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260220.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, February 20, 2026, Vol. 30, No. 51 Headlines 176 W 86 ST: To Sell New York Properties to 535 Amsterdam 5410 30TH STREET: Claims to be Paid from Property Sale Proceeds 74 OXFORD: Seeks to Use $53,074 of Cash Collateral ADAVEN PLUMBING: Gets Interim OK to Use Cash Collateral ADVANCED DRAINAGE: Moody's Rates New $500MM Unsecured Notes 'Ba2' AEDES CHRISTI: Employs DeMarco Mitchell as Legal Counsel ALEON METALS: Unsecureds Will Get 0.22% of Claims in Plan ALLEN MEDIA: S&P Downgrades ICR to 'CCC' on Upcoming Maturities AMERICAN SIGNATURE: Stalking Horse Advances Store Liquidation AMERICAN TRASH: Court OKs Deal to Use Cash Collateral APPERSON CRUMP: Gets Final OK to Use Cash Collateral AQUA METALS: Enters Into Term Sheet to Acquire Lion Energy ARTSTOCK: Committee Hires Verrill Dana LLP as Legal Counsel ASCENCION MEDICAL: Gets Interim OK to Use Cash Collateral AVENGER FLIGHT: Taps Kurtzman Carson as Claims and Noticing Agent BALLY'S CORP: S&P Raises Sec. Debt Rating to 'B+', Off Watch Pos. BARMASTERS LLC: Gets Interim OK to Use Cash Collateral BEE & G ENTERPRISES: Case Summary & 17 Unsecured Creditors BELLA HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Positive BELLA HOUSTON: Case Summary & Four Unsecured Creditors BEP INTERMEDIATE: S&P Alters Outlook to Positive, Affirms 'B' ICR BLOOM HOTELS: Case Summary & 10 Unsecured Creditors BONE CONSTRUCTION: Court OKs Fort Smith Property to Leading Light BRIX CITY BREWING: Gets OK to Use Cash Collateral Until March 10 BUDDY MAC: Calls Off Auction After Receiving 2 Bids CAPSTONE GREEN: Posts $1.2MM Q3 Income Amid Liquidity, Debt Risks CARBON HEALTH: U.S. Trustee Appoints Creditors' Committee CATHETER PRECISION: Gregory Castaldo Holds 7.5% Equity Stake CATHETER PRECISION: Joseph Reda Holds 7.5% Equity Stake CATHETER PRECISION: Secures Up to $36.5MM in Strategic Financing CEMTREX INC: Completes Acquisition of Richland Industries for $5.5M CHASE GENERAL: Posts Q2 Income of $109,229, Warns Cash Crunch CHF-ASHLAND LLC: Moody's Cuts Rating on 2021 Housing Bonds to Ba1 CNX RESOURCES: S&P Rates New $500MM Senior Unsecured Notes 'BB' COCO SUSHI: Amends Secured Claims Pay Details COMFORT ALL-STARS: Gets Extension to Use Cash Collateral CUSTOMBILT FIREARMS: Gets Interim OK to Use Cash Collateral D RAIL TRANSPORT: Claims to be Paid from Disposable Income DATABASED SOLUTIONS: Gets Final OK to Use Cash Collateral DAVID A. SIMONSON: Andrew Layden Named Subchapter V Trustee DAYFORCE INC: Moody's Withdraws 'B1' CFR Following Debt Repayment DENOYER-GEPPERT: Gets Interim OK to Use Cash Collateral DIOCESE OF CAMDEN: To Add $180MM for Abuse Survivors DIOCESE OF OAKLAND: Diocese, Abuse Claimants to Submit Rival Plans E.W. SCRIPPS: Charles Schwab Investment Holds 6.14% Equity Stake EAD CONSTRUCTORS: Taps Woods Aitken as Special Counsel EARTH FARE: NC Justices Asked to Toss $195K Founder Payout EDB INVESTMENTS: Gets OK to Use Cash Collateral Until March 4 EDUCATIONAL PROPERTIES: S&P Affirms 'BB' Rating on Revenue Bonds ELITE EXPRESS: Seeks Chapter 7 Bankruptcy in Massachusetts ENCOMPASS ENTERPRISE: Hires Fox Law Corp. as Legal Counsel ENVUE MEDICAL: Christian Glibert Holds 22% Equity Stake ESAB CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable EVERSTREAM SOLUTIONS: Plan Exclusivity Period Extended to April 23 EXECUTIVE DEVELOPMENT: G. Matt Barberich Named Subchapter V Trustee FINANCE OF AMERICA: Blue Owl Capital Holds 9.49% Equity Stake FIRST BRANDS: Plan Exclusivity Period Extended to April 22 FIRST BRANDS: Plans Shift to Chapter 7 for Certain Units FLOOF LLC: Court OKs Continued Use of Cash Collateral FLUX POWER: Turns to $601K Profit in Q2, Flags Covenant & Debt Risk FOOD52 INC: Sells Assets to Culinary Media, Exits Chapter 11 FORT STOCKTON: To Hire Hayward as General Bankruptcy Counsel GALILEO PARENT: S&P Assigns 'B' ICR, Outlook Stable GENESIS ENERGY: Moody's Ups CFR to B1 & Alters Outlook to Stable GENESIS ENERGY: S&P Rates Proposed Senior Unsecured Notes 'B' GEORGIA PROTONCARE: Taps SOLIC Capital as Investment Banker GEORGIA PROTONCARE: To Employ Polsinelli PC as Legal Counsel GLENWOOD CAVERNS: Gets Interim OK to Use Cash Collateral GLOBAL LOGISTICS: Hires Larson & Zirzow as Legal Counsel GO FREEDOM: To Hire Kutner Brinen Dickey Riley as Counsel GOOD CITIZEN: Case Summary & Seven Unsecured Creditors GOOD WOOD: To Hire Patrick Law Offices as Legal Counsel GPS HOSPITALITY: Moody's Lowers CFR to 'Ca', Outlook Negative GRAN TIERRA: Moody's Lowers CFR to Caa2, Outlook Negative GREEN AUTO: Seeks Chapter 7 Bankruptcy in California GT TX LLC: Seeks to Hire Spector & Cox as Legal Counsel HANGER INC: Moody's Affirms 'B2' CFR & Alters Outlook to Stable HARVARD BIOSCIENCE: Leviticus Partners Holds 7.6% Equity Stake HOME TEAM: Seeks to Hire De Leo Law Firm as Legal Counsel I & A AUTOMOTIVE: Case Summary & 20 Largest Unsecured Creditors INDIANA MATH: Moody's Affirms 'Ba3' Revenue Bond Rating INDY WHOLESALE: Seeks Cash Collateral Access INSPIREMD INC: Rosalind Advisors and Affiliates Hold 9.2% Stake INVACARE CORP: Highbridge Advised by Davis Polk in Unit Sale JAMES MILLER: Unsecured Creditors to Split $10.8K in Plan JASNIA REALTY: Commences Chapter 11 Bankruptcy in Massachusetts JIB FOODS: Seeks to Use $110,000 Cash Collateral Thru Feb 24 JOSEPH ALTIER: Gets Final OK to Use Cash Collateral JUMP HARLINGEN: Voluntary Chapter 11 Case Summary KARYOPHARM THERAPEUTICS: Adage Capital Holds 2.38% Equity Stake KCAP VILLA: Gets Interim OK to Use Cash Collateral KEN'S BAR-B-QUE: Gets Interim OK to Use Cash Collateral KITCHEN MAN: Gets Extension to Access Cash Collateral KODIAK BP: Moody's Puts 'B2' CFR Under Review for Upgrade LA ALMITA: Yann Geron Named Subchapter V Trustee LABL INC: Moody's Lowers PDR to 'D-PD' Amid Chapter 11 Filing LEVEL ONE: Hires Law Offices of Michael Jay Berger as Counsel LTTS CHARTER SCHOOL: S&P Affirms 'BB-' Rating on 2014 Rev. Bonds MACC ENTERPRISES: Gets Interim OK to Use Cash Collateral MAD DUMPLINGS: Mark Sharf Named Subchapter V Trustee MAISEL-HINSON MAINLAND: Gets Interim OK to Use Cash Collateral MARAGAL MEDICAL: Seeks Chapter 11 Bankruptcy in Massachusetts MICHAELS COS: S&P Alters Outlook to Positive, Affirms 'B-' ICR MII AVIATION: U.S. Trustee Appoints Creditors' Committee MJ COLLISION: Gets Final OK to Use Cash Collateral MOUNTAIN RIDGE: Beverly Brister Named Subchapter V Trustee MTF CHILDCARE: Gets Interim OK to Use Cash Collateral MTF HOLDINGS: Gets Interim OK to Use Cash Collateral MULTI-COLOR CORP: Barclays Sued Over Bankruptcy Collateral MVP GROUP: Gets Final OK to Use Cash Collateral MZS PROPERTIES: Court Extends Cash Collateral Access to March 3 NANTUCKET GLASS: Commences Chapter 11 Bankruptcy in Massachusetts NARU LLC: Seeks Court Nod to Use Cash Collateral NAUTICAL IMPORTS: Gets Extension to Use Cash Collateral NEO ASSETS: Gets Interim OK to Use Cash Collateral NEO ASSETS: Seeks to Use Cash Collateral Thru July 1 NINE ENERGY: Seeks to Hire FTI Consulting as Financial Advisor NINE ENERGY: Taps Moelis & Company as Financial Advisor NMR ENTERPRISES: Seeks $1MM DIP Loan from M Lesoda NORCOLD LLC: US Trustee Objects to Broad Chapter 11 Plan Releases NORTH STAR: Can Continue Paying Employees During Bankruptcy NORTHEASTERN SCHUYLKILL: S&P Cuts 2013 Sewer Bonds Rating to 'B-' OHIO LUXURY: Case Summary & 20 Largest Unsecured Creditors OLD LINE BREWERS: Seeks Chapter 7 Bankruptcy in Maryland OLIN CORP: S&P Downgrades ICR to 'BB', Outlook Negative ONYX BUSINESS: Taps Bleakley Bavol Denman & Grace as Counsel PAPPAS PIPING: Gets Final OK to Use Cash Collateral Until April 5 PARKCO BUILDING: Seeks Chapter 7 Bankruptcy in California PARTNERS PHARMACY: Court OKs to Tap Dickinson Wright as Co-Counsel PCR AGAWAM: Starts Chapter 11 Bankruptcy in Massachusetts PENNYMAC FINANCIAL: Moody's Affirms 'Ba2' CFR, Outlook Stable PG & KG GIBBS: Seeks Chapter 7 Bankruptcy in Georgia PG&E CORP: Moody's Affirms Ba2 Rating on Sr. Secured Notes PHONEIC INC: Seeks to Hire Finestone Hayes as Counsel PLAZA 106: Seeks to Hire Lewis Hansen as Special Counsel PLURI INC: Posts $6.87MM Net Loss in Q2, Raises Going Concern Doubt PORTLAND DUCK: Cash Collateral Hearing Set for Feb. 26 QVC GROUP: Contrarius Investment Holds 8.9% Equity Stake QXO INC: Moody's Affirms 'Ba3' CFR Following Kodiak Transaction QXO INC: S&P Affirms 'BB-' ICR on Kodiak Acquisition RAZZOO'S INC: Plan Exclusivity Period Extended to March 30 RBT LOGISTICS: To Hire DeMarco Mitchell as Legal Counsel RED LOBSTER: Plans to Close More Locations in 2026 to Cut Costs RED RIVER: J&J Opposes Beasley Allen's Effort to Pause DQ Order RESULTS STAFFING: Commences Chapter 11 Bankruptcy in Maryland RHODIUM ENCORE: Lehotsky Seeks Sanctions for Settlement Fee Row RMKD LIQUORS: To Sell Liquor Store to Carnero's Wine for $375K SAKS GLOBAL: Hearing Today on Bid to Use Cash Collateral SAKS GLOBAL: Says Simon Failed to End 2 Leases Prior to Chapter 11 SAKS GLOBAL: Vendors, Creditors in Talks to Avoid Loan Court Battle SALLY'S RESTAURANT: Claims to be Paid from Income SANDERSON TOWING: Employs Hayward PLLC as Bankruptcy Counsel SASH GROUP: Gets Interim OK to Use Cash Collateral Until May 30 SCRIPPS TWO: Unsecured Creditors Will Get 100% of Claims in Plan SINO GREEN: Raises $314,700 Through Subscription Agreements SLM CORP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable SNAP INC: Moody's Affirms 'B1' CFR, Outlook Remains Positive SOLUNA HOLDINGS: Robert Bugbee Holds 9.3% Equity Stake SONQUIST LLC: Exits Ch.11 Bankruptcy After Settling Lender Dispute SOUTHLAND MANUFACTURING: Case Summary & 20 Unsecured Creditors SOUTHLAND MANUFACTURING: Seeks Chapter 11 Bankruptcy in Georgia SPHERE 3D: Implements 1-for-10 Share Consolidation SPIRIT AIRLINES: Plans to Sell 20 Jets in Bankruptcy STOMATCARE DSO: Files Emergency Bid to Use Cash Collateral SUNSWICK 35/35: Samuel Dawidowicz Named Subchapter V Trustee SV RNO PROPERTY: Moody's Rates Up to $3.9BB Secured Notes 'Ba1' SVETLANA MALINSKY: Seeks Chapter 11 Bankruptcy in Maryland TALPHERA INC: Rosalind Advisors and Affiliates Hold 9.9% Stake TAYLOR CHIP: Richard Furtek Named Subchapter V Trustee TAYLOR CHIP: Taps Ciardi Ciardi & Astin as Legal Counsel TBN MURRAY: Gets Interim OK to Use Cash Collateral TEXAS INTERNATIONAL: To Sell Laredo Property for $4.28MM THAI CHEF: Seeks Chapter 7 Bankruptcy in Georgia THIRSTY MOOSE: Seeks Chapter 7 Bankruptcy in Georgia TP BRANDS: Gets Extension to Access Cash Collateral TRANSIT OWL: Seeks Chapter 7 Bankruptcy in Georgia TRI POINTE HOMES: S&P Places 'BB' ICR on CreditWatch Developing TRI POINTE: Sumitomo Transaction No Impact on Moody's 'Ba2' CFR TRIAD AERO: Unsecured Creditors to Split $364K over 5 Years TRICOLOR AUTO: Court Flags Legal Work Tied to Co.'s Pro Se Filings TRINSEO PLC: Charles Schwab Investment Holds 5.8% Equity Stake UBA BROCKTON: Seeks to Employ Verdolino & Lowey as Accountant UNITED EQUITABLE: A.M. Best Affirms C(Weak) Fin. Strength Rating URBAN ONE: Amends Credit Agreement to Clarify ABL Maturity Date URBAN ONE: Regains Compliance on Minimum Bid Price Requirement USA CRICKET: Trustee Seeks Court OK to Hire SLBiggs as Accountant VANDERBILT MINERALS: Case Summary & 15 Unsecured Creditors VERA HOLDINGS: Gets Interim OK to Use Cash Collateral VILLAGE HOMES: To Sell Aledo Properties to Multiple Buyers VILLAGE ROADSHOW: U.S. Trustee Objects to Bankruptcy Plan WASHINGTON-MCLAUGHLIN: Seeks Chapter 11 Bankruptcy in Maryland WEABER INC: Plan Exclusivity Period Extended to February 28 WEATHERMASTER ROOFING: Gets Interim OK to Use Cash Collateral WEBSTER ETC: Case Summary & 30 Largest Unsecured Creditors WENTHOLD EXCAVATING: Case Summary & 20 Top Unsecured Creditors WENTHOLD EXCAVATING: Final Cash Collateral Hearing Set for Feb. 25 WEST PHILADELPHIA ACHIEVEMENT: S&P Affirms 'BB-' Rev. Bonds Rating WORKSPORT LTD: FY2025 Revenue Climbs 91% to Record $16.2MM X4 PHARMA: Morgan Stanley, Investment Management Hold 9.4% Stake [] Commercial Bankruptcies Decreased Slightly in Pittsburgh-Area [] Oregon Business Bankruptcies Reach 12-Year High ********* 176 W 86 ST: To Sell New York Properties to 535 Amsterdam --------------------------------------------------------- 176 W. 86 St. Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor, 176 W. 86 St. Corp., is the titled owner of the residential real property located at 176 W. 86th Street, New York, New York. The Property consists of two condo retail stores located at 176 W. 86th Street / 529–535 Amsterdam Avenue, New York, New York. Both stores are rented. The Debtor was formed solely to hold title to the Property, and it has no business operations apart from ownership and maintenance of the Property. The Debtor's commercial property is in substantial mortgage arrears arising from a sustained decline in rental income, increased operating costs, and the accrual of contractual and default interest. The income generated by the property is insufficient to service the secured debt, property taxes, insurance, and maintenance expenses, resulting in continuing monthly losses to the estate. Arrears continue to accumulate, and the outstanding mortgage balance increases with interest and charges, thereby eroding any remaining equity and prejudicing unsecured creditors. There is ongoing litigation concerning the Plaintiff’s standing in the foreclosure proceedings, and certain components of the asserted mortgage balance remain disputed. Meanwhile, the debt continues to accrue interest and related charges, and the estate lacks the financial ability to service the obligation pending resolution of the litigation. The Debtor seeks to sell the Property in order to satisfy the secured mortgage debt and all associated obligations. The gross proceeds of the Sale, consisting of (i) approximately $270,000 in cash held by the court appointed receiver and payable at closing, and (ii) the Purchaser acquiring the Property subject to the existing Mortgage, with the consent of the Lender, or providing replacement or modified financing in favor of the Lender on terms acceptable to the Purchaser and the Lender. At closing, the cash component of the Sale Proceeds shall first be used to fund the Professional Fee Reserve and satisfy all Allowed Administrative Claims, including U.S. Trustee fees and other post-petition expenses. The proposed sale represents a sound exercise of the Debtor's business judgment and is in the best interests of creditors and the estate. The Debtor has accepted the Purchaser's offer for two primary reasons. First, the purchase price of $1.8 million reflects fair market value under current conditions. The Property was exposed to the market, the offer was negotiated at arm's length and in good faith, and no higher or better offer has been received. The proposed transaction therefore represents the highest and best offer reasonably obtainable. Second, the structure of the transaction consisting of a $270,000 cash payment from funds currently held in accounts maintained by the court-appointed Receiver and the Purchaser acquiring the Property subject to the existing Mortgage, with the consent of the Lender, or providing replacement or modified financing in favor of the Lender on terms acceptable to the Purchaser and the Lender, will satisfy the Allowed Secured Claim solely to the extent such claim is secured by the value of the Property. Pursuant to the fully executed Contract of Sale, the Purchaser, 535 Amsterdam LLC, has agreed to acquire the Debtor's real property located at 176 West 86th Street / 529–535 Amsterdam Avenue, New York, New York, for a total purchase price of $1,800,000.00. The Purchaser has tendered a contract deposit equal to ten percent (10%) of the purchase price, which is being held in escrow pending entry of an order of this Court approving the Sale. The Debtor respectfully submits that the foregoing notice constitutes adequate and proper notice of the Motion and the hearing. About 176 W. 86 St. Corp. 176 W. 86 St. Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10691) on April 9, 2025. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Philip Bentley oversees the case. The Law Offices of Charles Wertman P.C. is the Debtor's legal counsel. 5410 30TH STREET: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------------- 5410 30th Street DC filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement describing Plan of Liquidation dated February 10, 2026. The Debtor is a Maryland limited liability company formed on February 14, 2023, with its headquarters located in Bowie, Maryland. The Debtor is engaged in the business of residential renovation and development. Zanetta Williams serves as the sole 100% member of the Debtor. The Debtor owns a sole business asset, the real property/residence located at 5631 Macarthur Blvd NW Washington, DC 20016. IBI Falcon US, LLC, is the Debtor's senior secured creditor. IBI Falcon has filed a Claim against the Debtor in the amount of $2,676,531.91. This debt is listed as disputed. The Debtor, with the assistance of counsel and financial advisors, have determined in their business judgment that a sale of the sole real property asset will maximize the benefit to the Debtor's estate, creditors, and other parties in interest. As of the petition date, the Debtor recorded a total of approximately $593,000.00 in unsecured claims. The Debtor has performed preliminary claims reconciliation of (a) the claims listed in the Debtor's Schedules, (b) the proofs of claims filed. And (c) disputed claims. Based on this analysis, the total of unsecured claims is in the amount of $1,046,287.90. Upon confirmation of the Plan, the Debtor will implement the terms of the Plan, including selling the sole business asset and making distributions to holders of allowed claims as set forth in the Plan. The Plan provides that all allowed claims will be paid in order of their priority, and any sale of the Debtor's real property will be free and clear of all liens, claims and encumbrances pursuant to the confirmation order. Class 4 consists of Allowed General Unsecured Claims. After payment in full of Classes 1, 2 and 3, each holder of an Allowed General Unsecured Claim shall receive payment pro rata from the proceeds of the liquidation of the Debtor's Real Property Assets and Property. Class 4 is impaired by this Plan. This Plan will be funded from Net Sale Proceeds generated by the sale of the Debtor's Real Property Asset in accordance with the Confirmation Order and any Sale Order. A full-text copy of the Disclosure Statement dated February 10, 2026 is available at https://urlcurt.com/u?l=m9a2W0 from PacerMonitor.com at no charge. Counsel to the Debtor: Deirdre T Johnson, Esq. Deirdre T Johnson, Esq. - Attorney at Law 9701 Apollo Dr., Suite 301 Upper Marlboro, MD 20774 Tel: (301) 742-5385 E-mail: dtjesq@dtjohnsonlaw.com About 5410 30th Street DC LLC 5410 30th Street DC LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19605) on October 1, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by Deirdre Theresa Johnson, Esq. 74 OXFORD: Seeks to Use $53,074 of Cash Collateral -------------------------------------------------- 74 Oxford Street LLC asks the U.S. Bankruptcy Court for the Eastern District of Massachusetts for authority to use cash collateral and provide adequate protection. The relief is sought to fund minor but necessary improvements on the Debtor's real property at 74 Oxford Street in Cambridge, Massachusetts, to enable its sale. The Debtor owns three properties in Cambridge with total estimated values of approximately $8.3 million and has mortgage liens held by RDW SPV LLC ($6,464,475) and CCG Fund II, LLC (amount uncertain), with a subordination agreement giving RDW priority over CCG. The Debtor also owes $485,268 in unsecured debt. The proposed use of cash collateral, totaling $53,074 from projected revenues of $54,000 during the Budget Period (February 16 to May 11, 2026), would fund improvements to 74 Oxford Street ($37,500), HOA fees, utilities, and other ordinary operating expenses. Without access to these funds, the Debtor would be unable to complete repairs, sell the unit, or continue operations, which could lead to forced liquidation and loss of value. To provide adequate protection, the Debtor proposes replacement liens on post-petition property equivalent to the prepetition liens, limited to any diminution in value resulting from the use of cash collateral, and monthly adequate protection payments of $7,500 to RDW SPV LLC. The Debtor will provide regular reporting, including budget-to-actual comparisons and monthly operating reports, and reserves all rights to contest the validity, amount, or priority of any liens or claims. A copy of the motion is available at https://urlcurt.com/u?l=XNlP3P from PacerMonitor.com. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. ADAVEN PLUMBING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Adaven Plumbing Inc., a Nevada corporation, received interim approval from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral. The court on February 19 authorized the Debtor to use cash collateral from the petition date through the final hearing set for March 24 in accordance with its budget, subject to a 10% variance per month. The Debtor was authorized to continue making monthly payments of $1,298 to JPMorgan Chase Bank, N.A., with the initial payment for February to be made within three business days of entry of the interim order. The Debtor was also permitted to pay Ally Financial for its vehicle financings as set forth in the budget. The interim order is available at https://is.gd/6RvBeC from PacerMonitor.com. Adaven Plumbing employs several plumbers and office staff, serves all of Southern Nevada, and filed bankruptcy primarily to address approximately $585,000 in secured business debt and about $133,000 in unsecured credit card obligations. Its secured debt includes a $75,000 Chase line of credit perfected in 2019 with a first-priority lien on substantially all assets; a later, high-interest $554,000 BHG Financial loan with a junior lien; three truck loans with Ally Financial totaling about $62,000 secured by vehicle titles; and a merchant cash advance from Pipe Advance that the Debtor argues is unperfected and unenforceable. An appraisal valued the Debtor's physical assets at $103,745, with $60,000 attributed to the Ally-financed trucks, leaving only $43,745 to secure Chase and no value for BHG. The Debtor asserts no creditor holds a perfected lien on its bank accounts. About Adaven Plumbing Inc. Adaven Plumbing Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10812-nmc) on February 9, 2026. In the petition signed by Gerardo Salazar, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Natalie M. Cox oversees the case. Zachariah Larson, Esq. and Matthew C. Zirzow. Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. ADVANCED DRAINAGE: Moody's Rates New $500MM Unsecured Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Advanced Drainage Systems, Inc.'s (ADS) proposed $500 million senior unsecured notes due 2034. All other ratings of the company and its stable outlook remain unchanged. Proceeds from the new issuance will be used to redeem the existing $350 million senior unsecured notes due 2027, at which point the rating will be withdrawn. The excess proceeds will be used for general corporate purposes and to partially fund the capital expenditure program. RATINGS RATIONALE ADS' Ba1 CFR reflects the company's leading market position as a manufacturer of water management solutions across the US and end market dynamics that support long term growth prospects such as material conversion and the importance of water management. The rating also reflects the company's very good liquidity and strong credit metrics. ADS has a proven track record of maintaining solid credit metrics and a low leverage through the cycle. Overall, debt-to-EBITDA should remain below 2x over the next 12-18 months, and Moody's projects robust free cash flow generation. The company is exposed to business cyclicality because a portion of its business is tied to new construction activity. However, conservative financial strategies mitigate the negative impact from the cyclicality and seasonality of its end markets. Moody's expects ADS will continue to pursue attractive bolt-on acquisitions to expand its portfolio of water management products. The company's secured capital structure is also a constraint on the rating. The stable outlook reflects Moody's expectations that ADS will continue to generate strong margins and robust levels of free cash flow despite a challenging market environment. The Ba2 rating on the proposed $500 million senior unsecured notes due 2034, one notch below the Ba1 corporate family rating, reflects its subordination to the company's Baa3 rated senior secured bank credit facility. The senior secured bank credit facility, which consists of a $750 million senior secured revolving credit facility due 2031 and a $600 million senior secured first lien term loan due 2033, has first lien priority on substantially all assets, excluding real estate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require the company to maintain very good liquidity and conservative financial policies as it continues to grow its scale and expand its product offerings and geographic reach. An upgrade would also require strong corporate governance practices and for the company to move toward a capital structure that allows for maximum flexibility, which includes being fully unsecured. Quantitatively, an upgrade would require EBITDA margin maintained near 25% and debt-to-EBITDA maintained below 2.0x. The ratings could be downgraded if there is a contraction in operating performance or a deterioration in liquidity. The ratings could also be downgraded with more aggressive financial policy actions, including large debt-financed acquisitions. Quantitatively, the ratings could be downgraded if adjusted debt-to-EBITDA is above 3.5x. Headquartered in Hilliard, Ohio, Advanced Drainage Systems, Inc. (NYSE: WMS) is a manufacturer of plastic pipes ranging in size from two inches to five feet and provides other stormwater management products and drainage solutions throughout the US, Canada and Mexico. ADS also manufacturers on-site septic systems for new and existing homes in the US and Canada. ADS's revenue for the 12 months ended December 31, 2025 was $3 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. AEDES CHRISTI: Employs DeMarco Mitchell as Legal Counsel -------------------------------------------------------- Aedes Christi Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to hire DeMarco Mitchell, PLLC to serve as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will be employed on an hourly basis, with current rates effective January 1, 2026, and reimbursement of actual and necessary