and construction solutions across the Tampa region. Built, LLC in Tampa, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-08415) on Nov. 10, 2025, listing $348,465 in assets and $1,785,505 in liabilities. Andrew Watson as manager, signed the petition. Judge Catherine Peek McEwen oversees the case. FORD & SEMACH, P.A., serves as the Debtor's legal counsel. CANNABIST COMPANY: Extends Forbearance With Noteholders to Feb. 20 ------------------------------------------------------------------ The Cannabist Company Holdings Inc. announced on February 17, 2026, that the ad hoc group of noteholders of the Company's 9.25% Senior Secured Notes due December 31, 2028 and the 9.00% Senior Secured Convertible Notes due December 31, 2028, which are parties to the previously announced Forbearance Agreement with the Company, have agreed to an extension and to forbear from exercising any of their rights and remedies under the amended and restated indenture, as supplemented, governing the Notes and applicable law, until February 20, 2026. About The Cannabist Company (f/k/a Columbia Care) The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 12 U.S. jurisdictions. The Company operates 77 facilities including 61 dispensaries and 16 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the Company launched Cannabist, its retail brand, creating a national dispensary network that leverages proprietary technology platforms. The Company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including dreamt, Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For more information, please visit www.cannabistcompany.com. CANTOR GROUP: Starts Chapter 11 Bankruptcy in California -------------------------------------------------------- On February 11, 2025, Cantor Group III, LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About Cantor Group III, LLC Cantor Group III, LLC is a California-based investment and asset management company engaged in business development and portfolio oversight activities. Cantor Group III, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10416) on February 11, 2026. In its petition, the Debtor reports estimated assets of $10 million–$50 million and estimated liabilities of $10 million–$50 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by William J. Wall, Esq., of Wall & Son. CAST & CREW: Sixth Street Lending Marks CAD$96MM Loan at 37% Off ---------------------------------------------------------------- Sixth Street Lending Partners has marked its CAD$96,076,000 loan extended to Cast & Crew, LLC to market at CAD$60,867,000 or 63% of the outstanding amount, according to Sixth Street's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street Lending Partners is a participant in a First-lien loan extended to Cast & Crew, LLC. The loan accrues interest at a rate of C + 5.50% per annum. The loan matures on January 2029. Sixth Street Lending Partners is an externally managed, non-traded, private closed-end business development company (BDC) formed in 2022 that focuses on providing senior-oriented capital solutions to upper middle-market companies. The Fund is led by Robert ("Bo") Stanley as Chief Executive Officer and Trustee (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert ("Bo") Stanley Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About Cast & Crew, LLC Cast & Crew, LLC is a payroll, accounting, and software services provider to the entertainment and media production industry. CHATEAU CREOLE: Trustee Loses Bid for Severance in Starr Case ------------------------------------------------------------- The U.S. District Court for the Eastern District of Louisiana granted the motion filed by Dwayne Murray, Chapter 11 Trustee of the Chateau Creole Apartments, LLC, to substitute as plaintiff in in the case captioned as DAMON J. BALDONE, LLC VERSUS STARR SURPLUS LINES INSURANCE COMPANY, ET AL., CASE NO. 22-cv-01903 (E.D. La.). The Trustee's alternative motion to intervene is denied as moot. This case arises out of Hurricane Ida damage to 21 properties. The 21 properties were insured under a commercial property insurance program, which was comprised of a primary policy and multiple layers of excess coverage, issued to the named insured JKL Group, LLC. The insurers paid named insured JKL, net of deductible, $8,613,654.56 including ACV for physical damage and business interruption, in accordance with JKL's September 29, 2021 letter of instruction. The largest of the 21 properties is a 208-unit apartment complex known as Chateau Creole located on Monarch Drive in Houma, Louisiana. Dissatisfied with Defendants' claims-handling and payment, on June 23, 2022, Plaintiff Damon J. Baldone, LLC ("DJB") filed suit for contractual and extra-contractual damages alleging that it owned the 21 properties, including Chateau Creole apartments. Two months after that filing, Fannie Mae intervened alleging that it held a mortgage on the Chateau Creole apartments to secure a $6.7 million note. Plaintiff filed several amended complaints, each of which reiterated its allegations of property ownership. Contrary to the allegations, Plaintiff did not own the 208-unit Chateau Creole apartments. Rather, an entity named Chateau Creole Apartments, LLC owned that property. After the Debtor filed for bankruptcy relief but before any ruling on the application to appoint counsel, DJB sought to file a Fourth Amended Complaint adding Chateau Creole Apartments, LLC as a plaintiff in this case. Trustee Murray now moves to substitute himself, as Trustee of the Chateau Creole Apartments, LLC, as plaintiff in place of DJB with respect to all claims asserted on behalf of Chateau Creole apartments or, alternatively, to intervene so that he may prosecute all claims that have been or could have been asserted by Chateau Creole. Trustee Murray asserts that he alone has standing to prosecute any claims of Debtor Chateau Creole Apartments, LLC, that he has been actively involved in this case since April 2025, and that Defendants have appeared in the bankruptcy case. He also asserts that he is the proper party plaintiff under Rule 25 as Chateau Creole's interests were transferred to him by operation of law within the meaning of Rule 25(c), or alternatively, he is entitled to intervene as of right or permissively. Defendants oppose the motion, arguing that Trustee Murray cannot retroactively correct DJB's improper filing of this suit seeking damages for a separate legal entity (Chateau Creole Apartments, LLC) as DJB did not have an insurable interest in Chateau Creole's property and thus lacked standing to pursue the claim asserted herein. They further argue that Trustee Murray cannot establish that substitution is proper under Rule 17(a) because DJB's decision to file on behalf of Chateau Creole Apartments, LLC was not an honest mistake but rather an intentional strategic decision in light of a prior Chateau Creole Apartments, LLC bankruptcy that divested DJB of any interest in or control over Chateau Creole apartments, LLC, and the Trustee can only step into the shoes of Chateau Creole Apartments, LLC without obtaining any greater rights. Defendants also argue that Trustee Murray's motion is untimely and should have been filed before his first appearance in April 2025, and that Trustee Murray is precluded from substituting or intervening based on DJB's "unclean hands." Finally, Defendants argue that Chateau Creole Apartments, LLC's claim under the policy is prescribed. Trustee Murray also filed a Motion to Sever Chateau Creole's property damage claim from DJB's damage claims relating to 20 other properties. He contends that severance is necessary to ensure that Chateau Creole's claims are prosecuted consistent with his own business judgment and not impacted by DJB's differing views relating to the other properties. He contends that, although all claims arise from Hurricane Ida, the properties were in different conditions, sustained different damages, and must each be individually evaluated and estimated; thus, while there may be some common questions of law, the fact questions are different as evidenced by the CMO mediations being held for Chateau Creole separate from the other properties. He argues that severance promotes settlement and judicial economy because it allows them to focus on resolving Chateau Creole's issues without regard to the other 20 properties, and severance ensures that the bankruptcy estate is not prejudiced by the disposition of any of the other claims, which he contends is a risk if the cases remain together because DJB manages the equity owner of Chateau Creole and thus presents an inherent conflict of interest with the Trustee's interests in recovering for the creditors. Defendants oppose the motion. Defendants first argue that Trustee Murray has no status to file this motion because he is not a party and the Fourth Amended Complaint was improperly filed.37 On the merits, Defendants argue that the case arises from the same events and is governed by the same policy of insurance with the same adjustment team. In addition, Defendants argue that their initial unallocated $5 million payment and subsequent $3 million payment were unallocated payments to all 21 properties and thus will necessarily require overlapping proof as to the other properties. Defendants argue severance does not promote judicial economy but rather would require duplicative cases over the same policy language, event, and adjustment record, with the same witnesses and proof; therefore, keeping the cases together causes no prejudice to Trustee Murray but does prejudice them by forcing duplicative discovery, motion practice and trials, creating a risk of inconsistent verdicts. Defendants also argue that Trustee Murray cannot distance itself from DJB's misconduct in handling the case as to all properties, which is relevant to bad faith claim and would require re-litigating the same matters in separate cases if the Chateau Creole matter were severed. Defendants recognize that Chateau Creole Apartments, LLC owns the property that was damaged from Hurricane Ida and is listed in their insurance policies, and that Chateau Creole Apartments, LLC filed for bankruptcy. Although Chateau Creole Apartments, LLC filed for bankruptcy on March 29, 2024, it operated as a debtor-in-possession until Trustee Murray was appointed on January 13, 2025. In the interim, Chateau Creole Apartments, LLC was joined as named plaintiff in this case via the Fourth Amended Complaint. After being joined as a named Plaintiff, Bankruptcy Judge Grabill appointed Murray as Trustee. Upon that appointment, Chateau Creole Apartments, LLC's interest in this claim transferred to Trustee Murray. Thus, the Court concludes there can be no dispute that Trustee Murray is currently the real party in interest with regard to Chateau Creole Apartments, LLC's claim for Hurricane Ida damages. Because Chateau Creole Apartments, LLC is already a party in this case, there is no need to "substitute" either that entity or Trustee Murray for DJB. Having found that Trustee Murray's substitution in place of plaintiff Chateau Creole Apartments, LLC is appropriate under Rule 25(c), the Court need not analyze the alternative request to intervene. Although the Court is inclined to agree with the Trustee that severance would be proper if pretrial proceedings are consolidated to avoid potential inconsistent rulings on legal issues and duplicative discovery, given the uncertainty surrounding some of the facts relating to the division of the prior unallocated payments and whether the insurers or the insured allocated same, the motion to sever will be denied without prejudice to the Trustee's ability to re-file this motion after expiration of the discovery and pretrial motion deadlines. A copy the Court's Order dated February 10, 2026, is available at https://urlcurt.com/u?l=VF7Ykx from PacerMonitor.com. About Chateau Creole Apartments, LLC Chateau Creole Apartments is primarily engaged in renting and leasing real estate properties. Chateau Creole Apartments, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-10608) on March 29, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Damon J. Baldone as manager. Judge Meredith S. Grabill presides over the case. Ryan J. Richmond, Esq. at Sternberg, Naccari & White, LLC represents the Debtor as counsel. CHICKASHA HOSPITALITY: Hires Fellers Snider Blankenship as Counsel ------------------------------------------------------------------ Chickasha Hospitality Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Stephen J. Moriarty of Fellers Snider Blankenship Bailey & Tippens, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as debtor in the continuing operation of its business and management of its property; (b) prepare on behalf of the Debtor all necessary applications, answers, orders, pleadings, reports, and other legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. Mr. Moriarty will receive an hourly rate of $595. Fellers Snider 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: Stephen J. Moriarty, Esq. FELLERS, SNIDER, BLANKENSHIP, BAILEY & TIPPENS, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 E-mail: smoriarty@fellerssnider.com About Chickasha Hospitality Inc. Chickasha Hospitality Inc. holds fee simple ownership of the Quality Inn Hotel located at 2101 S. 4th Street, Chickasha, Oklahoma, with the property currently valued at $2.5 million. Chickasha Hospitality Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-10318) on February 3, 2026, listing $2,590,950 in assets and $4,066,801 in liabilities. The petition was signed by Rafi Talukder as owner. Judge Janice D Loyd presides over the case. Stephen J. Moriarty, Esq. at FELLERS SNIDER, ET AL represents the Debtor as counsel. CLAROS MORTGAGE: Board Size Up to 10 With Addition of Denise Olsen ------------------------------------------------------------------ Claros Mortgage Trust, Inc. disclosed in a regulatory filing that Vincent Tese advised the Board of Directors that he will not stand for re-election as a director of the Company at the 2026 Annual Meeting of Stockholders as a result of his decision to retire from the Board at the end of his current term. Mr. Tese's decision to retire did not involve any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Company thanks Mr. Tese for his dedicated service on the Board. On February 9, 2026, the Board elected Denise Olsen as an independent director to its Board, effective as of March 2, 2026. Ms. Olsen was elected to serve until 2026 Annual Meeting of Stockholders and until her successor is duly elected and qualifies. In connection with the election of Ms. Olsen to our Board, the Board temporarily increased the size of the Board to 10 directors. Effective upon the conclusion of Mr. Tese's term of service following the Annual Meeting, the size of the Board will decrease back to nine directors. Ms. Olsen was appointed as a member of the Company's Audit Committee effective as of the Effective Date. Ms. Olsen brings over 30 years of investment management experience across private and public real estate and related asset classes. Most recently, she served as a Senior Managing Director and an Investment Committee member at GEM Realty Capital, and earlier in her career held investment roles at JMB Realty Corporation and EVEREN Securities. Ms. Olsen has served on the Board of Directors of First Industrial Realty Trust, Inc. (NYSE: FR) since 2017 and of PRP Real Assets since 2025, and previously was a member of the Board of Directors of CyrusOne, Inc. (NASDAQ: CONE). She holds a B.S. in Economics from The Wharton School at the University of Pennsylvania. There are no arrangements or understandings between Ms. Olsen and any other person pursuant to which Ms. Olsen was selected as director. There are no transactions in which Ms. Olsen has an interest requiring disclosure under Item 404(a) of Regulation S-K. In connection with her appointment to the Board, Ms. Olsen will receive cash compensation for her service on the Board in accordance with the Company's non-employee director compensation policy, as such policy may be amended from time to time, which includes an annual cash retainer of $85,000, prorated for any partial year of service, for serving on our Board, and annual cash retainers for service on any committees of our Board to which she is appointed. Additionally, pursuant to the Company's non-employee director compensation policy, Ms. Olsen will be eligible to receive an annual restricted stock unit award under the Company's 2016 Incentive Award Plan with a value of $125,000 to the extent she is serving on the Board on the date of an annual meeting of the Company's stockholders, commencing on the date of the Annual Meeting. Each such annual award shall vest in full on the earlier to occur of the one-year anniversary of the applicable grant date and the date of the next annual meeting of the Company's stockholders following the grant date, subject to continued service through the applicable vesting date. Ms. Olsen may elect to receive all or a portion of her annual cash retainer, as well as any cash retainers for service on a committee, in each case, in the form of fully vested RSUs, which may be deferred, and may defer the settlement of all or a portion of any RSU awards granted under the Plan in the form of fully vested RSUs, which may be deferred. The Company expects to enter into its standard form of indemnification agreement for officers and directors with Ms. Olsen. About Claros Mortgage Trust Inc. Claros Mortgage Trust Inc. -- https://www.clarosmortgage.com/ -- is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. As of September 30, 2025, the Company had $5.4 billion in total assets, $3.7 billion in total liabilities, and a total equity of $1.7 billion. * * * 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. . . 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)." CONN'S INC: Court Dismisses Reed Case Without Prejudice ------------------------------------------------------- The U.S. District Court for the Middle District of Alabama granted in part the motion of Conn's, Inc. and its affiliated debtors to dismiss the case captioned as MITCHELL REED, Plaintiff, v. CONN'S, INC., et al., Defendants, Case No. 23-cv-00061 (M.D. Ala.). The stay of this case is lifted. On July 29, 2024, the Defendants filed a suggestion of bankruptcy to inform the Court that the Defendants commenced Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of Texas. Two days later, the Court stayed this litigation pursuant to 11 U.S.C. Sec. 362. During the stay, the parties filed periodic status reports regarding the bankruptcy proceedings. On September 25, 2025, the parties informed the Court that the bankruptcy has concluded, and a confirmed Chapter 11 Plan has been entered. The Defendants moved to dismiss the case "with prejudice" citing Secs. 105(a), 524, 1123, 1129, and 1141 of the Bankruptcy Code, the Confirmation Order, and Article IX.D of the Confirmed Plan. The Plaintiff does not oppose dismissal, "as long as it is without prejudice." On July 31, 2025, the Confirmed Plan became effective. Defendants argue a permanent Confirmed Plan injunction remains in place prohibiting any actions against the Defendants for claims arising on or before the effective date. In turn, the Defendants contend that the Plaintiff's claims should be dismissed with prejudice. The Defendants' motion is granted to the extent they seek dismissal of this case, but denied to the extent they seek dismissal with prejudice. In the spirit of judicial economy and consistency, the Court exercises its discretion to dismiss this action without prejudice. All pending motions are denied as moot, and all pending deadlines and hearings are terminated A copy the Court's Memorandum Opinion and Order dated February 11, 2026, is available at https://urlcurt.com/u?l=abahmb from PacerMonitor.com. About Conn's, Inc. Conn's, Inc., is a retailer of home goods and furniture in The Woodlands, Texas. Conn's and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on July 23, 2024. In its petition, Conn's reported $1 billion to $10 billion in both assets and liabilities. Judge Jeffrey P. Norman oversees the cases. The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG Capital Advisors, LLC, as interim management services provider. Epiq Corporate Restructuring, LLC, is the Debtors' notice and claims agent. COOPER-STANDARD AUTOMOTIVE: S&P Rates Sec. First-Lien Notes 'CCC+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'CCC+' issue-level rating and '4' recovery rating to Cooper-Standard Automotive Inc.'s proposed $1.1 billion senior secured first-lien notes due in 2031. The '4' recovery rating on the first-lien notes indicates S&P's expectation for average (30%-50%; rounded estimate: 35%) recovery for lenders in the event of a payment default. Cooper plans to use the proceeds along with cash on hand to repay its first-lien notes due in 2027, third-lien notes due in 2027, senior unsecured notes due in 2026, and pay fees and related expenses. S&P said, "Our 'CCC+' issuer credit rating and developing outlook on Cooper-Standard Holdings Inc. are unchanged at this time. The developing outlook indicates our expectation that we would upgrade Cooper if the company is able to successfully execute this refinancing transaction ahead of its significant debt maturities going current while maintaining expected positive free operating cash flow (FOCF). We could downgrade Cooper if it cannot refinance its 2027 debt maturities before they go current or if the company is unable to generate positive FOCF on a sustained basis. We could affirm the rating if Cooper refinances its maturities but we no longer forecast positive FOCF." Issue Ratings--Recovery Analysis Key analytical factors -- S&P said, "Our simulated default scenario assumes a payment default in 2027 due to a sustained economic downturn that reduces customer demand for new automobiles, intense pricing, raw material pressure, and continued operating issues. We value Cooper-Standard on a going-concern basis using a 5x multiple of our projected emergence EBITDA." Simulated default assumptions -- Year of default: 2027 -- Benchmark rate: 2.5% -- Draw on asset-based revolver at default: 60% Simplified waterfall -- Gross enterprise value: $690 million -- Administrative expenses: $34.5 million -- Net enterprise value: $655.5 million -- Obligor/nonobligor valuation split: 60%/40% -- Priority claims: $95.7 million -- Total collateral value for secured debt: $428.8 million -- Total first-lien debt: $1,152.3 million --Recovery expectations: 30%-50% (rounded estimate: 35%) CORDOVACANN CORP: Horizon Assurance Raises Going Concern Doubt -------------------------------------------------------------- CordovaCann Corp. submitted its Annual Report on Form 20-F to the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2025. The report contains a going-concern qualification, noting that substantial doubt about the Company's ability to continue as a going concern exists, primarily due to its history of losses and negative working capital. LIQUIDITY RISK Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due within one year. The Company's approach to managing liquidity risk is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. Liquidity risk continues to be a key concern in the development of the Company's future operations. GOING CONCERN The Company incurred a comprehensive loss of $2,378,053 (June 30, 2024– $1,363,638; June 30, 2023 – $6,923,964) during the year ended June 30, 2025 and has a total accumulated deficit of $44,478,202 (June 30, 2024 – $41,787,524) as at June 30, 2025. Net loss for the year ended June 30, 2025 amounted to $2,454,615 (June 30, 2024 - $1,275,056; June 30, 2023 - $6,917,910). Revenue for the year ended June 30, 2025 amounted to $14,249,111, as compared to $13,797,150 and $13,594,706, respectively for the years ended June 30, 2024 and 2023. The Company's ability to continue as a going concern is dependent upon its ability to access sufficient capital until it has stable profitable operations... To this point, all operational activities and overhead costs have been funded through equity issuances, debt issuances and related party advances. Accordingly, in its audit report dated December 17, 2025, Markham, Ontario-based Horizon Assurance LLP, the Company's auditor since 2025, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. MANAGEMENT EFFORTS The Company believes that continued funding from equity and debt issuances will provide sufficient cash flow for it to continue as a going concern in its present form until its operations become profitable and cash flow positive, however, there can be no assurances that the Company will achieve this. A full text copy of the Company's Annual Report is available at: https://tinyurl.com/2mk4dmm5 About CordovaCann Corp. CordovaCann Corp. is headquartered in Toronto, Canada and specializes in identifying, funding, developing and managing operations throughout the cannabis value chain. The Company takes a holistic approach to working with its partners throughout North America to build a network of cannabis operations on its multi-jurisdictional platform. CordovaCann owns operations in the United States in Oregon and Washington and has built a chain of cannabis retail stores in Canada with locations in Ontario and Manitoba. On January 3, 2018, the Company changed its name from LiveReel Media Corporation to CordovaCann Corp. The Company's principal address is 217 Queen Street West, Suite 401, Toronto, Ontario, M5V 0R2. As at June 30, 2025, the Company had total assets of $6,406,003, total liabilities of $11,611,003, and a total deficit of $5,205,000. CORNERSTONE GENERATION: S&P Affirms 'BB-' Rating on Secured Debt ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Cornerstone Generation LLC's senior secured credit facilities. S&P's '2' recovery rating on the facilities is unchanged. Energy Capital Partners (ECP) recently entered into an agreement to sell Cornerstone to Talen Energy Supply LLC for a total consideration of $3.45 billion. The transaction is still subject to regulatory approvals, and timing of its close remains uncertain. In the interim, Cornerstone is seeking to reprice its senior secured credit facilities and amend the terms of its cash flow sweep provision. S&P said, "Based on our view of the portfolio's expected operating performance and our projections of market-driven variables such as energy and capacity prices in the PJM, we forecast debt service coverage ratios (DSCRs) or more than 2.0x during the term loan B (TLB) period and a minimum DSCR of 1.46x in the post-refinancing period, where we model a fully amortizing repayment profile through 2044. "The stable outlook reflects our belief that improved energy and capacity market dynamics and a steady operating performance will enable Cornerstone to deleverage throughout the life of the TLB via its 50% cash flow sweep mechanism." Cornerstone comprises three assets with a total generation capacity of about 2.6 gigawatts (GWs). These assets include Lawrenceburg, an approximately 1.2 GW combined cycle gas turbine (CCGT) facility in Lawrenceburg, Ind.; Waterford, a 905-megawatt (MW) CCGT in Waterford, Ohio; and Darby, a 472 MW simple cycle peaking facility in Mount Sterling, Ohio. All of Cornerstone's assets are located in the RTO region of the PJM and sell power into American Electric Power's (AEP) Dayton Hub. The project engages in hedging and bilateral capacity sales, although it primarily sells energy and capacity on a merchant basis. Cornerstone is owned by ECP. Cornerstone seeks to implement a sweep holiday and reprice the spread on its TLB to the mid- to low-200 basis point (bps) range. Under this arrangement, the project would not repay any debt via its 50% cash flow sweep mechanism until the earlier of the closing of the Talen acquisition), 12 months, or the termination of the purchase and sale agreement, plus three months. S&P said, "The sweep holiday reduces Cornerstone's debt repayment during one of the strongest periods of our forecast where we have the greatest visibility. However, we note that the five-quarter holiday we assume is effectively a worst-case scenario because--if the Talen acquisition close earlier--the moratorium may be shorter." S&P said, "Since we last reviewed Cornerstone in October 2025, we received capacity results for the 2027/2028 auction year, which once again cleared at the cap set by the PJM due to the tight supply and demand balance in the region, primarily stemming from data center expansion and unit retirements. The cleared price of about $333/MW-day was higher than our $275/MW-day assumption. Therefore, we have raised our capacity price assumptions for the remainder of the TLB period in response. Our price assumptions are held at the cap through 2028-2029, then $275/MW-day in 2029-2030, $225/MW-day in 2030-2031, $175/MW-day in 2031-2032, and escalate thereafter along with inflation. Although it is a lesser factor, the assumed repricing (325 bps to 250 bps) also increases the amount of cash the project can sweep during the TLB period. Combined, these factors lead us to forecast a debt balance at maturity of $905 million, which is up from our previous forecast of about $870 million. "We have also extended the assumed lives of the Waterford and Lawrenceburg assets--the two most-efficient assets in the portfolio--to 2044 from 2042 to reflect their economic potential and better align our assumptions with the performances of their broader peer group. We note that, although these assets are older (having reached commercial operation in the early 2000s), they are large and efficient generators (heat rates of about 7,000 Btus per kilowatt-hour) that will likely be needed to meet demand beyond our current assumptions, albeit at lower levels of dispatch. We left our assumed asset life for Darby, which is a less-efficient peaking facility, unchanged at 2040. The asset life extensions are also in-line with the independent engineers' view of the facilities' potential useful lives, assuming they are maintained appropriately, which we believe they will continue to be under ECP's or Talen's ownership. "The stable outlook reflects our belief that improved energy and capacity market dynamics and a steady operating performance will enable Cornerstone to achieve DSCRs of more than 2.0x over the life of the TLB and a minimum DSCR of about 1.46x in the refinancing period. We expect the project will have a debt balance of about $905 million at maturity." S&P could consider taking a negative rating action if Cornerstone's DSCR falls below 1.35x on a sustained basis. This could occur if: -- There is material deterioration in its spark spreads and cleared capacity prices; -- Operational issues reduce its generation or increase its costs; or -- Market or economic factors lead to decreased levels of dispatch. S&P said, "Additionally, we could also consider taking a negative rating action on Cornerstone if it is unable to deleverage on pace with our expectations, resulting in a higher debt balance at maturity and a lower minimum DSCR during the TLB's refinancing period." S&P could consider taking a positive rating action if Cornerstone is able to deleverage faster than it expects such that its minimum DSCR increases above 1.8x in the refinancing period. This could occur if: -- It realizes higher spark spreads than S&P anticipates over its forecast or PJM capacity prices clear higher than it currently expects; -- Cornerstone locks in cash flows via bilateral capacity sales at prices higher than S&P anticipates or increases its dispatch significantly beyond S&P's forecast; and -- Its cash flow sweeps exceed S&P's expectations during the TLB period such that the amount outstanding at refinancing is materially lower its current $905 million assumption. COURTESY SCREENING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered an interim order granting Courtesy Screening, Inc.'s emergency motion to use cash collateral. The Debtor may use cash collateral to pay court-authorized amounts, including Subchapter V trustee payments, and to fund ordinary and necessary operating expenses under the amended budget, with up to a 10% variance per line item. Additional expenditures may be made with written approval from merchant cash advance lenders and other providers of short-term, high-interest financing. The lenders include Fora Financial, OnDeck Capital, Parafin (Jobber Capital) and Vox Funding. As of the petition date, the Debtor owed $434,141 to these lenders, which may assert an interest in the cash collateral. The Debtor projects total operational expenses of $35,225.00 for Week 1; $41,347.27 Week 2; $33,428.12 Week 3; $42,332.29 Week 4; and $35,225.00 Week 5. As adequate protection, the lenders will be granted replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens, without the need for further filings. The Debtor must maintain customary insurance coverage, comply with all debtor-in-possession obligations, and provide Funders reasonable access to records and premises. The order preserves all parties' rights, including the ability to seek modified adequate protection or further restrictions on cash collateral use. It does not determine the validity, extent, or amount of any secured claim. A continued hearing is scheduled for March 3. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=ZmXQQG from PacerMonitor.com. About Courtesy Screening Inc. Courtesy Screening, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacob A. Brown presides over the case. Scott A. Stichter, Esq. at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. COX OPERATING: GOL Violated Brokerage Agreement with R&R Boats -------------------------------------------------------------- Judge Eldon E. Fallon of the U.S. District Court for the Eastern District of Louisiana issued findings of fact and conclusions of law in the case captioned as R & R BOATS, INC. VERSUS GOL, LLC CIVIL ACTION NO. 2:24-cv-01875 (E.D. La.) with respect to the brokerage agreement between R&R Boats, Inc. and GOL, LLC. This suit arises out of an alleged breach of a brokerage agreement between R&R Boats, Inc. and GOL, LLC. Under the terms of the brokerage agreement, R&R appointed GOL as its agent for obtaining charters for R&R's vessels and taking all reasonable steps to collect the charter fee from the charterer. Between August of 2022 and May of 2023, various R&R vessels were chartered by GOL to Cox Operating, LLC for which invoices were issued. However, the invoices went unpaid. R&R has brought this suit against GOL under General Maritime Law alleging that GOL breached the brokerage agreement by failing to take all reasonable steps to obtain payment for R&R. GOL alleges it took all reasonable steps to obtain payment and denies it breached the brokerage agreement. These alternate positions created questions of fact which must be resolved by trial. Consequently, this matter came on for trial before the Court without a jury on January 13 and 14, 2026. In response to Cox's non-payment of GOL invoices, GOL recorded multiple liens (the "GOL Liens") against Cox's oil and gas producing properties to secure payment of the outstanding invoices issued by GOL, including the R&R Boats Invoices. GOL filed a Notice of Perfection, Continuation of Maintenance of Liens to perfect those liens on July 5, 2023, and on July 24, 2023, GOL filed a Proof of Claim in the Cox Bankruptcy which encompassed the amounts owed on the R&R invoices. R&R also filed a Proof of Claim in the Cox Bankruptcy Proceeding for its unpaid invoices. The Proofs of Claims filed both by R&R and GOL remain pending in the Cox Bankruptcy Proceeding. On May 16, 2023, the bankruptcy court overseeing Cox's bankruptcy entered an Order in response to Cox's "Essential Vendor " Motion (A) Authorizing the Payment of Certain (I) Essential Vendor Obligations, (II) Marketing Expenses, And (III) Outstanding Orders, And (B) Granting Related Relief (the "Critical Vendor Order"), authorizing Cox and its co-debtors to make payments to certain vendors on account of their pre-petition claims to induce them to provide post-petition services to Cox to allow it to reorganize to continue its operations. When it filed bankruptcy, Cox scheduled GOL as having a $24,804,863 prepetition unsecured claim, making GOL Cox's ostensibly largest unsecured creditor However, at least 95% of this approximate $24.8 million amount consisted of the claims of GOL's Operators, inclusive of R&R Boats' prepetition claim in the amount of $2,815,561.40. R&R Boats' claim, in the amount $2,815,561.40, constituted approximately 11% of the $24.8 million prepetition claim attributed to GOL. Following the Essential Vendor Order, Cox asked GOL to enter into a "Trade Agreement." Under the terms of Cox's proposal, in exchange for a $13 million payment toward the $24.8 million prepetition claim Cox had attributed to GOL, GOL would continue to provide vessels to Cox on terms as favorable, or more favorable to Cox, as existed prior to the bankruptcy. The $13 million payment on account of the $24.8 prepetition claim represented a 52% of the collective claims of GOL's Operators. At the time GOL received Cox's offer to pay $13 million on account of the $24.8 Prepetition Claim attributed to GOL, GOL was currently engaged as R&R Boat's agent to collect on R&R Boats' $2.8 million claim. Judge Fallon explains, "The offer was material to GOL's duty to use reasonable efforts to obtain payment on R&R Boats' claim. GOL knew -- or at least reasonably should have known -- that R&R Boats would have been interested to learn that Cox was offering to pay GOL approximately 52% of the prepetition claim GOL was asserting on behalf of its Operators, among whom R&R Boats was included. Yet, GOL did not disclose to R&R Boats that it had received the offer. GOL negotiated and entered into the 'Trade Agreement' with Cox without any notice to R&R Boats. It would have been reasonable for GOL to give R&R Boats notice that there was opportunity for R&R Boats to receive partial payment of its $2.8 million prepetition claim, in exchange for R&R Boats agreeing to provide post-petition services to Cox." According to Judge Fallon, "GOL's failure to even attempt to use the $13 million as a provision for payment on R&R Boats' $2.8 million pre-petition claim was not reasonable. By failing to make effort to provide for payment to R&R Boats from the $13 million in Trade Agreement funds, GOL breached its duties under the Trade Agreement. GOL's conduct was contrary to the interest of R&R Boats and a breach of its duties as agent." Accordingly, the Court finds that GOL violated its explicit duties under the agreement to make all reasonable efforts to collect charter hire on R&R Boats' behalf and its implied duties to act loyally, faithfully, and with full disclosure as R&R Boats' collection agent. The Court further finds that R&R Boats has suffered damages as a result. The Court finds for R&R Boats in the amount of $1,430,000. This constitutes 11% of the $13 million that GOL received from Cox, in recognition of the fact that the $2,815,561.40 balance owed to R&R under the Cox invoices constituted 11% of GOL's total prepetition claim in the Cox bankruptcy action; and additionally that R&R may ultimately recover all or some portion of the balance owed to it by Cox via R&R's claims in the still-pending Cox bankruptcy. R&R is also awarded prejudgment interest of the rates fixed by La. R.S. Sec. 9:3500(B)(1) from May 30, 2023 to date, postjudgment interest of 3.47% per annum from date of judgment until paid, and reasonable attorneys' fees and costs. A copy of the Court's Findings of Fact and Conclusions of Law dated February 9, 2026, is available at https://urlcurt.com/u?l=dyWzdC from PacerMonitor.com. About Cox Operating LLC Cox Operating LLC provides offshore drilling services. The Company extracts oil from wells from offshore Florida to Texas. On May 12, 2023, certain trade creditors filed an involuntary petition under chapter 7 of the Bankruptcy Code against debtor Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas, LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The Debtors have sought joint administration of the cases under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). The cases are overseen by Honorable Bankruptcy Judge Christopher M. Lopez. In its petition, Cox Operating estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped the law firms of Latham & Watkins LLP and Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Moelis & Company LLC, as investment banker. CPG RESTAURANT: Taps Morrison-Tenenbaum PLLC as Bankruptcy Counsel ------------------------------------------------------------------ CPG Restaurant Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison-Tenenbaum, PLLC as its 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, Esq. $695 Brian J. Hufnagel, Esq. $595 Associates $380 Paraprofessionals $200 The firm 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 CPG Restaurant Corp. CPG Restaurant Corp. operates multiple casual dining locations including Cheesie Pub & Grub, Whiskey Business, and Lost Reef Lounge and virtual concepts like Broke, High & Hungry, and Bob's Bomb Burgers, specializing in comfort food and beverages available for both in-house dining and delivery. CPG Restaurant Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44958) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and liabilities. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence Morrison, Esq. CUBIC CORP: Fitch Subsequently Reassessed & Hikes IDR to CC ----------------------------------------------------------- Fitch Ratings has downgraded Cubic Corporation's and Atlas CC Acquisition Corp's Long-Term Issuer Default Ratings (IDRs) to 'RD' (Restricted Default) from 'CCC+'. Fitch has also downgraded Atlas's first lien second out term loan B (TLB) and term loan C (TLC) to 'C' with a Recovery Rating of 'RR4' from 'CCC+'/'RR4'. These actions follow the company's recently executed amendment to its credit agreement on Jan. 23, 2026, deferring interest on the second out TLB and TLC through April 28, 2026, which meets the conditions for a distressed debt exchange (DDE) per Fitch's "Corporate Rating Criteria." Fitch has subsequently reassessed and upgraded the IDRs to 'CC' and the company's first lien second out term loan B and term loan C to 'CC'/'RR4', and downgraded its first lien first-out RCF to 'CCC+'/'RR1' from 'B+'/'RR1', first-lien second out PIK term loan to 'CC'/'RR4' from 'CCC+'/'RR4', and its first lien third out term loan to 'C'/'RR6' from 'CCC-'/'RR6'. Key Rating Drivers Rating Rationale: The 'CC' IDRs reflect Cubic's continued underperformance, limited liquidity, high leverage and weak fixed-charge coverage elevating execution risk as the company remains reliant on timely progression of major programs to realize milestone payments and, ultimately, the O&M phase to stabilize profitability and cash generation. Although the July 2025 exchange transaction extended maturities to 2029 and bolstered liquidity, continued underperformance has renewed near-term stress, as evidenced by the company's decision to defer an interest payment to manage liquidity. The deferred interest payment underscores Cubic's limited financial flexibility and highlights its heightened sensitivity to any further operational underperformance, delays, or cost overruns. Fitch previously expected improving leverage and coverage as margins recovered and one-time costs abated, but the company's demonstrated difficulty in realizing these improvements. Fitch expects FCF to be negative in the near term, which, combined with reliance on lender accommodations for a three-month interest deferral period, heightens execution and default risks consistent with the 'CC' rating. Deferred Interest Payment: Cubic's deferral of the Jan. 27, 2026, interest payment on its second out TLB and second out TLC underscores ongoing liquidity stress. Fitch views the deferral as a DDE as there was a material reduction in terms. Fitch believes the deferral was made to avoid an eventual probable default. The credit agreement amendment extends the interest deferral period to April 28, 2026. The need to defer scheduled cash interest and rely on lender consents is consistent with a distressed situation. Underperformance Drives Execution Risk: Cubic's repeated underperformance and stressed liquidity position heightens execution and default risks driving the 'CC' rating. The company's credit quality is highly dependent on timely and successful progression of major programs to realize milestone payment and, ultimately, beyond development and into steadier O&M phases, which continue to see delays. Fitch had expected margin expansion as programs matured, but the company's continued liquidity strain indicates limited tolerance for further underperformance. Continued inability to generate or preserve liquidity would further heighten default risk. Amendment Tightens Lender Oversight: The credit agreement amendment adds incremental reporting and engagement requirements that reflect heightened lender concern and more intensive liquidity monitoring. These include the delivery of a 13-week cash flow forecast, monthly financial statements, and increased engagement through more frequent management calls. The amendment also includes notice obligations around events that could reasonably be expected to result in an event of default and provides that failure to comply with specified reporting requirements, after notice and a cure period, can result in an event of default. Peer Analysis Cubic's current credit metrics are considerably weaker compared to peers in the 'B' rating category within the aerospace and defense sector, as well as Peraton Inc. (CCC+/Negative). Fitch projects Cubic's cash flow and profitability could align with higher-rated companies if it successfully transitions major transportation contracts to the O&M phase and executes on its planned cost saving measures. Cubic's constrained liquidity position makes it an outlier relative to higher-rated peers. Fitch’s Key Rating-Case Assumptions - Revenue grows mid-single digits in fiscal 2026 as major programs transition to O&M, along with modest contributions from recent wins; - EBITDA turns positive in fiscal 2026 with margins in the mid- to high-single digits due to the benefit of major programs transitioning to the O&M phase; - Capex spending of 2.0%-2.5% of revenues over the forecast period; - FCF remains negative due to weak margin performance and large interest payments; - Preferred shares are not considered debt; - Non-recourse debt obligations related to joint ventures and variable interest entities (VIEs) are included in Fitch's calculations for debt and leverage. Recovery Analysis The recovery analysis assumes that Cubic would be considered a going concern (GC) in a hypothetical bankruptcy and the company would be reorganized rather than liquidated. A 10% administrative claim is assumed in the recovery analysis. Fitch assumes that Cubic will receive a GC recovery multiple of 6.5x EBITDA in this scenario, down from 7.0x, reflecting the incremental performance-linked contract risks, structurally lowering cash flows. Fitch's recovery assumptions are based on Cubic's moderate and improving cash flow and margins, long-dated and highly visible contracts, value-added intellectual property and technology portfolio. Fitch also considered the company's contract diversification in determining a higher recovery multiple. Most defaulters in the aerospace and defense sector analyzed by Fitch in recent bankruptcy case studies were significantly smaller in scale, had less diversified product lines or customer bases and operated with highly leveraged capital structures. In its recovery analyses, Fitch assumes a fully drawn first lien revolver, as credit revolvers are typically utilized when companies are under distress. Fitch assumes that in a hypothetical bankruptcy scenario, the company's $138 million first lien second-out letter of credit (LC) facility would be fully drawn and the $325 million first lien first-out LC facility would be partially drawn reflecting its projection that half of the facility's capacity would be utilized for projects in a distress scenario, with all utilized amounts fully drawn. Fitch assumes approximately $0.4 billion of first-out claims, $1.8 billion of second-out claims, and $0.2 billion of third-out claims. Fitch's analysis leads to ratings of 'CCC+' with a Recovery Rating of 'RR1' on the company's first lien first-out revolving credit facility, ratings of 'CC'/'RR4' on its first lien second-out term loan B, term loan C and exchanged 2L term loan, and a rating of 'C'/'RR6' on its third-out term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Initiation of restructuring or other transaction that qualifies as a distressed debt exchange; - Payment default occurs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful derisking of major transportation contracts to the O&M phase, driving improved profitability; - Demonstrated progress toward improving cash flow while alleviating liquidity risks. Liquidity and Debt Structure As of Sept. 30, 2025, Cubic had about $74 million of unrestricted cash on the balance sheet and availability of $156 million ($69 million outstanding) under the $225 million RCF. The company does not have any substantial debt maturities until May 2029, when all its first-out and second-out debt matures. Issuer Profile Cubic Corporation is a technology-driven, market-leading provider of integrated solutions that increase situational awareness for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve military effectiveness and operational readiness. Summary of Financial Adjustments Fitch considers cash related to VIEs and cash segregated as collateral for LCs to be restricted. This includes the $138 million tied to the company's cash-secured first lien second-out LC facility. Fitch does not consider the company's preferred equity debt as it was not issued by the rated entities. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Cubic Corporation. ESG Considerations Fitch does not provide ESG relevance scores for Atlas CC Acquisition Corp.,Atlas Topco Holdings L.P.,Cubic Corporation. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Atlas CC Acquisition Corp. LT IDR RD Downgrade CCC+ LT IDR CC Upgrade senior secured LT CCC+ Downgrade RR1 B+ senior secured LT C Downgrade RR4 CCC+ senior secured LT CC Upgrade RR4 senior secured LT CC Downgrade RR4 CCC+ senior secured LT C Downgrade RR6 CCC- Cubic Corporation LT IDR RD Downgrade CCC+ LT IDR CC Upgrade CURIS INC: Regains Nasdaq MVLS Compliance, Under 1-Year Monitor --------------------------------------------------------------- Curis, Inc. disclosed in a regulatory filing that it received a written notice from the Nasdaq Stock Market LLC, indicating that the Company has regained compliance with Nasdaq Listing Rule 5550(b)(2) and is in full compliance with the terms set forth by the Nasdaq Hearings Panel. Pursuant to Listing Rule 5815(d)(4)(A), the Company will be subject to a Discretionary Panel Monitor for a period of one-year. If, within the one-year monitoring period, the Listing Qualifications Department finds the Company again out of compliance with any of Nasdaq's Listing Rules, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance with respect to that deficiency and the Staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the Company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, the Staff will issue a Delist Determination Letter and the Company will have an opportunity to request a new hearing with the initial Panel or a newly convened Hearings Panel if the initial Panel is unavailable. The Company will have the opportunity to respond/present to the Hearings Panel as provided by Listing Rule 5815(d)(4)(C). The Company's securities may be at that time delisted from Nasdaq. About Curis Lexington, Mass.-based Curis, Inc. is a biotechnology company focused on the development of emavusertib (CA-4948), an orally available, small molecule inhibitor of Interleukin-1 receptor associated kinase, or IRAK4. IRAK4 plays an essential role in the toll-like receptor, or TLR, and interleukin-1 receptor, or IL-1R, signaling pathways, which are frequently dysregulated in patients with Cancer. Boston, Mass.-based PricewaterhouseCoopers, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses and cash outflows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $27.6 million in total assets, $42.3 million in total liabilities, and $14.7 million in total stockholders' deficit. CYPRESSWOOD TX: Seeks to Sell Houston Property at Auction --------------------------------------------------------- Cypresswood Tx Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's wants to sell the Property located at 10851 Crescent Moon Dr, Houston, Texas 77064 to the highest and or best offer or offers received at an auction, free and clear of all liens, claims, encumbrances and other interests with such liens, claims, encumbrances and other interests to attach to the proceeds of the sale for good and valuable consideration. The Debtor is under the ultimate common control of Goldner Capital Management LLC, of which Samuel Goldner is the manager. The Debtor's Plan is a liquidating plan with the centerpiece being the consensual sale with Merchants Bank of Indiana (MBI), the Debtor’s secured lender, to market and sell the Debtor's Property, subject to higher and/or better offers. The Plan calls for carveouts from MBI's collateral for the costs and expenses of sale and a $10,000.00 distribution to Allowed Unsecured Claims. The Debtor will seek to recover from VHS and Crescent Moon Dr Healthcare LLC, the sum of at least $4,955,695.73 in rent and additional rent presently due under the Current Lease. To the extent there is any remaining deficiency after the sale of the Property, MBI also consents to a carve-out from the litigation proceeds for the reasonable costs of obtaining that recovery from VHS and its affiliates. On October 24, 2024, the District Court entered an Order granting MBI's request for immediate appointment of a receiver and appointed Michael F. Flanagan of Flanagan & Associates, L.L.C. as receiver. The Receiver retained Crescent Moon Dr Consulting LLC to manage the Property during his tenure. The Debtor also retains Healthcare Real Estate Advisors, LLC as broker. On or about May 4, 2021, the Debtor entered into a loan agreement with MBI and executed a promissory note in the principal amount of $25,000,000. The Stipulated Bidding Procedures set forth the following milestones: --Deadline to designate a Stalking Horse Bidder 30 days after entry of an order granting this motion and approving bid procedures --Deadline to enter into Stalking Horse APA 60 days after entry of an order granting this motion and approving bid procedures --Deadline to conduct auction 90 days after entry of an order granting this motion and approving bid procedures --Deadline to close sale 150 days after entry of an order granting this motion and approving bid procedures The Premises is being sold "as is", "where is", "with all faults", as set forth in the Bidding Procedures. Debtor believes that the overall terms of the proposed contract of sale are favorable to the estate, not harmful to the Debtor or its creditors. Debtor requests that the Court allow it to sell the estate's interest in the Property free and clear of all liens, claims, encumbrances and other interests with such liens, claims, encumbrances and other interests attaching to the proceeds of sale in the order, priority and validity that they may exist. About Cypresswood TX Realty Cypresswood TX Realty LLC owns a single real estate asset located at 10851 Crescent Moon Dr. in Houston, Texas. Cypresswood TX Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72833) on July 23, 2025. In its petition, the Debtor reports total assets of $12,500,000 and total liabilities of $9,539,121. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Avrum J. Rosen, Esq., at Rosen, Tsionis & Pizzo, PLLC. D8 PERFORMANCE: Commences Chapter 7 Bankruptcy in Maryland ---------------------------------------------------------- On February 14, 2026, D8 Performance LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About D8 Performance LLC D8 Performance LLC is a Maryland-based company operating under the D8 Performance name, engaged in performance-related products and services. D8 Performance LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11571) on February 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Nancy V. Alquist handles the case. The Debtor is represented by Geri Lyons Chase, Esq., of Law Office of Geri Lyons Chase. DAVID A. ORTA: Hires James Schwitalla PA as Bankruptcy Counsel -------------------------------------------------------------- David A. Orta, Jr., M.D. P.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire The Bankruptcy Law Offices of James Schwitalla, PA as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its financial affairs; (b) advise the Debtor with respect to their responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements, and with the rules of the court; (c) prepare legal papers; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The hourly rates of James Schwitalla, Esq., attorney, and paralegal are $550 and $200, respectively. Prior to the filing of this case, the Debtor paid a retainer in the amount of $8,262 plus an advance of the costs in the amount of $1,738. Mr. Schwitalla 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 Schwitalla, Esq. The Bankruptcy Law Offices of James Schwitalla, PA Park Place II 12954 SW, 133 Court Miami, FL 33186 Telephone: (305) 278-0811 Email: jws@MiamiBKC.net About David A. Orta, Jr., M.D. P.A. David A. Orta, Jr., M.D., P.A. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10742) on January 22, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. James Schwitalla, Esq., represents the Debtor as legal counsel. DAY TRANSLATIONS: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Day Translations, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court on February 17 entered an interim order authorizing the Debtor's continued use of cash collateral to fund Subchapter V trustee monthly payments and other court-approved payments; the budgeted expenses; and additional expenditures with approval from merchant cash advance lenders. This interim order remains effective until further court order. The Debtor was initially authorized to use cash collateral under the court's February 2 interim order. As adequate protection, creditors holding a security interest in the cash collateral will be granted a perfected post-petition replacement lien, with the same validity, extent and priority as their pre-bankruptcy liens. In addition, Day Translations is required to maintain customary insurance coverage, provide access to business records and premises, and continue performing all duties imposed on a debtor-in-possession under the Bankruptcy Code and applicable court orders. A court hearing is scheduled for March 12. The interim order is available at https://is.gd/HQeSqE from PacerMonitor.com. As of the petition date, the Debtor had cash of approximately $13,000 and accounts receivable of $103,000. The MCA lenders including Fox Funding and other providers of short-term, high-interest financing assert an interest in the cash collateral. As of the petition date, the lenders were owed $819,163.47. About Day Translations Inc. Day Translations, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00386) on January 19, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Matthew B. Hale, Esq., at Stichter, Riedel, Blain & Postler represents the Debtor as legal counsel. DEBORAH'S LLC: Court Transfers Farmers and Merchants Bank Case -------------------------------------------------------------- The U.S. District Court for the Northern District of Mississippi granted the unopposed motion of D&G Investments MS, LLC, and Deborah Bryant to transfer the case captioned as FARMERS AND MERCHANTS BANK, PLAINTIFF v. D & G INVESTMENTS MS, LLC; et al., DEFENDANTS, CASE NO: 1:25-CV-00124-GHD-DAS (N.D. Miss.) to the U.S. Bankruptcy Court for the Northern District of Mississippi. On July 1, 2025, the Plaintiff filed a complaint in the Chancery Court of Prentiss County regarding certain promissory notes and loan transactions entered into by the Defendants, seeking to impose an equitable trust regarding the subject funds. The Defendants Deborah Bryant and James Walker are members of the Defendant D&G Investments and are parties to an active Chapter 11 bankruptcy case that is currently pending in the U.S. Bankruptcy Court for the Northern District of Mississippi under case number 24-12236-JDW. Those Defendants removed this matter from state court to the District Court pursuant to 28 U.S.C. Sec. 1334 and Sec. 1452(a), and specifically stated they would seek transfer of this matter to the Bankruptcy Court. The Defendants have now filed a Motion to Transfer this Matter to Bankruptcy Court. The Plaintiff has not opposed the motion. The threshold issue raised by the Defendants' Motion to Transfer is whether the bankruptcy court has jurisdiction within the meaning of the foregoing statutes, i.e., if this proceeding could conceivably affect the estate being administered in bankruptcy. According to the District Court, in this case, it is clear the outcome of: this proceeding could affect the subject bankruptcy estate -- the Plaintiffs claims arise from certain loan transactions that are already the subject of adversary proceedings in a pending bankruptcy case. The Court therefore finds the matters presented in the Plaintiff's present complaint will be litigated as part of the bankruptcy estate. This will, by definition, have an impact on the subject bankruptcy estate, given that the Plaintiff seeks a judicial order in this case establishing an equitable trust regarding property included in the pending bankruptcy estate. Further, the Plaintiff does not oppose the transfer of this matter to the Bankruptcy Court. Given these facts, the District Court finds the outcome of this action will, at least potentially, influence the administration of the bankrupt estate. Accordingly, the Court concludes this case is necessarily and sufficiently tied to the subject pending Title 11 bankruptcy action to give the Bankruptcy Court subject matter jurisdiction over the case and require its transfer. In addition, because this matter clearly arises under or arises in or is related to a case under Title 11 pending in this District's Bankruptcy Court, Uniform Local Rule 83.6 requires this case be referred or transferred. The Court therefore finds this case should be transferred, and the Defendants' Motion to Transfer shall, therefore, be granted. A copy of the Court's Memorandum Opinion dated February 9, 2026, is available at https://urlcurt.com/u?l=UNBnES from PacerMonitor.com. About Deborah's LLC Deborah's LLC, a company in Pontotoc, Miss., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 24-12236) on July 30, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Deborah Bryant, managing member, signed the petition. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC represents the Debtor as bankruptcy counsel. David Asbach, Acting U.S. Trustee for Region 5, appointed Robert Byrd, Esq., at Byrd & Wiser, as Subchapter V trustee for Deborah's, LLC. DGN PHARMACY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: DGN Pharmacy, Inc. d/b/a PersonalRX 20 Murray Hill Parkway Suite 210 East Rutherford, NJ 07073 Business Description: DGN Pharmacy, Inc., doing business as PersonalRX, operates a community retail pharmacy in East Rutherford, New Jersey, providing prescription dispensing and pharmaceutical services. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11520 Debtor's Counsel: Daniel M. Stolz, Esq. GENOVA BURNS LLC 110 Allen Road Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 Fax: (973) 467-8126 E-mail: dstolz@genovaburns.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mark Taub as chief restructuring officer. 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/IVY5NRQ/DGN_Pharmacy_Inc__njbke-26-11520__0001.0.pdf?mcid=tGE4TAMA DIESEL DEVELOPMENT: Seeks 120-Day Extension of Plan Filing Deadline ------------------------------------------------------------------- Diesel Development Systems, LLC, asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity period to file a Chapter 11 plan for additional one-hundred twenty days. The Debtor is a business operating in the Commonwealth of Pennsylvania. The Debtor initiated this Chapter 11 case to restructure secured mortgage debts. The Debtor explains that it intends to sell its real property located at 9043 Marshall Road, Cranberry Township, PA 16066. Debtor has engaged the services of a real estate broker, who was appointed by Order of Court dated January 28, 2026. The sale of Debtor's property will impact the construction of a feasible Chapter 11 plan of reorganization. The Debtor claims that it has complied with all of their post filing Chapter 11 obligations. Under Section 1121(b), a party filing for Chapter 11 has one-hundred twenty days from the order for relief to exclusively file a plan for reorganization, after that, creditors or other parties in interest may file their own proposed plans. This 120-day period was the period initially granted to the Debtors by the Court to file its Plan. Diesel Development Systems, LLC is represented: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About Diesel Development Systems Diesel Development Systems, LLC, operates the Diesel Sports Complex, a sports and training facility located in Cranberry Township, Pennsylvania. The Company owns the 9043 Marshall Road property, which features indoor and outdoor turf fields used for athletic training and recreational events. Diesel Development Systems is classified under the amusement and recreation industry and conducts business primarily in western Pennsylvania. Diesel Development Systems filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22796) on Oct. 17, 2025, listing up to $10 million in both assets and liabilities. Brian C. Thompson, at Thompson Law Group, PC, serves as the Debtor's counsel. DRIFTWOOD YOGA: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of North Carolina entered an interim order authorizing Driftwood Yoga, Spa & Boutique, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay only those expenses necessary prior to a final hearing. The Debtor's use of cash collateral must substantially comply with the approved budget, subject to a 10% variance per line item on a cumulative basis. The Debtor has two primary secured creditors: Pawnee Leasing Corporation, which holds a lien on certain equipment but not on cash collateral and Forward Financing, LLC, which claims an interest arising from a pre-petition future receipts sales agreement. Forward Financing filed a UCC-1 shortly before the Debtor's bankruptcy filing. To the extent cash collateral is expended, Forward will be granted a replacement lien on post-petition assets, with the same extent and priority ultimately determined to have existed prepetition. The order is without prejudice to later challenges regarding lien validity, priority, or extent. The interim authority to use cash collateral expires at 5:00 p.m. on February 26 unless extended by further order or consent of the parties. A final hearing is scheduled for February 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/nyFt7 from PacerMonitor.com. About Driftwood Yoga, Spa & Boutique, Inc. Driftwood Yoga, Spa & Boutique, Inc. operates a wellness studio in Denver, North Carolina, providing spa treatments, yoga classes, and related boutique products. Driftwood Yoga, Spa & Boutique, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-40021) on January 29, 2026, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Jacqueline Regalado as president. Judge Ashley Austin Edwards presides over the case. Matthew A. Winer, Esq. at HAMILTON STEPHENS STEELE + MARIN, PLLC serves as the Debtor's counsel. E&E FINANCE: Gina Klump Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for E&E Finance, Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About E&E Finance Inc. E&E Finance, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40250) on February 10, 2026, with $1 million to $10 million in both assets and liabilities. Judge William J. Lafferty presides over the case. EAD CONSTRUCTORS: Seeks to Extend Plan Exclusivity to May 20 ------------------------------------------------------------ EAD Constructors, Inc. asked the U.S. Bankruptcy Court for the District of Nebraska to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 20 and June 19, 2026, respectively. The Debtor explains that it has no ulterior motive in seeking an extension of the Exclusive Periods. As evidenced by the Debtor's operating reports the Debtor's operations continue to produce net revenues for the stakeholders in this case, and with Debtor's Federal Express contracts slated to continue to 2028 will continue to do so through the requested extension period. Accordingly, the Debtor is not seeking an extension to pressure their creditors or other parties in interest, but solely to maximize the ultimate value of the Debtor's business for the benefit of its stakeholders. This request for an extension of the Exclusivity Periods is the Debtor's first and comes approximately three and half months into this chapter 11 case. The fact that these cases remain at a relatively early stage in the chapter 11 process and the Debtor has and is continuing to work to find a way to resolve the State Court Litigation and Arbitration, while keeping the Debtor operating. The Debtor claims that it seeks to maintain exclusivity to focus their efforts on preserving the business' value and to continue to monetize their executory contracts in an efficient manner and continue to work with their creditors to develop a consensual resolution to the chapter 11 case. Extending the Exclusivity Periods will benefit creditors by avoiding a drain on estate assets relating to the potential competing chapter 11 plans without any benefit associated with doing so. Moreover, even if the Court approves an extension of the Exclusivity Periods, nothing prevents parties in interest from later appearing before the Court to assert that cause supports termination of the Debtor's exclusivity. Accordingly, the relief requested herein is without prejudice to the Debtor's creditors and will instead benefit the Debtor's estate, its creditors, and all other key parties in interest. Accordingly, the Debtor respectfully submits that sufficient cause exists to extend the Exclusivity Periods as requested herein. EAD Constructors Inc. is represented by: Lauren R. Goodman, Esq. James J. Niemeier, Esq. Donald (DJ) Rison, Jr., Esq. McGrath North Mullin & Kratz, PC LLO First National Tower, Suite 3700 1601 Dodge Street Omaha, NE 68102 Telephone: (402) 341-3070 Facsimile: (402) 341-0216 E-mail: jniemeier@mcgrathnorth.com lgoodman@mcgrathnorth.com drison@mcgrathnorth.com About EAD Constructors Inc. EAD Constructors, Inc., a company based in Omaha, Nebraska, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-81134) on Oct. 21, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $10 million and $50 million. Judge Brian S. Kruse oversees the case. McGrath North Mullin & Kratz, PC, LLC, serves as the Debtor's legal counsel. EDDIE BAUER: Plans to Close 6 NJ Stores, Holds Liquidation Sales ---------------------------------------------------------------- Advance Local Express Desk and Rebecca Heath of NJ.com report that Eddie Bauer's retail operator will close its six New Jersey stores amid a broader national shutdown of company-operated locations. State labor records show 58 positions will be eliminated across five counties, with layoffs taking effect in February and May 2026. The company filed voluntary petitions in federal bankruptcy court in New Jersey and said it is evaluating a potential sale of its retail assets or a full wind down. A restructuring agreement with secured lenders is in place, and liquidation sales are set to begin while buyers are sought. Stores will remain open during the process, and the operator has requested court authority to continue paying employees and honoring benefits. The company said the goal is to manage an orderly transition while maximizing value, according to report. Online and wholesale operations are unaffected, having been transferred to Outdoor 5, 2026 LLC under a licensing arrangement. Authentic Brands Group owns the Eddie Bauer intellectual property and may authorize future retail partners. Catalyst Brands CEO Marc Rosen said the business has struggled with declining revenue, operational strain, inflation and tariff volatility. The bankruptcy marks the brand's third restructuring filing in just over 20 years, the report states. About Eddie Bauer LLC Eddie Bauer is an outdoor apparel brand was founded in Seattle in 1920 and has built a reputation around clothing and gear for hiking, travel, and outdoor recreation. It sells outdoor apparel, footwear, and equipment designed for travel and adventure. The company currently reports operating over 250 locations throughout North America. Eddie Bauer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422) on February 9, 2026. In its petition, the Debtor reports Honorable Bankruptcy Judge Stacey L. Meisel handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. EMUNDSON INC: Hires ReMax Northwest Inc as Real Estate Broker ------------------------------------------------------------- Emundson Inc., d/b/a Arbor Valley Nursery seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Pamela Subry of ReMax Northwest, Inc. as real estate broker. The firm will market and sell the Debtor's property located at 15325 King Court, Broomfield, Colorado 80023. The broker would earn a 5 percent commission upon a sale of the Broomfield House. Ms. Subry assured the court that her firm is disinterested, as that term is defined in 11 U.S.C. Sec. 101(14). The broker can be reached through: Pamela Subry ReMax Northwest, Inc. 12000 Pecos St, Ste 200 Westminster, CO 80234 Direct: (303) 255-4379 Mobile: (303) 898-7783 About Edmundson, Inc. Edmundson, Inc. is a Colorado-based corporation engaged in nursery and garden center retail and wholesale operations, offering plants, landscaping supplies, and related products. The Company operates nursery facilities in Brighton, which serves as its headquarters, as well as Fort Collins and Franktown, serving residential and commercial customers throughout Colorado. Edmundson, Inc. and Edmundson Land LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case Nos. 26-10019 & 26-10021, respectively) on January 2, 2026, listing $10 million to $50 million in both assets and liabilities. The petitions were signed by Matthew Edmundson as CEO and member. J. Brian Fletcher, Esq. at ONSAGER FLETCHER JOHNSON PALMER LLC serves as the Debtor's counsel. ENTECCO FILTER: Seeks to Hire Iron Horse Auction as Auctioneer -------------------------------------------------------------- Entecco Filter Technology, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Iron Horse Auction Co., Inc. as auctioneer. The Debtor wishes to dispose all of its remaining properties through an online auction. Iron Horse will receive compensation in the amount of 10 percent commission and 15 percent buyer's premium on personal property. William B. Lilly, Jr., president of Iron Horse Auction Co., Inc., assured the court that his firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: William B. Lilly, Jr. Iron Horse Auction Co., Inc. 174 Airport Rd. Rockingham, NC 28739 Office: (800) 997-2248 Facsimile: (910) 895-1530 Email: will@ironhorseauction.com About Entecco Filter Technology Entecco Filter Technology, Inc., is a Delaware-based environmental technology company, specializing in air purification systems and filter products used in various industries. Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50707) on September 19, 2024, listing between $1 million and $10 million in both assets and liabilities. James David Edgerton, president and chief executive officer, signed the petition. Judge Lena M. James oversees the case. The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC. Secured creditor PNC Bank, N.A. is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 E-mail: briandarer@parkerpoe.com FALLS CONDOMINIUM: Seeks to Sell Condominium at Auction ------------------------------------------------------- The Falls Condominium Property Owners Association, Inc., seeks permission from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Debtor is a not-for-profit corporation organized under the laws of the State of Missouri The Articles of Incorporation reflect that the Association was organized and exists to, among other things, to own operate, manage, lease, maintain, repair, and generally administer the affairs of the property and improvements located within Fairfield at the Falls Condominium, a condominium and time share regime located in Taney County, Missouri. The Debtor's condominium complex governed by the Association is located at 3165 Falls Parkway, Branson, Taney County, Missouri. The Property is commonly known as Fairfield Branson at The Falls Condominium. The Property consists of nine buildings containing a total of 54 two-bedroom Units Committed to Interval Ownership, and their concomitant Common Elements. Each building contains six Units. Each Unit may be split as an A and a B, creating a studio and a one-bedroom apartment. Common Elements include an outdoor pool and cook out-area. he Property is operated as a timeshare community. All Units are fully furnished, and each one-bedroom apartment contains a full kitchen. All Units have a screened in porch. All owners of an Ownership Interest are members of the Association, and the owners of an Ownership Interest also receive an interest in the Common Elements. Pursuant to Articles VI and X of the Declaration, each Association Member is entitled to a vote proportionate to his/her/its Interval Ownership Interest. The Association owns 5,076,000/394,140,000 Points fee simple interest at the Property and a concomitant share of the Common Elements, which comprises approximately 1.29% of the total fee simple interests at the Property. The Association owns the Association Interest as a tenant-in-common with all other owners of interests in the Property. PTVO Owners Association, Inc. owns 188,140,000/394,140,000 Points tenant-in-common fee simple interest at the Property and a concomitant share of the common elements at the Property, which is approximately 47.73% of the total interests in the Property. WVR owns approximately 76,793,000/394,140,000 Points tenant-in-common fee simple interest at the Property and a concomitant share of the common elements at the Property, which is approximately 19.49% of the total interests in the Property. The remaining ownership interests in the Property (124,131,000/394,140,000 Points, approximately 31.49% of the total) are owned by approximately 2,327 parties to approximately 1,236 corresponding contracts. Holders of these Ownership Interests are collectively referred to as "Interest Owners" or "Interval Owners". The Debtor retains Hilco Real Estate, LLC as its real estate broker to market the Property for sale. Debtor seeks approval of the Bidding Procedures to establish an open process for the solicitation, receipt, and evaluation of Bids in a fair, accessible, and expeditious manner. Debtor seeks to sell the Property to the highest and best bidder to maximize value for the bankruptcy estate. The Bidding Procedures are designed to generate the highest or otherwise best available recoveries to Debtor's stakeholders by encouraging prospective bidders to submit competitive, value-maximizing Bids. Details of the bidding procedures and Sale Schedule Summary can be found at https://urlcurt.com/u?l=l8QtJw. The Auction for the Property, if needed, will be conducted virtually via Zoom on May 18, 2026, at 3:00 p.m. prevailing Central Time As soon as practicable after entry of an Order approving the Bidding Procedures, Debtor will cause the Auction Notice, as appropriate, to be served on the parties that receive notice of this Motion and to be uploaded into the data room for the Property as well as on the website maintained by Omni in this case. Debtor is also seeking authority, but not direction, to offer customary breakup fees to potential Stalking Horse Bidders. The Debtor believes that the ability to offer the Break-Up Fee should it deem it necessary and appropriate, is in the best interests of Debtor's estate and its creditors, as the Stalking Horse Bidder will establish a floor for further bidding that may increase the consideration ultimately realized for the Property. The Debtor submits that the Successful Bid will constitute the highest or otherwise best offer for the Property and will provide a greater recovery for Debtor's estate than would be provided by any other available alternative. About The Falls Condominium Property Owners Association, Inc. The Falls Condominium Property Owners Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60870) on December 19, 2025. At the time of the filing, the Debtor listed between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Judge Brian T. Fenimore presides over the case. Camber Jones, Esq., at Spencer Fane, LLP represents the Debtor as legal counsel. FIRST INVESTMENT: Nicole Nigrelli Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for First Investment Group, LLC. Ms. Nigrelli will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About First Investment Group LLC First Investment Group, LLC is an investment holding company engaged in managing and overseeing a portfolio of business and financial interests. First Investment Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11325) on February 5, 2026. In its petition, the Debtor reported up to $50,000 in both assets and liabilities. Honorable Bankruptcy Judge Jerrold N. Poslusny Jr. handles the case. The Debtor is represented by Demetrius J. Parrish, Jr., Esq., at the Law Office of Demetrius J. Parrish Jr. FLEXSHOPPER INC: Comm. Taps Sonoran Capital as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of FlexShopper, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Sonoran Capital Advisors, LLC as its financial advisor. The firm will render these services: a) analyse the Debtors' financial situations, and rendering advice to the Committee in determining courses of action necessary for an effective reorganization; b) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' related entities and business interests, and any matter relevant to the Debtors' Chapter 11 Cases; c) evaluate and participate in any 363 sale process to ensure the adequacy of such process and that it proceeds in the most efficient manner to maximize recoveries to the unsecured creditors; d) participate in the Debtor's Chapter 11 Cases to the extent it affects the rights and interests of the creditors of the Debtors; e) perform any and all such other services as are in the interests of the Committee, relevant to the Debtor's Chapter 11 Cases; and f) such other services as the Committee deems appropriate and necessary for the benefit of the Committee. Sonoran will receive compensation on a fixed monthly fee schedule as follows: a) $30,000 per month for January 2026; b) $30,000 per month for February 2026; and c) $10,000 per month thereafter. Matthew Foster, a managing director at Sonoran Capital 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: Matthew Foster Sonoran Capital Advisors, LLC 1733 N Greenfield Rd. Ste 104 Mesa, AZ 85205 Tel: (480) 825-6650 Email: mfoster@sonorancap.com About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLEXSHOPPER INC: Committee Taps Potter Anderson as Legal Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of FlexShopper, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Potter Anderson & Corroon LLP as its counsel. The firm's services include: a. advising the Committee with respect to its rights, powers, and duties; b. advising the Committee in its consultations with the Debtors relative to the administration of the Chapter 11 Cases; c. advising the Committee in analyzing the claims of the Debtors' creditors and in negotiating with such creditors; d. reviewing financial and operational information furnished by the Debtors to the Committee; e. investigating, and advising the Committee with respect thereto, the acts, conduct, assets, liabilities, and financial condition of the Debtors and/or insiders, the operations of the Debtors' business and the desirability of the continuance of such business, motions filed, assets of the estates, and any other matters relevant to the Chapter 11 Cases or to the formulation of a chapter 11 plan and/or possible exit from chapter 11; f. advising the Committee concerning the proposed sale of substantially all of the Debtors' assets, including issues concerning any potential competing bidders and the auction process; g. assisting the Committee in its analysis of, and negotiations with, the Debtors, or any third-party, concerning matters related to, among other things, cash collateral usage or financing to be obtained in the Chapter 11 Cases and the terms of any plan of reorganization or liquidation of the Debtors; h. conferring with Debtors' management and counsel and any other retained professionals; i. conferring with the principals, counsel, and advisors of the Debtors' lenders; j. representing the Committee at hearings and other proceedings; k. attending meetings of the Committee; l. reviewing and analyzing applications, orders, statements of operations, statements of financial affairs, and schedules of assets and liabilities filed with the Court, and advising the Committee as to their propriety; m. taking necessary actions to protect and preserve the interests of the Committee, including, but not limited to (i) possible prosecution of actions on its behalf, (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved, and (iii) if appropriate, reviewing and analyzing claims filed against the Debtors' estates; n. appearing, as appropriate, before this Court and the appellate courts, to protect the interests of the Committee; o. assisting the Committee in preparing and filing pleadings, motions, applications, answers, orders, reports, and papers, as may be necessary, in furtherance of the Committee's interests; and p. performing such other legal services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties, as set forth in the Bankruptcy Code. The firm's current standard hourly rates are: Partners $890 to $940 Counsel $850 Associates $515 to $785 Paraprofessionals $405 Potter Anderson has agreed to a voluntary reduction in their fees for amounts charged in excess of a blended hourly rate for attorneys of $650 per hour. In addition, the firm will seek reimbursement for expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Yes. Potter Anderson has agreed to a voluntary reduction, if any, in their fees for amounts charged in excess of a blended hourly rate for attorneys of $650 per hour. This voluntary reduction will be reflected in Potter Anderson's final fee application. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: 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. Response: Potter Anderson did not represent the Committee in the 12 months prepetition. Potter Anderson may represent in the future certain Committee members and/or their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Potter Anderson expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Potter Anderson reserves all rights. The Committee has approved Potter Anderson's proposed hourly billing rates, subject to a voluntary reduction, if any, in their fees for amounts charged in excess of a blended hourly rate for attorneys of $650 per hour. Aaron Stulman, a partner at Potter Anderson & Corroon, 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: Aaron H. Stulman, Esq. Potter Anderson & Corroon LLP Hercules Plaza 1313 North Market Street, 6th Floor P.O. Box 951 Wilmington, DE 19801 Phone: (302) 984-6081 Email: astulman@potteranderson.com About FlexShopper, Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLUENT INC: JB Capital Partners Report 7.2% Equity Stake -------------------------------------------------------- JB Capital Partners, L.P. and Alan W. Weber, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 2,169,483 shares of common stock -- with shared voting and dispositive power; held by JB Capital Partners, L.P., of which Alan W. Weber is General Partner and may be deemed beneficial owner -- of Fluent, Inc.'s common stock, $0.0005 par value, representing 7.2% of the 30,287,597 shares outstanding as of November 12, 2025, as disclosed in the Company's Form 10-Q for the quarter ended September 30, 2025. JB Capital Partners, L.P. may be reached through: Alan W. Weber, General Partner 5 Evans Place Armonk, NY 10504 Tel: 914-273-4866 A full-text copy of JB Capital Partners, L.P.'s SEC report is available at: https://tinyurl.com/56hf3kz9 About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. As of September 30, 2025, the Company was in compliance with its financial covenants under the SLR Credit Agreement. Although the financial covenants under the SLR Credit Agreement were reset in the third quarter of 2025 based on the Company's 12 month projections, the Company has not met its projection for certain recent quarters, and if during any future quarter, the Company does not comply with any of its financial covenants, such non-compliance would result in default and therefore give SLR the right to accelerate maturities. In such case, the Company would not have sufficient funds to repay the borrowings under the SLR Credit Agreement. As a result of the foregoing, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern for one year after the issuance of the Quarterly Report on Form 10-Q for the period ended September 30, 2025. As of September 30, 2025, the Company had $76,060,000 million in total assets, against $54,474,000 million in total liabilities. FRANCESCA'S ACQUISITION: Omnichannel Brand Sale Underway in Ch. 11 ------------------------------------------------------------------ Francesca's Acquisition, LLC and its debtor affiliates announced on Feb. 16, 2026, that it has entered into a stalking horse agreement with Stand Out For Good, Inc., as part of the Company's Chapter 11 proceedings. Hilco Global has been retained as exclusive intangible assets disposition consultant to conduct a competitive marketing process and solicit higher or better offers. Bids are due by March 5, 2026, and an auction, if necessary, will be held on March 9, 2026. Interested parties may contact Project+Franki@hilcoglobal.com for access to additional materials. A Recognized Brand Positioned for Its Next Chapter Founded in 1999, Francesca's(R) is a nationally recognized women's fashion retailer that operated more than 700 boutiques across the United States at its peak. The brand is known for its curated assortment of apparel, accessories, jewelry, and gifts--delivering a distinctive boutique experience at accessible price points. Francesca's(R) has cultivated strong brand awareness, a loyal customer following, and a compelling digital presence. Its established omnichannel platform creates a scalable foundation for strategic and financial buyers seeking to expand in women's fashion, lifestyle, and adjacent categories. Bridgit Lombard, Executive Chairman of the Company, noted: "Francesca's(R) resonates deeply with its Millennial and Gen Z customer base and draws on a multigenerational emotional connection that is increasingly rare in today's marketplace. The Company's recent performance demonstrates that Francesca's(R) continues to engage its core customer across apparel, accessories, and lifestyle categories. Positive 4-wall profitability and a growing eCommerce channel present meaningful omnichannel growth potential for buyers positioned to scale the brand." David Peress, Executive Director of Hilco Global's IP Services unit, added: "Interest in the brand has been robust. This process presents a clear opportunity for a buyer to re-engage with the Francesca's(R) customer through its established online platform and retail store footprint." Court-Supervised Sale Process Francesca's Acquisition, LLC is a debtor-in-possession in a Chapter 11 proceeding pending before the United States Bankruptcy Court for the District of New Jersey, jointly administered under Case No. 26-11312 (MEH). Hilco Global's retention and the sale of the assets described herein are subject to Bankruptcy Court approval. The stalking horse bidder has been approved by the Bankruptcy Court, subject to higher or better offers. About Francesca's Acquisition LLC Francesca's Acquisition, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-11312 MEH) on February 5, 2026. In the petition signed by Curt Kroll, chief financial officer, the Debtor disclosed up to $10 million in assets and up to $100 million in liabilities. Judge Mark Edward Hall oversees the case. Vincent J. Roldan, Esq., at Mandelbaum Barrett PC, represents the Debtor as legal counsel. FRONTERA ENERGY: Fitch Puts 'B' Rating on Unsec Notes on Watch Pos. ------------------------------------------------------------------- Fitch Ratings has placed Frontera Energy Corporation's senior unsecured notes on Rating Watch Positive (RWP) at 'B' with a Recovery Rating of 'RR4'. Fitch has also affirmed the company's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook is Stable. The RWP follows GeoPark Limited's (B+/Positive) agreement announcement to acquire Frontera's upstream assets in Colombia for USD400 million. Under the proposed transaction, GeoPark would assume all obligations under Frontera's USD310 million outstanding 2028 unsecured notes, and USD79 million of prepayment facility. Fitch views the acquisition as credit positive as Frontera's bondholders should benefit from a shareholder with stronger consolidated credit profile. The notes will be upgraded once the transaction is completed. Frontera's current ratings reflect its small, concentrated production profile and a proved developed producing (PDP) reserve life of 2.5 years at YE 2024, which is less than peers'. Fitch expects post-sale gross leverage to remain below 3.0x in 2027-2028. Key Rating Drivers Upstream Assets Sale: On Jan. 30, 2026, Frontera announced it had agreed to divest Frontera Petroleum International Holdings B.V. (its Colombian E&P business plus SAARA and Proagrollanos) to GeoPark for up to USD400 million (USD375 million at close and a USD25 million contingent). The transaction is still subject to regulatory approvals and customary closing conditions, expected to occur during 2H26. GeoPark will assume Frontera's USD310 million 2028 senior unsecured notes and the USD80 million Chevron prepayment facility. The senior notes will be transferred to a GeoPark subsidiary, becoming general debt of said subsidiary. Both GeoPark and Frontera's senior notes carry cross acceleration clauses, which reinforces Fitch's view that Frontera's bondholders should benefit from a shareholder with stronger consolidated credit profile. Infrastructure Focus: Considering the closing of the transaction, Frontera operations will be focus on its infrastructure business that includes its participation in Oleoducto de los Llanos Orientales S.A. (ODL) and Puerto Bahia S.A. (Puerto Bahia). Fitch estimates Frontera's post-dividend infrastructure EBITDA will be close to USD80 million following the sale of the upstream business. The transaction will reduce volatility as the post-sale cash flows will be anchored on this more stable infrastructure operations in Puerto Bahia and dividends coming from the 35% equity interest in ODL. Competitive Position: Puerto Bahia is a multimodal maritime terminal and Colombia's largest roll-on/roll-off cargo operator, straightening Frontera's competitiveness via strategic Cartagena location and potential expansion projects such as LPG imports, LNG regasification, and containerized cargo, supporting diversified revenues. The ODL pipeline connects the Rubiales, Quifa, and Llanos-34 blocks to the Monterrey and Cusiana stations in Casanare, which together hold nearly 70% of Colombia's proven reserves. ODL transports about 30% of Colombia's oil production. Proforma Adequate Leverage Profile: Fitch estimates gross leverage, post-sale, should remain below 3.0x in 2026-2028, strong for the current rating compared to the infrastructure leverage metrics. Fitch assumes Frontera's infrastructure EBITDA after recurring dividends to be close to USD80 million and debt hovering around USD180 million. Peer Analysis Frontera's credit and business profile are comparable with other small independent oil producers in Colombia (BB/Stable). The ratings of GeoPark Limited (GeoPark; B+/Positive), SierraCol Energy Limited (SierraCol; B+/Stable) and Gran Tierra Energy Inc. (Gran Tierra; B+/Stable) are all constrained to the 'B' category or below, given the inherent operational risk associated with the small scale and low diversification of oil and gas production. Frontera's eventual focus on infrastructure should provide the company a more predictable cash flow profile, compared to other midstream peers in the country such as Oleoducto Central S.A. (OCENSA; BB/Stable), which has a stronger financial profile, with leverage of 0.3x over the rating horizon, and higher scale. Fitch’s Key Rating-Case Assumptions - Fitch's price deck for Brent oil prices of USD69 in 2025, USD63 in 2025 and 2026, and USD60 in 2027 and 2028; - Gross production average of 42,000 boed; - Average USD5 per barrel (bbl) discount to Brent in 2024; average of USD3/bbl between 2025 and 2027; - COGS averaging USD46/boe in 2026; - Net divesture income proceeds of USD400 million; - Dividends payments of USD370 million in 2026; - Annual dividends received from Oleoducto de los Llanos Orientales S.A (ODL) of USD62 million in 2026. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b-, Higher), Profitability (b+, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes Frontera would be a going concern in bankruptcy and it would be reorganized rather than liquidated. Going Concern Approach - A 10% administrative claim; - The going concern EBITDA is estimated at USD250 million. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of Frontera; - Enterprise value multiple of 4.0x. With these assumptions, its waterfall generated recovery computation (WGRC) for the senior unsecured notes is in the 'RR2' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating (RR) for corporate issuers in Colombia is capped at 'RR4'. The RR for the senior secured notes is therefore 'RR4' with a WGRC output percentage at 50%. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustainable production size declines to below 30,000 boed; - 1P reserve life declines to below seven years on a sustained basis; - A significant deterioration of credit metrics to total debt-to-EBITDA of 3.0x or higher; - A persistently weak oil and gas pricing environment that impairs the longer-term value of its reserve base; - Sustained deterioration in liquidity and operating profile, particularly in conjunction with more aggressive dividend distributions than previously anticipated; - Weakening if the contracted profile that ends up in higher exposure to commodity volatility. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthening of the contract portfolio in the infrastructure business; - Net production maintained at 45,000 boed or more, while maintaining a 1P reserve life of seven years or greater and PDP reserve life of at least four years; - Maintain a conservative financial profile with gross leverage of 2.5x or below. Liquidity and Debt Structure As of September 2025, Frontera's cash and cash equivalents balance was USD159 million, excluding USD13 million in restricted cash, which covers interest expenses for the next three years by 1.5x. Frontera debt amortization profile includes USD177 million in amortizing loans maturing, of which USD81 million are due within the next 24 months, while USD310 million in unsecured notes are due in June 2028. The outstanding debt at the infrastructure level is nonrecourse to Frontera. On a pro forma basis, Fitch's base case assumes Frontera's debt will hover around USD200 million between 2027 and 2028. Issuer Profile Frontera Energy Corporation (Frontera) is an oil and gas company incorporated in Canada. It has operations in Latin America, including upstream, pipeline and port facilities assets in Colombia, Ecuador and off-shore Guyana. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Frontera Energy Corporation LT IDR B Affirmed B LC LT IDR B Affirmed B senior unsecured LT B Rating Watch On RR4 B FRONTIERSMEN INC: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------ Frontiersmen, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Indiana a Disclosure Statement for Plan of Liquidation dated February 9, 2026. The Debtor was a long-standing seed sales company in Northern Indiana owned and managed by Richard Funk. The company sold branded seeds. The Debtor purchased the seed genetics from larger seed companies, and the seeds themselves were manufactured by other parties. While successful for many decades, in recent years it was unable to operate profitability as the companies it purchased seed genetics from themselves entered the market as direct competitors. Frontiersman could not beat their prices, as they realized over several farming seasons. While coming to the realization that the business was no longer viable, debt was incurred and continued operations could not pay it down. The decision to cease operations was made in 2024. Any pre-payment for seed made by growers for the 2025 crop year was returned to avoid deposit liability. This small company has some, but not many, assets to liquidate for the benefit of creditors. At least one creditor had engaged in expensive litigation against Frontiersman prior to the filing of the case. That litigation and the claims arising out of it, are one of the reasons for the filing of this case. To avoid the litigation difficulty and expense, liquidating the company in this case was deemed advisable. Class four consists of Allowed Unsecured Claims that shall be paid pro rata from a distribution of proceeds (if any) remaining after payment of class one administrative expenses and class three priority tax claims (if any). Class five consists of Allowed Unsecured Deficiency Claim of Remington that shall be paid pro rata with Class four from a distribution of proceeds (if any) remaining after payment of class one administrative expenses and class three priority tax claims (if any). Class six shall consist of the existing equity Allowed Interest of W. Richard Funk, which shall be extinguished at the end of the liquidation. W. Richard Funk shall retain nothing in respect of his equity Allowed Interest. The Plan is proposed by Debtor to liquidate. This is a plan of liquidation. The Debtor states that to date, most of the assets have been liquidated; only a few assets remain to be liquidated. The Debtor has enough funds on hand to fund professionals and pay associated costs with the liquidation. A full-text copy of the Disclosure Statement dated February 9, 2026 is available at https://urlcurt.com/u?l=6MXrMR from PacerMonitor.com at no charge. Frontiersmen Inc., is represented by: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Frontiersmen Inc. Frontiersmen Inc., doing business as Funk's Frontiersmen, is a seed company based in Kentland, Indiana. Founded in 1979, the family-owned business provides hybrid corn and soybean varieties tailored for local agricultural needs. Frontiersmen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-40144) on May 13, 2025. In its petition, the Debtor reports total assets of $296,040 and total liabilities of $6,972,465. The Debtors are represented by Jeffrey Hester, Esq. at HESTER BAKER KREBS LLC. GLOBAL LOGISTICS: Edward Burr Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Global Logistics and Fulfillment, LLC. Mr. Burr will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Global Logistics and Fulfillment Global Logistics and Fulfillment, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nevada Case No. 26-10855) on February 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Natalie M. Cox presides over the case. Zachariah Larson, Esq., at Larson and Zirzow, LLC represents the Debtor as legal counsel. GO FREEDOM: Kevin Neiman Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Go Freedom Nation Investment Group LTD, LLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Go Freedom Nation Investment Group LTD Go Freedom Nation Investment Group LTD, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-10784) on February 10, 2026, with $1 million to $10 million in assets and liabilities. Keri L. Riley, Esq. at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. GREENWAVE TECHNOLOGY: Names Chelsea Pullano Chief Financial Officer ------------------------------------------------------------------- Greenwave Technology Solutions, Inc. disclosed in a regulatory filing that the Board of Directors appointed Chelsea Pullano (age 34) as Chief Financial Officer of the Company effective as of February 5, 2026. In connection with Ms. Pullano's appointment, Danny Meeks resigned as the interim Chief Financial Officer of the Company. Ms. Pullano's appointment is in connection with the Company's entry into the scope of work agreement with MACK Financial Solutions, LLC, dated January 2, 2026, pursuant to which MACK agreed to provide professional services to the Company, including oversight of all bookkeeping, financial reporting and SEC reporting duties of the Company and Ms. Pullano serving as the part-time Chief Financial Officer of the Company, subject to her appointment by the Board. As CFO, Ms. Pullano will provide strategic financial oversight and executive-level support to the Company, including review and certification of SEC filings, financial reporting coordination with auditors, legal counsel, and other outsourced accounting professionals, and other responsibilities customarily performed by a CFO of a public company. In consideration of the Services to be performed, the Company will pay MACK $7,500 per month for the CFO Services and an aggregate of $12,500 per month for the MACK Services. Additionally, Ms. Pullano will be entitled to the same indemnification, advancement of expenses, and other protections afforded to similarly situated officers of the Company under its organizational documents and applicable law. The CFO Agreement may be terminated by either the Company or MACK upon thirty days' notice. Ms. Pullano is a financial executive with experience supporting public and private companies in accounting, financial reporting, and strategic finance. Ms. Pullano co-founded MACK in May 2023, an accounting and advisory firm that provides outsourced financial, accounting and advisory services to growth-stage companies and public companies. Since May 2023, she has served as a partner and chief executive officer of MACK. Previously, from June 2020 to May 2023, Ms. Pullano served as Chief Financial Officer of Creatd, Inc. (OTCQB: CRTD), and from September 2024 to March 2025, as Director of Finance at the law firm Lucosky Brookman LLP. Ms. Pullano has no family relationships with any of the Company's directors or executive officers. On October 8, 2025, the Company entered into a scope of work agreement with MACK (the "Consulting Agreement") to provide services (the "Filing Services") related to certain late SEC filings of the Company, which was superseded and replaced by the CFO Agreement. As consideration for the Filing Services provided under the Consulting Agreement, MACK was paid an aggregate of $20,000. Other than the Consulting Agreement and CFO Agreement... Ms. Pullano is not a party to, and does not have any other direct or indirect material interest in, any other transaction requiring disclosure under Item 404(a) of Regulation S-K. There are no arrangements or understandings between Ms. Pullano and any other persons pursuant to which she was selected as Chief Financial Officer. A full text copy of the CFO Agreement is available at https://tinyurl.com/auhdpncp About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $64,122,691 in total assets, $26,172,440 in total liabilities, and $37,950,251 in total stockholders' equity. H.B. FULLER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed H.B. Fuller Company's Long-Term (LT) Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed the company's senior secured LT issue ratings at 'BBB-' with a Recovery Rating (RR) of 'RR1' and senior unsecured LT ratings at 'BB'/'RR4'. The Rating Outlook remains Stable. The rating reflects H.B. Fuller's leading position in the global adhesives market, resilient operating performance supported by diversified end-market exposure and raw materials sourcing, and solid profitability. Its solution- and innovation-oriented portfolio drives high customer switching costs and stable mid-to-high-teen EBITDA margins. Fitch also expects EBITDA leverage to fluctuate around 3.5x-4.0x, given a capital allocation strategy focused primarily on bolt-on acquisitions. The Stable Outlook reflects Fitch's expectation that EBITDA leverage will remain around 3.5x-4.0x over the medium term. While continued margin expansion from successful execution of the company's initiatives would support the credit profile, positive rating momentum remains primarily constrained by leverage. Key Rating Drivers Resilient Performance: H.B. Fuller's operating performance has remained resilient despite continued soft demand through 2025, supported by pricing actions, acquisition contributions, and benefits from restructuring. Fitch views the company's recent profitability stability as evidence of key competitive strengths, including its leading position in specialty adhesives, diversified end-market exposure, disciplined cost management, and an increasingly specialized product portfolio that is embedded in customers' manufacturing processes. Management recently articulated an EBITDA margin target of 20%+ by 2030, supported by manufacturing footprint optimization, product mix improvements, and sustained pricing discipline. While continued margin expansion from successful execution of these initiatives would support the credit profile, positive rating momentum remains primarily constrained by leverage, with the 3.5x threshold as the key constraint. Continued Acquisitive Appetite: Fitch expects FCF to be primarily allocated to strategic bolt-on acquisitions and measured shareholder returns, with meaningful discretionary debt reduction beyond scheduled amortization unlikely to be a near-term priority. Given the fragmented nature of the adhesives industry, Fitch expects H.B. Fuller to continue pursuing value-accretive M&A to expand its product portfolio, regional footprint, and technical capabilities. Fitch's forecast assumes approximately $200 million to $250 million of annual acquisition spending over the next few years, funded through a combination of FCF and modest revolver utilization. Fluctuating, Moderate Leverage: Fitch forecasts EBITDA leverage to fluctuate around 3.5x-4.0x over the medium term, reflecting modest debt fluctuations as M&A activity continues and stable EBITDA generation. The company has historically funded small acquisitions with free cash flow (FCF) but has sometimes stretched leverage above its 2.5x-3.0x net target to fund medium-sized purchases. H.B. Fuller has also built a track record of deleveraging back toward its targeted range within 12 months after leveraging transactions. Positive FCF Generation Forecast: H.B. Fuller has consistently generated positive FCF, supported by stable EBITDA margins, limited working capital volatility, and low capital intensity, with capex typically averaging about 3.5% of sales. FCF margins have averaged roughly 5% since 2016, and Fitch forecasts FCF margins of around 4% over the projection period, despite modestly higher capex associated with footprint optimization initiatives. Fitch expects FCF to be primarily directed toward strategic bolt-on acquisitions and measured shareholder returns, with meaningful debt reduction likely not a near-term priority. Leader in Fragmented Adhesives Market: H.B. Fuller is the number one or two player in most of its markets and the second largest player, behind Henkel, in the fragmented $80 billion adhesives market, where the top three players account for less than 25% of the market. Benefiting from its size, scale and diversification, the company has an R&D-linked competitive advantage compared to global competitors that more firmly places it into its regional and global customers' value chains. Raw Material Diversification Supports Profitability: H.B. Fuller purchases numerous raw materials, with the top 25 materials making up less than 20% of the annual spend. The company categorizes around 87% of the sourced raw materials as specialty raw, which flow through to downstream applications. This generates resilient margins due to the low cost (e.g., less than 1% of customer cost of goods sold) but critical aspects of the company's products for its customers. Peer Analysis With roughly $3.5 billion of revenue, H.B. Fuller's scale is larger than similarly rated Ingevity Corp. (BB/Stable) and 'BB-' peer Koppers Holdings Inc. (BB-/Stable), but smaller than Celanese Corporation (BB+/Negative). Fuller is the second-largest player in the highly fragmented global adhesives market. Fuller's EBITDA margins in the mid- to high teens compare favorably with Koppers, but trail Ingevity and Celanese. Fitch expects margins to continue expanding as the company optimizes its manufacturing footprint and increases exposure to higher-value downstream applications. Fuller is also expected to generate steady FCF margins of around 4%, broadly in line with Celanese and Ingevity and with meaningfully greater scale than Koppers. The company's strong FCF generation is underpinned by modest capex needs and a relatively stable earnings profile. Fuller's leverage is forecast to fluctuate around 3.5x, reflecting Fuller's acquisitive strategy and demonstrated willingness to temporarily increase leverage to fund transactions. This leverage profile is moderately weaker than Ingevity's, broadly comparable to Koppers', and stronger than Celanese's following Celanese's 2022 transformational acquisition. Fuller's global market position and strong profitability metrics support the credit profile, while expectations for leverage to continue fluctuating in the 3.5x-4.0x range anchor the 'BB' rating. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Higher), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (a, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2025, 5% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 30% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Loss of leading market positions leading to EBITDA leverage durably above 4.5x; - Reduced ability to pass through costs to customers, leading to less stable EBITDA margins and heightened cash flow risk; - More aggressive than anticipated M&A activity including transformative, credit-unfriendly acquisitions, or shareholder return strategy otherwise incompatible with management's articulated capital deployment policy. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained adherence to the company's long-term financial policy coupled with continued cash generation and earnings stability, leading to EBITDA leverage durably below 3.5x; - Continued trend toward higher EBITDA margins that demonstrates successful execution of the shift toward higher value-add products. Liquidity and Debt Structure As of Nov. 29, 2025, H.B. Fuller had approximately $107 million of cash and cash equivalents with over 90% availability under the $700 million revolving credit facility due 2028. In addition, Fitch anticipates solid FCF generation through the forecast to aid liquidity. Fuller faces meaningful upcoming maturities walls, led by $300 million of unsecured notes due in 2027. 2028 maturities include another $300 million of unsecured notes, approximately $431 million of term loan A borrowings, and the $700 million revolver. Fitch views these maturities as manageable, supported by strong liquidity and a positive FCF outlook. Fitch's forecast assumes the company will refinance these obligations in a timely manner through moderately leveraging transactions on terms broadly consistent with the existing capital structure. Issuer Profile H.B. Fuller Company is a global formulator, manufacturer and marketer of adhesives and other specialty chemical products. The company has three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives, and Building Adhesive Solutions. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for H.B. Fuller Company for 2035 is 31 out of 100. This reflects a Climate.VSp of 20 and a Climate.VSt of 25. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- H.B. Fuller Company LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- HAIN CELESTIAL: Refinancing Uncertainty Raises Going Concern Doubt ------------------------------------------------------------------ The Hain Celestial Group, Inc. submitted its Quarterly Report on Form 10-Q to the U.S. Securities and Exchange Commission for the quarterly period ended December 31, 2025. The report contains a going-concern qualification, noting due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026, substantial doubt exists about its ability to continue as a going concern. -- As of December 31, 2025, the Company had $705,800,000 of debt obligations maturing on December 22, 2026, consisting of $454,000,000 of loans outstanding under the Revolver and $251,800,000 of Term Loans. -- As of December 31, 2025, the Company had cash of $68,017,000 and available liquidity of $143,651,000, subject to compliance with financial covenants, and the Company was in compliance with all associated covenants under its Credit Agreement. -- In addition, on January 2, 2026, the Company received $25,900,000 of proceeds from an insurance claim, which it used to repay loans outstanding under the Revolver, further reducing the Company's future debt obligations. The Company announced that its Board of Directors commenced a strategic review of the Company's business and capital structure, in part to evaluate options to improve liquidity and reduce leverage. As part of this review, on January 30, 2026, the Company entered into a definitive agreement to sell its North American Snacks Business for $115,000,000, the net proceeds of which will be used to repay a portion of the Term Loans. The Company and the Board of Directors remains focused on completing the strategic review and taking decisive actions to strengthen the Company's financial flexibility, improve performance and address the upcoming debt maturity under the Credit Agreement. These actions include a continued review of the Company's portfolio and the pursuit of further asset sales to refine the Company's operating model with a focus on categories and platforms in key markets. In addition, management is executing targeted inventory and other working capital optimization initiatives designed to improve the Company's cash conversion and enhance liquidity. The Company also continues to have active engagement with its lenders, assess opportunities to refinance the Company's debt or extend the maturity under the Credit Agreement, and evaluate potential capital raising or other strategic transactions. The Company believes that the successful execution of these plans will enable the Company to refinance and/or retire the existing debt prior to its maturity or extend the maturity date under the Credit Agreement. However, Accounting Standards Codification 205-40, "Presentation of Financial Statements - Going Concern" requires that management not conclude that such an outcome is "probable" if, among other factors, the outcome is not within the control of the Company. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern for at least 12 months following the date of issuance of these financial statements due to the uncertainty regarding the Company's ability to refinance or repay its debt due on December 22, 2026 because no such refinancing, retirement or extension has occurred prior to the issuance of the financial statements. The Company's ability to continue as a going concern remains subject to successful execution of its strategic plan and securing additional financing, if needed. If the Company is unable to execute its plans to generate sufficient liquidity, it may not have adequate resources to repay or refinance its debt, which would have a material adverse effect on the Company's financial position and results of operations. A full text copy of the Company's Quarterly Report is available at: https://tinyurl.com/2s326ckf About Hain Celestial Group The Hain Celestial Group, Inc., a Delaware corporation was founded in 1993. Hain Celestial is a global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial's products across snacks, baby & kids, beverages, and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. For the three and six months ended December 31, 2025, the Company incurred a net loss of $116,006,000 and $136,631,000, respectively, compared to a net loss of $103,975,000 and $123,638,000 for the three and six months ended December 31, 2025, respectively. As of December 31, 2025, total assets were $1,477,410,000, total liabilities were $1,147,165,000, and the Company reported a stockholders' equity of $330,245,000. HARVARD BIOSCIENCE: Preliminary Q4 Results Show Revenue of $23.7MM ------------------------------------------------------------------ Harvard Bioscience, Inc. announced preliminary financial results for the fourth quarter ended December 31, 2025. In conjunction with these results, the Company outlined a cohesive long-term strategy designed to leverage its market-leading portfolio to drive sustainable growth and increase shareholder value. Preliminary Fourth Quarter 2025 Financial Highlights Based on preliminary unaudited information, the Company expects to report: * Revenue of $23.7 million, above the midpoint of the $22.5 million to $24.5 million guidance range. * Gross Margin of 60%, at the high end of the 58% to 60% guidance range, driven by an improved mix to higher margin product lines, as well as the benefit of prior cost reductions. * Adjusted EBITDA of $3.8 million, which reflects 27% growth year over year, driven by cost reduction, improved expense management and solid execution. A Strategy for Growth: Bridging the Gap to Human Health As the life sciences industry accelerates toward New Approach Methodologies (NAMs), Harvard Bioscience is evolving from a traditional tools provider into a leading enabler of Translational Science – uniquely positioned to bridge the gap between laboratory research and human clinical success. Building on its gold-standard preclinical foundation, the Company plans to align its portfolio, innovation pipeline, and operating model around four strategic pillars: * Leading the Translational Bridge: bridging in vivo and in vitro research by leveraging the Company's strong preclinical position to facilitate the industry's transition into the organoid and 3D biology markets, improving the translational relevance of early-stage research, and offering customers an integrated solution across critical stages of discovery and development. * New Product Introduction (NPI) Pipeline: modernizing preclinical and translational workflows through differentiated and innovative high-margin platforms such as SoHo(TM) telemetry, and proprietary MeshMEA and Incub8 platforms, both of which are designed for organoid and tissue recording. * Consumables Revenue Expansion: focusing resources and investments on higher-margin consumables and software with a clear path to increasing mix of recurring revenue from 55% of total revenues currently. * Operational Excellence and Disciplined Growth: driving operational excellence and disciplined growth across our global footprint by strengthening our leadership position in the preclinical business. This foundation provides the capital necessary to fuel R&D and strategic bolt-on acquisitions. The Company will also focus on driving consistent profitability by maintaining cost discipline and operational efficiency, supported by its recently announced U.S. manufacturing consolidation and the stronger balance sheet created by last year's debt refinancing. Management Commentary "We're pleased with our fourth quarter performance and excited to share an overview of our go-forward strategy," said John Duke, Chief Executive Officer. "With a stronger foundation provided by our refinancing and strategic consolidation, we're scaling our business model by focusing our priorities on the evolving needs of the life sciences industry. We are excited for what's ahead and are confident we will drive year over year revenue growth and mid-to high-single digit adjusted EBITDA growth in 2026." CEO Letter to Shareholders The Company has published a Letter to Shareholders from Chief Executive Officer, John Duke, which provides additional context on the long-term strategy. The letter can be accessed on the Investor Relations website at https://investor.harvardbioscience.com/. Fourth Quarter Earnings Release and Conference Call The Company will release full fourth quarter and fiscal year 2025 results on March 12, 2026, and host a conference call to discuss those results at 8:00 am ET. During the call, management will provide a comprehensive overview and additional details on the strategy pillars that were outlined today as well as updated financial targets. About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. As of September 30, 2025, the Company had $78 million in total assets, $63.9 million in total liabilities, and $14.1 million in total stockholders' equity. HAWAIIAN ELECTRIC: Fitch Affirms 'B+' IDR, Outlook Positive ----------------------------------------------------------- Fitch Ratings has affirmed eight North American utilities, power and gas holding companies' ratings and their related subsidiaries' ratings: 1. Algonquin Power & Utilities Corp. 2. AltaGas Ltd. (related subsidiary WGL Holdings, Inc.) 3. ATCO Ltd. 4. DPL LLC (related subsidiary DPL Capital Trust II) 5. Hawaiian Electric Industries, Inc. 6. IPALCO Enterprises, Inc. 7. MDU Resources Group, Inc. 8. NorthWestern Energy Group, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Algonquin Power & Utilities Corp. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Moderate), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a same credit profile for both parent and subsidiary approach. AltaGas Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. ATCO Ltd. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Moderate), Sector Characteristics (a-, Higher), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (a-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. DPL LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Hawaiian Electric Industries, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb-, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its 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+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach.    IPALCO Enterprises, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (a-, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. MDU Resources Group, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):    - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 16% for the forecast year 2025, 16% for the forecast year 2026, 16% for the forecast year 2027, 16% for the forecast year 2028 and 16% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. NorthWestern Energy Group, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):     - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Hawaiian Electric Industries, Inc. LT IDR B+ Affirmed B+ ST IDR B Affirmed B senior unsecured ST B Affirmed B AltaGas Ltd. LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 senior unsecured LT BBB Affirmed BBB preferred LT BB+ Affirmed BB+ subordinated LT BB+ Affirmed BB+ WGL Holdings, Inc. LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 senior unsecured LT BBB Affirmed BBB senior unsecured ST F3 Affirmed F3 IPALCO Enterprises, Inc. LT IDR BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB DPL LLC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Algonquin Power & Utilities Corp. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 junior subordinated LT BB+ Affirmed BB+ senior unsecured LT BBB Affirmed BBB DPL Capital Trust II junior subordinated LT BB Affirmed RR5 BB ATCO Ltd. LT IDR BBB+ Affirmed BBB+ subordinated LT BBB- Affirmed BBB- senior unsecured LT BBB+ Affirmed BBB+ NorthWestern Energy Group, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB MDU Resources Group, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ INHANCE PARENT: Golub Capital Marks $5.3MM Loan at 53% Off ---------------------------------------------------------- Golub Capital Private Credit Fund has marked its $5,325,000 loan extended to Inhance Parent, Inc. to market at $2,503,000 or 47% of the outstanding amount, according to Golub Capital's Form 10-Q for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Golub Capital Private Credit Fund is a participant in a One Stop Loan extended to Inhance Parent, Inc. The loan accrues interest at a rate of 20.00% PIK per annum. The loan matures on June 2029. Golub Capital Private Credit Fund is a closed-end, externally managed, non-diversified management investment company that provides private credit solutions to middle-market companies in the leveraged finance market. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital Private Credit Fund 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Inhance Parent, Inc. Inhance Technologies offers innovative information technology solutions and services to boost business efficiency. INLAND NORTHWEST: Hires Kathryn Deann Billing as Attorney --------------------------------------------------------- Inland Northwest Realtors, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Kathryn Deann Billing, Esq., an attorney practicing in Moscow, Idaho, to handle the bankruptcy proceedings. Ms. Billing asserts there is no conflict of interest and does not hold any interest adverse to the estate. Ms. Billing can be reached at: Kathryn Deann Billing, Esq. PO Box 8551 Moscow, ID 83843 Tel: (208) 596-8811 Email: deannbilling@gmail.com About Inland Northwest Realtors, LLC Inland Northwest Realtors, LLC is a real estate services firm that assists clients with buying, selling, and leasing residential and commercial properties. Inland Northwest Realtors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-20458) on December 29, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge Noah G. Hillen. The Debtor is represented by Kathryn Deann Billing, Esq. INOTIV INC: Posts $28.4MM Net Loss in Q1, Covenant Risks Persist ---------------------------------------------------------------- Inotiv, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025. * Revenue was $120,879,000 in the three months ended December 31, 2025, an increase of $1,003,000 or 0.8%, compared to $119,876,000 during the three months ended December 31, 2024, driven by a $5,133,000, or 12.0%, increase in DSA revenue, partially offset by a decrease of $4,130,000, or 5.4%, in RMS revenue. * Consolidated net loss for the three months ended December 31, 2025 was $28,378,000, or 23.5% of total revenue, compared to a consolidated net loss of $27,630,000, or 23.0% of total revenue, in the three months ended December 31, 2024. * As of December 31, 2025, the Company had 734,336,000 in total assets, $625,312,000 in total liabilities, and $109,024,000 in total equity. Liquidity and Going Concern As of December 31, 2025, the Company had cash and cash equivalents of approximately $12,732,000 and access to a $15,000,000 revolving credit facility, which had a $6,000,000 balance outstanding, which balance remains outstanding as of February 9, 2026. Further, for the three months ended December 31, 2025, the Company had negative operating cash flows, operating losses and consolidated net losses. The financial covenants under the Company's Credit Agreement, dated as of November 5, 2021, include, among others, the First Lien Leverage Ratio and the Fixed Charge Coverage Ratio (each as defined in the Credit Agreement). Subsequent to December 31, 2025 and within period of time stipulated under the Credit Agreement, the Company entered into the Eighth Amendment to the Credit Agreement, which provided a written waiver for the First Lien Leverage Ratio and Fixed Charge Coverage Ratio financial covenants applicable to three months ended December 31, 2025. As a result of the waiver, the Company was in compliance with its financial covenants under the Credit Agreement for the period ended December 31, 2025. Management's fiscal 2026 annual operating plan forecasts noncompliance with its financial covenants pursuant to the Credit Agreement for the remainder of fiscal 2026. If the Company's results of operations in the twelve months following the date of this report do not improve relative to the results of the first three months of fiscal 2026 and to the forecast in the 2026 annual operating plan, the Company will be at risk of non-compliance with its financial covenants under its Credit Agreement. Further, the Company's Term Loan Facility, Delayed Draw Term Loan, Incremental Term Loans and any outstanding balance on the Revolving Credit Facility mature in the next 12 months. If at any time in the 12 months following the date of this report, the Company fails to comply with its financial covenants which remains unremedied for the period of time stipulated under the Credit Agreement, this would constitute an event of default under the Credit Agreement and the lenders may, among other remedies set out under the Credit Agreement, declare all or any portion of the outstanding principal amount of the borrowings plus accrued and unpaid interest to be immediately due and payable. Furthermore, if the lenders were to accelerate the loans under the Credit Agreement, such acceleration would constitute a default under our indentures governing the Company's Convertible Senior Notes and the Company's 15.00% Senior Secured Second Lien PIK Notes due 2027 which, if not cured within 30 days following notice of such default from such trustees or holders of 25 percent of the Notes and from the trustee or holders of 30 percent of the Second Lien Notes, would permit the trustee or such holders to accelerate the Notes and the Second Lien Notes. If the loans under the Credit Agreement, the Notes and the Second Lien Notes are accelerated, the Company does not believe its existing cash and cash equivalents, together with cash generated from operations, would be sufficient to fund its operations, satisfy its obligations, including cash outflows for planned targeted capital expenditures, and repay the entirety of its outstanding senior term loans, outstanding Notes, outstanding revolving credit facility balance and outstanding Second Lien Notes in the next twelve months. Additionally, access to the revolving credit facility would be restricted and such funds would not be available to pay for any operating activities. Inotiv said, "Our evaluation of the Company's ability to continue as a going concern in accordance with U.S. generally accepted accounting principles entailed analyzing prospective fully implemented operating budgets and forecasts for expectations of our cash needs and comparing those needs to the current cash and cash equivalent balances in order to satisfy our obligations, including cash outflows for planned targeted capital expenditures, and to comply with minimum liquidity and financial covenant requirements under our debt covenants related to borrowings pursuant to our Credit Agreement for at least the next twelve months. This evaluation initially does not take into consideration the potential mitigating effect of management's plans that have not been fully implemented and are outside of its control as of the date the condensed consolidated financial statements are issued." "When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of management's plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the condensed consolidated financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued." Management Plans "Management has developed our fiscal 2026 annual operating plan in which we plan to continue our efforts to optimize our capital allocation and expense base. Additionally, the Company's plan is to continue its efforts to improve its operating results with a sustained focus on client service and margin discipline, increasing our volume of DTS and safety assessment contract awards and increasing our RMS product and service revenue." "In connection with management's fiscal 2026 annual operating plan, the Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations, including cash outflows for planned targeted capital expenditures for at least the next 12 months, excluding the maturity of the Company's Term Loan Facility, Delayed Draw Term Loan and Incremental Term Loans in November 2026. However, management's fiscal 2026 annual operating plan forecasts noncompliance with its financial covenants pursuant to the Credit Agreement. "In the event that the Company fails to comply with the requirements of the financial covenants set forth in the Credit Agreement, the Company has approximately 55 days subsequent to any fiscal quarter, and approximately 100 days subsequent to fiscal year-end, to cure noncompliance (the "grace period"). The Company also continues to discuss its current business conditions with its lenders. "Additionally, the Company is exploring potential debt refinancing alternatives. There is no assurance that the Company's lenders will agree to any amendment or extension to the Credit Agreement, nor can there be any assurance that the Company would be able to raise additional capital, whether through selling additional equity or debt securities or obtaining a line of credit or other loan on terms acceptable to the Company or at all." The Company's liquidity needs and compliance with covenants depend, among other things, on its ability to source and sell NHPs, its ability to fill its expanded DSA capacity, its ability to generate cash from other operating activities and its ability to manage its forecasted capital expenditures. Although management believes that it will be able to implement its plan, there can be no assurances that its plan will prove successful. As a result, substantial doubt about the Company's ability to continue as a going concern exists. Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "During the first quarter of fiscal 2026, we continued to execute on our operational and financial priorities, with a sustained focus on client service and margin discipline. Revenue increased slightly compared to the first quarter of fiscal 2025, and demand trends, particularly within our DSA segment, remained encouraging and reflect the value clients place on our capabilities and partnership approach." "Client satisfaction and reliable, on-time delivery of high-quality products and services remain central to our strategy. In the first quarter, DSA revenue increased 12.0% compared with the prior-year period, and DSA net awards grew approximately 27% year-over-year. These results underscore the progress we are making toward building durable client relationships and a growing base of recurring business. We continue to advance our strategic initiatives and appreciate the continued support and trust of our employees, shareholders and partners." About Inotiv Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Indiana-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. As of September 30, 2025, the Company had $771.1 million in total assets, $635.1 million in total liabilities, and $136 in total equity attributable to common shareholders. ISUN INC: Liquidation Process Nears Final Stages ------------------------------------------------ Ad Hoc News reports that iSun is in the final stages of corporate dissolution. The company stopped its operational activities long before entering a formal liquidation last 2025 and now functions only to distribute remaining funds to creditors. The bankruptcy proceedings now govern almost all stakeholder decisions. Share trading has dropped to negligible levels, highlighting the completion of operational and commercial activities and the focus on asset monetization. Final steps toward closure include completion of the administrators' accounting, the formal termination of the corporate entity, and the delisting of the company's shares. Once these actions are completed, iSun will cease to exist both legally and on the exchange, according to report. iSun's decline illustrates the vulnerabilities faced by smaller solar service companies. High capital costs and fixed operational expenses, combined with volatile interest rates, contributed to its insolvency. Its primary units were sold to private equity investors in mid-2024, leaving the remaining corporate shell to be liquidated in court-supervised proceedings throughout 2025 and 2026, the report relays. About iSun Inc. iSun, Inc. (doing business as iSun) is a provider of solar energy services and infrastructure. Its services include solar, storage and electric vehicle infrastructure, design, development and professional services, engineering, procurement, installation, O&M and storage. iSun and 11 of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11144) on June 3, 2024. In the petition signed by Jeff Peck as president and chief executive officer, iSun disclosed as much as $50,000 in assets and liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Gellert Seitz Busenkell & Brown, LLC as general reorganization counsel; and England & Company as investment banker and advisor. EPIQ Corporate Restructuring, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Seward & Kissel, LLP, Benesch, Friedlander, Coplan & Aronoff, LLP and Dundon Advisers, LLC serve as the committee's bankruptcy counsel, Delaware counsel and financial advisor, respectively. JAGUAR HEALTH: Lincoln Alternative Exits Beneficial Ownership ------------------------------------------------------------- Lincoln Alternative Strategies LLC, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of January 12, 2026, it no longer beneficially owns shares of Jaguar Health, Inc.'s common stock, par value $0.0001 per share. Lincoln Alternative Strategies LLC may be reached through: Stephen Temes, Managing Member 404 Washington Ave., Suite 650 Miami Beach, FL 33139 Tel: 786-381-2877 A full-text copy of Lincoln Alternative Strategies LLC's SEC report is available at: https://tinyurl.com/3dfbzd97 About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of September 30, 2025, the Company had $49.5 million in total assets, $45.1 million in total liabilities, $4.4 million in total stockholders' equity. JEFFERIES FINANCE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Neg. ----------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Jefferies Finance LLC (JFIN) and its debt co-issuing subsidiary JFIN Co-Issuer Corporation (JFIN Co-Issuer) at 'BB+'. Fitch has also affirmed JFIN's and JFIN Co-Issuer's secured debt rating at 'BBB-' and unsecured debt rating at 'BB+'. The Rating Outlook is Negative. Key Rating Drivers Elevated Leverage Continues to Drive Negative Outlook: The maintenance of the Negative Outlook reflects the continuation of elevated net leverage, which has remained above Fitch's downgrade trigger of 1.5x. Gross leverage (excluding temporary borrowings for fronting purposes) was 3.1x at Aug. 31, 2025 (3Q25), in line with 3.1x at FYE24. Net leverage was lower at 1.9x when adjusted for cash and the collection of loans held for sale. An inability to reduce net leverage to 1.5x or below in the near term could result in a one-notch rating downgrade. JFIN's total leverage, including fronting lines, was 4.0x at 3Q25. Fitch views fronting facility draws as temporary in normal course. However, Fitch includes the borrowings in complementary leverage ratios. JFIN can get hung with an underwriting commitment during a market dislocation if it cannot syndicate the transaction. Strong Affiliations and Supportive Owners: The rating affirmation reflects the benefits of JFIN's relationship with Jefferies Financial Group Inc. (Jefferies; BBB+/Stable) including access to deal flow, as well as JFIN's experienced management team and the supportive ownership by Jefferies and Massachusetts Mutual Life Insurance Company (MassMutual; AA/Stable). The ratings also reflect continued focus on senior lending in the funded portfolio and maintenance of appropriate funding flexibility for the rating category and sufficient liquidity. Performance Highly Dependent on Market Conditions: Rating constraints include earnings sensitivity to market conditions and uncertainty around the long-term funding strategy. Fitch also considers potential liquidity and leverage impacts from draws on revolver commitments. Net leverage could fluctuate if the company uses cash or draws on credit facilities to front underwriting commitments. Rating constraints also include the cyclicality of underwriting conditions in the broadly syndicated loan (BSL) market. Fitch expects the market to remain competitive in 2026. Asset Quality Continues to Stabilize: Loans greater than 30 days past due amounted to 0.2% of JFIN's total loans at 3Q25, down from 1.2% at FYE 2024 and 15.4% at FYE 2022. Net charge offs were 1.1% of average loans receivable in the nine months ended 3Q25, annualized, compared with 0.9% in fiscal 2024. Fitch expects JFIN's long-term credit performance to benefit from its first lien focus and relatively low borrower concentrations aside from one large position that JFIN previously intended to syndicate and later restructured. Earnings Down on Lower Volume, Mix Shift: JFIN recorded $24.5 million of net income from continuing operations in the nine months ended 3Q25, down from $72.2 million in 9M24, driven by muted leveraged finance activity in 1H25. JFIN arranged $52.8 billion of volume across 145 transactions in 9M25, compared with $55.2 billion across 154 transactions in 9M24. JFIN's pretax ROAA was 0.5% for the nine months ended 3Q25, down from 1.6% in 9M24. Fitch believes JFIN's earnings will improve in fiscal 2026, supported by a potential increase in M&A activity, a greater mix of newly originated financings that carry stronger margins, and continued asset management business growth. Largely Secured Funding Profile: At Aug. 31, 2025, unsecured debt represented 18.5% of JFIN's total debt, or 23.7% if excluding borrowings under the fronting lines, down from 24.5% a year prior. While Fitch believes funding flexibility has weakened following the October 2024 refinancing of unsecured borrowings with secured notes, the agency views JFIN's funding mix as appropriate for its rating, as it remains within Fitch's 'bb' category benchmark range of 10%-35% for finance and leasing companies with a 'bbb' sector risk operating environment (SROE) score. Adequate Liquidity: JFIN's liquidity resources at 3Q25 included $134.0 million of unrestricted cash, $30.8 million of undrawn capital commitments from Jefferies and MassMutual, $386 million of availability under the priority revolving credit facility, $1.3 billion of availability under fronting facilities and $0.9 billion of availability under other warehouse facilities and additional CLO revolver capacity. JFIN's next long-term debt maturity is in August 2028. Fitch believes JFIN has sufficient liquidity to meet obligations, including funding draws on revolver commitments, if necessary. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained increase in net leverage above 1.5x; - Material weakening in liquidity; - Meaningful asset quality deterioration within the funded loan portfolio; - Sustained reduction in unsecured debt below 20% of total debt, excluding borrowings under the fronting lines; - Weakening of firm's reputation and market position or a change in the firm's relationships with Jefferies or MassMutual. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained reduction in net leverage below 1.5x in fiscal 2026 could result in a revision of the Rating Outlook to Stable. An Outlook revision to Stable would also depend on continued earnings improvement, sufficient liquidity and relatively stable asset quality metrics. - Positive rating momentum could also result from improved revenue diversity. This could be supported by further growth in third-party assets under management, which generates more stable management fees. Positive momentum could also reflect more consistent operating results and improved funding flexibility, with unsecured debt rising to at least 35% of total debt. - Positive rating momentum would also depend on strong asset quality performance in the funded loan portfolio. It would also depend on net leverage at 1.5x or below, and conservative management of fronting exposures. Fitch would view portfolio diversification and strong syndication performance through market cycles as evidence of this. Positive momentum would also depend on a sound liquidity profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The priority revolving credit facility and secured debt ratings are one notch above the Long-Term Issuer Default Rating (IDR), reflecting Fitch's expectation for good recovery prospects under a stress scenario, given available asset coverage and JFIN's funding mix. The rating on the priority revolving credit facility is in line with the rating assigned to the senior secured term loan and senior secured notes. While the priority revolver will be in a first-out position ahead of the term loan, Fitch's "Non-Bank Financial Institutions Rating Criteria" caps secured debt ratings at 'BBB-' when the IDR is 'BB+'. The unsecured debt rating is equalized with the IDR, reflecting Fitch's expectation for average recovery prospects under a stress scenario, given available asset coverage and JFIN's funding mix. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The priority revolving credit facility, secured debt and unsecured debt ratings are sensitive to changes in JFIN's Long-Term IDR and to the relative recovery prospects of the instruments. The debt ratings are expected to move in tandem with JFIN's Long-Term IDR, although the notching could change if there is a shift in the funding mix or reduction in unencumbered assets. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The Long-Term IDR and debt ratings of JFIN Co-Issuer are equalized with those of its parent JFIN. JFIN Co-Issuer is essentially a shell finance subsidiary with no material operations. JFIN Co-Issuer is a co-issuer on the existing secured corporate revolver and unsecured notes and will be a co-issuer on the new secured term loan and priority revolver. JFIN Co-Issuer's ratings are expected to move in tandem with JFIN's ratings. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). - The Asset Quality score has been assigned above the implied score due to the following adjustment reason(s): Historical and future metrics (positive). RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Jefferies Finance LLC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ senior secured LT BBB- Affirmed BBB- super senior LT BBB- Affirmed BBB- JFIN Co-Issuer Corporation LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ senior secured LT BBB- Affirmed BBB- super senior LT BBB- Affirmed BBB- KARYOPHARM THERAPEUTICS: Integrated Core, Affiliates Hold 5.5% Sta ------------------------------------------------------------------ Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 4, 2026, they beneficially own 1,008,662 shares of common stock -- with shared voting and dispositive power; held through entities subject to voting control and investment discretion by Millennium Management LLC and/or other investment managers controlled by Millennium Group Management LLC and Israel A. Englander -- of Karyopharm Therapeutics Inc.'s common stock, par value $0.0001 per share, representing 5.5% of the shares outstanding. Integrated Core Strategies (US) LLC may be reached through: Gil Raviv, Global General Counsel 399 Park Avenue New York, NY 10022 Tel: (212) 841-4100 A full-text copy of Integrated Core Strategies (US) LLC's SEC report is available at: https://tinyurl.com/yc77ts7n About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $96.23 million in total assets, $365.49 million in total liabilities, and $269.26 million in total equity. LAS VEGAS COLOR: Taps Maynards/North East Printing as Auctioneers ----------------------------------------------------------------- Las Vegas Color Graphics Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Maynards Industries USA, LLC, and North East Printing Machinery, Inc. as auctioneers for the bankruptcy estates. The auctioneers have agreed to assist the Debtors with the inspection and liquidation of certain equipment which consists primarily of specialized printing and related industrial equipment. The auctioneer will receive a buyer's premium of 20 percent as compensation, which shall be added to each buyer's invoice upon completion of a Sale and paid solely by the buyer. The auctioneer will receive reimbursement of expenses for its reasonable, actual, and necessary out-of-pocket expenses, provided that such expense reimbursement shall be limited to documented expenses actually incurred and shall not exceed $45,000 for LVCG and $37,500 for ColorArt. As disclosed in the court filings, Maynards Industries USA, LLC, and North East Printing Machinery, Inc. are "disinterested persons" within the meaning of 11 U.S.C. 101(14). The auctioneers can be reached through: Taso Sofikitis Maynards Industries USA, LLC 17177 N. Laurel Park Dr., Suite 236 Livonia, MI 48152 Phone: (248) 569-9781 - and - Joseph L. Koravos North East Printing Machinery, Inc 133 Havilah St. Lowell, MA 01852 Phone: (603) 860-7350 About Las Vegas Color Graphics Inc. Las Vegas Color Graphics Inc. offers a full suite of graphic communication solutions, including offset and digital printing, finishing, mailing, signage, and large-format display services. Las Vegas Color Graphics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-16697) on November 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Teresa M. Pilatowicz, Esq. of GARMAN TURNER GORDON. LEROYS MEATS: Seeks to Sell Vehicles at Best Price -------------------------------------------------- Leroys Meats, LLC and its affiliate, Smoke Ring, LLC, seek permission from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell two unused motor vehicles and a commercial smoker oven for the highest and best price obtainable, free and clear of liens, claims, and interests. The lienholder of the Property is First Merchants Bank. The Debtors own two food trucks and a barbecue smoker that are not being used to generate revenue. The Property constitutes non-core, surplus assets that the Debtors no longer require for an effective reorganization. Continued retention of the Property would impose ongoing costs on the estates, including insurance, storage, maintenance, and depreciation, without a commensurate benefit. The Debtors have determined, in the exercise of their reasonable business judgment, that marketing and selling the Property for the highest and best price obtainable is in the best interests of the estates and creditors. The Debtors request authority to sell the Property in one or more private sales, with customary and commercially reasonable marketing efforts, on an "as-is, where-is" basis, without representations or warranties, and to buyer(s) with whom the Debtors and the Debtors' principal, Mr. James R. Anderson, have no prior relationship. Buyer(s) shall be responsible for all applicable taxes, title, registration, transfer, and similar fees and charges. The Debtors further request that the Order provide that, upon FMB's receipt of the applicable sale proceeds for the Property, FMB shall promptly deliver the necessary lien releases and/or other documentation required to transfer good title to the buyer(s), including release of any notation of lien on the certificate of title. About Leroys Meats Leroys Meats, LLC, doing business as Ray Ray's Hog Pit, operates a family of stationary barbecue food trucks, trailers, and drive-thru restaurants across four locations in central Ohio, including Columbus, Westerville, Granville, and Franklinton. Founded in 2009 by chef James Anderson, the Company specializes in hardwood-smoked barbecue, offering pork, beef, and chicken prepared using traditional low-and-slow methods, along with catering and bulk pre-order services for events and holidays. Leroys Meats filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. (25-55609) on December 19, 2025, listing $428,029 in total assets and $1,175,612 in total liabilities. James Ray Anderson, owner, signed the petition. Judge Tiffany Strelow Cobb oversees the case. Sean Stone, Esq., at Tax Workout Group, PA represents the Debtor as counsel. LM FINLEY: Gets Interim OK to Use Cash Collateral ------------------------------------------------- LM Finley Investors, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court entered an interim order authorizing the Debtor to use cash collateral for the payments set forth in its budget for February and March, with a variance of up to 10% per month for contingencies. This authorization remains effective through April 8. The Debtor's budget projects total operational expenses of $41,100 for February and March. As adequate protection, Old National Bank will be granted valid, perfected, and enforceable post-petition security interests in the Debtor's assets, including proceeds and products, with the same priority and extent as its pre-bankruptcy liens. This protection applies only to the extent of any diminution in value of the bank's collateral during the interim period and is granted without prejudice to any party's right to contest the liens. As additional protection, the Debtor is required to keep the collateral insured. A further hearing is scheduled for April 3, at 9:30 a.m. The interim order is available at https://is.gd/AL5Iyo from PacerMonitor.com. Old National Bank holds a first mortgage on the Debtor's 4.36-acre property, which includes a 62,682-square-foot office, laboratory, and warehouse facility. The parties dispute the property's value and whether Old National Bank is oversecured or undersecured. The Debtor filed its Chapter 11 petition after losing its two largest tenants in 2025, causing financial strain. Old National Bank had initiated a mortgage foreclosure action against the property in Illinois state court, which prompted the bankruptcy filing. About LM Finley Investors LLC LM Finley Investors LLC is a single asset real estate company in Lombard, Ill. LM Finley Investors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18581) on December 3, 2025, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Keevan D. Morgan, Esq., at Morgan & Bley, Ltd. LUDAN HOLDINGS: Hires Miami Brokers LLC as Real Estate Broker ------------------------------------------------------------- Ludan Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Miami Brokers LLC as its broker. The broker will market and sell the Debtor's property located at 253 North East 2nd Street, Unit 4904, Florida 33132. The realtor shall be paid a commission of 3 percent of the total purchase price of the property. As disclosed in the court filings, the realtor does not have an interest materially adverse to the estate, and is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Michelle Small Miami Brokers LLC 1395 Brickell Ave, Suite 800 Miami, FL 33131 Telephone: (786) 362-9190 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. LUDAN HOLDINGS: Seeks to Hire DASA Law as Bankruptcy Counsel ------------------------------------------------------------ Ludan Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire DASA Law as counsel. The firm will render these services: a) advise the Debtor with respect to its powers and duties as a Debtor in possession and the continued management of its business operations; b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d) protect the interest of the Debtor in all matters pending before the court; and e) represent the Debtor in negotiation with its creditors in the preparation of a plan. DASA Law received a retainer in the amount of $10,000. DASA Law's Jesus Santiago, Esq. and Elee Dammous, Esq. are disinterested parties as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached through: 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 Email: eService@Dasa.Law 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. LUMEN TECHNOLOGIES: Fitch Hikes LongTerm IDR to 'B', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) to 'B' from 'CCC+' for Level 3 Parent, LLC, Level 3 Financing, Inc., Lumen Technologies, Inc., and Qwest Corporation and assigned a Stable Rating Outlook following the company's $5.75 billion asset sale to AT&T completed on Feb. 2, 2026. Fitch has also resolved the Rating Watch Positive. Key Rating Drivers AT&T Transaction Offers Material Delevering: Fitch views Lumen's sale of its Mass Markets fiber-to-the-home (FTTH) segment to AT&T for approximately $5.75 billion, which recently closed, as a material milestone in both delevering the company's balance sheet and realigning the business to focus on enterprise opportunities. Lumen has utilized the cash proceeds from the sale to repay all super-priority debt, reducing total leverage by nearly 1.5x from mid-5x to high 3x. Very Favorable Maturity Schedule: The combination of opportunistic Level 3 refinancing, coupled with the LUMN super-priority paydowns as the result of the AT&T deal closing, provides the company with healthy breathing room regarding its maturity obligations. The company will not face another significant maturity until 2029. PCF Deals Help Liquidity: Recent private connectivity fabric (PCF) contract wins totaled approximately $13 billion. The corresponding initial cash payments are currently being received and will continue to be received over the next couple of years. These contract wins have significantly bolstered Lumen's near-term liquidity. They also indicate the asset value inherent in parts of its network. The contracts include the provision of dark fiber and other services to Microsoft Corporation. They also cover other hyperscaler, social media, and technology companies. The contracts are long term, with some lasting up to 20 years. Expected Decline in Capex: Fitch expects the sale of the Mass Markets FTTH business to AT&T to reduce overall annual capex by approximately $1 billion, or nearly one-fourth of overall capex, while the revenue and EBITDA impact is much smaller by Fitch's estimate at roughly 3%-6%. After the heavy capex spend in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity in the later years of the rating period. Telecoms Faces Challenges: Lumen faces similar industry-wide challenges as other wireline operators, as customers migrate to newer products and services from legacy offerings. The company seeks to address these challenges more aggressively through increased investment in its enterprise business as well as the recently completed sale of its consumer fiber assets to AT&T. Execution risk exists regarding this strategy, but Fitch believes the investments could eventually support revenue growth over time. Peer Analysis Lumen has a solid competitive position based on the scale and size of its wireline operations in the enterprise/business services market. Its business segment, which comprised nearly 80% of its 2025 revenue, is smaller than both AT&T Inc. (BBB+/Rating Watch Negative) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF, and have wireless offerings providing more service diversification compared with Lumen. Lumen has not displayed an ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen has a larger enterprise business that differentiates it from other wireline operators, such as Uniti Group LLC (B-/Stable) and Cincinnati Bell, Inc. (B/Stable). Fitch's Key Rating-Case Assumptions - Revenue declines in the low single digits in 2026, pro forma for the AT&T sale. Business segment revenue is expected to inflect and begin growing in 2028, while total Lumen revenue is not expected to inflect and return to growth until 2029; - EBITDA margins up in 2026 due to benefits from PCF deals coupled with ongoing cost savings expected to continue to improve in subsequent years to reach the high 20% range, given it will no longer be supporting its consumer FTTH business coupled with enterprise margin expansion from recognition of PCF deals; - Capex to decline in 2026 due to selling its consumer FTTH business to AT&T; - Material spike in FCF in 2026 driven by lower capex, positive cash tax refunds, and favorable PCF cash flow. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (b+, Higher). - 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 its analysis and result in an adjustment of -1 notch. - 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 undertakes a tailored analysis of recovery upon default for each issuance for entities rated 'B+' and below, where default is closer, and recovery prospects are more meaningful to investors. The resulting debt instrument rating includes a Recovery Rating (scale from RR1 to RR6) and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the going concern (GC) approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. The key assumptions in each recovery analysis are as follows: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2026 projection, reflecting revenue pressures and EBITDA margins trending toward the low-20% range, indicating potential competitive and pricing challenges in bankruptcy. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in TMT. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, below the 2026 projection. This factors the recent completion of the AT&T transaction and subsequent immediate full repayment of all outstanding super-priority debt. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Fitch estimates that all Lumen debt (incl both outstanding super-priority revolver commitments and unsecured notes), Qwest senior unsecured notes, and Qwest Capital Funding unsecured notes would recover at an 'RR1' level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Lumen's operating results, including deteriorating margins and consistent mid-single-digit or greater revenue erosion; - Increased liquidity pressure or difficulties refinancing parts of the capital structure; - EBITDA leverage increasing above 5.5x on a sustained basis; - EBITDA interest coverage falling below 3.0x on a sustained basis; - Negative (CFO less capex)/debt on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating fundamentals improve, including sustained revenue and EBITDA growth or positive FCF; - Capital structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 4Q25, Lumen had $1.0 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also had approximately $722 million available under its $954 million super-priority senior secured revolvers. Lumen has approximately $12.9 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Some revolving facility debt also benefits from Level 3 subsidiary guarantees, although these will decrease as assets shift. Lumen also has a $1.2 billion secured intercompany loan and a $1.825 billion unsecured intercompany revolver. Super-priority secured debt covenants limit net leverage to 5.25x and require at least 2.0x interest coverage. Issuer Profile Lumen is one of the largest U.S. wireline providers. Much of its business is focused on the enterprise market, although it also serves residential customers. It is publicly traded on the NYSE under the ticker LUMN. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Level 3 Parent, LLC LT IDR B Upgrade CCC+ Level 3 Financing, Inc. LT IDR B Upgrade CCC+ senior secured LT BB Upgrade RR1 B+ senior unsecured LT B- Upgrade RR5 CCC Qwest Capital Funding, Inc. senior unsecured LT BB Upgrade RR1 B+ Lumen Technologies, Inc. LT IDR B Upgrade CCC+ super senior LT BB Upgrade RR1 B+ senior unsecured LT BB Upgrade RR1 CCC- Qwest Corporation LT IDR B Upgrade CCC+ senior unsecured LT BB Upgrade RR1 B+ LUTHERAN LIFE: Could Exit Ch.11 Soon After Reaching Settlement Deal ------------------------------------------------------------------- Charlie Schlenker of npr illinois reports that Lutheran Life Communities, the nonprofit parent of Luther Oaks in Bloomington, has negotiated a settlement aimed at finalizing its bankruptcy restructuring. The Arlington Heights organization filed for Chapter 11 protection last 2025 and continues operating its senior living communities during the process. The nonprofit owns three continuing care retirement communities in Illinois and Indiana, Luther Oaks, Wittenberg Village, and Pleasant View, in addition to a skilled nursing facility. About 825 seniors were living in its communities when the bankruptcy case began. Prior filings valued the organization's total assets at roughly $218 million, including approximately $31 million for the Bloomington campus, the report states. According to the proposed settlement, total estimated claims exceed $222.5 million, though that figure may fluctuate. Resident entrance fee refunds totaling just over $8 million are classified as unimpaired, ensuring full repayment upon departure or to heirs. The plan also preserves existing employee and retiree benefit programs and designates another $2.5 million in claims as unimpaired. Most remaining claims, about $210 million, will receive partial recoveries, dependent on terms negotiated to replace $178 million in outstanding 2019 bond debt with a new bond issuance. Insurance policy provisions, Medicare reimbursement rules, and settlement fund allocations will also influence distributions. A court hearing on the agreement is set for February 25, 2026 in Chicago, according to report About Lutheran Life Communities Lutheran Life Communities operates three continuing care communities in Illinois and one in Indiana. Lutheran Life Communities and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 25-01705) on February 4, 2025. In its petition, it listed assets and liabilities between $100 million and $500 million. The Debtors' Bankruptcy & Restructuring Counsel are Stephen D. Lerner, Esq., at SQUIRE PATTON BOGGS (US) LLP, in Cincinnati, Ohio; Jeffrey R. Rothleder, Esq., at SQUIRE PATTON BOGGS (US) LLP, in Washington, D.C., and Maura P. McIntyre, Esq., at SQUIRE PATTON BOGGS (US) LLP, in Cleveland, Ohio. The Debtors' Illinois Bankruptcy Counsel are David A. Agay, Esq., Marc Carmel, Esq., Nicholas M. Miller, Esq., Maria G. Carr, Esq., and Ashley Jericho, Esq., at MCDONALD HOPKINS LLC, in Chicago, Illinois. The Debtors' Financial Advisor is ONEPOINT PARTNERS, LLC. The Debtors' Claims, Noticing, Solicitation, Balloting, and Tabulation Agent is STRETTO. MACC ENTERPRISES: Matthew Schaeffer Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Matthew Schaeffer at Bailey Cavalieri LLC as Subchapter V trustee for MACC Enterprises, LLC. Mr. Schaeffer will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schaeffer declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Schaeffer Bailey Cavalieri LLC 10 West Broad Street, Suite 2100 Columbus, Ohio 43215 (614)229-3289 Email: mschaeffer@baileycav.com About MACC Enterprises LLC MACC Enterprises, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio case No. 26-50569) on February 09, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Tiffany Strelow Cobb presides over the case. Tami Hart Kirby, Esq. represents the Debtor as legal counsel. MAD DUMPLINGS: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On February 11, 2026, Mad Dumplings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Mad Dumplings LLC Mad Dumplings LLC operates a foodservice business specializing in dumplings and Asian cuisine. Mad Dumplings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10421) on February 11, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by Kevin Tang, Esq. of Tang & Associates. MAINE DENTISTRY: Hires Porthouse & Associates as Tax Professional ----------------------------------------------------------------- Maine Dentistry Portland seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Porthouse & Associates LLC as tax professionals. The firm's services include: a. preparation and filing of federal and state tax returns; b. ongoing tax compliance during the Chapter 11 case; c. preparation of required tax forms and reports; d. assistance with tax-related inquiries from governmental authorities; and e. tax-related support necessary in connection with the Debtor's reorganization. The professional will be compensated on a flat-fee basis of $3,500, plus reimbursement of reasonable and necessary expenses, if any. Porthouse is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as required by Sec. 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Dawn Porthouse, MBA, MPA, EA Porthouse & Associates LLC Telephone: (346) 683-2400 Email: info@porthouseadvisors.com About Maine Dentistry Portland LLC Maine Dentistry Portland LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 25-20299) on December 17, 2025, listing up to $50,000 in both assets and liabilities. Judge Peter G. Cary presides over the case. The Debtor tapped Laura S. Hopkins, Esq., at Law Office Of Laura Hopkins as counsel and Arran D. Stevens at ADS Accounting, LLC as accountant and bookkeeper. MAINE DENTISTRY: Seeks to Hire Archipelago Law as Special Counsel ----------------------------------------------------------------- Maine Dentistry Portland seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Archipelago Law as special counsel. The firm's services include: (a) continuing to prosecute and conclude the Debtor's affirmative litigation against Rudolph & Associates; and (b) continuing to pursue the appeal of the judgment obtained by Rudolph & Associates against the Debtor in a related lease dispute. The firm will charge these rates: Keith Richard, Esq. $375 per hour Grayson Szczepaniak, Esq. $290 per hour The firm will seek reimbursement for reasonable and necessary expenses. As disclosed in the court filings, Archipelago Law does not hold or represent any interest adverse to the Debtor. The firm can be reached through: Keith Richard, Esq. Archipelago Law One Dana Street, 4th floor Portland, ME 04101 Email: (207) 558-0102 About Maine Dentistry Portland LLC Maine Dentistry Portland LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 25-20299) on December 17, 2025, listing up to $50,000 in both assets and liabilities. Judge Peter G. Cary presides over the case. The Debtor tapped Laura S. Hopkins, Esq., at Law Office Of Laura Hopkins as counsel and Arran D. Stevens at ADS Accounting, LLC as accountant and bookkeeper. MANCHESTER, GA: S&P Affirms 'BB+' Rating on Revenue Bonds --------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' underlying rating on the City of Manchester, Ga.'s water and sewer revenue bonds outstanding. The outlook is negative. S&P said, "We view governance risks as elevated considering the lack of formalized financial and operational policies and practices. We view social risks as elevated and we believe that affordability challenges, including low incomes and a county poverty rate around 16% in 2024, have contributed to management's sensitivity to rate raising. We view environmental risk as credit neutral because management has decreased Manchester's water loss in recent years and has attempted to mitigate potential vulnerabilities with its emergency response plan, which was last updated in December 2021. This addresses how the utility will respond during various events, including drought and power outages. "The negative outlook reflects our view of the uncertainty surrounding the city's financial profile, especially liquidity that, despite a significant rate increase in 2024, was down overall in fiscal 2025 compared with fiscal 2024. Management has indicated that it would like to build liquidity to three months of working capital, and failure to achieve this goal could result in a lower rating over the next year or so. "We could lower the rating should Manchester's rate increases be insufficient, leading to DSC returning to levels below the covenant rate of 1.1x. As noted, should the city's utility's unrestricted liquidity decline below even the fiscal 2025 level of $335, we could consider a lower rating. "We could revise the outlook to stable should the city maintain the recently established trend of sufficient DSC, without any reliance on transfers in. Also, Manchester would have to achieve and maintain a trend of strengthening its liquidity position. Although achieving the goal of reaching and maintaining three months of working capital is not necessary for us to consider revising the outlook to stable, given the effects of the rate increases on DSC, we would want to see some positive movement in the trend of liquidity levels first." MARE ISLAND: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Mare Island Dry Dock, LLC 1180 Nimitz Avenue Vallejo, CA 94592 Business Description: Mare Island Dry Dock, LLC provided ship repair, maintenance, and dry docking services for commercial and government vessels from its facility in Vallejo, California, operating within the marine repair and shipyard industry. The company's operations included vessel overhauls, structural and mechanical repairs, and related maritime services conducted at a shipyard equipped with large dry dock facilities capable of accommodating oceangoing vessels. Chapter 11 Petition Date: February 14, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-20777 Judge: Hon. Christopher D Jaime Debtor's Counsel: Reno Fernandez, Esq. BINDER MALTER HARRIS ROME-BANKS LLP 490 Chadbourne Road, Suite A137 Fairfield CA 94534 Tel: (408) 295-1700 E-mail: reno@bindermalter.