expenses. DeMarco Mitchell agreed to accept payment on an hourly basis plus costs for prepetition Services relating to the Debtor's bankruptcy cases. DM incurred fees in the amount of $4,275 and expenses in the amount of $1,738 prior to the commencement of the case sub judice. The firm received a retainer of $15,000 prior to the petition date. After deducting the total fees and expenses incurred by the Debtors' prepetition, the remainder held in trust by the firm is $8,987. DeMarco Mitchell is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Aedes Christi Holdings, Inc. Aedes Christi Holdings, Inc. operates in the wholesale and retail of men's apparel and accessories, including cufflinks, ties, and socks, from its base in Arlington, Texas. The company markets and conducts business using the names Dubal Brothers, Classy Cufflinks, and Classy Cufflinks and More. Aedes Christi Holdings, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D. Texas Case No. 26-40648-elm11) on February 12, 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 Edward L. Morris presides over the case. DeMarco Mitchell, PLLC is Debtor's legal counsel. ALEON METALS: Unsecureds Will Get 0.22% of Claims in Plan --------------------------------------------------------- Aleon Metals, LLC and affiliates' and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Joint Plan of Liquidation dated February 10, 2026. Aleon Metals is a Texas limited liability company which owns 100% of ARM and GMR. Other than Aleon Metals' ownership interest in ARM and GMR, Aleon Metals owns no other assets and has no employees. ARM is a Delaware limited liability company which, as of the Petition Date, owned, among other assets, the ARM Facility, and as of the Petition Date, had no employees. GMR is a Texas limited liability company which, as of the Petition Date, owned, among other assets, the GMR Facility. All of the Debtors' employees were employed by GMR. The Debtors purchased the GMR Facility in 2017, after its prior owner, Gulf Chemical & Metallurgical Corporation, filed for protection under chapter 11 of the Bankruptcy Code. As of the Petition Date, the Debtors had approximately $403.2 million in the aggregate of funded debt, as well as approximately $10.7 million of other unsecured debt. The Debtors' decision to commence these chapter 11 cases was the culmination of a series of operational, financial, and market driven challenges that emerged over the past several years. The Debtors' business, while strategically located and technologically advanced, has been subject to significant volatility in commodity prices, particularly for vanadium and molybdenum, which are the primary metals recovered from spent catalyst. After the Petition Date and pursuant to the Bidding Procedures Order, Jefferies assisted the Debtors in marketing their assets for a sale. Since June 2025, Jefferies contacted over 107 parties, including approximately 58 financial buyer and approximately 49 strategic buyers. This outreach included parties that were suggested to Jefferies by the Committee’s professionals. The bid deadline was September 29, 2025, nearly three months since the Debtors and Jefferies initially began soliciting third party interest to determine the highest and best offer for the sale of all or substantially all of the Debtors' assets. Despite the Debtors' and Jefferies' best efforts to solicit qualified bids, the Debtors received no additional qualified bids prior to the bid deadline, other than the Stalking Horse Bid. On October 1, 2025, the Debtors cancelled the auction and declared the Purchaser, AM BidCo Operations LLC, as designee of the Stalking Horse Bidder, as the successful bidder. The Debtors sought approval of the Sale to the Purchaser at a hearing on October 8, 2025. The Bankruptcy Court entered the Sale Order that same day. Pursuant to the APA, the Purchaser acquired substantially all of the Debtors' assets, including, among other things, all of the Debtors' cash, accounts receivable, fixtures and equipment, inventory, and certain Avoidance Actions. The Purchaser also agreed to assume the Assumed Contracts and various liabilities of the Debtors, including certain Cure Costs (each as defined in the APA). Additionally, the APA and the Sale Order incorporated the terms of a global settlement reached by and among the Debtors, the Committee, the DIP Secured Parties, and the Purchaser, pursuant to which such parties agreed that the APA shall provide that Cash Consideration would include (i) agreed and allowed administrative expense claims under section 503(b) of the Bankruptcy Code incurred through the Closing Date; (ii) Allowed Professional Fees through the Closing Date; (iii) 2025 pro-rated property taxes; (iv) outstanding U.S. Trustee Fees; and (v) an amount equal to $1,100,000 (the "WindDown Amount"). The Wind-Down Amount consists of (a) $440,000 to be earmarked for distribution to general unsecured creditors, excluding Deficiency Claims; (b) $250,000 to fund the GUC Trust for the benefit of all Allowed general unsecured claims, including, but not limited to, the Deficiency Claims; (c) $67,500 for Allowed Professional Fees of Committee Professionals incurred after the Closing Date; and (d) $342,500 for Allowed Professional Fees for Debtor Professionals incurred after the Closing Date. Class 3 consists of the General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a different treatment, such Holder shall receive, in full and final satisfaction, settlement, release and discharge of, and in exchange for, such Allowed General Unsecured Claim, a GUC Trust Interest. Holders of Allowed General Unsecured Claims who receive a GUC Trust Interest shall be entitled to a pro rata distribution of the following, as set forth more fully in the GUC Trust Agreement: * Holders of All Allowed General Unsecured Claims. The GUC Trust Distributable Assets. * Holders of Allowed General Unsecured Claims Excluding Deficiency Claims. On the Effective Date, $440,000. For the avoidance of doubt, Holders of Allowed Deficiency Claims agree to not receive their pro rata share of the $440,000. Class 3 is Impaired. Holders of Class 3 General Unsecured Claims are entitled to vote on the Plan. The allowed unsecured claims total $280.7 million. This Class will receive a distribution of 0.22% of their allowed claims. Class 5 consists of the Intercompany Interests of the Debtors. On the Effective Date, all Intercompany Interests shall be extinguished without any Distribution on account of such Intercompany Interests and shall be of no further force or effect. Class 6 consists of the Allowed Interests in Aleon Metals. On the Effective Date, all Interests in Aleon Metals shall be automatically cancelled, released, extinguished, and of no further force or effect. Holders of Interests in Aleon Metals shall neither retain nor receive any property under the Plan on account of such Interests and shall receive no Distribution. The Plan will be funded by Cash held by the Debtors and the GUC Trust Assets. On the Effective Date, the GUC Trust shall be established pursuant to the GUC Trust Agreement for the purpose of maximizing the value of the GUC Trust Assets and effectuating distributions to the GUC Trust Beneficiaries consistent with the Plan. The GUC Trust is intended to qualify as a liquidating trust pursuant to Treasury Regulation Article 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the GUC Trust. A full-text copy of the Combined Disclosure Statement and Plan dated February 10, 2026 is available at https://urlcurt.com/u?l=TqEkRm from PacerMonitor.com at no charge. Co-Counsel to the Debtors: NORTON ROSE FULBRIGHT US LLP Jason L. Boland, Esq. Bob B. Bruner, Esq. Julie Harrison, Esq. Maria Mokrzycka, Esq. 1550 Lamar, Suite 2000 Houston, Texas 77010 Telephone: (713) 651-5151 Facsimile: (713) 651-5246 E-mail: jason.boland@nortonrosefulbright.com bob.bruner@nortonrosefulbright.com julie.harrison@nortonrosefulbright.com maria.mokrzycka@nortonrosefulbright.com MORRISON & FOERSTER LLP Jennifer L. Marines, Esq. Benjamin Butterfield, Esq. Andrew Kissner, Esq. 250 West 55th Street New York, New York 10019 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 E-mail: jmarines@mofo.com bbutterfield@mofo.com akissner@mofo.com Counsel to the Official Committee of Unsecured Creditors: GRAY REED Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. 1300 Post Oak Blvd., Ste. 2000 Houston, Texas 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 E-mail: jbrookner@grayreed.com lwebb@grayreed.com eshanks@grayreed.com About Aleon Metals LLC Aleon Metals, LLC, owns and operates a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. The Company is also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. Aleon Metals and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on Aug. 17, 2025. In the petition signed by CRO Roy Gallagher, Aleon Metals disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors has retained Gray Reed as counsel. ALLEN MEDIA: S&P Downgrades ICR to 'CCC' on Upcoming Maturities --------------------------------------------------------------- S&P Global Ratings lowered its rating on Los Angeles-based media company Allen Media LLC to 'CCC' from 'CCC+'. At the same time, S&P lowered its issue-level ratings on the company's secured debt to 'CCC' from 'CCC+' and unsecured debt to 'CC' from 'CCC-'. The recovery ratings are unchanged. S&P also revised its liquidity assessment to weak from less than adequate to reflect the debt maturities within one year. The negative outlook reflects the company's upcoming debt maturities and increased risk of a distressed exchange or payment default within the next 12 months. Allen Media faces $928 million of debt maturing in February 2027, with insufficient liquidity to repay debt coming due in the next 12 months heightening risk of a distressed exchange or payment default over the next 12 months. Allen Media faces upcoming debt maturities. S&P does not expect the company will have sufficient internal funds available to repay its roughly $928 million of debt ($823 million term loan and $104.5 million of senior notes) when it matures in February 2027. Allen Media had $51.5 million of total liquidity as of Sept. 30, 2025, comprising of unrestricted cash on the balance sheet. The company has sold assets that can reduce some of its outstanding debt, including the pending sale of 10 television stations to Gray Media for $171 million (pending regulatory approval; expected to close in early 2026). The company is actively working to refinance its debt maturing in February 2027. The negative outlook reflects the company's upcoming debt maturities and risk of a distressed exchange or payment default within the next 12 months. S&P said, "We could lower our rating on Allen Media if we believe a default or distressed exchange appears inevitable within the next six months. "We could raise the rating on Allen Media to 'CCC+' if the company refinances its upcoming maturities such that we no longer view a distressed exchange or restructuring as likely within the next 12 months." AMERICAN SIGNATURE: Stalking Horse Advances Store Liquidation ------------------------------------------------------------- A&G Real Estate Partners is marketing stores and warehouses across the United States on behalf of the successful stalking-horse bidder for home furnishings retailer American Signature, Inc. (ASI), parent of Value City Furniture and American Signature Furniture. On Feb. 6, the U.S. Bankruptcy Court for the District of Delaware approved the liquidation plan, including certain lease-designation rights, of stalking-horse bidder ASI Purchaser LLC. A&G is continuing to market 89 leased and fee-owned retail stores and warehouse distribution centers (DCs) across 15 states: Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, North Carolina, New York, Ohio, Pennsylvania, South Carolina, Virginia and West Virginia. Offers are being entertained now for four fee-owned properties: two retail stores in Orlando, Florida, and two DCs, one in Thomasville, Georgia, the other in La Porte, Indiana; the rest of the locations are leased. ASI Purchaser LLC is already accepting offers for private sales. "They will be strongly considered as part of this process," said Emilio Amendola, Co-President of A&G and leader of its real estate sales division. "The retail boxes on offer are a strong expansion opportunity for healthy operators, as well as for landlords who want to creatively repurpose large-format spaces." The 85 home-furnishings stores range from 24,634 to 91,336 square feet, suitable for furniture operators, off-price retailers, discount department stores, specialty grocers, sporting goods brands and entertainment tenants, among others. ASI's six leased and fee-owned delivery centers in Georgia, Illinois, Indiana, Maryland and Ohio range from 55,817 to 604,800 square feet. "Across the country, the high cost of warehouse construction is a major barrier to operators like supermarket chains or omnichannel retailers that want to break into new parts of the country," said A&G Senior Managing Director Mike Matlat. "Purchasing a warehouse lease or fee-owned property can be a cost-effective way to overcome that barrier to entry." New York-based A&G, a national real estate advisory firm specializing in lease-optimization and real estate sales, is entertaining offers for two groupings of leased locations, with bid deadlines in February and March to be announced. FEBRUARY BID DEADLINE Leases for 39 stores and three delivery centers (DCs) are available. They are located in: * Florida (2) * Illinois (7, 1 DC) * Indiana (4) * Kentucky (2) * Maryland (3, 1 DC) * Michigan (3) * Missouri (3) * North Carolina (1) * New York (1) * Ohio (6, 1 DC) * Pennsylvania (2) * South Carolina (1) * Virginia (3) * West Virginia (1) MARCH BID DEADLINE Leases for 44 stores and one DC are available. They are located in: * Delaware (1) * Florida (4) * Illinois (1) * Indiana (2) * Kentucky (3) * Maryland (5) * Michigan (6) * North Carolina (1) * New York (1) * Ohio (11, 1 DC) * Pennsylvania (3) * South Carolina (1) * Virginia (4) * West Virginia (1) Furniture retailer American Signature, Inc. was founded in 1948 and based in Columbus, Ohio, with Value City Furniture and American Signature Furniture stores across the United States. On November 22, 2025, the company filed voluntary petitions for Chapter 11 relief in the U.S. Bankruptcy Court for the District of Delaware. For additional real estate details, including bid procedures and remaining lease terms for individual locations, visit https://www.agrep.com/index.php/american-signature-furniture and/or contact Emilio Amendola, (631) 465-9507, emilio@agrep.com, Mike Matlat, (631) 465-9508, mike@agrep.com, or Erik Potocek, (630) 352-7110, epotocek@agrep.com. About A&G A&G Real Estate Partners is a team of commercial real estate experts that always derives the highest possible value for its clients' real estate assets and leases. Its strategic negotiators, brand-protectors and relationship-builders bring a proven track record in portfolio-optimization, real estate sales, due diligence, valuations, and strategic growth consulting. Known for its integrity, technology, and marketing prowess, A&G has advised the nation's leading brands in both healthy and distressed situations. Since 2012, the firm has sold over $13 billion in properties and leases and negotiated over $12 billion in rent-reduction and occupancy-cost savings for its clients. A&G is headquartered in New York with offices throughout the country. For more information, please visit: www.agrep.com. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. AMERICAN TRASH: Court OKs Deal to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, approved a third stipulation authorizing American Trash Management, Inc. to use cash collateral through the next hearing scheduled for June 4, 2026. Under the stipulation, American Trash Management and secured creditor Fremont Bank agreed to increase the monthly "adequate protection payment to $7,500 and maintain that amount until the next hearing. Moreover, Fremont Bank is allowed to file UCC-1 liens in Oregon and Florida where the Debtor has inventory. The court previously granted the Debtor interim authority through two separate orders issued after hearings held on September 23 and October 3. Those interim orders ensured the Debtor could maintain operations while negotiations and review continued. Fremont Bank is represented by: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, PC 1970 Broadway, Suite 600 Oakland, CA 94612 Telephone: 510-763-1000 Facsimile: 510-273-8669 c.kuhner@kornfieldlaw.com About American Trash Management Inc. American Trash Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30743) on September 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Stephen Finestone, Esq., at Finestone Hayes, LLP, represents the Debtor as legal counsel. APPERSON CRUMP: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Tennessee, Eastern Division entered a final order authorizing Apperson Crump, PLC to use cash collateral. Under the Order, the Debtor is authorized to use cash collateral for two specific and limited purposes. First, the Debtor may fund its January 31, 2026 payroll in the amount of $21,968.30, plus applicable payroll taxes. Second, the Debtor may use up to $6,500.00 to migrate its server that hosts billing records and to provide Advocate Capital, Inc. with access to those billing records and related software. The Order further requires that all remaining funds in the Debtor's bank account after January 31 be turned over to Advocate Capital, Inc., indicating that the secured creditor is receiving the remaining cash collateral. Additionally, the Debtor must provide Advocate Capital, Inc. with an accounts receivable aging report as of January 31, 2026, ensuring transparency regarding outstanding receivables. The Order strictly limits the Debtor's use of cash collateral to the authorized purposes and reinforces the secured creditor's oversight and protection. About Apperson Crump Apperson Crump is the oldest law firm in Memphis, Tennessee. It provides a broad range of legal services including criminal law, corporate and business law, family law, labor and employment law, litigation, and estate planning. The firm's members have held leadership roles in the Memphis Bar Association and national legal organizations, with several appointed to the bench, reflecting its longstanding professional recognition. It serves clients across public, private, and nonprofit sectors, and is rated "AV" by Martindale-Hubbell. Apperson Crump sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-11660) on December 1, 2025. In its petition, the Debtor reports nearly $2.7 million in liabilities against assets valued at just under $1.3 million. Honorable Bankruptcy Judge Jimmy L. Croom handles the case. The Debtor is represented by C. Jerome Teel, Jr., Esq. of Teel & Gay, PLC. AQUA METALS: Enters Into Term Sheet to Acquire Lion Energy ---------------------------------------------------------- Aqua Metals, Inc. disclosed in a regulatory filing that it entered into a term sheet with Lion Energy, LLC, a Utah limited liability company, and certain members of Lion Energy, as amended and restated on February 10, 2026, setting forth certain terms and conditions pursuant to which the Company intends to acquire all of the issued and outstanding equity interests of Lion Energy, subject to the negotiation and execution of a definitive acquisition agreement and the satisfaction of specified conditions. The parties to the Term Sheet have agreed to use commercially reasonable efforts to execute a definitive acquisition agreement for the proposed transaction by March 31, 2026. The Term Sheet provides that the aggregate consideration payable at the closing of the proposed transaction, which will not exceed $94.9 million, would consist of a combination of: (i) cash and other consideration in the total amount of $4.1 million of investment previously made by the Company in Lion Energy, (ii) $25.8 million of common stock, par value $0.001 per share, of the Company, and subject to the Common Stock Cap, Series X Preferred Stock. . . and (iii) up to $65 million in earn-out consideration. The Term Sheet provides that the number of shares of Company capital stock to be issued to the Members as Equity Consideration at the closing of the proposed transaction would be determined by dividing $25.8 million by the volume weighted average price of the Company common stock on Nasdaq over the 20 trading days preceding the closing date, subject to the Common Stock Cap. . . The issuance of the Company capital stock to the Members at Closing would be made in reliance on an exemption from the registration provisions of the Securities Act of 1933, as amended, set forth in Section 4(a)(2) thereof, relating to sales by an Company not involving a public offering. The Term Sheet also provides that the Earn-Out Consideration would be subject to Lion Energy realizing greater than $55 million of revenue over a period of 12 consecutive full calendar months following the closing date and, subject to realizing the minimum revenue amount, calculated based on a weighted performance score derived from Lion Energy's revenue and EBITDA over the Earn-Out Period using the following formula: Earn-Out Consideration = $65,000,000 x ((RF x 0.70) + (EF x 0.30)) Where: * RF = Revenue – 55,000,000 -------------------- 85,000,000 * EF = EBITDA Margin – 8% ------------------ 4% Unless EBITDA Margin is greater than 12% in which case EF = 1.1 + (EBITDA Margin – 12%) * Revenue = Lion Energy's cumulative revenue over the Earn-Out Period, calculated in accordance with U.S. GAAP, consistently applied, including ASC 606 and standard matching principles. * EBITDA = Lion Energy's earnings before interest, taxes, depreciation, and amortization over the Earn-Out Period, calculated in accordance with U.S. GAAP, consistently applied. * EBITDA Margin = EBITDA ------- Revenue * EF shall be zero if either Lion Energy's EBITDA is zero or negative or if Lion Energy's EBITDA Margin is 8% or less. Following the closing of the proposed transaction, it is anticipated that the board of directors of the Company will be initially comprised of five members, consisting of: (i) three existing independent directors of the Company, Steve Cotton, the President and Chief Executive Officer of the Company, and the majority owner of Lion Energy. In addition, following the Closing, the board of directors of the Company would identify up to two additional independent directors, any such appointment to be subject to the Company's existing corporate governance and director nomination process and compliance with applicable Nasdaq, SEC rules and other requirements governing directors. Execution of definitive agreements for the proposed transaction is subject to a number of conditions, including: (i) receipt of a fairness opinion satisfactory to the Company; (ii) completion of quality of earnings and market/commercial diligence with no material adverse finding; (iii) closing of a fully executed and funded asset-based lending facility or similar credit facility providing for aggregate committed availability of not less than $25 million simultaneously with the Closing; (iv) execution of a supply and offtake agreement with American Battery Factory Inc.; (v) Nasdaq approval of the Company's listing of the shares to be issued to the Members; and (vi) receipt of all required board and stockholder approvals. The Term Sheet also contemplates that the definitive acquisition agreement would include customary closing conditions, including, without limitation: (1) delivery of the Closing deliverables referenced in the Term Sheet and other customary deliverables; (2) receipt of material, third-party consents; (3) there being no material adverse effect (as such term would be defined in the definitive acquisition agreement) from the effective date of the definitive acquisition agreement until closing; and (4) termination of any related party arrangements. The Term Sheet provides that following the Closing, the Company would promptly prepare and file with the SEC a registration statement of the Company registering the resale by the Members of the Equity Consideration in connection with the proposed transaction and would use commercially reasonable efforts to cause the applicable registration statement to be declared effective no later than 90 days after the Closing. In addition, concurrent with the execution of the definitive acquisition agreement, the Members would enter into lock-up agreements, pursuant to which the Members will be subject to customary lock-up provisions for a 180-day period following the Closing date, subject to customary exceptions. Under the Term Sheet, Lion Energy and the Members are subject to an exclusivity period until May 31, 2026, whereby such parties are restricted from: (i) participating in any negotiations or soliciting, initiating or encouraging submission of inquiries, proposals or offers from any potential buyer relating to the disposition of its assets, its business or the equity of Lion Energy or any material part thereof; (ii) entering into any agreement or take any action that by its terms or effect could reasonably be expected to adversely affect the ability of the parties to consummate the proposed transaction on the terms and conditions set forth in the Term Sheet; or (iii) furnishing or authorizing any agent or representative to furnish any information concerning the Term Sheet or the transactions contemplated thereby to any party. In the event of a breach of such exclusivity provision, Lion Energy would pay the Company a break-up fee of $1 million. The Term Sheet contemplates that certain senior management employees of Lion Energy would enter into employment agreements with the Company and that the Company would use its commercially reasonable efforts to retain certain of its senior management employees following the Closing. The Term Sheet also provides that Lion Energy would deliver to the Company its financial statements for the fiscal years ended December 31, 2025 and 2024, prepared in accordance with U.S. GAAP and audited in accordance with AICPA standards, no later than February 20, 2026, in form and substance reasonably satisfactory to the Company. Furthermore, the Term Sheet contemplates that the first $10 million of capital raised by the Company post-Closing of the proposed transaction will be earmarked for Lion Energy's near-term growth initiatives. The Term Sheet also provides that in the event the Base Share Number would represent greater than 45% of the Company's issued and outstanding common stock immediately following the Closing, then the Equity Consideration shall consist of no more than 45% of