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Harry Nicholsen as chief financial officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ND3HUDQ/Mare_Island_Dry_Dock_LLC__caebke-26-20777__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Lind Marine, LLC Dredging $752,337 Attn: Allister Aaron, CFO Services 1175 Nimitz Avenue Suite 120 Petaluma, CA 94952 Darren Roth Phone: (707) 762-7145 Email: ar@lindmarine.com 2. M.D. Marine Electric, LTD Marine $417,568 672 East 11th Street Electrical Tacoma, WA 98421 Services Natasha Moeun Phone: (253) 383-9983 Email: nmoeun@mdmarineelectric.com 3. Oceanwide Repair, LLC Subcontractor $361,723 PO Box 9100 Long Beach, CA 90810 Kyle Wilkinson Phone: (562) 983-3800 Email: kyle@oceanwiderepair.com 4. Pacific Maritime Group, Inc. Marine Services $326,743 P.O. Box 13828 San Diego, CA 92170 Jazmine Sanchez Phone: (619) 533-7932 Email: jazmine@pacificmaritimegroup.com 5. APEX Coating LLC Water & Sand $278,765 303 4th Street Blasting Oakland, CA 94607 In Ho Song Phone: (347) 325-0003 Email: inho@apex.com 6. Offshore Inland Marine Subcontractor $254,162 & Oilfield Services, Inc. 640 South Barracks Street Pensacola, FL 32502 James Dean Phone: (850) 912-6966 Email: jdean@offshoreinland.com 7. Marine Systems Inc. Engine Parts & $210,049 PO Box 301284 Repair Dallas, TX 75303 David Peterson Phone: (949) 439-0400 Email: david.peterson@kirbycorp.com 8. Marine & Industrial Marine $203,124 Services, Inc. Plumbing PO Box 2236 Antioch, CA 94509 Sharon Hannaford Phone: (925) 757-8791 Email: accounts@misi.global 9. Bayview Industrial Services, Inc. Demolition $178,099 6925 San Leandro Street Environmental Oakland, CA 94621 & Industrial Lance Cleveland Services Phone: (510) 544-5213 Email: lcleveland@bayviewservices.com 10. The Nimitz Group, LLC Dry Dock Lease $175,034 1195 Walnut Avenue Vallejo, CA 94592 Lisa Swarthout Phone: (707) 562-4009 Email: lisa.swarthout@mareislandco.com 11. BayDelta Maritime, Inc. Bar Pilots $153,183 PO Box 2088 San Francisco, CA 94126 Joan Saelee Phone: (415) 693-5816 Email: joan.saelee@baydeltamaritime.com 12. Island Energy Company Energy $149,708 995 Walnut Avenue Vallejo, CA 94592 Vanessa Xie Phone: (707) 562-5000 Email: vxie@pittsburgca.gov 13. CBIZ, Inc. Business $148,648 PO Box 9500-2288 Services Philadelphia, PA 19195 Lawrence Meril Phone: (201) 905-0430 Email: lawrence.meril@cbiz.com 14. Kaiser Permanente Health $129,699 PO Box 741562 Insurance Los Angeles, CA 90074 Phone: (888) 251-7052 15. Martinez Sheet Metal, Inc. HVAC $107,061 4040 Pacheco Boulevard Martinez, CA 94553 Jessica Ridley Phone: (925) 228-3380 Email: jridley@martinezsheetmetal.com 16. Maximum Performance Hydraulic $65,626 Hydraulics Repair 4220 22nd Avenue West Seattle, WA 98199 Matt Hanchett Phone: (206) 352-6869 Email: matt@mphyd.com 17. EMS Ice, Inc. Cryogenic $65,480 PO Box 1671 Cleaning Chesapeake, VA 23327 Julie Carter Phone: (757) 494-9903 Email: jcarter@emsice.com 18. Performance Abatement Environmental $64,236 Services, Inc. Services PO Box 872346 Kansas City, MO 64187 Alana Susbilla Phone: (510) 236-0833 Email: alana.susbilla@pcg.com 19. ZF Marine Propulsion Marine $57,790 Systems Miramar, LLC Propulsion 12125 Harbour Reach Drive Systems Suite B Mukilteo, WA 98275 Scott Mcauley Phone: (425) 583-1926 Email: scott.mccauley@zf.com 20. Foth Infrastructure & Environmental $54,985 Environment, LLC Consultants 2121 Innovation Court De Pere, WI 54115 Wendy P. Rocha Phone: (415) 763-4274 Email: environmentsolutions@foth.com MARTINS FOOD: Gets Extension to Use Cash Collateral --------------------------------------------------- Martins Food Technology, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral under the same terms as the prior orders and set a further hearing for March 25. The Debtor was previously allowed to access cash collateral under the court's February 9 second interim order. The second interim order granted Farm Credit Leasing Corporation and other secured creditors a replacement lien on the Debtor's pre-petition collateral, including cash collateral, with the same validity, priority, and extent as their pre-petition liens. About Martins Food Technology LLC Martins Food Technology, LLC, doing business as Naples Fresh, is a family-owned agricultural company based in Naples, Florida, specializing in greenhouse-grown hydroponic lettuce and herbs. It operates fully controlled, bio-secure facilities that use advanced technology to produce fresh, flavorful, and non-GMO greens year-round. Martins Food Technology emphasizes sustainable farming practices and innovation to deliver local produce while minimizing environmental impact. Martins Food Technology filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02199) on November 5, 2025, with $898,467 in assets and $3,113,463 in liabilities. Saint Clair Martins, managing member, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. MAWSON INFRASTRUCTURE: Endeavor Holds 45.4% Stake as of Feb. 9 -------------------------------------------------------------- Endeavor Blockchain, LLC and affiliates -- Joshua Kilgore, Cody Smith, and PM Squared, LLC -- disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of February 9, 2026, they beneficially own 1,587,397 shares of common stock in aggregate of Mawson Infrastructure Group Inc.'s common stock. Breakdown of individual beneficial ownership as reported: * Endeavor Blockchain, LLC holds 1,500,000 (45.4%) * Joshua Kilgore holds 8,000 shares (0.2%) * Cody Smith holds 75,000 shares (2.3%) * PM Squared, LLC holds 4,397 shares (0.1%) Endeavor Blockchain, LLC may be reached through: Joshua Kilgore, Managing Member 5701 Euper Lane, Ste A Fort Smith, AR 72903 Tel: 479-420-8957 A full-text copy of the Reporting Persons' SEC report is available at: https://tinyurl.com/3mstjea8 About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. MAX NY: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------- Daniel Kline of The Street reports that on February 10, 2026, Max NY Union Square LLC filed for Chapter 11 relief in the Southern District of New York, according to a filing tracked by RK Consulting and shared on X. The company is a New York-based restaurant and confectionery retailer. The debtor operates the Max Brenner flagship in Union Square, offering guests both dining service and specialty chocolate products. The entity came under European ownership in 2025 following an asset purchase and has recently faced federal litigation involving its landlord, 841-853 Fee Owner LLC, according to report. The Chapter 11 filing does not impact daily operations, as the flagship location remains open. The 841 Broadway site has hosted a Max Brenner concept since 2006, with the current debtor assuming control in mid-2025. The business employs an estimated 40 to 60 individuals, the report states. About Max NY Union Square LLC Max NY Union Square LLC is the operator of the Max Brenner flagship restaurant in Union Square that offers guests both dining service and specialty chocolate products. Max NY Union Square LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10275) on February 10, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Mitchell Segal, Esq. of Law Office Of Mitchell S. Segal P.C. MBK HOLDINGS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Indiana entered a final order authorizing MBK Holdings, Inc. to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with the approved budget, subject to reporting requirements and spending controls, with up to a 15% variance. The Debtor is authorized to maintain minimum cash collateral of $75,000; deposit all receipts into a debtor-in-possession account; and provide weekly financial reporting to Old National Bank, a senior secured creditor. Old National Bank asserts a first-priority perfected security interest in substantially all of the Debtor's assets, including cash collateral, securing debt of $832,386.90. As adequate protection, Old National Bank will receive payment of $20,925.62 and replacement liens, with the same validity and priority as its pre-bankruptcy liens, as well as a superpriority administrative expense claim under §507(b) to the extent of any diminution in value. A limited carve-out for court-approved professional fees was approved, subject to budget caps and ONB's rights to object. Events of default under the final order include failure to comply with reporting requirements, nonpayment of taxes or insurance, cessation of operations, or failure to timely file and confirm a Chapter 11 plan. The final order is available at https://shorturl.at/k4pNW from PacerMonitor.com. MBK Holdings said it cannot pay essential post-petition expenses such as taxes and insurance without access to cash collateral The Debtor's bank accounts have been frozen because of litigation with Harold and Carole Bailey, leaving it unable to access about $163,030 in cash and $20,000 in inventory that qualify as cash collateral under the Bankruptcy Code. Old National Bank, as secured creditor, is represented by: Meredith R. Theisen, Esq. Rubin & Levin, P.C. 135 N. Pennsylvania St., Suite 1400 Indianapolis, IN 46204 Tel: (317) 860-2877 Fax: (317) 263-9410 mtheisen@rubin-levin.net About MBK Holdings Inc. MBK Holdings, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-31964) on December 15, 2025, with $500,001 to $1 million in assets and liabilities. Daniel Freeland serves as Subchapter V trustee. Judge Paul E. Singleton presides over the case. John R. Humphrey, Esq. represents the Debtor as legal counsel. MERCY HOSPITAL: Judge Rejects Bid to Toss Mercy Iowa City Complaint ------------------------------------------------------------------- Vanessa Miller of The Gazette reports that the Mercy Iowa City bankruptcy battle entered its third year as a judge denied MercyOne's motion to dismiss the hospital's detailed complaint. Chief Bankruptcy Judge Thad Collins ruled February 10, 2026, that excessive length alone is not a valid basis for dismissal, cautioning that judges should not act as editors policing word count. The adversary proceeding follows Mercy Iowa City's Chapter 11 filing in August 2023 and the subsequent $37.4 million sale of its campus to University of Iowa Health Care. Even after that transaction, the hospital's liquidation trust is seeking $55 million from MercyOne to repay creditors, including bondholders, unsecured claimants, and pension beneficiaries, according to report. MercyOne had criticized the 106-page complaint as overly expansive, covering 14 claims against multiple parties. Collins found the case to be complex business litigation involving years of hospital management and financial transactions, warranting detailed allegations. While reiterating his preference for settlement, he denied all dismissal arguments and directed the case forward, the report states. About Mercy Hospital, Iowa City Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit corporation that operates an acute care community hospital and clinics in Iowa City, Iowa, and surrounding communities. Mercy Hospital and affiliates, Mercy Iowa City ACO, LLC and Mercy Services Iowa City, Inc., filed Chapter 11 petitions (Bankr. N.D. Iowa Lead Case No. 23-00623) on Aug. 7, 2023. In the petition signed by its chief restructuring officer Mark E. Toney, Mercy Hospital disclosed $100 million to $500 million in both assets and liabilities. Judge Thad J. Collins oversees the cases. The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery LLP as bankruptcy counsels; H2C Securities Inc. as investment banker; and Epiq Corporate Restructuring, LLC as notice and claims agent. Toneykorf Partners, LLC provides interim management services to the Debtors. Mary Jensen, Acting U.S. Trustee for Region 12, appointed an official committee of unsecured creditors on Aug. 15, 2023. The committee tapped Sills Cummis & Gross P.C. and Cutler Law Firm, P.C. as legal counsels; and FTI Consulting, Inc. as financial advisor. Susan N. Goodman was the patient care ombudsman appointed in the Debtors' cases. The Debtors' bankruptcy-exit plan was confirmed on June 7, 2024. Under the Plan, Dan R. Childers was appointed as Trustee of the Mercy Hospital Liquidation Trust. MILLER'S LANDING: Unsecureds Will Get 6% of Claims over 60 Months ----------------------------------------------------------------- Miller's Landing at the Lake, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated February 9, 2026. The Debtor owns and operates the wedding venue comprised of the bridal suite and ceremony area located at 179 CA-173, Lake Arrowhead, CA 92352, the groom suite, barn, and cocktail area located at 185 CA-173, Lake Arrowhead CA 92352, and the parking lot located at 199 CA-173, Lake Arrowhead CA 92352 (collectively, the "Real Property"). The Real Property has a combined estimated market value of $1,290,000, based on an appraisal conducted by creditor BayFirst Financial on or about December 23, 2025. The Debtor's insider is Terri Miller, who is the 100% equity security holder of the Debtor. The final Plan payment is expected to be paid on May 2031 (estimated). The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. The projections were developed using the company's historical operating performance as the primary baseline, with adjustments made based on the Debtor's performance during this case. Class 3 consists of non-priority unsecured creditors. The total amount of the allowed general unsecured claims is $745,475.20 and includes the undersecured portion of BayFirst's caim and the fully undersecured claims of merchant cash advance creditors Global Funding Experts/United First, LLC, Idea 247, Inc., Rapid Finance, and Spartan Capital. Class 3 is impaired. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims will be receiving an estimated 6% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $745.44 due on the effective date, followed by 59 consecutive payments, each in the amount of $745.44 to be paid pro-rata to each holder of allowed general unsecured claim. The Debtor intends to fund its plan from the continued operation of its business. A full-text copy of the Plan of Reorganization dated February 9, 2026 is available at https://urlcurt.com/u?l=P5N8hA from PacerMonitor.com at no charge. About Miller's Landing at the Lake Inc. Miller's Landing at the Lake, Inc., operates a wedding and event venue in Lake Arrowhead, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-18091-RB) on Nov. 9, 2025. In the petition signed by Terri R. Miller, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, is the Debtor's legal counsel. MNH ENTERPRISE: Case Summary & 14 Unsecured Creditors ----------------------------------------------------- Debtor: MNH Enterprise, Inc. d/b/a Yes Appliance & TV 1007 W. Grove Ave., Unit D Orange, CA 92865 Business Description: MNH Enterprise, Inc., doing business as Yes Appliance & TV, operates an appliance retail outlet in Orange, California, primarily selling Samsung appliances and offering other major appliance brands as part of its inventory, including refrigerators, washers, dryers, and cooking ranges. Chapter 11 Petition Date: February 10, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10408 Debtor's Counsel: Andrew S. Cho, Esq. LAW OFFICES OF ANDREW S. CHO 505 N. Euclid Street, Suite 560 Anaheim, CA 92801 Tel: 714-881-0009 Fax: 714-882-6915 Email: andrew@ascholaw.com Total Assets: $132,952 Total Liabilities: $2,893,343 The petition was signed by Sang Hoon Lee as president. 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/N2OPOTY/MNH_Enterprise_Inc__cacbke-26-10408__0001.0.pdf?mcid=tGE4TAMA MNH ENTERPRISE: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------- On February 10, 2026, MNH Enterprise, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About MNH Enterprise, Inc. MNH Enterprise, Inc., doing business as Yes Appliance, is a wholesale and distribution company headquartered in Buena Park, California. MNH Enterprise, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10408) on February 10, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities ranging from $1 million to $10 million. The Debtor is represented by Andrew S. Cho, Esq., of Andrew S Cho, A Law Corp. MNH ENTERPRISE: Robert Goe Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for MNH Enterprise, Inc. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 bktrustee@goeforlaw.com About MNH Enterprise Inc. MNH Enterprise, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10408) on February 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Andrew S. Cho, Esq., represents the Debtor as legal counsel. MORE OPPORTUNITY: Dawn Maguire Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for More Opportunity Regarding Education, Inc. Ms. Maguire will be paid an hourly fee of $395 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About More Opportunity Regarding Education Inc. More Opportunity Regarding Education, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01245) on February 11, 2026, with $50,001 to $100,000 in assets and $50,001 to $100,000 in liabilities. Judge Daniel P. Collins presides over the case. Allan Newdelman, Esq., at Allan D Newdelman, PC represents the Debtor as legal counsel. NABORS DRILLING: Loses Bid to Dismiss Lejeune Asbestos Lawsuit -------------------------------------------------------------- The U.S. District Court for the Eastern District of Louisiana denied the the motion for summary judgment of Defendant Nabors Drilling Technologies USA, Inc. ("NDUSA") to dismiss the claims of Jerry Lejeune in the case captioned as JERRY LEJEUNE VERSUS TAYLOR-SEIDENBACH, INC., ET AL., CIVIL ACTION NO. 23-cv-02477-BSL-MBN (E.D. La.). Plaintiff-Decedent Jerry LeJeune alleges he was exposed to asbestos and asbestos-containing products designed, manufactured, sold, supplied, and/or maintained by the defendants. As to NDUSA -- formerly known as Loffland Brothers Company -- Mr. Lejeune alleges he was exposed to asbestos through his father's work for Loffland Brothers beginning in 1955 and his own work for Loffland Brothers from 1973 to 1980. In 1985, Loffland Brothers filed a Petition for Voluntary Chapter 11 Bankruptcy in the United States Bankruptcy Court for the Northern District of Texas. Four years later, the Board of Directors of Nabors Industries authorized Nabors Industries to acquire all of the issued and outstanding capital stock of Loffland Brothers. The bankruptcy case of Loffland Brothers was closed via Final Decree on August 25, 1995. Several additional mergers and acquisitions of the entity took place over the subsequent years, which ultimately resulted in the surviving company at issue today, NDUSA. In March 2023, Mr. LeJeune, was diagnosed with mesothelioma, a painful, incurable cancer caused by asbestos exposure. Mr. LeJeune sued NDUSA, along with several co-defendants in state court. The petition was removed to federal court in July 2023. In October 2025, Mr. LeJeune died of mesothelioma. Mr. LeJeune's heirs, Tammy LeJeuene, Anna LeJeuene Clement, and Hayden LeJeuene, were substituted as Plaintiffs. On January 20, 2025, NDUSA filed this motion for summary judgment seeking dismissal of Plaintiffs' claims. NDUSA argues in its motion that the Chapter 11 Bankruptcy filing of Loffland Brothers bars Plaintiffs' claims because Plaintiffs' claims pre-date the bankruptcy and the bankruptcy discharged all liabilities. NDUSA contends that the 1993 dissolution of Nabors Loffland Drilling Company, formerly known as Loffland Brothers Company, bars Plaintiffs' claims against NDUSA. NDUSA argues twhen it merged with Nabors Loffland Drilling Company, it did not expressly assume liability for any claims against Loffland Brothers. Thus, NDUSA is not the successor corporation for purposes of imposing liability for claims against Loffland Brothers. NDUSA asserts the Final Decree of Voluntary Chapter 11 Bankruptcy of Loffland Brothers in 1995 bars Plaintiffs' claims as well. Plaintiffs point out, however, that they have not filed suit against the dissolved entity, Nabors Loffland Drilling Company. Rather, Plaintiffs filed suit against NDUSA, the surviving entity from the various mergers and acquisitions that took place over the intervening decades. NDUSA does not meaningfully explain why or how Texas law limiting suits against dissolved corporations to within three years after dissolution would shield the surviving entity from suit in this case. NDUSA has thus failed to carry its burden to show it is entitled to judgment as a matter of law on this issue. The Court accordingly rejects Defendant NDUSA's argument that Plaintiffs' claims against it are barred by Texas law. Plaintiffs assert "there are genuine issues of material fact as to whether the 1993 merger between Nabors Loffland Drilling Company (NLDC) and Nabors Drilling USA, Inc. (NDUSA INC.) falls within" the general common law exceptions to the rule that a successor by purchase is typically not held liable for the debts or liabilities of its predecessor. It is not the Court's role to make arguments or assumptions, especially on behalf of the movant at the summary judgment stage. The Court is accordingly unwilling to find that Defendant has carried its burden to show it is entitled to judgment as a matter of law on this issue. NDUSA argues that Loffland Brothers' liabilities were discharged pursuant to its Chapter 11 reorganization plan. But NDUSA has not produced either the Reorganization Plan or Confirmation Order. And even though NDUSA is the summary judgment movant, NDUSA nevertheless argues that it is Plaintiffs' burden to prove that Loffland Brothers' Reorganization Plan and Confirmation Order did not discharge all debts and obligations because the assumption is all debts were discharged. The Court accordingly agrees with Plaintiffs that the discharge of debts in this case is governed by the Reorganization Plan and Confirmation Order -- and not solely by the statute and the fact that the defendant underwent a bankruptcy. Without the Plan, the Court cannot confirm that all debts and obligations were discharged. Without the Reorganization Plan and Confirmation Order -- which Plaintiffs requested in discovery and have long sought -- the Court has insufficient summary judgment evidence that Plaintiffs' claims were discharged in bankruptcy. NDUSA's sole reliance on the affidavit of its corporate representative, who later admitted that he has not read and does not possess the reorganization plan, creates a genuine dispute of material fact barring summary judgment. A copy of the Court's Opinion and Order dated February 11, 2026, is available at https://urlcurt.com/u?l=TUGePJ NARU LLC: Jeanette McPherson Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq., at Fox Rothschild, LLP, as Subchapter V trustee for NARU LLC. Ms. McPherson 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. McPherson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanette McPherson, Esq. Fox Rothschild, LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Phone: (702) 699-5923 Email: TrusteeJMcPherson@FoxRothschild.com About NARU LLC NARU LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10815) on February 9, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Mike K. Nakagawa presides over the case. Matthew C. Zirzow, Esq., at Larson and Zirzow, LLC represents the Debtor as legal counsel. NATIONAL BUILDERS: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- National Builders & Acceptance Corporation filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement to accompany Chapter 11 Plan dated February 9, 2026. The Debtor owns a building located at 219-223 Atwood Street. On the Petition Date, the Debtor was the lessor on six leases at 219-223 Atwood Street (five private residential leases, and one business lease). As of February 9, 2026 the Debtor leases seven residential units at 219-223 Atwood Street, which leases currently or will in the future generate revenue for the Debtor. The Debtor also owns additional real estate investment assets, including real property located in Armstrong County, Pennsylvania, and interests in two Delaware Statutory Trusts. The Debtor was involved as a plaintiff and counterclaim defendant in litigation with South Side Sin City, Inc. d/b/a The Garage Door Saloon ("SSSC"), Mark Welshonse, and Randi Welshonse (collectively, the "Defendants") in the Court of Common Pleas of Allegheny County, Pennsylvania, at Case No. GD-21-007843. SSSC was a tenant of the Debtor at 219-223 Atwood Street, where it operated a bar. Mark and Randi Welshonse are owners of SSSC. The Defendants filed counterclaims against the Debtor in the Litigation, and were each awarded judgments. The Debtor appealed the Litigation on April 23, 2025, and the appeals are pending at case numbers 445 WDA 2025, 446 WDA 2025, 447 WDA 2025 and 619 WDA 2025 in the Superior Court of Pennsylvania. While pursuing the Appeals, the Debtor filed the instant Chapter 11 Case to preserve its assets for the benefit of all creditors and to pursue a sale of 219-223 Atwood Street free and clear of liens so that it can pay Allowed Secured Claims and Allowed Claims following the resolution of the Appeals. The Debtor has retained Lee & Associates of Western Pennsylvania, LLC as the real estate broker to market and sell 219-223 Atwood Street in order to fund Allowed Secured Claims following the resolution of the Appeals. In the event the proceeds from the sale of 219-223 Atwood Street are insufficient to fund Allowed Secured Claims in full, the Debtor plans to liquidate other estate assets. Allowed Claims of unsecured creditors will be paid from future revenue. Funding for this Plan will primarily be derived from the sale of 219-223 Atwood Street. Proceeds from the sale of 219-223 Atwood Street will be used to pay Allowed Secured Claims to the greatest extent possible. To the extent that there is a deficiency in the payment of Allowed Secured Claims in full after the sale of 219-223 Atwood Street, the remainder of Allowed Secured Claims will be paid through the sale of other assets of the Debtor. Allowed Claims of General Unsecured Creditors will be paid from future revenue and will begin to receive payments under this Plan starting on the Effective Date of this Plan, regardless of whether the sale of 219-223 Atwood Street has occurred by that time. Class 3 consists of General Unsecured Non-Tax Claims. * Lynch Law Group with a claim amount of $65,564.04 shall receive 100% of Allowed Claim, to be paid pro rata in six equal, monthly installments of up to $12,451.88 commencing on the Effective Date, to be funded from future revenue of the Debtor. * Neal Scoratow shall receive no distribution under the Plan. * Oakland Business Improvement District with a claim amount of $2,701.38 shall receive 100% of Allowed Claim, to be paid pro rata in six equal, monthly installments of up to $12,451.88 commencing on the Effective Date, to be funded from future revenue of the Debtor. * PNC Bank, National Association with a claim amount of $2,044.41 shall receive 100% of Allowed Claim, to be paid pro rata in six equal, monthly installments of up to $12,451.88 commencing on the Effective Date, to be funded from future revenue of the Debtor. The Plan proposes to pay 100% of Allowed Claims. The Debtor is in the best position to efficiently liquidate assets for the benefit of creditors. The Debtor is also in the best position to pursue the Appeals and any other claim objections. A full-text copy of the Disclosure Statement dated February 9, 2026 is available at https://urlcurt.com/u?l=PCJgry from PacerMonitor.com at no charge. National Builders & Acceptance Corporation is represented by: Ryan J. Cooney, Esq. Paul R. Toigo, Esq. COONEY LAW OFFICES, LLC Benedum Trees Building 223 Fourth Avenue, 4th Floor Pittsburgh, PA 15222 (412) 546-1234 (phone) (412) 546-1235 (facsimile) Email: rcooney@cooneylawyers.com ptoigo@cooneylawyers.com About National Builders & Acceptance National Builders & Acceptance Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22277) on August 28, 2025, with up to $10 million in both assets and liabilities. Judge John C. Melaragno presides over the case. Ryan J. Cooney, at Cooney Law Offices LLC, is the Debtor's counsel. NOR CAL DESIGN: Christopher Hayes Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Nor Cal Design & Construction, Inc. Mr. Hayes will be paid an hourly fee of $510 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About Nor Cal Design & Construction Inc. Nor Cal Design & Construction Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40252) on February 10, 2026, with $500,001 to $1 million in assets and liabilities. Judge Charles Novack presides over the case. Elizabeth C. Sears, Esq., represents the Debtor as legal counsel. NORDSTRAND ENGINEERING: Seeks to Tap Ordinary Course Professionals ------------------------------------------------------------------ Nordstrand Engineering Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Steptoe & Johnson PLLC Legal Services Fee Cap: $4,000 Schoppe & Associates Accounting Services Fee Cap: $4,000 About Nordstrand Engineering Inc. Nordstrand Engineering, Inc. operates as a Houston-based oil and gas operator that manages exploration, production and lease operations across multiple U.S. states. Nordstrand Engineering Inc. in Houston, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 25-37273) on Dec. 1, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Linda Norstrand signed the petition as president, signed the petition. Judge Jeffrey P Norman oversees the case. TRAN SINGH, LLP serve as the Debtor's legal counsel. NORTHWESTERN LEARNING: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Northwestern Learning Center Inc. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Northwestern Learning Center Inc. Northwestern Learning Center Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00844) on February 08, 2026, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Grace E. Robson presides over the case. Eric A. Lanigan, Esq., at Lanigan & Lanigan, Pl represents the Debtor as legal counsel. OCEAN PARKWAY: Seeks to Hire Alla Kachan PC as Bankruptcy Counsel ----------------------------------------------------------------- Ocean Parkway BH 26 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Alla Kachan P.C. to serve as counsel. The firm will provide these services: (a) assist Debtor in administering this case; (b) make such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; (d) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; (e) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; (f) draft and prosecute the confirmation of Debtor's plan of reorganization in this case; and (g) render such additional services as Debtor may require in this case. The Law Offices of Alla Kachan P.C. will bill the Debtor at hourly rates of $300 for clerks and paraprofessionals and $650 for attorney time. The Debtor paid an initial retainer of $18,000. According to court filings, the Law Offices of Alla Kachan P.C. does not hold or represent an adverse interest to the estate and is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Ocean Parkway BH 26 LLC Ocean Parkway is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the owner of real property located at 2105 Ocean Parkway, Brooklyn, NY 11223 having an appraised value of $9.8 million. Ocean Parkway BH 26 LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-40210) on Jan. 17, 2024. In the petition signed by Salomao Laniado as manager, the Debtor disclosed $9,802,500 in assets and $5,387,703 in liabilities. Judge Nancy Hershey Lord presides over the case. Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP represents the Debtor as counsel. OCUGEN INC: Names Rita Johnson-Greene Chief Financial Officer ------------------------------------------------------------- Ocugen, Inc. has appointed of Rita Johnson-Greene as the Company's Chief Financial Officer, effective February 9, 2026. The Board of Directors of the Company appointed Ms. Johnson-Greene to serve as the Company's principal financial officer, effective immediately following the filing of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Prior to joining the Company, Ms. Johnson-Greene was Chief Operating Officer of Alliance for Regenerative Medicine from April 2023 to January 2026 and Vice President of Sales and Qualified Treatment Center Engagement for bluebird bio from May 2021 to April 2023. She previously held numerous roles at Spark Therapeutics, Inc. from November 2016 through May 2021 and at AstraZeneca from January 2007 to November 2016. She started her career at Accenture Strategy as a Consultant, focused on pharmaceutical ventures. She is currently a member of the board of directors of GirlTrek, which she has served on since July 2016. She also joined the Drexel University Biomed Dean's Executive Advisory Council in May 2024 and serves as a guest lecturer for the bio-medical graduate students. Ms. Johnson-Greene received her BA in Electrical Engineering from Drexel University and her MBA in Finance from the Wharton School of the University of Pennsylvania. In connection with Ms. Johnson-Greene's appointment as Chief Financial Officer, the Company entered into an employment agreement with her pursuant to which the Company has agreed to pay Ms. Johnson-Greene an initial annual base salary of $440,000, payable in accordance with the Company's regular payroll practices. Ms. Johnson-Greene is also eligible to earn an initial annual target bonus of up to 45% of her base salary, subject to performance criteria determined by the Company's Compensation Committee of the Board of Directors and Chief Executive Officer, with the final amount awarded at the sole discretion of the Company's Compensation Committee. In addition, Ms. Johnson-Greene received a one-time sign-on bonus of $90,000, which is subject to full repayment if she leaves the Company before the one-year anniversary of her start date. Ms. Johnson-Greene is eligible to participate in the Company's benefit plans, programs and arrangements that may exist from time to time on the same terms that apply generally to other similarly situated employees. Pursuant to the Employment Agreement, in the event Ms. Johnson-Greene is terminated by the Company without "cause" (as defined in the Employment Agreement) or by Ms. Johnson-Greene for "good reason" (as defined in the Employment Agreement), subject to Ms. Johnson-Greene's execution and non-revocation of a release of claims in favor of the Company and its affiliates, Ms. Johnson-Greene is eligible to receive: (i) base salary continuation for 12 months following her termination date and (ii) if she elects COBRA continuation coverage, payment of the employer portion of her COBRA premiums for applicable health or dental insurance coverage until the earliest of 12 months following her termination or the date that she becomes eligible for health insurance coverage under another employer's or spouse's employer health plan. In addition, in the event that Ms. Johnson-Greene's employment is terminated by the Company without cause or by Ms. Johnson-Greene for good reason within three months prior to or 12 months after a "change in control" (as defined in the Employment Agreement), subject to Ms. Johnson-Greene's execution and non-revocation of a release of claims in favor of the Company and its affiliates, Ms. Johnson-Greene is also eligible to receive: (i) an additional payment equal to 75% of her then-current target annual bonus, payable in a lump sum, and (ii) full acceleration of all unvested restricted stock, stock options, and other equity incentive awards held by Ms. Johnson-Greene. Pursuant to the Employment Agreement, the Board approved the grant of an option to purchase 750,000 shares of the Company's common stock and 500,000 restricted stock units pursuant to the Company's 2019 Equity Incentive Plan to Ms. Johnson-Greene. The stock option award will have an exercise price equal to the closing price of the Company's common stock on The Nasdaq Capital Market on the date of grant. The options and RSUs will vest annually on the anniversary of the date of the grant in equal installments over three years, subject to Ms. Johnson-Greene's continuous service. There are no arrangements or understandings between Ms. Johnson-Greene and any other persons pursuant to which Ms. Johnson-Greene was appointed as principal financial officer or principal accounting officer of the Company. In addition, there are no family relationships between Ms. Johnson-Greene and any director or executive officer of the Company, and there are no transactions involving Ms. Johnson-Greene requiring disclosure under Item 404(a) of Regulation S-K. A full text copy of the Employment Agreement is available at https://tinyurl.com/eajk6rpp Transition of Principal Financial Officer Upon the Effective Time, Ramesh Ramachandran will step down from the role of principal financial officer and will continue in his role as the Company's Chief Accounting Officer and principal accounting officer. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $57.6 million in total assets, $54.1 million in total liabilities, and $3.5 million in total stockholders' equity. OLENOX INDUSTRIES: Appoints Erik Blum, Adam Falkoff to Board ------------------------------------------------------------ Olenox Industries Inc. disclosed in a regulatory filing that the Board appointed Erik Blum and Adam Falkoff as directors of the Company to fill board seat vacancies. Mr. Blum and Mr. Falkoff will each serve until the date of the Company's 2025 Annual Meeting of Shareholders and until his successor is duly elected and qualified. As non-employee directors, Mr. Blum and Mr. Falkoff will participate in the Company's previously disclosed non-employee director compensation program, which consists of: (i) an annual cash retainer of $40,000 which is paid in quarterly installments, (ii) an annual cash retainer of $10,000 per committee chair position held, and (iii) an annual equity grant of restricted stock units under the Company's Stock Incentive Plan with a grant date value of approximately $50,000 that will vest quarterly over two years, subject to continued service as a director through such date. In connection with their appointment, each of Mr. Blum and Mr. Falkoff will receive a pro-rata portion of each to reflect the fact that they were appointed in February 2026. QUALIFICATIONS AND EXPERIENCES OF BLUM AND FALKOFF Erik Blum, age 60, was appointed as a director of the Company on February 3, 3026. Mr. Blum currently serves as Chief Executive Officer of Fynntechnical Innovations Inc (FYNN), where he has led the corporate turnaround of a publicly traded company, taking FYNN from a non-reporting pink sheet status to a fully audited, fully reporting entity under the 1934 Act as of November 2023. With over 30 years' experience in debt, corporate finance, and company management, Mr. Blum has extensive expertise in equity and debt markets. Beginning in 2001, Mr. Blum structured CMOs with a specialization in inverse floaters for Fannie Mae and Freddie Mac. In 2005, he created a reverse convertible bond desk for Stern Agee. He was a registered principal compliance offer for close to 27 years on Wall Street. He left Wall Street in 2010 to found JW Price LLC, a corporate consulting firm, which focused on providing business development services to microcaps and other small public companies. During his time at JW Price, Mr. Blum helped multiple companies become successful public trade entities. He has sat as CEO, CFO, and director of multiple companies and has been instrumental in enabling their turnaround. Adam Falkoff, age 57, was appointed as a director of the Company on February 3, 2026. Mr. Falkoff has over 20 years of experience in public policy, international relations, and business development and diplomacy. He has advised CEOs and Boards of the Fortune 100, Presidents, Prime Ministers, Cabinet Ministers and Ambassadors. He is a life member of the Council on Foreign Relations and a member of The Trilateral Commission. Mr. Falkoff is the President of CapitalKeys, a bipartisan global public policy and strategic consulting firm based in Washington D.C. with offices in London and Singapore. Mr. Falkoff has been serving as the Global Managing Partner of Strategic Ventures at Microsoft. Prior to Microsoft, he was the Global Head of Government Relations and Philanthropy at Amazon. Previously he served Chairman of the House International Relations Committee, Congressman Ben Gilman, and also served, in the United States Senate, Chairman of the Banking Committee Senator Alfonse D'Amato as professional staff and was the White House Liaison. Mr. Falkoff also served Vice President Dan Quayle. Mr. Falkoff is a recipient of the Ellis Island Medal of Honor, one of the nation's highest honors, for achievement and inspired service to the United States. He was twice named to the Washington, D.C. Power 100, a list of the 100 most influential non-elected people in Washington, D.C. He was appointed by Secretary of State as a United States Public Diplomacy Envoy. Mr. Falkoff received a B.A. from Duke University and both an M.B.A. and M.I.M. (Master of International Management) from the Thunderbird School of Global Management. There are no family relationships between Mr. Blum, Mr. Falkoff, and any of the Company's directors or executive officers. In addition, as set forth above, neither Mr. Blum nor Mr. Falkoff are a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. ONE 7 COMMUNICATIONS: Nathan Smith Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for One 7 Communications, LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About One 7 Communications LLC One 7 Communications, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10873) on February 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. James T. Leavitt, Esq. at Leavitt Legal Services, P.C. represents the Debtor as legal counsel. ONYX PORTFOLIO: Gets OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered a stipulation and agreed order authorizing Onyx Portfolio, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral solely through February 23 and only to pay expenses expressly set forth in the agreed budget. The Debtor must not exceed the aggregate monthly budgeted amounts without HFC Holdings 1, LLC's prior written consent, subject to a permitted 10% aggregate variance for each month. The order further provides adequate protection to HFC Holdings 1, LLC for any diminution in value of its interests in the cash collateral arising from the automatic stay or the Debtor's use of such collateral. As adequate protection, HFC Holdings 1, LLC was granted valid and perfected replacement and additional liens on the Debtor's cash, cash collateral, investments, inventory, accounts receivable, causes of action, rights to payment, and proceeds thereof, but only to the extent and priority of its pre-petition liens as of the petition date. These liens are subject to a customary carveout, including allowed professional fees, U.S. Trustee quarterly fees, clerk fees, and trustee expenses up to $10,000. The court continued the interim cash collateral hearing to February 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/H79nf from PacerMonitor.com. About Onyx Portfolio LLC Onyx Portfolio LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is Debtor's legal counsel. OPORTUN ISSUANCE 2026-A: Fitch Rates Class E Notes 'BB-sf' ---------------------------------------------------------- Fitch Ratings has assigned final ratings and Rating Outlooks to the ABS issued by Oportun Issuance Trust 2026-A (OPTN 2026-A). Entity/Debt Rating Prior ----------- ------ ----- Oportun Issuance Trust 2026-A A LT AAAsf New Rating AAA(EXP)sf B LT AA-sf New Rating AA-(EXP)sf C LT A-sf New Rating A-(EXP)sf D LT BBB-sf New Rating BBB-(EXP)sf E LT BB-sf New Rating BB-(EXP)sf Transaction Summary OPTN 2026-A is backed by a revolving pool of fixed-rate, fully amortizing, secured and unsecured consumer loans originated by Oportun Financial Corporation (Oportun) or its affiliates, as well as through certain third-party originators, with the loans then sold to Oportun. Oportun is the sponsor of the transaction. OPTN 2026-A is Oportun's 28th term securitization and the fourth to be rated by Fitch. KEY RATING DRIVERS Consistent Collateral Quality: The weighted average (WA) VantageScore for OPTN 2026-A is 640, with approximately 2.9% of the pool consisting of borrowers without a VantageScore, reflecting Oportun's focus on serving customers with limited or no credit history. The pool consists of 70.5% renewal loans, higher than the 66.3% for 2025-D and the 66.2% for 2025-C, which had among the lowest composition for such loans since OPTN 2022-A. The proportion of secured loans in the securitized trusts has increased steadily, with the OPTN 2025-B pool exhibiting the highest percentage to date at 8.9%. The current OPTN 2026-A pool consists of 7.2% secured loans, which has remained stable since OPTN 2025-D. The WA contract rate of the loans is 27.1%, lower than in the prior 2025-D transaction, which had a WA contract rate of 27.26%. Rewritten loans account for 1.7% of the pool. However, this share can increase to as high as 4.5% of the pool during a revolving period. A rewritten loan is a one-time rewrite offered by Oportun to severely delinquent borrowers who have experienced a long-term financial hardship. A rewritten loan is essentially a new loan document with a principal balance equal to the balance of the original loan while the original loan is paid off. Elevated But Improving Performance Trends: Oportun's managed portfolio experienced a notable increase in default rates for loans originated in 2021 and 2022, compared to previous years, attributed to new borrowers originated through online aggregators, alongside a deterioration in the broader unsecured consumer loan market. In response, the company implemented significant underwriting changes in third-quarter 2022, which led to a material improvement in default rates. However, despite this improvement, delinquencies and default rates remain higher than historical levels. As of September 2025, 60-89 and 90-119 DPD represented 1.5% and 1.3% of the total outstanding loan balance for unsecured consumer loans, respectively. Fitch's default assumption for the OPTN 2026-A pool, based on the current composition of loans as of the statistical calculation date, is 13.82%. However, a base case default assumption of 15.03% was assigned to the worst case portfolio to account for the revolving nature of the pool, and is used in analysis until the end of the revolving period. The 15.03% base case assumption is an expected case reflecting near-term economic conditions and expectations for additional cooling of the labor market in the U.S. The base case default assumption was established using Oportun's historical performance data since 2019. However, Fitch focused on vintages since 2023 as relevant comparative years due to the significant underwriting changes undertaken by the company. Credit Enhancement Mitigates Stressed Losses: Initial hard credit enhancement (CE) totals 62.48%, 39.48%, 23.68%, 8.68% and 3.49% of the initial pool balance for class A, B, C, D and E notes, respectively. Fitch tested the initial CE under stressed cash flow assumptions for all classes and found that the classes pass all stresses at the rating level assigned to the respective class of notes except class D, where the notes pass at a rating level one notch lower than the assigned rating. However, a one-notch tolerance is permissible under Fitch's "Consumer ABS Rating Criteria," supporting the ratings assigned to the class E notes for minor differences in break-even levels. In particular, Fitch applied a 'AAAsf' rating stress of 4.65x the base case default rate for the 2026-A series. The stress multiples decrease proportionally between the "median" and "low" multiple range for lower rating levels, as described in Fitch's "Consumer ABS Rating Criteria." The default multiple reflects the absolute value of the default assumption, the length of default performance history, exposure to changing economic conditions from higher loan terms, and the length of the revolving period, which exposes the trust to the potential for performance degradation due to negative pool migration. Assurance for True Lender Status for Partner Bank-Loan Origination: Oportun's securitization transactions involve consumer loans originated by Oportun, Inc. and its partner bank, Pathward, N.A. (Pathward), a national bank. The bank's true lender status in the context of Oportun's loan acquisition is subject to legal and regulatory uncertainty, especially if the loans' interest rates exceed those allowed by the borrowers' state usury laws. If a court ruling or regulatory action deems that Oportun, rather than Pathward, is the true lender, loans could be declared unenforceable, void or subject to interest rate reductions and other penalties. This would increase negative rating pressure. Fitch's analysis and expected ratings reflect a review of the transaction's eligibility criteria for selecting the receivables for OPTN 2026-A, which reduces exposure to such loans by adherence to certain usury limits. Fitch also performed an operational risk review and deemed Oportun's compliance, legal and operational capabilities acceptable to meet consumer protection regulations, along with the unique aspects of its loan products, such as an overall small balance and short tenor, which Fitch views as helpful. Adequate Servicing Capabilities: PF Servicing, LLC (PF Servicing), a wholly owned subsidiary of Oportun, is the servicer of the receivables. The servicer has an acceptable track record of servicing consumer loans. In addition, Systems & Services Technologies, Inc. is the named backup servicer, which also has an acceptable record of servicing consumer loans, reducing servicing disruption. Fitch considers all servicers to be adequate for this pool of consumer loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults or charge-offs could produce loss levels higher than the base case and would likely result in declines of CE and remaining net loss coverage levels available to the notes. Decreased CE may make certain ratings on the notes susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch conducts sensitivity analysis by stressing a transaction's initial base case default assumption by an additional 10%, 25% and 50%, and examining rating implications. These increases of the base case default rate are intended to provide an indication of the rating sensitivity of the notes to unexpected deterioration of a trust's performance. During the sensitivity analysis, Fitch examines the magnitude of multiplier compression by projecting expected cash flow and loss coverage over the life of the investments. For this projection, Fitch applies default assumptions that are higher than the initial base-case default assumptions. Fitch models cash flow with the revised default estimates while holding constant all other modeling assumptions. Rating sensitivity to increased defaults (class A/B/C/D/E): Ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf' Increased default base case by 10%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBsf'/'BB-sf'; Increased default base case by 25%: 'AAsf'/'Asf'/'BBBsf'/'BB-sf'/'Bsf'; Increased default base case by 50%: 'A+sf'/'BBB+sf'/'BB+sf'/'Bsf'/'CCCsf'; Reduced recovery base case by 10%: 'AAAsf'/'AA-sf'/'A-sf'/'BB+sf'/'BBsf'; Reduced recovery base case by 25%: 'AAAsf'/'AA-sf'/'A-sf'/'BB+sf'/'BBsf'; Reduced recovery base case by 50%: 'AA+sf'/'AA-sf'/'A-sf'/'BB+sf'/'BBsf'; Increased default base case by 10% and reduced recovery base case by 10%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBsf'/'B+sf'; Increased default base case by 25% and reduced recovery base case by 25%: 'AAsf'/'Asf'/'BBBsf'/'BB-sf'/'Bsf'; Increased default base case by 50% and reduced recovery base case by 50%: 'A+sf'/'BBB+sf'/'BB+sf'/'Bsf'/'NRsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance, driven by steady delinquencies, would increase CE levels and lead to a potential upgrade. If defaults are 20% less than the projected base case default rate, the expected ratings for the class B and C notes could be upgraded by up to one or two notches, respectively. Rating sensitivity from decreased defaults (class A/B/C/D/E): Ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'. Decreased default base case by 20%: 'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Deloitte & Touche LLP. The third-party due diligence described in Form 15E focused on a comparison and recalculation of certain characteristics with respect to 150 randomly selected statistical receivables. Fitch considered this information in its analysis and it did not have an effect on Fitch's analysis or conclusions. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. PAC HOUSING: Seeks to Hire Toni Campbell Parker as Legal Counsel ---------------------------------------------------------------- PAC Housing Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Toni Campbell Parker, Esq., an attorney practicing in Memphis, Tenn., to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $20,000. Mr. Parker 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: Toni Campbell Parker, Esq. 45 North Bb King Blvd., Ste. 201 Memphis, TN 38103 Tel: (901) 483-1020 Email: Tparker002@att.net About PAC Housing Group LLC PAC Housing Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-20073) on January 6, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge M Ruthie Hagan presides over the case. Toni Campbell Parker, Esq. at the Law Office of Toni Campbell Parker represents the Debtor as bankruptcy counsel. PAPPAS PIPING: Taps Joshua R. Teeple of Grobstein Teeple as CRO --------------------------------------------------------------- Pappas Piping Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple LLP to provide Joshua R. Teeple as chief restructuring officer. The CRO will render these services: a. assist in advising the Debtor regarding bankruptcy strategies and evaluating both business and legal issues which may arise in the course of this bankruptcy case; b. assist Debtor and its counsel with respect to any negotiations regarding a Chapter 11 plan and disclosure statement, including the proposed treatment of creditors and disposition of assets; c. assist in the preparation of reports and other administrative responsibilities of the Debtor imposed by either the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, or the Office of the United States Trustee; and d. to take such other action and perform such other services as the Debtor may require of the CRO in connection with its Chapter 11 case. Additionally, 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. provide litigation consulting if required; and f. provide accounting and consulting services requested by the Debtor and their counsel. The firm will be paid at these rates: Teeple, Joshua $650 Partners $510 to $780 Managers & Directors $330 to $495 Staff & Senior Accountants $175 to $375 Paraprofessionals $95 to $250 The firm received a pre-petition retainer in the amount of $15,000. Mr. Teeple assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Joshua R. Teeple, CPA Grobstein Teeple LLP 23832 Rockfield Boulevard, Suite 245 Lake Forest, CA 92630 Tel: (949) 381-5655 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. Honorable Judge Mark D. Houle oversees the case. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PARAISO INFANTIL: Jose Diaz Crespo Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jose Diaz Crespo as Subchapter V trustee for Paraiso Infantil Inc. Mr. Diaz Crespo will be paid an hourly fee of $200 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Also, a retainer of $2,500 is requested. Mr. Diaz Crespo declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Paraiso Infantil Inc. Paraiso Infantil Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00493) on February 10, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Rolando Emmanuelli Jimenez, Esq., at Bufete Emmanuelli, C.S.P. represents the Debtor as legal counsel. PARAMOUNT GOLD: Reports $4.43MM Q2 Net Loss ------------------------------------------- Paramount Gold Nevada Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, reporting a net loss for the three months ended December 31, 2025 of $4,426,937 compared to a net loss of $2,031,489 in the three months ended December 31, 2024. For the six months ended December 31, 2025, net loss was $8,751,275 compared to a net loss of $3,603,627 in the six months ended December 31, 2024. Paramount has not generated any revenues or cash flows from operations to date. As such the Company is subject to all the risks associated with development stage companies. Since inception, the Company has incurred losses and negative cash flows from operating activities which have been funded from the issuance of common stock, prefunded warrants, convertible notes, note payable and the sale of royalties on its mineral properties. The Company does not expect to generate positive cash flows from operating activities in the near future, if at all, until such time it successfully initiates production at its Grassy Mountain Project, including obtaining construction financing, completing the construction of the proposed mine and anticipates incurring operating losses for the foreseeable future. Paramount expects to continue to incur losses as a result of costs and expenses related to maintaining its properties and general and administrative expenses. Since 2015, the Company has relied on equity financings, debt financings and sale of royalties to fund its operations and the Company expects to rely on these forms of financing to fund operations into the near future. Management Plans Paramount's current business plan requires working capital to fund non-discretionary expenditures for its exploration and development activities on its mineral properties, mineral property holding costs and general and administrative expenses. Subsequent to February 10, 2026, the Company expects to fund operations as follows: * Existing cash on hand and working capital. * The existing ATM with Cantor Fitzgerald & Co. and A.G.P./Alliance Global Partners. * Insurance proceeds to fund reclamation and environmental obligations at its Sleeper Gold Project. * Equity financings and sale of royalties. At December 31, 2025, the Company's cash balance was $3,536,859. Historically, Paramount have been successful in accessing capital through equity and debt financing arrangements or by the sale of royalties on its mineral properties, no assurance can be given that additional financing will be available to it in amounts sufficient to meet its needs, or on terms acceptable to the Company. In the event that the Company is unable to obtain additional capital or financing, its operations, exploration and development activities would be adversely affected and it may not be able to maintain mining claims and commitments to purchase other mining properties. The continuation of the Company as a going concern is dependent on having sufficient capital to maintain our operations. In considering Paramount's financing plans and current working capital position, the Company believes there is substantial doubt about its ability to continue as a going concern within the next 12 months. As of December 31, 2025, the Company had $53,859,326 in total assets, $25,380,807 in total liabilities, and $28,478,519 in total stockholders' equity. A full text copy of the Company's Report is available at https://tinyurl.com/4ssccp8d About Paramount Gold Nevada Corp. Paramount Gold Nevada Corp. is engaged in the business of acquiring, exploring and developing precious metals projects in the United States of America. Paramount owns both exploration and development stage projects in the states of Nevada and Oregon. Denver, Colorado -based Baker Tilly US, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. PAVMED INC: Holds 27.5% Stake in Lucid Diagnostics Inc. ------------------------------------------------------- PAVmed Inc., disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of February 3, 2026, it beneficially owns 38,816,903 shares of common stock -- with sole voting power over 38,816,903 shares and sole dispositive power over 31,302,444 shares; as parent company of Lucid Diagnostics Inc, with influence over director elections and other matters requiring shareholder vote -- of Lucid Diagnostics's common stock, par value $0.001 per share, representing 27.5% of the shares outstanding. PAVmed Inc. may be reached through: Lishan Aklog, M.D. 360 Madison Avenue, 25th Floor New York, NY 10017 Tel: 917-813-1828 or 212-949-4319 About PAVmed Headquartered in New York, N.Y., PAVmed Inc. -- http://www.pavmed.com-- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $38.1 million in total assets, $12.3 million in total liabilities, and $22.5 million in total stockholders' equity. PG&E CORP: S&P Rates Proposed Junior Subordinated Notes 'B' ----------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating to PG&E Corp.'s proposed junior subordinated notes due in September 2056. The company intends to use the net proceeds for general corporate purposes, including to repay existing indebtedness. S&P said, "We classify the notes as hybrid securities with intermediate equity content (50%), reflecting permanence, subordination, and deferability features. However, we would reclassify them as having no equity content in September 2041, when the remaining period until maturity will be less than 15 years. S&P said, "We rate these securities three notches below our 'BB' issuer credit rating on PG&E to reflect their subordination and management's ability to defer interest payments. Our notching methodology deducts two notches for subordination because our long-term issuer credit rating on PG&E is speculative grade (below 'BBB-') and an additional notch for deferability." The junior notes' long-term nature, with PG&E's limited ability and lack of incentives to redeem the issuance for a long-dated period, meet our standards for permanence. The instruments are subordinated to all of PG&E's existing and future senior debt obligations, satisfying the condition for subordination. Interest payments are deferrable, fulfilling the deferability element. PLATINUM HEIGHTS: Gets Final Court Nod to Use Cash Collateral ------------------------------------------------------------- Platinum Heights, LP received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court on February 17 issued a final order granting the Debtor's second motion to use cash collateral consistent with its budget, subject to a variance of 15% on a weekly basis. B1 Bank, a secured lender, holds a first-priority security interest in some of the Debtor's assets, including an interest in the cash collateral. As of the petition date, the secured lender was owed more than $28.3 million. B1 Bank has agreed to forgo payments under any loan documents with the Debtor until April 30. As adequate protection of its interests, the lender will be granted replacement liens on all post-petition property of the Debtor that constitutes collateral. The court clarified that the final order does not modify the terms of any of its previous orders or stipulations unless they directly conflict with the final order. The final order is available at https://is.gd/hCgPTo from PacerMonitor.com. The bankruptcy court previously entered a stipulation and agreed interim order allowing the Debtor to use cash collateral -- cash and cash equivalents including funds in deposit accounts -- in accordance with its operating budget. The order entered on February 2 approved the Debtor's continued monthly payments of $191,134 to the secured lender as adequate protection. About Platinum Heights LP Platinum Heights, LP filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-90012) on February 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Omar Jesus Alaniz, Esq., at Reed Smith, LLP as legal counsel; and HMP Advisory Holdings, LLC, doing business as Harney Partners, as financial advisor. Erik White of HMP has been designated as chief restructuring officer. B1 Bank, as secured lender, is represented by: Michael P. Menton, Esq. Danika L. Lopez, Esq. SettlePou 3333 Lee Parkway, Eighth Floor Dallas, TX 75219 (214) 520-3300 (214) 526-4145 (Facsimile) mmenton@settlepou.com dlopez@settlepou.com PLURALSIGHT LLC: Golub Capital Marks $2MM Loan at 22% Off --------------------------------------------------------- Golub Capital Private Credit Fund has marked its $2,085,000 loan extended to Pluralsight, LLC to market at $1,626,000 or 78% of the outstanding amount, according to Golub Capital's 10-Q for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Golub Capital Private Credit Fund is a participant in a One Stop Loan extended to Pluralsight, LLC. The loan accrues interest at a rate of SOFR + 11.32% PIK per annum. The loan matures on August 2029. Golub Capital Private Credit Fund is a closed-end, externally managed, non-diversified management investment company that provides private credit solutions to middle-market companies in the leveraged finance market. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital Private Credit Fund 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Pluralsight, LLC Pluralsight, LLC offers educational software products. The Company provides and designs training software, online courses, and videos for developers seeking to learn java, programming, customer relationship management (CRM), cloud computing, HTTP, networking, and security services. Pluralsight operates worldwide. POINT CLEAR: Hires Glenmore P. Powers II as Special Counsel ----------------------------------------------------------- Point Clear Capital Advisors, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ The Law Office of Glenmore P. Powers, II as special counsel. The firm will assist, advise, and represent the Debtors in the state court action styled Hunter Clay Bice and Shannon Lee Bice vs. Darryl Seelhorst, et al. (Case No. 07-CV-2024-900092.00). The firm advises the Debtors that the primary attorney rendering services will be principal Glenmore P. Powers, II, whose hourly rate is normally $600/hour but who has offered a discounted rate of $350/hour for this special engagement. Powers also has a paralegal who will assist on this matter at a rate of $150/hour. As disclosed in the court filings, Powers does not represent or hold any interest adverse to the Debtors or to the estates with respect to the matters upon which it is to be engaged. The firm can be reached through: Glenmore P. Powers, II, Esq. Law Office of Glenmore P. Powers, II 3263 Cottage Hill Road Mobile, AL 36616-0629 Phone: (251) 272-1026 Phone: (251) 476-4493 About Point Clear Capital Advisors Point Clear Capital Advisors, LLC provides investment management and advisory services and is based in Pensacola, Florida. Point Clear Capital Advisors and their affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30963) on Oct. 1, 2025. The case is jointly administered in Case No. 25-30963. In its petition, Point Clear Capital Advisors reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtors are represented by Stichter, Riedel, Blain & Postler, PA. POINT CLEAR: Hires Tracy A. Marion as Special Litigation Counsel ---------------------------------------------------------------- Point Clear Capital Advisors, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ The Law Office of Tracy A. Marion, P.C. as special litigation counsel. The firm will assist, advise, and represent the Debtors in the state court action styled Hunter Clay Bice and Shannon Lee Bice vs. Darryl Seelhorst, et al. (Case No. 07-CV-2024-900092.00). The firm has advised the Debtors that the primary attorney rendering services will be Tracy A. Marion, whose hourly rate is normally $600/hour but who has offered a discounted rate of $350/hour for this special engagement. Marion also has a paralegal who will assist on this matter at a rate of $150/hour. As disclosed in the court filings, Marion does not represent or hold any interest adverse to the Debtors or to the estates with respect to the matters upon which it is to be engaged. The firm can be reached through: Tracy Allen Marion, Esq. Tracy A. Marion, P.C. 200 West Side Square, Suite 50 Huntsville, AL 35801 Cell: (256) 945-0944 About Point Clear Capital Advisors Point Clear Capital Advisors, LLC provides investment management and advisory services and is based in Pensacola, Florida. Point Clear Capital Advisors and their affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30963) on Oct. 1, 2025. The case is jointly administered in Case No. 25-30963. In its petition, Point Clear Capital Advisors reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtors are represented by Stichter, Riedel, Blain & Postler, PA. POWER REIT: Henry Posner III Increases Stake to 10% --------------------------------------------------- Henry Posner III disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of February 6, 2026, he beneficially owns 340,000 shares of common stock with sole voting and dispositive power, of Power REIT's common stock, par value $0.001 per share, representing 10.0% of the shares outstanding. Henry Posner III may be reached through: Henry Posner III 535 Smithfield Street, Suite 960 Pittsburgh, PA 15222 Tel: (412) 928-7700 - or - Briar McNutt Epstein Becker & Green, P.C. 875 Third Avenue New York, NY 10022 Tel: (212) 351-4500 A full-text copy of Henry Posner's SEC report is available at https://tinyurl.com/2ke7wmk6 About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28 million in total assets, $21.7 million in total liabilities, and $6.2 million in total equity. PRECIPIO INC: Leviticus Partners Holds 9.1% Equity Stake -------------------------------------------------------- Leviticus Partners, LP disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 158,635 shares of common stock with sole voting and dispositive power of Precipio, Inc.'s common stock, representing 9.1% of the shares outstanding. Leviticus Partners LP may be reached through: Adam M Hutt, Managing Member 32 OLD MILL RD Great Neck, NY 11023 Tel: 212-871-5700 A full-text copy of Leviticus Partners LP's SEC report is available at: https://tinyurl.com/2v8e83ej About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Form 10-K, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of September 30, 2025, the Company had $21.2 million in total assets, $7.4 million in total liabilities, and a total stockholders' equity of $13.7 million. PROAMPAC PG: Fitch Affirms 'B' IDR, Outlook Stable -------------------------------------------------- Fitch Ratings has affirmed ProAmpac PG Borrower LLC (ProAmpac) Issuer Default Rating (IDR) at 'B'. The Rating Outlook is Stable. Fitch has also affirmed the issue-level ratings of the existing RCF and first lien term loan at 'B+' with a Recovery Rating of 'RR3' and the second lien secured bonds at 'B-'/'RR5'. Fitch has also assigned issue-level ratings of 'B+'/'RR3' to the proposed RCF and first lien term loans. Fitch will withdraw the ratings on the existing debt upon repayment. The affirmation reflects ProAmpac's transformative $1.5 billion acquisition of TC Transcontinental Packaging (TCP), which substantially increases scale and diversification while lowering leverage within current sensitivity levels. The transaction includes a substantial equity component and a refinancing that extends maturities. The rating balances enhanced market position against execution risk from the company's largest acquisition to date. Key Rating Drivers Transformative Scale Enhancement: ProAmpac's $1.5 billion acquisition of TCP is the company's largest transaction to date and positions the combined entity among the larger flexible packaging producers in North America. The acquisition increases pro forma revenue above $4 billion and EBITDA above $700 million, compared to ProAmpac's standalone LTM 3Q25 revenue of around $2.4 billion and EBITDA of around $420 million. TCP's strong presence in dairy and meat markets, which represent over $3 billion in aggregate market size, addresses a key strategic gap in ProAmpac's portfolio. The transaction enhances geographic diversification, adding manufacturing capacity across Canada, Mexico, Latin America, the U.K. and New Zealand. TCP's established positions in economically resilient end markets, with 40% of revenue from non-discretionary food, pet food and medical segments, reinforces ProAmpac's defensive demand profile. The combined entity will operate over 70 manufacturing facilities, providing operational flexibility and enhanced customer service capabilities. High but Sustainable Leverage: Fitch expects pro forma leverage of approximately 6.3x, below pre-transaction levels, due to substantial equity contributions and anticipated synergies. The funding structure includes approximately $375 million in common equity and $200 million in preferred equity, with the preferred equity receiving 50% equity treatment in Fitch's analysis. Management targets $92 million in synergies, including $50 million from procurement, which are incorporated in Fitch's EBITDA forecast through 2027. Fitch expects ProAmpac to deleverage modestly through the forecast period as it realizes synergies and benefits from improved scale. The comprehensive refinancing extends first lien term loan maturities to 2033 from 2028, reducing near-term refinancing pressure. The company's leverage remains elevated relative to 'B' rated packaging peers but is supported by the combined entity's enhanced scale, diversified end-market exposure and demonstrated cash flow generation. Execution Risk: The TCP acquisition tests ProAmpac's integration capabilities as it is the company's largest transaction to date. ProAmpac has completed 15 acquisitions over the past five years, demonstrating M&A execution capabilities, but TCP's size presents heightened complexity. Fitch views execution risk as manageable given cultural alignment between the two organizations, complementary product portfolios with limited customer overlap, and TCP's well-invested asset base requiring minimal near-term capital. As integration progresses and synergies materialize, the overall business profile should strengthen, supporting deleveraging and reducing transaction-related risks. Stable End Markets and Customers: ProAmpac benefits from diversified exposure across economically resilient food and beverage, consumer products and healthcare markets. The TCP acquisition substantially expands ProAmpac's presence in the dairy and meat markets, which represent over 25% of TCP's revenue. The combined entity's customer base includes well-established relationships with Scotts, The Home Depot, Inc. (A/Stable) and Amazon.com, Inc. (AA-/Stable), alongside a broad range of middle-market brands. The expanded customer base further reduces concentration risk. ProAmpac's substrate-agnostic strategy positions them to meet evolving sustainability targets. Cash Flow Generative Business: Fitch expects the combined entity to generate positive FCF throughout the forecast period, supported by enhanced scale, operational leverage and synergy realization. The company's vertical integration in plastics and comprehensive fiber capabilities support margin stability. Increased geographic diversification provides resilience against regional economic fluctuations. Contractual cost pass-throughs cover roughly half of sales, offering moderate protection to margins against variable raw materials. The percent of sales covered by these contracts is supportive of the 'B' rating but remains lower than investment-grade peers. Preferred Equity Receives 50% Equity Treatment: Fitch has assigned 50% equity treatment to the proposed preferred equity, reflecting its structural subordination and perpetual tenor with payment-in-kind (PIK) interest. The preferred equity ranks senior only to common equity and junior to all debt obligations in the capital structure. The PIK feature eliminates mandatory cash payment requirements, reducing liquidity pressure. However, the preferred equity does not benefit from the deep subordination and governance features typical of instruments receiving full equity treatment. Peer Analysis ProAmpac's 'B' IDR positions it in the middle tier of flexible packaging peers. After Clydesdale Acquisition Holdings, Inc.'s (Clydesdale; BB/Stable) acquisition of Pactiv Evergreen, the combined company is nearly three times the size of ProAmpac with superior EBITDA margins and nearly two turns less leverage by the end of the forecast period. Clydesdale and ProAmpac share similar end markets, with Clydesdale mostly exposed to the food service industry. Clydesdale's lower leverage and larger scale results in a rating three notches higher. The rating is one notch above Mercer International Inc. (Mercer; B-/Negative). Mercer is exposed to more cyclical sectors of pulp and lumber. Cyclical weakness in these markets has limited Mercer's ability to deleverage, resulting in sustained elevated leverage. ProAmpac's exposure to more stable end markets and enhanced scale post-acquisition support the one-notch differential. ProAmpac is rated two notches below Domtar Corporation (Domtar; BB-/Negative). Domtar is exposed to cyclical pulp and lumber while also producing paper. Domtar's pulp and lumber businesses continue to operate at near break-even levels, while the paper business provides the majority of cash flow generation. The company's Negative Outlook reflects current profitability pressure, with leverage still below that of ProAmpac. TriMas Corporation (TriMas) operates three different segments in packaging, aerospace and specialty products. The end-market diversity offers stability in earnings and the company's conservative financial policy results in leverage materially below ProAmpac, supporting its higher rating. Fitch’s Key Rating-Case Assumptions - 2026 is pro forma for the acquisition; - Modest margin expansion in later forecast years due to synergies; - Organic revenue growth slightly above Fitch's GDP forecast; - Capex per management guidance; - Acquisition in 2028 reflecting ongoing roll-up strategy; - Secured overnight financing rate (SOFR) rate assumptions per Chatham Financial from 2025 to 2028 are 4.5%, 3.5%, 3.3% and 3.5%, respectively. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 15% for the forecast year 2025, 45% for the forecast year 2026, 30% for the forecast year 2027 and 5% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis - The recovery analysis assumes that ProAmpac would be reorganized as a going concern in bankruptcy rather than liquidated; - A bankruptcy scenario could result from a distressed economic environment that the company struggles to pass raw material price increases to customers. In addition, if the company is unable to integrate the proposed acquisition fully leading to EBITDA margins in the low teens. The company's high interest expense causes a full draw on the revolver while persistently and materially negative FCF leads the company into a liquidity crisis; - Fitch assumes the revolver is 100% drawn; - Fitch has assumed a 10% administrative claim. Going Concern Approach Fitch increased the going concern EBITDA to $530 million from $380 million, representing what Fitch believes the pro forma company could reasonably generate in a distressed economic environment as the company emerges from bankruptcy. Fitch typically assigns enterprise value (EV)/EBITDA multiples between 4.5x and 6.0x for packaging peers. ProAmpac's exposure to mostly stable end markets, large manufacturing footprint, degree of vertical integration within plastics, and mostly positive FCF generation leads Fitch to use a 5.5x multiple. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained negative FCF or prolonged evidence of EBITDA margin deterioration; - EBITDA interest coverage sustained below 1.5x; - EBITDA leverage sustained above 7.0x; - Any sizable acquisition that materially increases execution risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 6.0x with a clearly articulated capital allocation policy; - Sustain improvement in EBITDA margins and consistent FCF; - EBITDA interest coverage sustained above 2.5x. Liquidity and Debt Structure As of Sept. 30, 2025, ProAmpac had approximately $40 million of cash on hand and undrawn committed RCF capacity of $162 million for a total available liquidity of $202 million. Fitch expects total available liquidity to increase with the proposed transaction. A mostly positive FCF forecast provides capacity to fund operations and meet mandatory amortization of the company's term loans. With this transaction, substantially all the company's capital structure, excluding its revolver (maturity 2031), matures in 2033, providing manageable refinancing headroom. In addition, the company continually demonstrates ability to raise capital to fund acquisitions. Fitch sees refinancing in 2031 and 2033 as likely. Issuer Profile Incorporated in 2015, Cincinnati, OH-based ProAmpac is a global manufacturer of flexible film and fiber packaging solutions. Once the TPC Acquisition is completed, it will have over 11,000 employees, 11 design centers, 83 manufacturing sites, and 5,000 customers in 10 countries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for the company. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- ProAmpac PG Borrower LLC LT IDR B Affirmed B senior secured LT B+ New Rating RR3 senior secured LT B+ Affirmed RR3 B+ Sr Secured 2nd Lien LT B- Affirmed RR5 B- REUP GALAXY: Seeks to Hire Barron & Newburger P.C. as Attorney -------------------------------------------------------------- ReUp Galaxy Holdings LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Barron & Newburger, P.C. as attorneys. The firm will provide these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of Debtor and advise it concerning the enforceability of such claims; (c) prepare on behalf of Debtor, all necessary and appropriate legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these hourly rates: Stephen Sather $650 David N. Stern $425 Other Attorneys $250 to $450 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $30,535. Mr. Stern 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: David N. Stern, Esq. Barron & Newburger, P.C. 7320 N. MoPac Expwy., Suite 400 Tel: (512) 476-9103 Fax: (512) 476-9253 Email: dstern@bn-lawyers.com About ReUp Galaxy Holdings LLC ReUp Galaxy Holdings LLC, ReUp Technologies Inc., and ReUp Ops LLC are U.S.-based companies headquartered in Austin, Texas, operating under the ReUp Living brand in the home renovation and property enhancement sector, providing pre-listing residential renovation services designed to increase home sale value. The entities collectively manage, develop, and deliver ReUp Living services, including technology solutions, operational support, and franchise management across the U.S. market. ReUp Galaxy Holdings LLC, ReUp Technologies Inc., and ReUp Ops LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case Nos. 26-10037, 26-10038 and 26-10039, respectively.) At the time of filing, ReUp Galaxy Holdings LLC estimates $6,411,991 in liabilities. The petitions were signed by Ryan Sawchuk as president. David N Stern, Esq. at BARRON & NEWBURGER, P.C. represents the Debtors as counsel. RFNA LP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed RFNA, LP's (Republic Finance) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed Republic Finance's senior unsecured debt rating at 'B+' with a Recovery Rating of 'RR4'. Key Rating Drivers Financial Profile Supports Ratings: The rating affirmation reflects Republic Finance's relatively consistent profitability and appropriate leverage, adequate funding flexibility and liquidity and credit performance, which are in line with expectations for the risk profile of the portfolio and the rating category. Modest Franchise, Risk Profile Constrain Ratings: The ratings are constrained by Republic Finance's modest franchise and nominal market share, monoline business model with high subprime exposure, elevated geographical concentrations, and partial private equity ownership, which increases the possibility of more aggressive financial objectives and shareholder-friendly actions and adds long-term strategic uncertainty. Improving Scale, Limited Product Diversification: Republic Finance has grown its franchise primarily through de novo branch openings, operating 260 total branches across 17 states as of 3Q25. The company supplements its lending income with fee-based insurance products but lacks the revenue diversification of peers that offer a wider range of products, such as direct auto purchase loans. This is mitigated by the presence of secured collateral in 75% of the loan portfolio as of 3Q25, which should reduce overall performance volatility. The company also entered a bank partnership with Column N.A. in September 2025, which will support growth in additional states once originations under the agreement commence. Asset Quality Stabilizing: Asset performance is stable, with 30+ day delinquencies totaling 11.4% at 3Q25, relatively consistent with 11.3% at YE24 but improved from 13.7% at YE23 and 14.4% at YE22. Credit performance weakened in 2022-2023 amid inflationary pressures and rising interest rates, prompting the company to proactively tighten credit and focus on originations with higher credit-profile customers and auto-secured loans, which generally exhibit materially lower loss rates than personal property collateral loans. Net charge-offs were 8.5% in 9M25 (annualized), improved from 9.1% in 2024 and 12.9% in 2023. Fitch expects further improvement in the near term as the portfolio mix strengthens. Still, Fitch believes the company's customer base, which is already challenged by high inflation, will be particularly vulnerable to economic stresses such as rising unemployment. Lower, but Solid Profitability: Profitability, as measured by pretax return on average assets (ROAA), was 3.6% in 9M25 (annualized), down from 4.0% in 2024 and 4.4% in 2023 driven by a resumption in originations, which increased average assets and credit provisions, particularly in pre-approved offers. Fitch believes profitability remains highly sensitive to consumer credit performance given the business model. Appropriate Leverage: Fitch views Republic Finance's leverage (debt/tangible equity) as appropriate for the risk profile of the portfolio. Leverage was 5.1x at 3Q25, up from 4.0x and 3.9x at YE24 and YE23, respectively, due to the $500 million unsecured debt issuance and $62.5 million dividend in 1Q25. Leverage is within Fitch's 'bb' category quantitative benchmark range of 4x-7x for balance sheet-heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Management evaluates leverage on a debt to tangible equity plus reserves basis, which was 3.6x at 3Q25. This is within management's target range of 3.5x-4.5x, which translates to approximately 5.5x to 6.6x as calculated by Fitch. Republic Finance had$186.6 million of preferred equity units outstanding at3Q25. Fitch assessed the preferred equity units under the Corporate Rating Criteria, which is the applicable criteria for instruments that are held by affiliated investors whose economic and strategic interests are expected to remain aligned with those of common equity holders. Fitch treats the preferred units as equity in its leverage calculation because they do not increase the probability of default of the rated entity and are considered permanent, loss-absorbing capital. Secured Funding Profile: Republic Finance's funding profile is largely secured, which Fitch views as credit-negative due to the encumbrance of assets and limited financial flexibility during periods of stress. After the inaugural unsecured issuance of $500 million in February 2025, unsecured debt comprised 27.4% of total debt at 3Q25; within Fitch's 'bb' category quantitative benchmark range of 10%-35% for balance sheet-heavy finance and leasing companies with an SROE score in the 'bbb' category. Fitch would view further increases in funding diversification and unencumbered assets as incrementally credit positive. Adequate Liquidity: Fitch views Republic Finance's cash liquidity of $31 million at 3Q25 as sufficient to support its operations and near-term funding obligations. The unsecured notes mature in February 2030 and both warehouse facilities have remaining tenors until 2027. Additionally, the company had approximately $473.6 million of unencumbered receivables at 3Q25 which could be borrowed against with undrawn warehouse capacity or securitized. Stable Outlook: The Stable Outlook reflects Fitch's expectation that leverage will increase modestly but remain below 6x, credit performance will remain relatively stable, and the unsecured funding mix will be sustained above 15% of total debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained increase in leverage above 7x (unadjusted for CECL); - Sustained deterioration in credit performance, including net charge-offs sustained above 10%; - Sustained decline in ROAA below 3%; - Sustained decrease in the unsecured debt mix below 10% of total debt; - Sustained increase in the risk profile of the portfolio, as evidenced by weaker credit-quality borrowers or lower presence of secured collateral; - Inability to access term funding; - The imposition of new and more onerous regulations that negatively affect Republic Finance's ability to execute its business model. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in the business profile through market share gains that enhance Republic Finance's franchise, geographical expansion within the U.S or further product diversification; - Sustained strengthening of the risk profile of the portfolio, supported by mix shifts toward auto-secured lending and higher credit quality borrowers; - A sustained decline in leverage below 4x; - Continued maintenance of charge-offs within management's target range through credit cycles; - Maintenance of unsecured debt above 25% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with the Long-Term IDR, reflecting Fitch's expectation of average recovery prospects in a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR, the funding mix, and availability of unencumbered assets to support recovery prospects in a stressed scenario. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reasons: Business model (negative) and Market position (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Portfolio risk (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Divergent benchmarks (negative). Criteria Variation Fitch's "Corporate Rating Criteria" states that instruments held by affiliated investors whose economic and strategic interests are expected to remain aligned with those of common equity may be treated as "non-debt" of the rated entity. In this case, Fitch has treated the preferred equity as equity in its leverage calculations, which represents a criteria variation. Fitch does not believe the use of such variation had a measurable impact on the rating, given offsetting adjustments to the capitalization and leverage score and the influence of other key rating drivers. ESG Considerations RFNA, LP has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile and is relevant to the ratings in conjunctions with other factors. RFNA, LP has an ESG Relevance Score of '4' for Governance Structure due to due to the presence of private equity ownership, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, due to either their nature or the way in which they are being managed by the entity. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- RFNA, LP LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ ROGA PROPERTIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered an interim order approving Roga Properties, LLC's use of cash collateral. Under the interim order, the Debtor is authorized to use cash collateral only as set forth in the approved budget; no payments to insiders are permitted prior to the final hearing. Each secured creditor will be granted a post-petition replacement lien on cash collateral with the same validity and priority as its pre-petition lien, without the need for further documentation. The Debtor must separately account for each secured creditor's cash collateral and may not use one creditor's collateral for another's benefit. The order also sets specific limits on how rental income tied to collateral held by Coury Properties, Schackel Properties, Madera Counseling Center PSP, and George Pappas may be used, primarily restricting payments to utilities, insurance, maintenance, and, in Mr. Pappas's case, required note payments. The order is entered without prejudice to future requests for modified adequate protection or challenges to the validity, priority, or extent of any creditor's liens. A copy of the Debtor's budget is available at https://shorturl.at/TmT2i from PacerMonitor.com. The final hearing is scheduled for March 3. Objections to continued use of cash collateral must be filed by February 28. About Roga Properties LLC Roga Properties, LLC is a real estate company in Tucson, Arizona. Roga Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00155) on January 7, 2026, listing between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde, PLC. ROYAL HASS: Tamara Miles Ogier Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Royal Hass, LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Royal Hass LLC Royal Hass, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51801) on February 10, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Lisa Ritchey Craig presides over the case. Leslie M. Pineyro, Esq., at Jones and Walden, LLC represents the Debtor as legal counsel. RSKT HOLDING: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: RSKT Holding LLC 5858 E Molloy Road Syracuse NY 13211 Business Description: RSKT Holding LLC is a Syracuse, New York–based real estate property management company operating under NAICS code 531312, managing nonresidential real estate assets. Chapter 11 Petition Date: February 13, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11661 Debtor's Counsel: Donald F. Campbell, Jr., Esq. GIORDANO, HALLERAN & CIESLA, P.C. 125 Half Mile Road Suite 300 Red Bank NJ 07701-6777 Tel: (732) 741-3900 E-mail: dcampbell@ghclaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Saurabh Tripathi as managing member. 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/P2AJ7HA/RSKT_Holding_LLC__njbke-26-11661__0001.0.pdf?mcid=tGE4TAMA RW AM HOLDCO: Golub Capital Marks $10MM Loan at 45% Off ------------------------------------------------------- Golub Capital Private Credit Fund has marked its $10,097,000 loan extended to RW AM Holdco LLC to market at $5,553,000 or 55% of the outstanding amount, according to Golub Capital's Form 10-Q for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Golub Capital Private Credit Fund is a participant in a One Stop Loan extended to RW AM Holdco LLC. The loan accrues interest at a rate of 9.02% per annum. The loan matures on April 2028. Golub Capital Private Credit Fund is a closed-end, externally managed, non-diversified management investment company that provides private credit solutions to middle-market companies in the leveraged finance market. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital Private Credit Fund 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 RW AM Holdco LLC RW AM Holdco LLC is a privately held operating company, formed as a holding entity for an underlying middle-market business financed through a senior secured credit facility. SAILORMEN INC: Taps David M. Baker of Aurora Management as CRO -------------------------------------------------------------- Sailormen Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Aurora Management Partners, Inc. and designate David M. Baker as chief restructuring officer. The firm will render these services: (a) Liquidity: i. assess and evaluate weekly cash flow projections and related assumptions to determine liquidity and availability; ii. identify cost-saving and working capital opportunities that can be immediately implemented to improve liquidity; iii. work with the management team to understand cash receipts and disbursement over a 13-week period for the purposes of developing a DIP budget; and iv. evaluate and analyze all aged accounts payable, taxes, rent, etc. (b) Business Operations: i. develop a business restructuring model that provides scenario analysis to evaluate all strategic alternatives; ii. work with management and the Board of Directors to decide on and execute the appropriate Plan; iii. manage cash flow to protect non-affiliated creditors; and iv. retain and manage special legal counsel, investment banks and other professionals as required to execute the Plan. (c) Bankruptcy Reporting Requirements: i. work with company personnel to populate the Statement of Financial Affairs and Schedules required for a Chapter 11 filing; and ii. prepare Monthly Operating Reports as required by the Bankruptcy Report. (d) General Duties: i. other normal and customary duties, authority and responsibility, typically provided to a CRO; ii. manage the relationship with the Debtor's secured creditors; and iii. other services as required or requested by the Board of Directors. The firm will be paid at these rates: Managing Director/ Sr. Managing Director/ Managing Partner $500 to $820 Associate Director, Director $375 to $500 Consultant/Senior Consultant $250 to $375 The firm received a retainer in the amount of $180,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Baker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Baker Aurora Management Partners Inc. 112 South Tryon St. Ste 1770 Charlotte, NC 28284 Tel: (704) 377-6010 About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SAKS GLOBAL: SO5 Digital Debtors Taps Bradley Arant as Attorney --------------------------------------------------------------- Saks Global Enterprises LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Bradley Arant Boult Cummings LLP as attorneys for the SO5 Digital Debtors. The firm will render these services: a. take all necessary action to protect and preserve the SO5 Digital Debtors' estates, including the prosecution of actions on the SO5 Digital Debtors' behalf, the defense of any actions commenced against the SO5 Digital Debtors, the negotiation of disputes in which the SO5 Digital Debtors are involved and the preparation of objections to claims filed against the SO5 Digital Debtors' estates; b. prepare on behalf of the SO5 Digital Debtors, as debtors-in-possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the SO5 Digital Debtors estates; c. take all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the SO5 Digital Debtors' estates; d. take all necessary actions in connection with any sale of the SO5 Digital Debtors' assets pursuant to section 363 of the Bankruptcy Code; e. take all necessary actions to protect and preserve the value of the SO5 Digital Debtors' estates; and f. perform all other necessary legal services in connection with the prosecution of these chapter 11 cases; provided, however, that to the extent Bradley determines that such services fall outside of the scope of services historically or generally performed by Bradley as debtors' counsel in a bankruptcy case, Bradley will file a supplemental declaration. The firm's standard hourly rates are: Partners and Counsel $1090 to $740 Associates $690 to $555 Paraprofessionals $395 Bradley received payments and advances in the aggregate amount of $545,000. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve (12) months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Bradley represented the SO5 Digital Debtors for approximately two months prior to the Petition Date. Bradley's billing rates and material financial terms with respect to this matter have not changed since the SO5 Digital Debtors engaged Bradley in November of 2025. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Bradley is developing a prospective budget and staffing plan for these Chapter 11 cases. Bradley and the SO5 Digital Debtors will review such budget following the close of the budget period to determine a budget for the following period. Jarrod Martin, a partner of Bradley, 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's services include: Jarrod B. Martin, Esq. Bradley Arant Boult Cummings LLP 600 Travis, Suite 5600 Houston, TX 77002 Telephone: (713) 576-0300 Email: jbmartin@bradley.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. SANTA PAULA: Seeks to Sell Riverside Property to Highest Bid ------------------------------------------------------------ Santa Paula Hay & Grain and Ranches seeks permission from the U.S. Bankruptcy Court for the Central District of California, Northern Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 10151 Buck Blvd., Riverside, CA 9225. Debtor is an agricultural producer whose principal office is in Fillmore, California. Debtor claims a 100% legal and equitable interests in real property. The Property is not titled in the name of Debtor but was purchased with Debtor's funds and Debtor has paid all monthly mortgage payments, insurance, property taxes, upkeep, and maintenance for the Property. Debtor and Guadalupe A. Guzman, along with Debtor's other partners, agree that, notwithstanding the state of title, the Property actually belongs to Debtor and Debtor has an equitable interest in the Property. Buyer Grace Orchard Solar III, LLC offers to purchase the property in the purchase price of $2,600,000. The Debtor and the Buyer has entered a Purchase and Sale Agreement, which indicate limited contingencies that the Buyer has indicated will be cleared prior to the hearing on the Motion. Further, the deposit required by the Motion will be deposited no later than 10 days after the effective date of the Agreement but in no event later than March 6, 2026. Debtor has determined that the best means for it to obtain the most favorable recovery from the Sale of the Property is to present Buyer as the initial offer to purchase and then allow overbidding for the Property at a hearing on the Motion to Sell. The Debtor will continue to market the sale of the Property with the Buxman Group as the Broker. The Buyer is an affiliate of NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc., one of the largest renewable energy generators in the United States. NextEra Energy Resources has substantial experience developing, constructing, financing, and operating largescale renewable energy facilities throughout the country. The Buyer’s project will deliver substantial quantities of renewable energy to the California grid, advancing grid reliability and statewide decarbonization objectives. Timely acquisition of the Property is therefore essential not only to the project’s viability, but also to the advancement of critical energy infrastructure. Further, the Debtor believes that the purchase price for the Property, given the unique use to which the Seller can put it, is the highest and best offer that will likely be obtained. If the Debtor is unable to consummate this sale due to the failure to have this Motion timely granted, Debtor fears that it will not be able to obtain a similar offer in the future. The purchase of the Property includes (1) all strips and gores of land lying adjacent to the land, together with all easements, privileges, mineral rights, riparian and other water rights, lands underlying any adjacent streets or roads, improvements located on the land and appurtenances pertaining to or accruing to the benefit of the land, if any; (2) all rights and interests of Debtor in and to all sewage treatment capacity and all potable water capacity, and to all drainage rights, if any, to serve the land; and (3) all intangible property, including, without limitation, any trademarks or tradenames used in connection with the land, all licenses, development rights, permits and privileges now or hereafter in effect with respect to the land; The sale is subject to a higher and better bid pursuant to the sale and overbid procedures determined in Debtor’s sole discretion, subject to Bankruptcy Court approval. Parties shall pay their own attorneys' fees. The Buyer has no broker. Debtor is shall pay its own broker's fees. As indicated above, the sale is subject to overbidding on the following terms: The initial overbid shall be 10% above the purchase price, or $260,000 more than the current offer of $2,600,000, for a total of $2,860,000. Thereafter, bidding increments are to be determined by the Bankruptcy Court at the hearing. The lienholders of the Property are Riverside County Treasurer-Tax Collector, Northland Capital Financial Services, LLC, and Farm Credit Leasing Services Corporation. The Debtor asserts that the Buyer's offer reflects the best offer received by Debtor for the Property and represents what Debtor believes is a fair price. 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. SCILEX HOLDING: Registers 261,118 Addt'l Shares Under Equity Plans ------------------------------------------------------------------ Scilex Holding Company filed a Registration Statement on Form S-8 in accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended, to register: (i) 208,895 additional shares of common stock, $0.0001 par value per share, of the Company issuable pursuant to the Scilex Holding Company 2022 Equity Incentive Plan, as amended and (ii) 52,223 additional shares of Common Stock issuable pursuant to the Scilex Holding Company 2022 Employee Stock Purchase Plan (the "2022 ESPP"). The Company's stockholders have previously approved the 2022 Plan and the 2022 ESPP, including the shares of Common Stock available for issuance pursuant thereto. Pursuant to the Registration Statement on Form S-8 (File No. 333-269256) filed by the Company with the Securities and Exchange Commission on January 17, 2023, the Registration Statement on Form S-8 (File No. 333-271739) filed by the Company with the Commission on May 9, 2023, the Registration Statement on Form S-8 (File No. 333-278283) filed by the Company with the Commission on March 27, 2024 and the Registration Statement on Form S-8 (File No. 333-286291) filed by the Company with the Commission on April 1, 2025, the Company previously registered an aggregate of 1,719,616 shares of Common Stock under the 2022 Plan, which number of shares reflects the adjustment for the 1-for-35 reverse stock split effected by the Company on April 15, 2025, and 336,798 shares of Common Stock under the 2022 ESPP, which number of shares also reflects the adjustment for the Reverse Stock Split. A full text copy of the Registration Statement is available at https://tinyurl.com/mt9ufvsz About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Scilex Holding had $275.9 million in total assets, $455.6 million in total liabilities, and a total stockholders' deficit of $179.7 million. SEDILLO REALTY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona entered an interim order authorizing Sedillo Realty, LLC to use cash collateral. Under the order, the Debtor is authorized on an interim basis to use cash collateral solely to pay post-petition operating expenses in the ordinary course of business, and only in accordance with the approved budget. The Debtor is permitted a variance of up to 20% per line item but is otherwise prohibited from using cash collateral for any purpose not expressly authorized by the order. As adequate protection, the Debtor must make monthly payments of $2,920 to Clear Choice Fund, LLC. Any rental income remaining after payment of these adequate protection payments and approved budgeted expenses must be held in the debtor-in-possession bank account and may not be used without further order of the court. In addition, creditors holding valid pre-petition security interests will be granted post-petition replacement liens on the same type of post-petition assets, with the same validity and priority as existed on the petition date, effective without further perfection. The court scheduled a final hearing for March 10. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GjRug from PacerMonitor.com. About Sedillo Realty LLC Sedillo Realty LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00534) on January 20, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Eddward P Ballinger Jr presides over the case. D. Lamar Hawkins, Esq. at Guidant Law, PLC represents the Debtor as counsel. SERVESTAR LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Servestar LLC 6071 Highway 411 Benton, TN 37307 Business Description: ServeStar LLC provides commercial and residential plumbing services across the southeastern United States and select additional regions, including Tennessee, Georgia, Alabama, Kentucky, Florida, Texas, Ohio, and North Carolina. The company offers a range of solutions such as drain cleaning, water heater installation and repair, drain line repair with fiber-optic inspections, backflow testing, and 24/7 emergency plumbing services. Chapter 11 Petition Date: February 17, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-10417 Judge: Hon. Nicholas W Whittenburg Debtor's Counsel: Roy Michael Roman, Esq. RMR LEGAL PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 Email: Roymichael@rmrlegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Aaron Miller 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/EEJHSXA/Servestar_LLC__tnebke-26-10417__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H4IUNKA/Servestar_LLC__tnebke-26-10417__0001.0.pdf?mcid=tGE4TAMA SKILLSOFT CORP: S&P Alters Outlook to Negative, Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Skillsoft Corp. to negative while affirming its 'B-' issuer credit rating on the company and its 'B-' issue-level rating on its term loan. S&P said, "The negative outlook on Skillsoft reflects continued revenue declines and the potential for weak free cash flow generation to persist. While we view the potential sale or divestment of the Global Knowledge (GK) business to be EBITDA neutral, the negative outlook captures the risk that the company may continue to face declining revenues and profitability challenges due to deceleration in overall corporate learning technology spend." Skillsoft's operating performance continues to trend below S&P Global Ratings' expectations, and it expects this will put pressure on revenue and free operating cash flow (FOCF) over the next 12 months. Skillsoft's business has struggled amid persistent execution and demand challenges across its portfolio. GK revenues are down double digits year over year as discretionary instructor-led training spend remains weak, while its core Talent Development Solutions business (TDS), while stable, has failed to grow in an increasingly competitive enterprise learning market. The 2022 acquisition of Codecademy, originally positioned as a growth driver, has underperformed as AI-assisted coding tools have reduced the perceived value of learning entry-level programming languages. As a result, Skillsoft has been unable to offset pressure across its offerings, with fiscal 2026 (ending Jan. 31, 2026) revenues sitting near four-year lows. Skillsoft's company-specific challenges are reinforced by broader industry signals; for instance, the combination of Udemy and Coursera in late 2025 creates a larger, better-capitalized competitor, but both companies struggled over the past five years since their IPO. Similarly, the Chapter 11 restructuring of Pluralsight underscores the difficulty of sustaining scale and profitability in enterprise technical training. Skillsoft enters fiscal 2027 with weak financial metrics. S&P said, "S&P Global Ratings-adjusted leverage remains very high at just under 8x, while the company has generated no meaningful free cash flow in fiscal 2024 and 2025, and we expect less than $5 million of projected free cash flow in fiscal 2026. A divestment or sale of GK could improve reported financial metrics, as it contributes no EBITDA and generates negative free cash flow; however, the outcome and timing of any transaction remain uncertain. While management continues to explore strategic alternatives for GK, we assign no value to the asset and assume a wind-down of its operations over the coming quarters. Under this scenario, we estimate the remaining TDS business would generate approximately $410 million of revenue, with S&P Global Ratings-adjusted EBITDA margins of roughly 18%–19%, and positive annual free cash flow." Despite navigating a difficult discretionary spending environment, Skillsoft has demonstrated selective operational progress under new leadership since 2024. The core TDS segment's revenues have stabilized to flat year-over-year for fiscal year 2026. The company has also executed cost synergies representing about 10% of the operating expense base, which should support EBITDA margins going forward. TDS' trailing-12-month dollar retention rate has remained relatively steady, in the 98%-100% range, and the company secured notable wins in AI-catalyzed workforce transformation. Additionally, the company maintains adequate liquidity with approximately $100 million of balance sheet cash projected at fiscal year-end 2026 (January 2026) and access to its $75 million accounts receivable facility (maturing November 2029). Its term loan maturity of July 2028 provides runway to address performance issues. The company continues to focus on product innovation, with AI-powered tools, including CAISY, now available in 40+ languages. A potential divestment of the underperforming GK segment--which contributes no EBITDA and generates negative free cash flow--could serve as a catalyst for improving reported financial metrics, though the outcome and timing remain uncertain. While the operational performance has shown some stabilization, S&P expects the macro headwinds and competitive pressures in the enterprise learning market to continue to impact Skillsoft's performance over the next 12 months. The negative outlook on Skillsoft is driven by continued revenue declines and the potential for weak free cash flow generation to persist. While S&P view the potential sale or divestment of the GK business to be EBITDA neutral, the negative outlook captures the risk that the company may continue to face declining revenues and profitability challenges due to deceleration in overall corporate learning technology spend. S&P said, "We could lower our ratings on Skillsoft if revenues continue to decline and free cash flow doesn't improve meaningfully, or if the maturity of its term loan debt approaches without improvement in business fundamentals. In such scenarios, we could view the capital structure to be unsustainable, resulting in a negative rating action. "We could revise our outlook on Skillsoft to stable if the company manages to grow revenues and EBITDA, generate positive free cash flow after debt service, and maintains leverage of under 8x. We could also revise our outlook to stable if the company is able to sell its GK business and use proceeds from the sale to pay down debt." SONOMA PHARMACEUTICALS: $819K Q3 Loss; Warns of Financing Concerns ------------------------------------------------------------------ Sonoma Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, reporting a net loss of $819,000 and $928,000 for the three months ended December 31, 2025 and 2024, respectively, and $2,594,000 and $2,681,000 for the nine months ended December 31, 2025 and 2024, respectively. At December 31, 2025 and March 31, 2025, the Company's accumulated deficit amounted to $200,400,000 and $197,806,000, respectively. The Company had working capital of $7,928,000 and $8,552,000 as of December 31, 2025 and March 31, 2025, respectively. Revenue was $4,349,000 in the three months ended December 31, 2025, compared to $3,564,000 during the three months ended December 31, 2024. During the nine months ended December 31, 2025, revenue was $13,968,000, compared to $10,534,000 in 2024. The cash balance at December 31, 2025 and March 31, 2025 was $2,561,000 and $5,374,000, respectively. During the nine months ended December 31, 2025 and 2024, net cash (used in) provided by operating activities amounted to $3,414,000 and $7,000, respectively. Management believes that the Company has access to additional capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company cannot provide any assurance that other new financings will be available on commercially acceptable terms, if needed. If the economic climate in the U.S. deteriorates, the Company's ability to raise additional capital could be negatively impacted. If the Company is unable to secure additional capital, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company's continued efforts to commercialize its products, which is critical to the realization of its business plan and the future operations of the Company. This uncertainty along with the Company's history of losses indicates that there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. As of December 31, 2025, the Company had $13,623,000 in total assets, $10,191,000 in total liabilities, and $3,432,000 in total stockholders' equity. A full text copy of the Company's Report is available at https://tinyurl.com/4fh5sasx About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCL, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in 55 countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. SONOMA PHARMACEUTICALS: Vanessa Jacoby Holds 10,000 Stock Options ----------------------------------------------------------------- Vanessa Jacoby, Director of Sonoma Pharmaceuticals, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of February 9, 2026, she beneficially owns 10,000 shares of Common Stock underlying stock options (right to buy) with an exercise price of $10,000, held directly. These options were granted as an initial grant upon her appointment to the Board of Directors on January 28, 2026. The options vest in three equal tranches over a period of three years (first tranche on January 28, 2027, second on January 28, 2028, and third on January 28, 2029), or earlier upon a change in control, and expire on January 28, 2036. A full text copy of the Report is available at https://tinyurl.com/4snxdssm About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCL, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in 55 countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $13.86 million in total assets, $10,07 million in total liabilities, and $3.79 million in total stockholders' equity. SRTX INC: Files NOI to Facilitate Sale to A.Y.K International ------------------------------------------------------------- SRTX Inc., the Canadian materials innovator behind Sheertex(R), announced on Feb. 17, 2026, that it has entered into a definitive agreement with A.Y.K International Inc., a Canadian hosiery-focused company following completion of its previously announced strategic review process. In connection with the proposed transaction, SRTX has filed a Notice of Intention to Make a Proposal pursuant to the Bankruptcy and Insolvency Act, with PricewaterhouseCoopers Inc. acting as trustee. The NOI filing is intended to provide an orderly process to seek court approval of the transaction. The transaction is the result of a competitive process undertaken to identify the best available outcome for the Company and its stakeholders. Subject to court approval, the Purchaser is expected to support continuity of the Sheertex brand and the continued commercialization of SRTX's proprietary materials technology. Certain assets are excluded from the transaction, including the Company's Pointe-Claire lease and certain machinery and equipment, which will be addressed in the NOI proceedings. Throughout the strategic review process, SRTX has continued to operate and remained focused on serving its customers and partners without disruption. In connection with the proposed transaction, the Purchaser intends to retain a limited number of employees to support the continued operation of the Sheertex business. "We have long admired Sheertex -- not only for its innovation, but for its deep commitment to its craft and its customers," said Dan Abitan, Chief Executive Officer of A.Y.K International Inc. "We are pleased to welcome Sheertex into the A.Y.K. family, where the brand's expertise and advanced technology will become part of our organization as we invest in its long-term stability and growth." SRTX will seek court approval of the transaction in the coming weeks. PricewaterhouseCoopers Corporate Finance served as financial advisor to SRTX in connection with the strategic review process. About SRTX SRTX, a Certified B Corporation (B Corp), is best known for its first technology, the patent-pending Sheertex(R) Rip-Resist knit, made from one of the world's strongest polymers, which has revolutionized hosiery through impossibly strong tights. SRTX's mission is to advance the durability and sustainability of apparel products by building new materials and software that enable better, more sustainable textiles. Visit https://www.srtxlabs.com. STOKES & STOKES: Hires Demetrius J. Parrish Jr. as Attorney ----------------------------------------------------------- Stokes & Stokes Properties seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire The Law Offices Of Demetrius J. Parrish, Jr., as attorney. The firm will render these services: a. provide legal advice with respect to the Debtor's power and duties as debtors in possession in the continued operation of its business; b. pursuit of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; c. prepare on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; d. appear in Court and otherwise protecting the interests of the Debtor before the Court; and e. perform all legal services for the Debtor which may be necessary and proper in these proceedings. Demetrius J. Parrish, Jr. will be paid at the hourly rate of $375. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Demetrius J. Parrish, Jr., a partner of The Law Offices Of Demetrius J. Parrish, Jr., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Demetrius J. Parrish, Jr. can be reached at: Demetrius J. Parrish, Jr., Esq. THE LAW OFFICES OF DEMETRIUS J. PARRISH, JR. 7715 Crittenden St., Suite 360 Philadelphia, PA 19118 Tel: (215) 735-3377 About Stokes & Stokes Properties, LLC Stokes & Stokes Properties, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026, listing $1,000,001 to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M Chan presides over the case. Demetrius J. Parrish, Jr., Esq. at The Law Offices Of Demetrius J. Parrish represents the Debtor as counsel. SUMMIT ACCESS: Hires Rountree Leitman Klein & Geer as Attorney -------------------------------------------------------------- Summit Access, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as its attorneys. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor that may be necessary. The firm will be paid at these proposed hourly rates: William Rountree, Attorney $645 Will Geer, Attorney $645 Michael bargar, Attorney $555 Hal Leitman, Attorney $550 William Matthews, Attorney $445 David Klein, Attorney $545 Ceci Christy, Attorney $475 Shawn Eisenberg, Attorney $445 Elizabeth Childers, Attorney $445 Caitlyn Powers, Attorney $425 Dorothy Sideris, Paralegal $250 Megan Winokur, Paralegal $200 Catherine Williams, Paralegal $200 Angel-marie Gbaye, Paralegal $200 Ryley Jones, Paralegal $200 Catherine Smith, Paralegal $175 Law Clerk $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $35,000 from the Debtor. Mr. Geer 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: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Summit Access LLC Summit Access, LLC owns the apartment property at 2510-2540 Peachtree Circle, NE, Atlanta, with 19 of 28 units currently occupied and all units move-in ready. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51439) on February 2, 2026. In the petition signed by Romaia Karlsen, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. TAMPA BRASS: Hearing Today on Bid to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida is set to hold a hearing today to consider extending Tampa Brass and Aluminum Corporation's authority to use cash collateral. The Debtor was previously authorized to use cash collateral under the court's February 3 16th interim order. The court's 16th interim order authorized the Debtor to access cash collateral until the earlier of the Chapter 11 plan's effective date or a further hearing. It granted First Florida and other lenders a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. First Florida, Breakout Capital, LLC and the U.S. Small Business Administration are the lenders identified by the Debtor that may assert an interest in the cash collateral. The Debtor owes First Florida approximately $5.625 million under an asset-based financing facility. First Florida asserts a first priority, blanket lien on substantially all of the Debtor's assets. Meanwhile, the Debtor has two loans with SBA in the total amount of $3.25 million, which are secured by junior liens, and a merchant cash advance loan with Breakout Capital, which asserts a lien on accounts receivable. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TOMPKINS SQUARE: Hires Wiggin and Dana LLP as Special Counsel ------------------------------------------------------------- Tompkins Square Distributors, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Wiggin and Dana LLP as special employment and labor litigation counsel. The firm's services include: a. representing the Debtor in connection with Employment and Labor Litigation Matters; b. conducting investigations and analyses sufficient to advise the Debtor regarding Employment and Labor Litigation Matters; c. rendering services to the Debtor including, but not limited to, fact investigation, legal research, briefing, argument, discovery, negotiation, litigation, participating in meetings with the Debtor and its management; d. appearing and participating in hearings and communications and meetings with parties in interest, in each case as it relates to Employment and Labor Litigation Matters; and e. performing all other necessary or requested litigation services in connection with Employment and Labor Litigation Matters. The firm's hourly rates are: Partners $1,365 to $645 Counsel $980 to $525 Associates $710 to $475 Paraprofessionals $530 to $230 The firm received a retainer in the amount of $12,735.39. Wiggin and Dana will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel LaRose, partner of Wiggin and Dana LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Wiggin and Dana can be reached at: Daniel LaRose, Esq. WIGGIN AND DANA LLP 437 Madison Avenue, 35th Floor New York, NY 10022 Tel: (212) 551-2862 Email: dlarose@wiggin.com About Tompkins Square Distributors Inc. Tompkins Square Distributors, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12356) on October 26, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Michael E. Wiles presides over the case. Jack Rose, Esq., at the Law Offices of Jack J. Rose represents the Debtor as counsel. TOWN & COUNTRY EVENT: Court Imposes $30K Sanctions v. Lewis Phon ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California entered an opinion and order imposing Rule 9011 sanctions against Attorney Lewis Phon in the bankruptcy case of Town & Country Event Center LLC. The Court issued to Attorney Lewis Phon an Order to Show Cause why he did not violate Federal Rule of Bankruptcy Procedure 9011 and California's Rules of Professional Conduct when he filed a third-party motion to sell real property free and clear of liens supposedly pursuant to 11 U.S.C. Secs. 363(b) & (f)(4)-(5) on behalf of Prime Party Rentals, LLC ("PPR") as the putative buyer of 11354 White Rock Road, Rancho Cordova, California 93472, which was property of chapter 11 debtor Town & Country Event Center LLC in Case No. 2025-24205. The salient facts regarding Rule 9011 issues are that Attorney Lewis Phon participated in an attempt to perpetrate a fraud on the Court, which this Court has determined to have been a scheme to delay and hinder creditors that involved multiple bankruptcy filings. The specific focus in this case is on the motion filed by Phon on September 10, 2025, on behalf of Prime Party Rentals LLC: Motion to Allow Sale of Real Property, DCN: LP-2, filed 9/10/2025. The presentation of the PPR Motion during the time the stay relief motions that formed the basis for the Sec. 362(d)(4) in rem order were pending was part of the orchestrated scheme by Waqar Khan to hinder, delay, or defraud creditors. The purpose of the putative sale was to erect a roadblock to the pending stay relief motions. Khan also sued the creditors, threatening a lis pendens to stall their foreclosures. The terms of the sale, which would be a purchase of chapter 11 estate property by Waqar Khan and his son Haroon Khan had no credible economic substance and could not possibly have been authorized under the Bankruptcy Code. The PPR Motion asserts that the proposed sale is permissible under 11 U.S.C. Sec. 365(f)(4) and is permissible under 11 U.S.C. Sec. 365(f)(5). By filing the PPR Motion to sell pursuant to Sec. 363, Phon certified that PPR had standing to make the motion. However, there is no theory under which PPR has standing to make a Sec. 363 motion to sell because the plain language of Bankruptcy Code Sec. 363 limits the sale power to the trustee or to the person performing the duties of the trustee (i.e., debtor in possession). PPR was neither the trustee nor the person performing the duties of the trustee. In short, PPR had no standing to make a motion under Sec. 363, the Court finds. According to the Court, when Phon did not withdraw the PPR Motion and remained silent in the face of questions of standing, and applicability of Secs. 363(f)(4) & (5) raised separately by the U.S. trustee and by the major creditors in filings and at the hearing, Phon placed himself, within the meaning of Rule 9011(b), as "later advocating" the bogus position supporting the sham insider sale in further violation of Rule 9011(b)(2). This is a situation in which the Court on its own initiated the sanctions proceeding by issuing an order to show cause pursuant to Rule 9011(c)(3). The Rule 9011 violations are particularly serious because this Court is persuaded Lewis Phon was acting in bad faith in promoting what amounted to an attempted fraud on the Court, as well as furthering a scheme to hinder, delay, or defraud creditors in concert with Waqar and Haroon Khan and in coordination with Attorney Jonathon Madison. The Court says because this is a situation involving a bad faith attempt by a party without standing working in league with other parties to perpetrate a fraud on the court and a fraud on creditors, the interests of deterrence are particularly powerful in this case. Accordingly, the Court entered an Order as follows: 1. Attorney Lewis Phon must pay sanctions in the amount of thirty thousand dollars ($30,000.00) for violation of Federal Rule of Bankruptcy Procedure 9011(b) to the credit of the United States; 2. Payment must be remitted to the Clerk of the Bankruptcy Court for deposit into the United States Treasury no later than March 11, 2026; and 3. If the $30,000.00 is not paid timely, then the United States may collect by any legal means. This Rule 9011 sanctions award is without prejudice to a party in interest attempting to pursue a remedy under a theory other than Rule 9011. A copy of the Court's Opinion and Order dated February 11, 2026, is available at https://urlcurt.com/u?l=QFlGz9 About Town & Country Event Center LLC Town & Country Event Center LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24205) on August 11,2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Christopher D Jaime presides over the case. Jonathan Madison, Esq. at The Madison Firm represents the Debtor as counsel. TURNING POINT: Fitch Affirms 'B+' IDR, Outlook Stable ----------------------------------------------------- Fitch Ratings has affirmed the ratings of eight North American food, beverage and tobacco companies and their related subsidiaries, and maintained a ninth company (Kraft Heinz and related subsidiaries) on Rating Watch Negative: 1. Bacardi Limited and Bacardi-Martini B.V. 2. Conagra Brands, Inc. (Conagra) 3. Flowers Foods, Inc. 4. Keurig Dr Pepper Inc. 5. Land O'Lakes Inc. and Land O'Lakes Capital Trust I 6. The Campbell's Company 7. The Kraft Heinz Company, Kraft Heinz Foods Company and H.J. Heinz Finance UK Plc 8. Turning Point Brands, Inc. 9. Universal Corporation These actions follow Fitch's updates to its "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Bacardi Limited and Bacardi-Martini B.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended March 31, 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Conagra Brands, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended May 25, 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. Flowers Foods, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. Keurig Dr Pepper Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' result in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB- (EXP)'. Land O'Lakes Inc. and Land O' Lakes Capital Trust I - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an equalized approach. The Campbell's Company - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended August 03, 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. The Kraft Heinz Company, Kraft Heinz Foods Company and H.J. Heinz Finance UK Plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Turning Point Brands, Inc. - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb-, Lower), Financial Structure (a+, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'B+'. Universal Corporation - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (b+, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Universal Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Keurig Dr Pepper Inc. LT IDR BBB-(EXP) Affirmed BBB-(EXP) ST IDR F3(EXP) Affirmed F3(EXP) senior unsecured LT BBB-(EXP) Affirmed BBB-(EXP) senior unsecued ST F3(EXP) Affirmed F3(EXP) Bacardi-Martini B.V. LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 Flowers Foods, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Conagra Brands, Inc. LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 The Kraft Heinz Company LT IDR BBB Rating Watch BBB Maintained Land O'Lakes, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- preferred LT BB Affirmed BB H.J. Heinz Finance UK Plc senior unsecured LT BBB Rating Watch BBB Maintained Land O'Lakes Capital Trust I junior subordinated LT BB+ Affirmed BB+ Kraft Heinz Foods Company LT IDR BBB Rating Watch BBB Maintained ST IDR F2 Rating Watch F2 Maintained senior unsecured LT BBB Rating Watch BBB Maintained senior unsecured ST F2 Rating Watch F2 Maintained Turning Point Brands, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Bacardi Limited LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 The Campbell's Company LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 UNITED SITE: Gets Final OK to Obtain $120-Mil. DIP Financing ------------------------------------------------------------ United Site Services Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the District of New Jersey to obtain debtor-in-possession financing to get through bankruptcy. The financing is a superpriority senior secured post-petition loan of up to $120 million from a group of lenders under a DIP credit agreement dated December 30, 2025, with Wilmington Savings Fund Society, FSB serving as administrative agent and collateral agent. An initial borrowing of $62.5 million was made available to the Debtors following entry of the interim order on December 30, 2025. The loan will fund ongoing operations, including payroll and vendor and supplier payments, and provide working capital during the Debtors' bankruptcy. As of the petition date, the Debtors had approximately $87 million in trade accounts payable and other accrued liabilities to parties such as vendors, suppliers, landlords, service providers, utilities, tax authorities, and employees. Meanwhile, the Debtors had approximately $6 million in unrestricted cash on hand. To secure the Debtors' obligations, the lenders will be granted valid, binding, enforceable, continuing, non-avoidable, and automatically and properly perfected security interests in and liens on assets securing the DIP loan and an allowed superpriority administrative expense claim. The DIP loan is due and payable on the earliest of (i) 12 months after the petition date, subject to two three-month extensions with lender consent; (ii) substantial consummation (effective date) of a confirmed Chapter 11 plan; (iii) dismissal of the Debtors' Chapter 11 cases or conversion to Chapter 7; and (iv) acceleration upon an event of default. Under the DIP credit agreement, the Debtors are required to comply with certain milestones, including entry of final order approving the disclosure statement and confirming the Debtors' Chapter 11 plan within 60 days after its Chapter 11 filing and occurrence of the plan effective date within 75 days after the filing. Use of Cash Collateral The final order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors other than the ABL cash collateral until the occurrence of a so-called DIP termination event. As adequate protection, secured creditors will be granted replacement security interest in and lien on the applicable collateral securing the DIP loan, subject and subordinate to the fee carveout and DIP liens. They are also entitled to an allowed administrative expense claim, subject to the carveout and DIP superpriority claims. A copy of the court's order is available at http://urlcurt.com/u?l=GJrBxQfrom PacerMonitor.com. The Debtors' pre-bankruptcy secured debt consists of (i) an asset-based revolving credit facility, (ii) an amended term loan facility, and (iii) the 2024 first lien facilities and floating-rate senior secured notes. In total, approximately $2.8 billion of pre-bankruptcy debt is secured by substantially all of the Debtors' assets. In addition, Vortex Opco, LLC extended approximately $2.436 billion of intercompany term loans to PECF USS Intermediate Holding III Corporation under the pre-bankruptcy intercompany credit agreement in connection with the 2024 recapitalization. As of the petition date, approximately $2.514 billion remains outstanding. About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging between $1 billion and $10 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped Milbank, LLP and Cole Schotz, PC as legal counsel; Alvarez & Marsal North America, LLC as financial advisor; PJT Partners, LP as investment banker; PwC US Tax, LLP as tax services provider; and PricewaterhouseCoopers, LLP as audit services provider. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. Wilmington Savings Fund Society, as DIP agent, is represented by: Porzio, Bromberg & Newman, P.C. Warren J. Martin Jr., Esq. Christopher P. Mazza, Esq. Kimberly N. Pageau, Esq. 100 Southgate Parkway P.O. Box 1997 Morristown, New Jersey 07962 Telephone: (973) 538-4006 wjmartin@pbnlaw.com cpmazza@pbnlaw.com knpageau@pbnlaw.com -and- ArentFox Schiff, LLP Jeffrey R. Gleit, Esq. Matthew R. Bentley, Esq. 1301 Avenue of the Americas, 42nd Floor New York, NY 10019-6022 Telephone: (212) 484-3900 Jeffrey.Gleit@afslaw.com Matthew.Bentley@afslaw.com -and- ArentFox Schiff, LLP Justin A. Kesselman, Esq. 800 Boylston Street, 32nd Floor Boston, MA 02199 Telephone: (617) 973-6100 Justin.Kesselman@afslaw.com VOLITIONRX LTD: Receives NYSE American Equity Deficiency Notice --------------------------------------------------------------- VolitionRx Limited disclosed in a regulatory filing that it received a notice from the NYSE American LLC stating that the Company is not in compliance with the NYSE American continued listing standards set forth in Section 1003(a)(i) of the NYSE American Company Guide requiring a company to have stockholders' equity of at least $2 million if it has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years, Section 1003(a)(ii) of the Company Guide requiring a company to have stockholders' equity of at least $4 million if it has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years and Section 1003(a)(iii) of the Company Guide requiring a company to have stockholders' equity at least $6.0 million if it has reported losses from continuing operations and/or net losses in its five most recent fiscal years. The Notice also indicates that the Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide (including the exemption provided for companies with total value of market capitalization exceeding $50 million among other things). In connection with its non-compliance with Section 1003(a)(i), Section 1003(a)(ii) and Section 1003(a)(iii), the Company must submit a plan to the NYSE American by March 8, 2026, advising of actions it has taken or will take to regain compliance with the continued listing standards by August 6, 2027. If the NYSE American determines to accept the Plan, the Company will be notified in writing and will be subject to periodic reviews, including quarterly monitoring for compliance with the Plan. If the Company does not submit a plan or if the Plan is not accepted, NYSE American will commence delisting proceedings. Furthermore, if the Plan is accepted but the Company is not in compliance with the continued listing standards by August 6, 2027, or if the Company does not make progress consistent with the Plan, the NYSE American will initiate delisting proceedings as appropriate. The Company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide. The Notice has no immediate impact on the listing of the Company's shares of common stock, which will continue to be listed and traded on the NYSE American during this period, subject to the Company's compliance with the other listing requirements of the NYSE American. The common stock will continue to trade under the symbol "VNRX", but will have an added designation of ".BC" to indicate the status of the common stock are "below compliance". The Notice does not affect the Company's ongoing business operations or its reporting requirements with the U.S. Securities and Exchange Commission. The Company is committed to achieving compliance with the NYSE American's requirements and intends to submit a plan to the NYSE American on or before March 8, 2026 that will regain compliance with the NYSE American continued listing standards by August 6, 2027. However, there can be no assurance that the Company will be able to achieve compliance with the NYSE American's continued listing standards within the required timeframe. About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $6.4 million in total assets, $42.4 million in total liabilities, and $35.9 million in total stockholders' deficit. VOLO PROPERTY: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Volo Property Holdings LLC 401 IL-60 Volo, IL 60073 Business Description: Volo Property Holdings LLC is a single-asset real estate company that owns a commercial property at 401 E. IL Route 60 in Volo, Illinois, with a recent sale offer valuing the property at $725,000. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-02302 Judge: Hon. Jacqueline P Cox Debtor's Counsel: Alex J. Whitt, Esq. THE LAW OFFICE OF WILLIAM J. FACTOR, LTD. 105 W. Madison St., Suite 2300 Chicago, IL 60602 Email: awhitt@wfactorlaw.com Total Assets: $728,044 Total Liabilities: $1,204,301 The petition was signed by Nataliya Zatkhey as owner and manager. The Debtor has identified Old National Bank, located at One Main St., Evansville, Indiana 47708, as its sole unsecured creditor, with a claim totaling $479,301. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CBA4AOA/Volo_Property_Holdings_LLC__ilnbke-26-02302__0001.0.pdf?mcid=tGE4TAMA WRIGHT SCAPES: Hires Gamberg & Abrams as Bankruptcy Counsel ----------------------------------------------------------- Wright Scapes, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Gamberg & Abrams as general bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to their powers and duties as debtor and debtor-in-possession in the continued management and operation of his business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (f) provide advice to the Debtor with respect to legal issues arising in or relating to the Debtor's ordinary course of business; (g) take all necessary action to protect and preserve the Debtor's estates, including the prosecution of actions on their behalf, the defense of any actions commenced against the estates, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; (h) prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estates; (i) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (i) attend meetings with third parties and participate in negotiations with respect to the above matters; (k) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor estate before such courts and the U.S. Trustee; and (1) perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with these Chapter 11 cases. The firm will be paid at these rates: Thomas L. Abrams $500 per hour Jared L. Gamberg $450 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $15,000. Thomas L. Abrams, Esq., a partner at Law Firm of Gamberg & Abrams, 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: Thomas L. Abrams, Esq. Law Firm of Gamberg & Abrams 1213 S.E. Third Avenue, Second Floor Fort Lauderdale, FL 33316 Telephone: (954) 523-0900 Facsimile: (954) 915-9016 Email: tabrams@tabramslaw.com About Wright Scapes, Inc. Wright Scapes, Inc. operates in the landscaping and grounds services sector, offering exterior property enhancement and maintenance services. The company serves customers in Florida and surrounding areas, based on publicly available business filings. Wright Scapes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Peter D. Russin handles the case. The Debtor is represented by Thomas L. Abrams, Esq. YOUNG REALTY: Seeks to Hire Mickler & Mickler as Legal Counsel -------------------------------------------------------------- Young Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Law Offices of Mickler & Mickler, LLP to handle its Chapter 11 case. Bryan Mickler, Esq., an attorney at Mickler & Mickler, 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: Bryan A. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 Email: bkmickler@planlaw.com About Young Realty LLC Young Realty, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00437) on February 1, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. ZK INTERNATIONAL: Fortune CPA Raises Going Concern Doubt -------------------------------------------------------- ZK International Group Co., Ltd. submitted its Annual Report on Form 20-F to the U.S. Securities and Exchange Commission for the fiscal year ended September 30, 2025. The report contains a Going Concern Consideration, noting that substantial doubt about the Company's ability to continue as a going concern exists. September 30, 2025 As reflected in the consolidated financial statements, the Company has incurred net losses of $4,015,330, $2,783,566 and $61,290,390 for the years ended September 30, 2025, 2024 and 2023, respectively. The Company had accumulated deficits amounted to $54,433,757 as of September 30, 2025. Net cash provided by operating activities was $736,397 for the year ended September 30, 2025. Accordingly, in its audit report dated February 4, 2026, Fortune CPA, Inc, the Company's auditor since 2024, issued a "going concern" qualification citing that the Company has negative working capital, negative cash flow from operating activities, and accumulated deficit that raise substantial doubt about its ability to continue as a going concern. MANAGEMENT EFFORTS The Company meets its day-to-day working capital requirements through its bank facilities. Most of the bank borrowings as of September 30, 2025, that are repayable within the next 12 months, are subject to renewal, and the management is confident that these borrowings can be renewed upon expiration based on the Company's past experience and credit history. In addition, the Company had a positive working capital of $13,873,105 as of September 30, 2025. To continue as a going concern, the Company will need to access further capital and develop its business to improve profitability. In order to strengthen the Company's liquidity in the foreseeable future, the Company has taken the following measures: (i) Negotiating with banks in advance for renewal and obtaining new banking facilities; (ii) Taking various cost control measures to tighten the costs of operations; and (iii) Implementing various strategies to enhance sales and profitability. However, there can be no assurance that these plans and arrangements will be sufficient to fund our ongoing capital expenditure, working capital, and other requirements. A full text copy of the Company's Annual Report is available at: https://tinyurl.com/4zurv4v4 About ZK International Group Co. Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion-dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the "Water Cube", and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia. As of September 30, 2025, the Company had $62,867,718, $38,253,260 in total liabilities, and $24,614,458 in total equity. ZYNEX INC: Resolves Federal Probe Over Business Practices With NPA ------------------------------------------------------------------ Zynex, Inc., announced on Feb. 17, 2026, that it has resolved the federal government's investigation into business practices designed and implemented by the company's former executives. Under the non-prosecution agreement (NPA) signed today, the United States Attorney's Office for the District of Rhode Island (USAO RI) has agreed not to pursue criminal charges against the company and not to require an independent compliance monitor going forward. "The resolution we have achieved today represents the fulfillment of the commitments we made as a new management team when we arrived in August 2025: to break from the past, rebuild the company as compliant-by-design, and create a new future for the company, its customers, and employees," said Steven Dyson, Chief Executive Officer. "Our customers and patients experience a very real benefit from our highly effective products, which has unfortunately been overshadowed by previous business practices. Our entire team has spent six months singularly focused on rebuilding every part of our organization to focus on what matters most: transparency, integrity, and compliance in everything we do so that our high-quality products are supported by high-quality operations." The USAO RI reached its non-prosecution decision in light of the company's "extensive remedial measures," the "internal controls [the management team] designed to detect and deter improper billing," and the company's cooperation with the investigation. "We have completely overhauled our order-to-cash processes and implemented a rigorous corporate compliance program," said John Bibb, Chief Legal Officer. "We have aggressively implemented remediation and controls in order to put the past behind us. By adopting well-accepted durable medical equipment (DME) operational and compliance best practices, we have set a strong foundation for the future. With today's announcement, we have swiftly brought to close a series of investigations that began long before new management arrived." Since August 2025, new management has implemented significant changes to the company's business practices, compliance program, and operational controls, including, among other items: -- Complete redesign of supplies replenishment practices - requiring explicit and timely confirmation from patients that they need new supplies prior to shipment. -- New order intake and fulfilment practices that operationalize medical necessity and payor requirements at the point of intake. -- New controls that put a stop to billing practices designed to circumvent payor requirements, including unbundling of supplies. We now require and ensure strict adherence to payor billing guidelines. -- New policies ensuring that our marketing activities are on-label and consistent with FDA expectations. Zynex filed for a voluntary financial reorganization under Chapter 11 of the U.S. Bankruptcy Code on December 15, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. With this resolution now in place, the company expects to emerge from Chapter 11 financial restructuring in the next few months. About Zynex, Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. [] Connell Foley Adds 5 Partners to New Restructuring Group ----------------------------------------------------------- Connell Foley LLP, a full-service law firm of more than 140 lawyers across multiple offices throughout the Mid-Atlantic region, announced on February 17, 2026, the launch of its new Corporate Restructuring & Bankruptcy practice with the addition of Partners Robert K. Malone and Brett S. Theisen as co-chairs, along with Partners Katharina Earle, Dale E. Barney and Mark Conlan. This team brings decades of experience advising major constituencies in complex corporate reorganizations, restructuring and bankruptcy-related litigation. As part of the new practice, Connell Foley has opened an office in Wilmington, Delaware, giving clients on-the-ground support through leaders with established ties to the region. Led by Partner Earle, the Wilmington office provides clients direct access to United States Bankruptcy Court for the District of Delaware, the United States District Court for the District of Delaware and the Delaware Court of Chancery, and enhances the firm's ability to advise and litigate in courts where many of the country's most consequential corporate matters are decided. "Today's announcement adds significant expertise to our firm, aligns with Connell Foley's collaborative, results-driven culture and helps set the stage for what's next -- for both the firm, and for our clients," said Timothy E. Corriston, Managing Partner, Connell Foley. "Bob, Brett and Katharina are recognized leaders, along with Dale and Mark. Their collective experience and proven record of success, along with a presence in Delaware, will deliver immediate value to our clients as well as support the continued strategic growth of the firm." This announcement continues a period of significant growth for Connell Foley, highlighted by key hires and strategic expansion. In 2025, acclaimed criminal defense attorney Brian Neary joined the firm and helped establish its Bergen County office. Pat Dunican, former managing director at Gibbons P.C., joined Connell Foley in January to further strengthen its corporate practice. Abbey True Harris joined the firm this month as a Partner in its Regulatory Affairs and Compliance Group, where she will draw on her extensive experience in law firms, government and private industry. With more than a century of combined experience, Malone, Theisen, Earle, Barney and Conlan bring technical depth with a practical, business-oriented perspective shaped by work at the highest levels of the market. Malone previously served as Chair of Gibbons P.C.'s Financial Restructuring and Creditors' Rights practice for the past year, following his tenure as Chair from July 2019 to January 2025. Based in New Jersey and possessing more than 40 years of corporate restructuring experience, he has represented diverse stakeholders, including official and ad hoc creditor and bondholder committees, debtors, trustees, financial institutions, indenture trustees, asset purchasers, insurers and parties in bankruptcy related litigation. "I'm excited to join Connell Foley at a pivotal moment in the firm's growth story, particularly as bankruptcy and restructuring matters continue to rise nationwide," said Malone. "Our focus is on delivering lasting results for clients while helping shape the practice's strategic growth for the future." Malone has been recognized by leading legal rankings and peer reviewed honors, including Chambers USA (Band 1), Benchmark Litigation's "Litigation Stars," The Best Lawyers in America 2026 for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law and Litigation Bankruptcy. He also holds an AV Peer Review rating. Based in New York, Theisen served as a Partner at FBT Gibbons for the past 14 years and the Vice-Chair of its Financial Restructuring and Creditors' Rights practice since 2019. He represents a broad range of clients, including debtors, official committees, trustees and asset purchasers, and brings extensive experience across all aspects of debtor and creditor relations, with a focus on complex corporate reorganizations and liquidations, as well as bankruptcy and insolvency related litigation and appeals. A seasoned litigator, he has handled high-stakes issues including director and officer liability, lender liability, Ponzi scheme litigation, complex fraudulent transfer and preference actions, alter ego and veil piercing disputes, shareholder disputes, fraud, negligence, breaches of fiduciary duty, and a broad range of commercial and contract disputes. "I'm proud to join a firm with a national presence in commercial litigation and, now, bankruptcy," said Theisen. "I share its commitment to continued growth and innovation, and I look forward to building new relationships while continuing to deliver exceptional service to our clients. We're going to hit the ground running." Theisen has earned recognition from leading legal and industry organizations, including Chambers USA for Bankruptcy and Restructuring as well as the prestigious American Bankruptcy Institute's 40 Under Forty list. He was also part of the team recognized with The M&A Advisor's 2020 Turnaround Award for the Restructuring of the Year for his work as debtors' counsel to New England Motor Freight and affiliates. Earle focuses her practice on corporate restructurings, bankruptcy, and other insolvency-related matters. She regularly represents debtors, official committees, investors, plan administrators, asset purchasers and other stakeholders across various industries in both in-court and out-of-court restructurings, including Chapter 11 and Chapter 7 proceedings. She holds the INSOL Foundation Certificate in International Insolvency Law and serves on the TMA Global International Committee. Barney, based in New Jersey, possesses extensive experience in debtor and creditor relations, bankruptcy and insolvency litigation, and commercial and chancery matters, with substantial trial and appellate work. He has experience representing secured and unsecured creditors, hard money lenders, and lending funds in bankruptcy and state court matters, including major institutions and complex cases involving trustees, debtors and creditor committees. Conlan brings extensive experience representing fiduciaries and key stakeholders in insolvency proceedings, including creditors, debtors in possession, creditors' committees and trustees, in bankruptcy cases, bankruptcy litigation and debtor creditor matters. He has deep expertise litigating fraudulent and preferential transfer actions, including leading a team that filed more than 850 avoidance actions as part of the DBSI Estate Litigation Trust in a major bankruptcy involving assets valued at more than $2.65 billion. About Connell Foley LLP Established in 1938, Connell Foley is a full-service law firm of more than 140 lawyers across multiple offices throughout the Mid-Atlantic region. Connell Foley provides a broad range of legal services that involve both established and emerging areas of law, with strengths in litigation, corporate, real estate and land use, and sophisticated tax and estate planning. Renowned for its commitment to exceptional client service and practical, results-oriented solutions, Connell Foley has built a reputation for legal excellence and innovation. The firm's attorneys are recognized leaders in their fields, frequently contributing to industry publications, serving in leadership positions at professional organizations and presenting at key conferences. [] Connell Foley Launches Corporate Restructuring Practice ---------------------------------------------------------- Connell Foley LLP, a full-service law firm of more than 140 lawyers across multiple offices throughout the Mid-Atlantic region, announced the launch of its new Corporate Restructuring & Bankruptcy practice with the addition of Partners Robert K. Malone and Brett S. Theisen as co-chairs, along with Partners Katharina Earle, Dale E. Barney and Mark Conlan. This team brings decades of experience advising major constituencies in complex corporate reorganizations, restructuring and bankruptcy-related litigation. As part of the new practice, Connell Foley has opened an office in Wilmington, Delaware, giving clients on-the-ground support through leaders with established ties to the region. Led by Partner Earle, the Wilmington office provides clients direct access to United States Bankruptcy Court for the District of Delaware, the United States District Court for the District of Delaware and the Delaware Court of Chancery, and enhances the firm's ability to advise and litigate in courts where many of the country’s most consequential corporate matters are decided. "T[he] announcement adds significant expertise to our firm, aligns with Connell Foley's collaborative, results-driven culture and helps set the stage for what's next - for both the firm, and for our clients," said Timothy E. Corriston, Managing Partner, Connell Foley, in a Feb. 17 statement. "Bob, Brett and Katharina are recognized leaders, along with Dale and Mark. Their collective experience and proven record of success, along with a presence in Delaware, will deliver immediate value to our clients as well as support the continued strategic growth of the firm." This announcement continues a period of significant growth for Connell Foley, highlighted by key hires and strategic expansion. In 2025, acclaimed criminal defense attorney Brian Neary joined the firm and helped establish its Bergen County office. Pat Dunican, former managing director at Gibbons P.C., joined Connell Foley in January to further strengthen its corporate practice. Abbey True Harris joined the firm this month as a Partner in its Regulatory Affairs and Compliance Group, where she will draw on her extensive experience in law firms, government and private industry. With more than a century of combined experience, Malone, Theisen, Earle, Barney and Conlan bring technical depth with a practical, business-oriented perspective shaped by work at the highest levels of the market. Malone previously served as Chair of Gibbons P.C.'s Financial Restructuring and Creditors' Rights practice for the past year, following his tenure as Chair from July 2019 to January 2025. Based in New Jersey and possessing more than 40 years of corporate restructuring experience, he has represented diverse stakeholders, including official and ad hoc creditor and bondholder committees, debtors, trustees, financial institutions, indenture trustees, asset purchasers, insurers and parties in bankruptcy related litigation. "I'm excited to join Connell Foley at a pivotal moment in the firm's growth story, particularly as bankruptcy and restructuring matters continue to rise nationwide," said Malone. "Our focus is on delivering lasting results for clients while helping shape the practice's strategic growth for the future." Malone has been recognized by leading legal rankings and peer reviewed honors, including Chambers USA (Band 1), Benchmark Litigation's "Litigation Stars," The Best Lawyers in America 2026 for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law and Litigation Bankruptcy. He also holds an AV Peer Review rating. Based in New York, Theisen served as a Partner at FBT Gibbons for the past 14 years and the Vice-Chair of its Financial Restructuring and Creditors' Rights practice since 2019. He represents a broad range of clients, including debtors, official committees, trustees and asset purchasers, and brings extensive experience across all aspects of debtor and creditor relations, with a focus on complex corporate reorganizations and liquidations, as well as bankruptcy and insolvency related litigation and appeals. A seasoned litigator, he has handled high-stakes issues including director and officer liability, lender liability, Ponzi scheme litigation, complex fraudulent transfer and preference actions, alter ego and veil piercing disputes, shareholder disputes, fraud, negligence, breaches of fiduciary duty, and a broad range of commercial and contract disputes. "I'm proud to join a firm with a national presence in commercial litigation and, now, bankruptcy," said Theisen. "I share its commitment to continued growth and innovation, and I look forward to building new relationships while continuing to deliver exceptional service to our clients. We're going to hit the ground running." Theisen has earned recognition from leading legal and industry organizations, including Chambers USA for Bankruptcy and Restructuring as well as the prestigious American Bankruptcy Institute's 40 Under Forty list. He was also part of the team recognized with The M&A Advisor's 2020 Turnaround Award for the Restructuring of the Year for his work as debtors' counsel to New England Motor Freight and affiliates. Earle focuses her practice on corporate restructurings, bankruptcy, and other insolvency-related matters. She regularly represents debtors, official committees, investors, plan administrators, asset purchasers and other stakeholders across various industries in both in-court and out-of-court restructurings, including Chapter 11 and Chapter 7 proceedings. She holds the INSOL Foundation Certificate in International Insolvency Law and serves on the TMA Global International Committee. Barney, based in New Jersey, possesses extensive experience in debtor and creditor relations, bankruptcy and insolvency litigation, and commercial and chancery matters, with substantial trial and appellate work. He has experience representing secured and unsecured creditors, hard money lenders, and lending funds in bankruptcy and state court matters, including major institutions and complex cases involving trustees, debtors and creditor committees. Conlan brings extensive experience representing fiduciaries and key stakeholders in insolvency proceedings, including creditors, debtors in possession, creditors' committees and trustees, in bankruptcy cases, bankruptcy litigation and debtor creditor matters. He has deep expertise litigating fraudulent and preferential transfer actions, including leading a team that filed more than 850 avoidance actions as part of the DBSI Estate Litigation Trust in a major bankruptcy involving assets valued at more than $2.65 billion. About Connell Foley LLP Established in 1938, Connell Foley is a full-service law firm of more than 140 lawyers across multiple offices throughout the Mid-Atlantic region. Connell Foley provides a broad range of legal services that involve both established and emerging areas of law, with strengths in litigation, corporate, real estate and land use, and sophisticated tax and estate planning. Renowned for its commitment to exceptional client service and practical, results-oriented solutions, Connell Foley has built a reputation for legal excellence and innovation. The firm's attorneys are recognized leaders in their fields, frequently contributing to industry publications, serving in leadership positions at professional organizations and presenting at key conferences. [] Fitch Affirms Ratings on 8 NA Agricultural Processing Companies ------------------------------------------------------------------ Fitch Ratings has affirmed the ratings for eight North American protein and agricultural processing companies and their related subsidiaries: 1. Archer Daniels Midland Company 2. Bunge Global SA, Bunge Limited Finance Corp., Koninklijke Bunge B.V. and Bunge Finance Europe B.V. 3. Darling Ingredients, Inc. 4. Ingredion Incorporated 5. Primary Products Investments LLC and Primary Products Finance LLC 6. Smithfield Foods, Inc. 7. Tyson Foods, Inc. 8. Wayne-Sanderson Farms LLC These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. 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): Archer Daniels Midland Company - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Moderate), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a, Moderate), Profitability (a, Moderate), Financial Structure (a, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'A'. Bunge Global SA, Bunge Limited Finance Corp., Koninklijke Bunge B.V. and Bunge Finance Europe B.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Moderate), Market & Competitive Positioning (a, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) consolidated approach. - No adjustments made to the SCP, resulting in an IDR of 'BBB+' Darling Ingredients, Inc. and Darling Global Finance B.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. - No adjustments made to SCP resulting in an IDR of 'BB+' Ingredion Incorporated - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BBB' Primary Products Investments LLC and Primary Products Finance LLC - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026 (ending March 2026), 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to the SCP, resulting in an IDR of 'BB' Smithfield Foods, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a bottom up +1 approach. Tyson Foods, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for fiscal 2025 (ended September 2025), 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an equalized approach. Wayne-Sanderson Farms LLC - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bb, Higher), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for fiscal 2025 (ended March 2025), 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: No adjustments made to the SCP, resulting in an IDR of 'BB' Recovery Analysis Fitch has assigned Recovery Ratings (RRs) to the various debt tranches in accordance with its criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Given the distance to default, RRs in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Wayne-Sanderson Farms LLC Fitch assigned a 'BBB-' with a Recovery Rating of 'RR1' to the company's senior secured first lien credit facilities (including revolver and term loans) notched up two from the IDR. Darling Ingredients, Inc. and Darling Global Finance B.V. Fitch assigned a 'BB+' with a Recovery Rating of 'RR4' to the unsecured bonds, in line with the company's IDR. Primary Products Investments LLC and Primary Products Finance LLC Fitch assigned a 'BBB-' with a Recovery Rating of 'RR1' to the asset-based revolving credit facility (ABL) and 'BB+ with a Recovery Rating of 'RR2' to the senior secured first lien revolver and term loan. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bunge Global SA LT IDR BBB+ Affirmed BBB+ Ingredion Incorporated LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Primary Products Finance LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ Bunge Limited Finance Corp. ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Wayne-Sanderson Farms LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Smithfield Foods, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Bunge Finance Europe B.V. senior unsecured LT BBB+ Affirmed BBB+ Darling Ingredients, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Koninklijke Bunge B.V. LT IDR BBB+ Affirmed BBB+ Tyson Foods, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Primary Products Investments LLC LT IDR BB Affirmed BB Archer Daniels Midland Company LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Darling Global Finance B.V. senior unsecured LT BB+ Affirmed BB+ The Hillshire Brands Company LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB [] Pryor Cashman Elects Seth H. Lieberman to Executive Committee ---------------------------------------------------------------- Pryor Cashman announced that Partner Seth H. Lieberman has been elected to a three-year term on the firm's Executive Committee. The six-person committee, along with three ex-officio members -- the Founding Partner, immediate-past Managing Partner, and Chief Operating Officer -- oversees the management and strategic direction of the firm, which has offices in New York, Los Angeles, and Miami. Mr. Lieberman serves as Chair of the Bankruptcy, Reorganization + Creditors' Rights Group and Co-Chair of the Corporate Trust Practice. An experienced restructuring attorney and litigator, he represents clients ranging from indenture trustees and agents to distressed debt funds, trade creditors, and landlords. He has led high-profile corporate trust matters and complex bankruptcy cases in representations such as SVB Financial Group, Caesars Entertainment Operating Company, and Revlon, Inc. Mr. Lieberman provides proactive, client-focused guidance on bankruptcy, reorganization, and corporate trust issues, often addressing cutting-edge developments in make-whole provisions, credit bidding, and jurisdictional nuances. His expertise has earned him recognition as one of Lawdragon's 500 Leading Global Bankruptcy & Restructuring Lawyers and a consistent presence on the Super Lawyers - New York Metro list. He received his J.D. from Benjamin N. Cardozo School of Law, where he served as Editor-in-Chief of the Cardozo Journal of Conflict Resolution and earned the Cardozo Certificate in Dispute Resolution. He earned his B.A. from James Madison University. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Temperature Control Maintenance Inc., Bankr. N.D. Ill. Case No. 26-02022 Chapter 11 Petition filed February 3, 2026 See https://www.pacermonitor.com/view/XCNGTWA/Temperture_Control_Maintenance__ilnbke-26-02022__0001.0.pdf?mcid=tGE4TAMA represented by: James A.Young, Esq. JAMES YOUNG LAW E-mail: jyoung@jamesyounglaw.com In re A1A Moving & Relocation Services, Inc. Bankr. N.D. Tex. Case No. 26-30534 Chapter 11 Petition filed February 3, 2026 See https://www.pacermonitor.com/view/PYIKGWI/A1A_Moving__Relocating_Services__txnbke-26-30534__0001.0.pdf?mcid=tGE4TAMA represented by: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC In re Pretty Petunia Waxing LLC Bankr. D. Colo. Case No. 26-10690 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/XCBWOTQ/Pretty_Petunia_Waxing_LLC__cobke-26-10690__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. E-mail: agarber@wgwc-law.com In re Wild Kitty Waxing, LLC Bankr. D. Colo. Case No. 26-10687 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/3MEVNVY/Wild_Kitty_Waxing_LLC__cobke-26-10687__0001.0.pdf?mcid=tGE4TAMA represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY PC E-mail: jmd@kutnerlaw.com In re SB Transportation Service, Inc. Bankr. M.D. Fla. Case No. 26-00835 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/KRRF4WY/SB_Transportation_Service_Inc__flmbke-26-00835__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSON AINSWORTH PLLC E-mail: jeff@bransonlaw.com In re Svetlana Malinsky, DPM, P.C. Bankr. D. Md. Case No. 26-11298 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/EJ2CKKY/Svetlana_Malinsky_DPM_PC__mdbke-26-11298__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew Abbott, Esq. WOLFF & ORENSTEIN LLC E-mail: mabbott@wolawgroup.com In re Jones Enterprise & Investments, LLC Bankr. D.S.C. Case No. 26-00549 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/UX5AWHA/Jones_Enterprise__Investments__scbke-26-00549__0001.0.pdf?mcid=tGE4TAMA represented by: Jason M Ward, Esq. JASON WARD LAW, LLC E-mail: Jason@WardLawSC.com In re Karlington Two, LLC Bankr. E.D. Va. Case No. 26-10283 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/QZKTA4I/Karlington_Two_LLC__vaebke-26-10283__0001.0.pdf?mcid=tGE4TAMA represented by: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. E-mail: jfasano@mhlawyers.com In re Dara Imports LLC Bankr. D.N.J. Case No. 26-11405 Chapter 11 Petition filed February 7, 2026 See https://www.pacermonitor.com/view/KGKFVTA/Dara_Imports_LLC__njbke-26-11405__0001.0.pdf?mcid=tGE4TAMA represented by: Andre L. Kydala, Esq. LAW FIRM OF ANDRE L. KYDALA E-mail: kydalalaw@aim.com In re John Russel Alexander Bankr. W.D. Wash. Case No. 26-40314 Chapter 11 Petition filed February 8, 2026 represented by: Thomas Neeleman, Esq. In re Eddie Diaz and Janet Diaz Diaz Bankr. C.D. Cal. Case No. 26-10923 Chapter 11 Petition filed February 9, 2026 represented by: Michael Totaro, Esq. In re Martin L. Eng Bankr. N.D. Cal. Case No. 26-30116 Chapter 11 Petition filed February 9, 2026 In re Adaven Plumbing Inc. Bankr. D. Nev. Case No. 26-10812 Chapter 11 Petition filed February 9, 2026 See https://www.pacermonitor.com/view/S5VZB3Y/ADAVEN_PLUMBING_INC__nvbke-26-10812__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC Email: mzirzow@lzlawnv.com In re Sung Ho Mo Bankr. D.N.J. Case No. 26-11432 Chapter 11 Petition filed February 9, 2026 In re Samuel Osuji Bankr. E.D.N.Y. Case No. 26-70569 Chapter 11 Petition filed February 9, 2026 In re MACC Enterprises, LLC Bankr. S.D. Ohio Case No. 26-50569 Chapter 11 Petition filed February 9, 2026 See https://www.pacermonitor.com/view/AU24E5I/MACC_Enterprises_LLC__ohsbke-26-50569__0001.0.pdf?mcid=tGE4TAMA represented by: Tami Hart Kirby, Esq. PORTER WRIGHT MORRIS & ARTHUR LLP In re Kenny W. Walker and Ladonna Lynn Walker Bankr. N.D. Ala. Case No. 26-40119 Chapter 11 Petition filed February 10, 2026 represented by: Harvey Campbell, Esq. In re Clifford James Caton Bankr. E.D. Cal. Case No. 26-10548 Chapter 11 Petition filed February 10, 2026 represented by: Peter L. Fear, Esq. In re E&E Finance, Inc. Bankr. N.D. Cal. Case No. 26-40250 Chapter 11 Petition filed February 10, 2026 See https://www.pacermonitor.com/view/DFWBR6A/EE_Finance_Inc__canbke-26-40250__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Nor Cal Design & Construction Inc Bankr. N.D. Cal. Case No. 26-40252 Chapter 11 Petition filed February 10, 2026 See https://www.pacermonitor.com/view/TDANTHA/Nor_Cal_Design__Construction__canbke-26-40252__0001.0.pdf?mcid=tGE4TAMA represented by: Elizabeth C. Sears, Esq. ELIZABETH C. SEARS E-mail: osears@elizabethsearslaw.com In re Khursheed Begum Husain Bankr. N.D. Cal. Case No. 26-30121 Chapter 11 Petition filed February 10, 2026 represented by: Chris Kuhner, Esq. In re Necole Marie Kucinski and Bridger Gene Kucinski Bankr. D. Colo. Case No. 26-10783 Chapter 11 Petition filed February 10, 2026 represented by: Keri Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. In re All Spa Services Incorporated d/b/a The Pool Spa Billiard Store Bankr. S.D. Fla. Case No. 26-11636 Chapter 11 Petition filed February 10, 2026 See https://www.pacermonitor.com/view/FC7HKFQ/All_Spa_Services_Incorporated__flsbke-26-11636__0001.0.pdf?mcid=tGE4TAMA represented by: Brett Lieberman, Esq. EDELBOIM LIEBERMAN PLLC E-mail: brett@elrolaw.com In re Rana Mack Bankr. N.D. Ill. Case No. 26-02362 Chapter 11 Petition filed February 10, 2026 represented by: William Jamison, Esq. In re Batuhan Cakmak Bankr. D.N.J. Case No. 26-11521 Chapter 11 Petition filed February 10, 2026 See https://www.pacermonitor.com/view/I7SJN3I/Batuhan_Cakmak__njbke-26-11521__0001.0.pdf?mcid=tGE4TAMA represented by: Leonard S. Singer, Esq. ZAZELLA & SINGER, ESQS. E-mail: zsbankruptcy@gmail.com In re Volodimir Ivanovich Nikityuk Bankr. S.D.N.Y. Case No. 26-35138 Chapter 11 Petition filed February 10, 2026 represented by: Alla Kachan, Esq. In re B-You Academy, LLC Bankr. D.P.R. Case No. 26-00512 Chapter 11 Petition filed February 10, 2026 See https://www.pacermonitor.com/view/TDBEAJA/B-YOU_ACADEMY_LLC__prbke-26-00512__0001.0.pdf?mcid=tGE4TAMA represented by: Teresa M. Lube Capo, Esq. LUBE & SOTO LAW OFFICES, PSC E-mail: lubeysoto@gmail.com In re Paraiso Infantil Inc. Bankr. D.P.R. Case No. 26-00493 Chapter 11 Petition filed February 10, 2026 See https://www.pacermonitor.com/view/RWA4CII/PARAISO_INFANTIL_INC__prbke-26-00493__0001.0.pdf?mcid=tGE4TAMA represented by: Rolando Emmanuelli Jimenez, Esq. BUFETE EMMANUELLI, C.S.P. E-mail: rolando@emmanuelli.law In re More Opportunity Regarding Education, Inc. Bankr. D. Ariz. Case No. 26-01245 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/BPBRJTY/MORE_OPPORTUNITY_REGARDING_EDUCATION__azbke-26-01245__0001.0.pdf?mcid=tGE4TAMA represented by: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. E-mail: anewdelman@adnlaw.net In re Mad Dumplings LLC Bankr. C.D. Cal. Case No. 26-10421 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/MSKHNWI/Mad_Dumplings_LLC__cacbke-26-10421__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin Tang, Esq. TANG & ASSOCIATES Email: kevin@tang-associates.com In re Kelvin Kim Nguyen Bankr. C.D. Cal. Case No. 26-10415 Chapter 11 Petition filed February 11, 2026 represented by: Stephen Burton, Esq. In re Timber Ridge Logging LLC Bankr. N.D. Ga. Case No. 26-10227 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/2QZUGPY/Timber_Ridge_Logging_LLC__ganbke-26-10227__0001.0.pdf?mcid=tGE4TAMA represented by: J. Nevin Smith, Esq. SMITH CONERLY LLP Email: tpauley@smithconerly.com In re Journey's Home Care & Concierge Services, LLC Bankr. S.D. Ind. Case No. 26-00683 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/CPWFNYI/Journeys_Home_Care__Concierge__insbke-26-00683__0001.0.pdf?mcid=tGE4TAMA represented by: Tyler R. Yeager, Esq. KAPLAN JOHNSON ABATE & BIRD LLP Email: tyeager@kaplanjohnsonlaw.com In re Anara K Bayramukova Bankr. D.N.J. Case No. 26-11559 Chapter 11 Petition filed February 11, 2026 represented by: Brian Hannon, Esq. In re Ali Tatarkulov Bankr. D.N.J. Case No. 26-11558 Chapter 11 Petition filed February 11, 2026 represented by: Brian Hannon, Esq. In re Mosley Brothers, LLC Bankr. N.D. Tex. Case No. 26-10034 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/G66XXEI/Mosley_Brothers_LLC__txnbke-26-10034__0001.0.pdf?mcid=tGE4TAMA represented by: Tim Ladyman, Esq. LADYMAN LAW OFFICES, P.C. E-mail: rlblythe@ladymanlaw.net In re Mosley Automotive Repair Services, LLC Bankr. N.D. Tex. Case No. 26-10035 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/CT5DKLQ/Mosley_Automotive_Repair_Services__txnbke-26-10035__0001.0.pdf?mcid=tGE4TAMA represented by: Tim Ladyman, Esq. LADYMAN LAW OFFICES, P.C. Email: rlblythe@ladymanlaw.net In re Nabeel Muhsen Shabout Bankr. N.D. Tex. Case No. 26-40636 Chapter 11 Petition filed February 11, 2026 represented by: Robert Simon, Esq. In re Robert Lee Scherer and Sandra Lee Scherer Bankr. S.D. Tex. Case No. 26-30929 Chapter 11 Petition filed February 11, 2026 Filed Pro Se In re Humerlis, Inc. Bankr. W.D. Wash. Case No. 26-10415 Chapter 11 Petition filed February 11, 2026 See https://www.pacermonitor.com/view/XYQABGY/Humerlis_Inc__wawbke-26-10415__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. Email: courtmail@expresslaw.com In re Ricky Sellers Bankr. S.D. Ala. Case No. 26-20048 Chapter 11 Petition filed February 12, 2026 represented by: Barry Friedman, Esq. In re Team 31 Kashmere LLC Bankr. C.D. Cal. Case No. 26-10294 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/GPQ55RQ/Team_31_Kashmere_LLC__cacbke-26-10294__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen L. Burton, Esq. STEPHEN L. BURTON E-mail: steveburtonlaw@aol.com In re Kurtis Technologies Co, LLC Bankr. N.D. Cal. Case No. 26-30131 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/NAAXUAQ/Kurtis_Technologies_Co_LLC__canbke-26-30131__0001.0.pdf?mcid=tGE4TAMA represented by: Chris Kuhner, Esq. KORNFIELD, NYBERG, BENDES, KUHNER & LITTLE P.C. In re Aisha Kamaria Cole Bankr. N.D. Ga. Case No. 26-51907 Chapter 11 Petition filed February 12, 2026 Filed Pro Se In re Michael Warren Lasky Bankr. D. Md. Case No. 26-11478 Chapter 11 Petition filed February 12, 2026 represented by: Robert Grossbart, Esq. In re Celest Investments LLC Bankr. D. Mass. Case No. 26-40144 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/J7OXWVA/Celest_Investments_LLC__mabke-26-40144__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jeffrey Lubin Bankr. D.N.J. Case No. 26-11588 Chapter 11 Petition filed February 12, 2026 represented by: Kenneth Baum, Esq. In re Global Acquisition Group LLC Bankr. D.N.J. Case No. 26-11590 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/H6EWNPY/Global_Acquisition_Group_LLC__njbke-26-11590__0001.0.pdf?mcid=tGE4TAMA represented by: Keith Anderson, Esq. LAWOFFICESOFKEITHANDERSONESQ E-mail: Keith@kaesq.com In re G & S Shipping, Inc. Bankr. E.D.N.Y. Case No. 26-40705 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/KENE3WQ/G__S_Shipping_Inc__nyebke-26-40705__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re H2 Development Corp. Bankr. E.D.N.Y. Case No. 26-70633 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/MFAGYAQ/H2_Development_Corp__nyebke-26-70633__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sunswick 35/35 Corp Bankr. E.D.N.Y. Case No. 26-40699 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/6PGO7JI/Sunswick_3535_Corp__nyebke-26-40699__0001.0.pdf?mcid=tGE4TAMA represented by: Richard S. Feinsilver, Esq. RICHARD S. FEINSILVER E-mail: feinlawny@yahoo.com In re UBS Associates, LLC Bankr. E.D. Pa. Case No. 26-10564 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/MNU7SJA/UBS_ASSOCIATES_LLC__paebke-26-10564__0001.0.pdf?mcid=tGE4TAMA represented by: Maggie Soboleski, Esq. CENTER CITY LAW OFFICES, LLC E-mail: msoboles@yahoo.com In re Wings LLC Bankr. W.D. Tex. Case No. 26-10265 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/AVYYA7A/Wings_LLC__txwbke-26-10265__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Prudent Medical Providers Northwest PLLC Bankr. W.D. Wash. Case No. 26-10429 Chapter 11 Petition filed February 12, 2026 See https://www.pacermonitor.com/view/LFBTQ6Q/Prudent_Medical_Providers_Northwest__wawbke-26-10429__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Skytop Ranch LLC f/k/a Skytop LLC Bankr. M.D. Fla. Case No. 26-01144 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/L4237DQ/Skytop_Ranch_LLC_fka_Skytop_LLC__flmbke-26-01144__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew J. Kovschak, Esq. SUTTON LAW FIRM E-mail: mjkovschak@aol.com In re Billy Don James and Cecelia Collins James Bankr. S.D. Fla. Case No. 26-11798 Chapter 11 Petition filed February 13, 2026 represented by: Adam Skolnik, Esq. In re Lions Den Global Development Bankr. S.D. Fla. Case No. 26-11773 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/GSJ6ZIY/Lions_Den_Global_Development__flsbke-26-11773__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sisson and Son Logging Corporation Bankr. N.D. Ga. Case No. 26-40256 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/YXEK6IY/Sisson_and_Son_Logging_Corporation__ganbke-26-40256__0001.0.pdf?mcid=tGE4TAMA represented by: Ian Falcone, Esq. THE FALCONE LAW FIRM, PC Email: imf@falconefirm.com In re Nebraska Peace of Mind Behavioral Health, LLC Bankr. D. Neb. Case No. 26-40156 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/EL3G5AI/Nebraska_Peace_of_Mind_Behavioral__nebke-26-40156__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC Email: pturner@turnerlegalomaha.com In re Paul Gutierrez Bankr. D.N.J. Case No. 26-11654 Chapter 11 Petition filed February 13, 2026 represented by: Brian Hannon, Esq. In re Long Island Artisan Wine & Spirit Inc. Bankr. E.D.N.Y. Case No. 26-70645 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/TQO5P5I/Long_Island_Artisan_Wine__Spirit__nyebke-26-70645__0001.0.pdf?mcid=tGE4TAMA represented by: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP E-mail: hberger@bfslawfirm.com In re Bahnasy 20-24 Steinway Street LLC Bankr. E.D.N.Y. Case No. 26-40711 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/GSIIR3A/Bahnasy_20-24_Steinway_Street__nyebke-26-40711__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sarr's Essential Palace & Juice Bar Bankr. S.D.N.Y. Case No. 26-10299 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/UG3ULMY/Sarrs_Essential_Palace_Juice__nysbke-26-10299__0001.0.pdf?mcid=tGE4TAMA represented by: Julio E. Portilla, Esq. JULIO E. PORTILLA E-mail: jp@julioportillalaw.com In re Dreams and Destinations, Inc. Bankr. M.D.N.C. Case No. 26-10095 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/ITDQB6Y/Dreams_and_Destinations_Inc__ncmbke-26-10095__0001.0.pdf?mcid=tGE4TAMA represented by: Samantha K. Brumbaugh, Esq. IVEY, MCCLELLAN, SIEGMUND, BRUMBAUGH & MCDONOUGH, LLP Email: skb@iveymcclellan.com In re Crell, Inc. Bankr. W.D. Pa. Case No. 26-20407 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/SZDWABQ/Crell_Inc__pawbke-26-20407__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Mo-Na-Co-Biomedical Environment, Corp Bankr. D.P.R. Case No. 26-00578 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/KJ3B6AA/MO-NA-C0-BIOMEDICAL_ENVIRONMENT__prbke-26-00578__0001.0.pdf?mcid=tGE4TAMA represented by: Nydia Gonzalez Ortiz, Esq. SANTIAGO & GONZALEZ LAW, LLC Email: bufetesg@gmail.com In re Brent Tidwell Punch, LLC Bankr. M.D. Tenn. Case No. 26-00638 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/3IPNSXA/BRENT_TIDWELL_PUNCH_LLC__tnmbke-26-00638__0001.0.pdf?mcid=tGE4TAMA represented by: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC Email: jlefkovitz@lefkovitz.com In re Nabeel M. Shabout, M.D., PLLC Bankr. N.D. Tex. Case No. 26-40689 Chapter 11 Petition filed February 13, 2026 See https://www.pacermonitor.com/view/PCHMECY/Nabeel_M_Shabout_MD_PLLC__txnbke-26-40689__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Simon, Esq. In re David Oliveros and Michelle Quiroga Oliveros Bankr. S.D. Tex. Case No. 26-30988 Chapter 11 Petition filed February 13, 2026 represented by: Reese Baker, Esq. In re Mark E. Pearsall Bankr. D.N.J. Case No. 26-11672 Chapter 11 Petition filed February 14, 2026 represented by: Diana Woody, Esq. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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