the outstanding shares of Company common stock immediately after the Closing, plus a number of shares of a new series of preferred stock equal to the shares of Company common stock the Members would be entitled to without regard to the Common Stock Cap less the shares of Company common stock to be issued based on the Common Stock Cap; provided further that the shares of Company common stock to be issued to the majority member of Lion Energy and his affiliates would not represent more than 40% of the outstanding shares of Company common stock immediately after the Closing. The anticipated rights, preferences and privileges of the Series X Preferred Stock are: -- Conversion: Each share of Series X Preferred Stock would automatically convert into one share of Company common stock on the third anniversary of the Closing. The Series X Preferred Stock would not be convertible at the option of the holder (subject to the anti-dilution provisions...). -- Voting Rights: Except as otherwise required by law, the Series X Preferred Stock would not have voting rights. However, as long as any shares of Series X Preferred Stock are outstanding, the Company would not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series X Preferred Stock: (i) alter or change adversely the powers, preferences or rights given to the Series X Preferred Stock or alter or amend its charter documents, if such action would adversely alter or change the rights, preferences and privileges of the Series X Preferred Stock, (ii) issue additional shares of Series X Preferred Stock or increase or decrease (other than by automatic conversion) the number of authorized shares of Series X Preferred Stock, or (iii) enter into any agreement with respect to any of the foregoing. -- Dividends: Holders of Series X Preferred Stock would be entitled to receive dividends on shares of Series X Preferred Stock equal, on an as-converted-to-common-stock basis, and in the same form as dividends actually paid on shares of Company common stock. -- Liquidation and Dissolution: The Series X Preferred Stock would rank on parity with Company common stock, on an as-converted-to-common-stock basis, upon any such liquidation, dissolution or winding-up of the Company, which would include any sale of the Company. -- Anti-Dilution: There would be anti-dilution protection provisions such that to the extent that the Members' voting power falls below 45% at any time, the Series X Preferred Stock would be convertible into common stock to the extent such voting power is below the 45% cap. There can be no assurance that a definitive acquisition agreement will be executed or that the proposed transaction will be consummated. A full text copy of the Term Sheet is available at https://tinyurl.com/328fwsje Subordinated, Last Out Participation Agreement In connection with Company's execution of the Term Sheet, the Company made available to Lion Energy $4.1 million of working capital by way of the Company's purchase of a junior participation interest in Lion Energy's existing credit facility. On February 6, 2026, the Company entered into a certain Subordinated, Last Out Participation Agreement, by and between the Company and GRC SPV Investments, LLC, a Delaware limited liability company, in connection with that certain senior secured Loan and Security Agreement, dated as of December 20, 2024, by and among Lion Energy, the Assigning Lender and other lenders party thereto, among others. Pursuant to the Participation Agreement, the Company purchased from the Assigning Lender a 100% subordinated, last out participation interest in the Lion Energy Loan Agreement in the amount of $4.1 million. The Company funded its participation through $2.0 million in cash paid to the Assigning Lender and $2.1 million in product previously delivered to Lion Energy, which became part of the collateral securing the senior facility. As a result of the Company's purchase of the participation interest, the lenders under the Lion Energy Loan Agreement made available to Lion Energy $4.1 million of credit under the facility. The Company's participation interest is fully secured by all of the assets of Lion Energy, among other security interests and guarantees, however it is fully subordinated to all other obligations under the senior credit facility, provides no voting or consent rights other than restrictions on reducing principal or interest, and entitles the Company to payment only after all senior obligations have been indefeasibly paid in full. The participation is without recourse to Assigning Lender, and the Company bears the full economic risk of its interest. A full text copy of the Subordinated, Last-Out Participation Agreement is available at https://tinyurl.com/455vpywh Management Commentary Steve Cotton, President and Chief Executive Officer said: "This transaction is intended to add meaningful revenue to Aqua Metals while expanding our participation in the rapidly growing energy storage market. Energy storage is a natural extension of our battery materials strategy, and Lion Energy has built a complementary platform that spans systems, software, and customer relationships. Together, we believe this combination would strengthen our path toward a more vertically integrated, U.S.-based battery supply chain and supports our long-term vision for a robust domestic battery materials industry led by our new combined entity." Tyler Hortin, Chief Executive Officer of Lion Energy said: "From the beginning, Lion Energy has focused on building more than batteries. We have invested heavily in a U.S.-based energy management platform combining software, firmware, hardware, and cloud connectivity designed to give customers intelligent control over their energy systems. This transaction could accelerate that vision, our energy management systems and virtual power plant capabilities, and help extend our platform across portable, residential, commercial, and grid-connected applications. We believe the companies' platforms are complimentary across the battery lifecycle, from deployment and operation through end-of-life recovery and recycling." A full text copy of the Press Release is available at https://tinyurl.com/3juftt8d Advisors Hilco Corporate Finance and Benchmark Company are acting as advisors to Aqua Metals in connection with the transaction. Cantor Fitzgerald & Co. is acting as the exclusive financial advisor to Lion Energy. Aqua Metals Headquartered in Reno, Nevada, Aqua Metals, Inc. develops recycling solutions for lead and lithium-ion batteries using a proprietary water-based technology called AquaRefining. The Company's electrochemical process enables low-emissions, closed-loop recovery of high-purity metals without the use of furnaces or hazardous chemicals. It operates modular systems known as "Aqualyzers" to support sustainable energy storage applications. In an audit report dated March 31, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has incurred substantial operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $10.5 million in total assets, $4 million in total liabilities, and $6.5 million in total stockholders' equity. ARTSTOCK: Committee Hires Verrill Dana LLP as Legal Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Artstock seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Verrill Dana LLP to serve as legal counsel. The firm will provide these services: (a) advise the Committee of its rights, powers, and duties in the Case; (b) assist and advise the Committee in its consultation with the Debtor relative to the administration of the Case; (c) review and analyze all applications, motions, orders, statements of operations, and schedules filed with the Bankruptcy Court by the Debtors or third parties, advise the Committee as to their propriety, and, after consultation with the Committee, take appropriate action in furtherance of the Committee's interests and objectives; (d) prepare on behalf of the Committee any necessary motions, applications, objections, answers, orders, reports, and papers in furtherance of the Committee's interests and objectives; (e) represent the Committee at hearings held before the Bankruptcy Court and communicate with the Committee regarding the issues raised and the decisions of the Bankruptcy Court; (f) assist the Committee in analyzing the claims of the Debtor's creditors and in negotiating with such creditors; (g) assist with the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (h) assist the Committee in its analysis of, and negotiations with, the Debtor or their creditors concerning matters related to, among other things, the terms and any plan or plans of reorganization or liquidation or any Sec. 363 sale; and (i) perform all other necessary legal services as may be required and are deemed to be in the interest of the Committee in connection with the Case, including advising the Committee regarding local practice and procedure. Verrill Dana LLP will bill the estate at its standard hourly rates. Partner attorney rates generally range from $365 to $1,140, and associate attorney rates generally range from $270 to $485. Paraprofessional rates vary; the firm will also be reimbursed for actual and necessary expenses in accordance with its standard practices. Verrill Dana LLP 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: Lindsay Zahradka Milne, Esq. VERRILL DANA LLP One Portland Square, 10th Floor Portland, ME 04101 Telephone: (207) 774-4000 E-mail: lmilne@verrill-law.com About Artstock Artstock, doing business as Artist & Craftsman Supply, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 25-20305) on December 23, 2025, listing between $10 million and $50 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., at Bernstein Shur Sawyer & Nelson, PA. ASCENCION MEDICAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Florida, Miami Division entered a second interim order granting Ascencion Medical Center, Inc.'s expedited motion to use cash collateral. The Court ordered that the previously entered First Interim Order will remain in full force and effect in all respects. In addition, the Debtor is further authorized to use cash collateral, as defined under 11 U.S.C. section 363(a), through March 23 to pay ordinary course business expenses consistent with the budget previously filed with the court. A final hearing on the motion is scheduled for March 23. The Debtor is permitted to submit a modified budget prior to the final hearing but must do so by March 16, particularly if a further continuance of the hearing is sought. About Ascencion Medical Center Ascencion Medical Center, Inc. operates a general medical center providing general family health care services to the public out of the leased premises located at 1060 SW 67th Avenue, Miami, Florida 33144. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22422) on October 22, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and liabilities. The Debtor tapped Sardi Law, PLLC as counsel and Dinnall Fyne & Company Inc. as accountant. AVENGER FLIGHT: Taps Kurtzman Carson as Claims and Noticing Agent ----------------------------------------------------------------- Avenger Flight Group, LLC, et al., seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kurtzman Carson Consultants, LLC dba Verita Global to serve as claims and noticing agent. Verita will provide these services: (a) prepare and serve required notices and documents in these chapter 11 cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors or the Court; (b) for all notices, motions, orders, or other pleadings or documents served, prepare and file, or cause to be filed, with the Clerk an affidavit or certificate of service within seven (7) business days of service; (c) process all proofs of claim received, including those received by the Clerk, check said processing for accuracy, and maintain the original proofs of claim in a secure area; (d) maintain the official claims register for each Debtor on behalf of the Clerk; (e) maintain a separate claims register and separate creditor mailing matrix for each debtor in jointly administered cases; (f) record all Transfers of Claims and make changes to the creditor matrix after the objection period has expired; (g) file a quarterly updated claims register with the Court in alphabetical and numerical order; (h) allow public access to claims and the claims register at no charge; (i) maintain an official copy of the Debtors' schedules of assets and liabilities and statements of financial affairs; (j) maintain an up-to-date list of all potential creditors, equity holders, and other parties in interest; (k) furnish a notice to all potential creditors of the last date for filing proofs of claim and a form for filing a proof of claim; (l) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (m) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (n) assist in the dissemination of information to the public and respond to requests for administrative information regarding these chapter 11 cases; and (o) forward electronic versions of claims and upload creditor mailing lists and docket final claims registers upon dismissal, conversion, or final decree. The firm will be paid at these fees: A. Verita agrees to charge and the Company agrees to pay Verita for its services at the rates and prices set by Verita that are in effect as of the date of this Agreement and subject to the Verita Fee Structure. Verita's prices are generally adjusted periodically to reflect changes in the business and economic environment and are inclusive of all charges. Verita reserves the right to reasonably increase its prices, charges and rates; provided, however, that Verita will give 30 days written notice to the Company. B. In addition to fees and charges for services, the Company agrees to pay Verita's reasonable transportation, lodging, and meal expenses incurred in connection with services provided under this Agreement. C. In addition to all fees for services and expenses hereunder, the Company shall pay to Verita (i) any fees and charges related to, arising out of, or as a result of any error or omission made by the Company or the Company Parties, as mutually determined by Verita and the Company, and (ii) all taxes that are applicable to this Agreement or that are measured by payments made under this Agreement and are required to be collected by Verita or paid by Verita to a taxing authority. D. Where the Company requires services that are unusual or beyond the normal business practices of Verita, or are otherwise not provided for in the Verita Fee Structure, the cost of such services shall be charged to the Company at a competitive rate as agreed to in advance in writing by the Company. E. Verita agrees to submit its invoices to the Company monthly and the Company agrees that the amount invoiced is due and payable upon the Company's receipt of the invoice. Verita's invoices will contain reasonably detailed descriptions of charges for both hourly (fees) and non-hourly (expenses) case specific charges. Where total invoice amounts are expected to exceed $10,000 in any single month and Verita reasonably believes it will not be paid, Verita may require advance payment from the Company due and payable upon demand and prior to the performance of services hereunder. If any amount is unpaid as of 30 days from the receipt of the invoice, the Company further agrees to pay a late charge, calculated as two and one-half percent of the total amount unpaid every 30 days. In the case of a dispute in the invoice amount, the Company shall give written notice to Verita within 30 days of receipt of the invoice by the Company. The undisputed portion of the invoice will remain due and payable immediately upon receipt of the invoice. Late charges shall not accrue on any amounts in dispute or any amounts unable to be paid due to Court order or applicable law. Unless otherwise agreed to in writing, the fees for print notice and media publication (including commissions) must be paid at least three days in advance of those fees and expenses being incurred. Verita represents that it is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code," and that it "neither holds nor represents any interest materially adverse to the Debtors' estates." The firm can be reached at: Evan Gershbein Kurtzman Carson Consultants, LLC dba Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 About Avenger Flight Group LLC Avenger Flight Group LLC provide low-cost training solutions for clients while preserving value, a high degree of quality and customer service at all times. It has tailor-made its services toward rapidly growing Low Cost Carriers (LCC) which had been neglected in many occasions by other training providers. AFG has become the preferred training center for many US and international airlines, especially LCCs. Avenger Flight sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Dela. Case No. 26-10183) on February 12, 2026. Judge Mary F. Walrath oversees the case. Steven W. Golden at Pachulski Stang Ziehl & Jones LLP represents the Debtor as legal counsel. BALLY'S CORP: S&P Raises Sec. Debt Rating to 'B+', Off Watch Pos. ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '1' recovery rating to Bally's Corp.'s new $600 million term loan and $500 million delayed-draw term loan due 2031. It also raised its issue-level rating on Bally's revolving credit facility to 'B+' from 'B' and revised its recovery rating to '1' from '2'. S&P removed the secured debt ratings from CreditWatch with positive implications, where it placed them on Oct. 17, 2025. The '1' recovery rating indicates its expectation of very high (90%-100%; rounded estimate: 90%) recovery for the secured lenders in the event of a payment default. On Feb.11, 2026, Bally's announced it entered into a new $1.1 billion term loan credit facility due 2031 with Ares Management Credit funds, King Street Capital Management, and TPG Credit. Bally's also announced it completed its sale leaseback of its Twin River Lincoln Casino Resort real estate assets with GLP Capital L.P., a subsidiary of Gaming and Leisure Properties Inc., providing Bally's with total consideration of $700 million before transaction expenses and provisions for taxes. The company plans to use a portion of the proceeds from the new credit facility, along with cash on hand from proceeds of the sale of its international interactive business (completed in October 2025) and the sale leaseback to fully repay the company's outstanding $1.47 billion term loan due 2028 and pay fees and expenses. S&P said, "While the sales of the international interactive segment and Bally's Lincoln real estate decrease our emergence enterprise valuation in our recovery analysis, the company intends to use a significant portion of the sale proceeds to repay secured debt. These transactions also reduce the company's revolver commitments to approximately $519 million, a figure that will be further reduced to $319 million after October 1, 2026. This debt repayment and reduction in revolver commitments results in lower assumed secured debt outstanding in our simulated default scenario in 2028. The addition of Bally's Chicago as a restricted subsidiary and guarantor for the secured debt partially offsets the valuation decline. These factors improve secured recovery prospects above 90%, supporting the issue-level ratings upgrade. "Our issuer credit rating on Bally's remains 'B-' with a stable outlook. We expect Bally's leverage will remain elevated over the next several years due to ongoing development spending. We believe Bally's Chicago will likely be completed by early 2027. In addition, to the extent its future Bally's Bronx and Bally's Las Vegas projects are debt-financed, we will assess the terms of the financing as more information becomes available." Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'B+' issue-level rating and '1' recovery rating to Bally's new $600 million term loan and $500 million delayed-draw term loan due 2031. The '1' recovery rating reflects its expectation of very high (90%-100%; rounded estimate 90%) recovery for lenders in the event of a payment default. -- S&P said, "We raised our issue-level rating on Bally's $519 million revolving credit facility to 'B+' from 'B' and revised our recovery rating to '1' from '2'. The '1' recovery rating reflects our expectation of very high (90%-100%; rounded estimate 90%) recovery for lenders in the event of a payment default." -- S&P's 'CCC' issue-level rating and '6' recovery rating on Bally's senior unsecured notes are unchanged. The '6' recovery rating indicates its expectation of negligible (0%-10%; rounded estimate: 0%) recovery for noteholders in the event of a payment default. Simulated default assumptions -- S&P's simulated default contemplates a payment default by 2028 (is in line with its average two-year default assumption for the 'B-' issuer credit rating) because of prolonged economic weakness, significantly greater competitive pressures in the company's various markets, and an inability to integrate acquisitions and new development projects into its portfolio. -- S&P assumes a reorganization following the default, using an emergence EBITDA multiple of 6.5x to value the company. This is in line with our standard sector assumption of 6.5x and reflects Bally's good geographic diversity and highly competitive nature of its operating environments. -- S&P assumes the $319 million extended portion of the company's $519 million revolver (pro forma for the sale leaseback and Intralot transactions) is 85% drawn at default. Simplified waterfall -- EBITDA at emergence: About $232 million -- EBITDA multiple: 6.5x -- Gross recovery value: $1.5 billion -- Net recovery value (after 5% administrative expenses): $1.4 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated secured debt at default: $1.5 billion -- Value available for secured debt: $1.4 billion --Recovery range: 90%-100% (rounded estimate: 90%) -- Estimated unsecured debt and pari passu secured deficiency claims: $1.6 billion -- Value available for unsecured debt: $0 --Recovery range: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. BARMASTERS LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Barmasters, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral for court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with U.S. Bank N.A.'s approval, effective until February 24, unless extended by agreement. The cash collateral the Debtor intends to use is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the liens of U.S. Bank and other creditors. As adequate protection, these creditors will be granted a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. The Debtor must also maintain insurance in compliance with applicable loan and security agreements. The next hearing is scheduled for February 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/CqdFK from PacerMonitor.com About Barmasters LLC Barmasters LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07727) on November 26, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Andrew Layden serves as Subchapter V trustee for Barmasters, LLC. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. BEE & G ENTERPRISES: Case Summary & 17 Unsecured Creditors ---------------------------------------------------------- Debtor: Bee & G Enterprises, LLC d/b/a Four Ports Logistics 2323 E Q St Tacoma, WA 98421 Business Description: Bee & G Enterprises, LLC, based in Tacoma, Washington, operates as a motor carrier under the doing-business-as name Four Ports Logistics, providing general freight transportation including fresh produce, refrigerated goods, and intermodal container shipments. The company is registered with the U.S. Department of Transportation and conducts its operations within the freight and logistics industry. Chapter 11 Petition Date: February 14, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-40385 Judge: Hon. Mary Jo Heston Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Total Assets: $1,418,597 Total Liabilities: $3,362,581 Julie Bollmann signed the petition as managing member. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CG7NLVY/Bee__G_Enterprises_LLC__wawbke-26-40385__0001.0.pdf?mcid=tGE4TAMA BELLA HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings revised Bella Holding Co, LLC's (dba "MedRisk") outlook to positive from stable. At the same time, Moody's affirmed MedRisk's B3 corporate family rating, B3-PD probability of default rating, and B3 ratings on the senior secured 1st lien credit facilities due in 2028. The revision of the outlook from stable to positive reflects ongoing deleveraging over the last several years and Moody's expectations that this trend will continue. MedRisk's debt to EBITDA, which was approximately 6.5x at September 30, 2025 pro forma the recently closed acquisition of Horizon Casualty Services, Inc. ("HCS"), has the potential to trend into the mid-5.0x range over the next 12 to 18 months absent additional debt funded acquisitions, integration issues or other set-backs to the business. Moody's expects revenue growth and deleveraging to be supported in part by the ramping of recent customer wins and cross-selling opportunities tied to recent acquisitions. The outlook also reflects Moody's expectations that the company will continue to generate consistent positive free cash flow and organic earnings growth. The affirmation of the B3 CFR reflects the company's elevated financial leverage and aggressive financial policies, including debt-funded acquisitions that could keep leverage elevated. These risks are mitigated by MedRisk's very good liquidity and its compelling value proposition for payor clients and network providers. RATINGS RATIONALE The B3 CFR reflects MedRisk's elevated financial leverage, which stood at approximately 6.5x on a pro forma basis following the acquisition of HCS as of September 30, 2025, as well as the company's aggressive financial policies, including its history of debt-funded acquisitions. Moody's expects MedRisk to continue pursuing acquisitions over time, which introduces integration and execution risks. The rating is further constrained by meaningful customer concentration, with the company's three largest customers expected to continue generating approximately half of total revenue despite moderate diversification with the HCS acquisition. The rating is supported by MedRisk's strong value proposition to payor clients and network providers, reflecting its successful expansion beyond network solutions into payment integrity in 2024 and, more recently, payments. Moody's expects cross-selling opportunities to drive healthy organic growth and continued deleveraging, with debt-to-EBITDA declining into the mid-5.0x range over the next 12 to 18 months, absent additional debt-funded acquisitions. The rating also benefits from the company's national footprint with only moderate geographic concentration, as well as its very strong liquidity profile, underpinned by consistent positive free cash flow generation. Moody's expects MedRisk to maintain very good liquidity over the next 12-18 months, supported by consistent positive free cash flow. MedRisk had $77 million of cash as of September 30, 2025 and $37 million pro forma the acquisition of HCS, and full availability under its $125 million revolving credit facility. The revolver has a springing total net leverage ratio set at 8.25x, when borrowings exceeds 35%. Moody's expects the company will maintain good headroom on the covenant – net leverage calculated under the credit agreement definition was 4.6x as of September 30, 2025, pro forma the HCS acquisition. The positive outlook reflects the prospects of an upgrade if the company's deleveraging trajectory continues and if there are no unforeseen operational challenges or integration challenges. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS MedRisk's rating could be upgraded if the company reduces its customer concentration or expands its scale materially. Quantitatively, the rating could be upgraded if debt to EBITDA is sustained below 6.0x with liquidity remaining very good. Ratings could be downgraded if operating performance weakens, free cash flow becomes negative or liquidity tightens with EBITA-to-interest falling below 1.0x. Founded in 1994, MedRisk manages workers compensation claims for physical therapy, occupational therapy and chiropractic services and provides payments and payment integrity services to the workers compensation industry. The company's customers include insurance carriers, third-party administrators (TPAs), self-insured employers and government entities. MedRisk is among the largest platforms in the workers' compensation network services industry. The company is majority-owned by CVC Capital Partners and by the Carlyle Group. The company generated $1.1 billion in gross revenue for the twelve months ending September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BELLA HOUSTON: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Bella Houston Heights * A Protected Series of Bella FourA, LLC 829 Yale St Houston TX 77007 Business Description: Bella Houston Heights is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: February 16, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-40515 Debtor's Counsel: Howard Marc Spector, Esq. SPECTOR & COX, PLLC 12770 Coit Rd Suite 850 Dallas TX 75251 Tel: (214) 365-5377 E-mail: hspector@spectorcox.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Adam Bell as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UR6UDPQ/Bella_Houston_Heights__txebke-26-40515__0001.0.pdf?mcid=tGE4TAMA BEP INTERMEDIATE: S&P Alters Outlook to Positive, Affirms 'B' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on BEP Intermediate Holdco LLC to positive from stable and affirmed all its ratings on the company, including the 'B' issuer credit rating and the 'B' issue-level rating on its senior secured debt. S&P's '3' recovery rating (50%-70%; rounded estimate: 50%) on the senior secured debt is unchanged. S&P said, "The positive outlook reflects our expectation that BEP's high customer retention, rising GPV flows, and good profitability will support a sequential improvement in its credit metrics, such that S&P Global Ratings-adjusted debt to EBITDA (excluding preferred equity) declines below 5x by the end of 2026. The outlook also reflects our expectation that the company will maintain relatively low leverage while executing its strategic priorities, including mergers and acquisitions (M&A)." BEP Intermediate is refinancing a portion of its capital structure using the proceeds from a proposed $165 million term loan add-on. The company plans to use the new debt to repay its outstanding 364-day bridge loan facility and revolving credit facility borrowings, which it accessed in the second half of 2025 to finance acquisitions. S&P said, "We expect BEP will continue to strengthen its credit profile over the next 12 months as it increases its earnings, supported by rising gross purchasing volumes (GPVs) from its new logo acquisitions and business combinations. We anticipate the earnings growth will somewhat offset leverage impact from recent debt borrowings and support further deleveraging." Strong customer-value proposition, established through group purchasing organization (GPO) brands and related software platform, supports a sustainable growth profile. The company serves both restaurant (accounting for 60% of Digital Procurement Network [DPN] segment GPV flows) and non-restaurant operators (e.g. hospitals, schools and universities, retail and convenience, etc., which account for the remaining 40%). BEP provides value to its customers by increasing their individual buying power and delivering procurement savings (up to 30% of inventory costs) in the form of rebates and discounted price. S&P said, "We believe these cost savings provide the company's customers with a clear benefit, which underpins its high customer retention and facilitates its new logo acquisitions. At the same time, we believe this provides BEP with moderate sales resilience during periods of macroeconomic weakness, though it may still face some headwinds from its smaller restaurant operator customers because their purchasing tends to be more elastic than that of their non-restaurant counterparts because their purchasing is more reliant on end-customer demand (i.e. foot-traffic)." In 2025, the company increased its DPN GPVs by about 18.2% and its total revenues by about 15.5% year over year (12% on an organic basis). S&P said, "Looking ahead, we expect BEP will continue to ramp up its sales in 2026 on increases in its existing customers' GPV flows, new logo acquisitions, and the realization of a full year of benefits from the acquisitions it completed in the latter half of 2025 (e.g. Dinova, a leading preferred business-dining program with a network of 24,000 restaurants and 600 corporate and government partners). We project these factors will contribute to an approximately 21% year-over-year expansion in the company's sales in 2026. "We believe BEP's early renewal of its contract with Entegra reduces its operational risk. A significant part of the company's DPN segment GPV flows are handled by its rebate processing partner, Entegra. BEP has partnered with Entegra since 2018. We view this relationship as critically important because Entegra provides the company with access to its deep and extensive manufacturer relationships and handles a material share of its GPVs. "BEP's contract with Entegra was slated to expire in 2028; however, the two parties engaged in early negotiations to extend the relationship to 2033. We view this contract renegotiation as credit positive for the company because it supports the longevity, stability, and visibility of its revenue. In addition, it offers BEP more favorable fee terms that will support its revenue and earnings generation and enables it to pursue more direct customer rebate processing opportunities that are higher margin. "We expect BEP's improving credit measures will provide it with some flexibility to pursue opportunistic M&A. The company has strengthened its credit metrics over the past 1-2 years despite completing debt-financed M&A. While its recent debt-financed acquisitions have somewhat increased its S&P Global Ratings-adjusted leverage, we expect BEP's good business execution and prospects will support a sufficient earnings growth to cushion the impact of its incremental debt raises. Under our base-case forecast, we assume the company's S&P Global Ratings-adjusted debt to EBITDA declines below our upside trigger for the current rating to about 4.3x (when excluding preferred equity) by the end of 2026. While we believe M&A remains a key capital allocation priority for the company and suspect it may take on additional debt to help finance larger future deals, we anticipate it will maintain decent financial flexibility. We also forecast BEP's financial policy will support maintenance of moderate leverage levels. "The company's capital structure includes General Atlantic's $425 million of preferred equity, which we expect will continue to pay 13.25% of in-kind interest through 2032. While the high interest rate may incentivize BEP's redemption of the equity to minimize dilution, we expect its capital allocation will continue to prioritize expanding the business and strengthening its credit profile." BEP generates good free operating cash flow (FOCF). The company's operational efficiency, as demonstrated by its relatively good profitability (projecting adjusted EBITDA margin of about 36.4% in 2025 and 38.0% in 2026), minimal working capital requirements, and low capital expenditure, enables it to generate healthy FOCF. S&P forecasts BEP will generate about $100 million-$110 million of adjusted FOCF in 2026, leading to FOCF to debt of 7.8% after accounting for the tax-related distributions to its partners (related to tax-receivable agreements inherited from past acquisitions) and its mandatory debt amortization payments. S&P said, "We expect BEP will maintain good liquidity. While we do not anticipate the company will need to access its revolving credit facility to support its day-to-day cash needs, the full availability under its expanded borrowing base (raised to $200 million from $130 million) supports our view of adequate liquidity over the next 12 months." BEP has no debt maturities over the next 1-2 years. That said, the company will fund a one-time $35 million distribution to its common equity holders using cash on hand. S&P said, "The positive outlook on BEP reflects our expectation that its high customer retention, rising GPV flows (driven by increased ordering from its existing customers and new logo acquisitions), good profitability, and relatively minimal cash outflows will support solid earnings and FOCF generation over the next 12 months. We project the company's S&P Global Ratings-adjusted leverage ratio (excluding preferred equity) will trend below 5x by the end of 2026 and forecast its FOCF to debt (less tax-related distributions and mandatory debt amortization payments) will be in the high-single-digit percent range. The positive outlook also reflects our expectation that BEP will maintain relatively low leverage and an adequate liquidity position while executing its strategic priorities (like M&A) over the next 12 months. "We may revise our outlook on BEP to stable if we no longer expect it to sustain leverage of below 5x (when excluding its preferred shares). This would likely occur if the company adopted a more-aggressive M&A strategy such that it needed to raise incremental debt to finance its acquisitions." S&P could raise its rating on BEP in the next 12 months if: -- The company continues to consistently expand its business and maintains a conservative financial policy that supports debt to EBITDA of less than 5x (excluding preferred shares) on a sustained basis even as it executes its growth strategy and shareholder-return objectives; -- Its FOCF, less tax distributions and mandatory debt amortization payments, to debt approaches 10%; and -- S&P believes there is low risk it will undertake a debt-funded redemption of its preferred shares that increases its leverage. BLOOM HOTELS: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: Bloom Hotels 6060, LLC 2937 SW 27th Ave Suite 201 Coconut Grove FL 33134 Business Description: Bloom Hotels 6060, LLC owns the real property and improvements at 6060 Indian Creek Drive in Miami Beach, Florida, a waterfront condo-hotel complex. Chapter 11 Petition Date: February 16, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-11867 Judge: Hon. Robert A Mark Debtor's Counsel: Kristopher E. Pearson, Esq. DAMIAN VALORI CULMO 1000 Brickell Ave, Suite 1020 Miami FL 33131 Tel: 305-371-3960 Email: kpearson@dvcattorneys.com Estimated Assets: $10 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Richard Valdes as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H5ZCN3Q/Bloom_Hotels_6060_LLC__flsbke-26-11867__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GNCR Holdings AS $2,000,000 No:26 Konaklar Mahallesi Akasyali Sokak Besiktas Istanbul; Marmara; Turkey 34330 2. Garcia-Menocal, Irias & Pastori LLP $1,155,000 368 Minorca Ave. Miami, FL 33134 3. ACOE 1, LLC $867,863 12641 North Stonebrook Circle Davie, FL 33330 4. Beachfront Realty, Inc. $168,200 517 Arthur Godfrey Road Miami Beach, FL 33140 5. Cube 3 LLC $124,035 56 High Street North Andover, MA 01845 6. Jonathan Leder PLLC $60,000 888 E Las Olas Blvd., Ste 502 Fort Lauderdale, FL 33301-2285 7. City of Miami Beach $55,931 1700 Convention Center Drive Miami Beach, FL 33139 8. Nunez & Fleischer, PA $38,500 303 SW 6th Street Fort Lauderdale, FL 33315 9. Effective Property Services LLC $17,170 609 NE 105th Street Miami Shores, FL 33138 10. Jonathan Leder PLLC Unknown 888 E Las Olas Blvd., Ste 502 Fort Lauderdale, FL 33301-2285 BONE CONSTRUCTION: Court OKs Fort Smith Property to Leading Light ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Arkansas, Fort Smith Division, has granted Bone Construction Company Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 7800 Collier Street, Fort Smith, AR 71926. The Court has authorized the Debtor to sell the Property to Leading Light, LLC, for $250,000.00. The Court held that the sale proceeds shall be used to pay reasonable closing costs and the mortgage holder, Regions Bank. Regions shall retain its lien on the real property and the sale proceeds until said proceeds are paid. Debtors shall provide the U.S. Trustee with documentation evidencing the accounting of the sale and finalized sale documents within 60 days of the sale being final. The Limited Objection to Motion to Sell Real Property filed by Regions is withdrawn on condition that the debtor, through counsel, will provide Regions with a final closing statement to be approved at least seven days prior to closing. About Bone Construction Company Bone Construction Company, Inc. is an electrical contracting business organized as a C Corporation under Arkansas law on June 2, 2017. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 24-71734) on October 18, 2024, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Bianca M. Rucker presides over the case. Marc Honey, Esq., at Honey Law Firm, P.A., is the Debtor's bankruptcy counsel. BRIX CITY BREWING: Gets OK to Use Cash Collateral Until March 10 ---------------------------------------------------------------- Brix City Brewing, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey, Newark Vicinage, to use cash collateral through March 10. The court on February 18 authorized the Debtor to use up to $27,383 in cash collateral to fund operations consistent with its budget, subject to a 10% variance. Secured creditors ConnectOne Bank and the U.S. Small Business Administration assert claims against the Debtor in the amounts of $112,813.18 and $500,000, respectively. As protection, both creditors will be granted a replacement lien on the Debtor's post-petition collateral and proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. Additionally, the secured creditors have the right to assert a superpriority claim, subject to the carveouts. As further protection, ConnectOne Bank will receive monthly payments of $1,780, starting February 20. The final hearing is set for March 10. The deadline for filing objections is on March 4. The interim order is available at https://is.gd/CjMU8J from PacerMonitor.com. As of the petition date, Brix City Brewing holds approximately $21,859 in receivables and total assets valued at $103,931, including $74,635 in equipment, vehicles, and inventory, and $7,437 in cash deposits. ConnectOne Bank, as secured creditor, is represented by: Douglas A. Goldstein, Esq. Law Advocates, LLC 236 Millbrook Ave, Suite 3R Randolph, NJ 07869 Tel: (973) 845-6526 dgoldstein@advocates.esq 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, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Vincent F. Papalia oversees the case. The Debtor is represented by Brian Gregory Hannon, Esq., at the Law Office of Norgaard O'Boyle. BUDDY MAC: Calls Off Auction After Receiving 2 Bids --------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that rent-to-own retailer Buddy Mac Holdings LLC informed the bankruptcy court that it received two bids for substantially all of its assets, but its stalking horse bidder ultimately elected not to bid on the assets being sold. The development narrowed the field of potential buyers. In light of the stalking horse's withdrawal from active bidding, the debtor said the scheduled auction would be canceled. The company instead intends to negotiate with the remaining bidders to identify the most favorable proposal. Buddy Mac noted that it will seek approval of the selected transaction through a sale hearing. The company said it is continuing its efforts to monetize its assets efficiently within its Chapter 11 case. About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. Judge Michelle V. Larson oversees the case. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. CAPSTONE GREEN: Posts $1.2MM Q3 Income Amid Liquidity, Debt Risks ----------------------------------------------------------------- Capstone Green Energy Holdings, 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 income of $1.2 million and $1.3 million during the three and nine months ended December 31, 2025, respectively, compared to a net loss of $2.7 million and $7.1 million for the same period in 2024, respectively. Revenue Performance Revenue for the three months ended December 31, 2025 increased $6.7 million to $26.8 million from $20.1 million for the three months ended December 31, 2024. Revenue for the nine months ended December 31, 2025 increased $24.5 million to $83 million from $58.5 million for the nine months ended December 31, 2024. Going Concern In connection with the preparation of these Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company's ability to meet its obligations as they become due over the next 12 months from the date of the issuance of the financial statements. As of December 31, 2025, the Company had cash of $15.2 million, which includes restricted cash of $0.7 million, and a working capital deficit of $22.9 million. The Company had net income of $1.2 million and $1.3 million during the three and nine months ended December 31, 2025, respectively. The Exit Roll Up Notes will mature on December 7, 2026... The Company may not have sufficient internally generated cash and is evaluating options to obtain sufficient financing to satisfy the obligations of the Exit Roll Up Notes. If the Company is unable to repay the obligations of the Exit Roll Up Notes on the maturity date, it will be in default under the Exit Note Purchase Agreement... which may result in, among other things, default interest or an acceleration of all obligations. It is not certain whether the Company will have, or will be able to obtain, sufficient funds to make any such accelerated payments. If any outstanding indebtedness under the Exit Note Purchase Agreement is accelerated, the Company's assets may not be sufficient to repay such indebtedness. The Company and its advisors are considering various alternatives to address the upcoming maturity of the Exit Roll Up Notes, which may include issuances of equity or the incurrence of additional indebtedness; however, there can be no assurance that the Company will be successful in refinancing the Exit Roll Up Notes. Given the Company's current cash position, short term debt repayments, limits to accessing capital and debt funding options, and current economic and market risks, there exists substantial doubt regarding the Company's ability to continue as a going concern and its ability to meet its financial obligations as they become due over the next 12 months from the date of issuance of the financial statements as of, and for the period ended December 31, 2025. Management Plans The Company has developed a plan to improve future financial performance. The plan includes multiple process improvement workstreams intended to drive operational and financial performance. The process improvement initiatives are supported with external resources as needed for a specific level of expertise. The plan includes: * cost reduction in products, * services and operating expenses, * additional margin expansion through price increases, and * sales volume initiatives focused on improving the Company's liquidity. Achieving the targeted product cost reductions has risk, and is being challenged by the current geopolitical environment, including the impact of tariffs. However, there is no guarantee that such steps will be successful or result in the Company's ability to meet its payment obligations coming due within the 12-month period after February 12, 2026. Management Commentary "Our third quarter results reflect strong execution across our Three Pillar strategy, translating revenue growth into meaningful margin expansion and, most importantly, our second consecutive quarter of positive net income," said Vince Canino, President and Chief Executive Officer of Capstone Green Energy. "The disciplines embedded in our Financial Health Pillar are taking hold, supported by the systems, tools and processes we are implementing under our Sustainable Excellence Pillar. We are also seeing the benefits of a smooth transition following our Cal Microturbine acquisition, which is further strengthening our bottom line." The continued adoption of distributed generation underscores the value of our fuel-flexible, high-efficiency, and clean ultra-low-emissions energy technology. By leveraging the benefits of an improved product mix, high EaaS utilization, expanding service agreement base and strong manufacturing and operational discipline, we believe we are translating these advantages into stronger margins, higher recurring revenue streams, and sustainable profitability. "For the seventh consecutive quarter, we delivered significant improvement in gross profit, net income, and Adjusted EBITDA, driven by favorable product mix, improved cost structure, and disciplined expense management," said John Miller, Interim Chief Financial Officer of Capstone Green Energy. "While working capital requirements increased alongside higher sales activity, our financial position remains solid, and we continue to meet all covenant requirements. We are focused on sustaining margin expansion, optimizing cash flow, and maintaining financial flexibility as we support ongoing growth across our core markets." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5bbduchu About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 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 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. As of December 31, 2025, the Company had $87.7 million in total assets, $80.1 million in total liabilities, $70.9 million in temporary equity (redeemable noncontrolling interests), and a $63.3 million stockholders' deficit. CARBON HEALTH: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cased of Carbon Health Technologies, Inc. and its affiliates. The committee members are: 1. Creditor R.C. c/o John F. Rooney, Esq. 2401 Pennsylvania Avenue, Suite 1C41 Philadelphia, PA 19130 Representative: John Rooney john@rooneyphillylawyer.com 2. Creditor M.K. c/o Kevin O'Brien & Robert T. Lynch 737 Second Street Pike Southampton, PA 18966 Representative: Kevin O'Brien & Robert T. Lynch Rlynch@HSKLinjurylaw.com KObrien@stamponelaw.com 3. Camber Road Partners., Inc. 4999 France Ave S. Suite 216 Minneapolis, MN 55410 Representative: Nicholas Rankin rankin@camberroad.com 4. Jessica Dukes c/o Jonathan Melmed and Laura Supanich 1801 Century Park East, Suite 850 Los Angeles, CA 90067 Representative: Jessica Dukes c/o Jonathan Melmed and Laura Supanich LMS@melmedlaw.com 5. CSC Leasing Co Attn: Christopher Crook 6806 Paragon Place, Suite 350 Richmond, VA 23230 Representative: Christopher Crook ccrook@cscleasing.com 6. Regency Centers, L.P Attn: Ernst Bell, Esq. One Independent Drive, Suite 114 Jacksonville, FL 32202 Representative: Ernst Bell ernstbell@regencycenters.co Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CATHETER PRECISION: Gregory Castaldo Holds 7.5% Equity Stake ------------------------------------------------------------ Gregory Castaldo, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 6, 2026, he beneficially owns 176,674 shares of common stock of Catheter Precision, Inc.'s common stock, $0.0001 par value per share, representing 7.5% of the 2,357,127 shares outstanding as verified with the Company on February 11, 2026). Gregory Castaldo may be reached at: 3776 Steven James Drive Garnet Valley, PA 19060 A full-text copy of Gregory Castaldo's SEC report is available at: https://tinyurl.com/ycrvbtcf About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. East Brunswick, New Jersey-based WithumSmith+Brown, PC., 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 year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $25.5 million in total assets, $19 million in total liabilities, and a total stockholders' equity of $6.4 million. CATHETER PRECISION: Joseph Reda Holds 7.5% Equity Stake ------------------------------------------------------- Joseph Reda, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 6, 2026, he beneficially owns 176,674 shares of common stock of Catheter Precision, Inc.'s common stock, $0.0001 par value per share, representing 7.5% of the 2,357,127 shares outstanding as verified with the Company on February 11, 2026 Joseph Reda may be reached at: 1324 Manor Circle Pelham, NY 10803 A full-text copy of Joseph Reda's SEC report is available at: https://tinyurl.com/2hpj2umz About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. East Brunswick, New Jersey-based WithumSmith+Brown, PC., 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 year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $25.5 million in total assets, $19 million in total liabilities, and a total stockholders' equity of $6.4 million. CATHETER PRECISION: Secures Up to $36.5MM in Strategic Financing ---------------------------------------------------------------- Catheter Precision, Inc. announced that it has agreed to the termination of its at-the-market equity offering program and has completed a strategic financing transaction with institutional investors for up to $36.5 million to support accelerated growth. Key Highlights: * ATM equity program to be terminated. No future equity lines of credit or forward-priced agreements are anticipated. * Strategic institutional capital secured to fund expansion * Balance sheet and liquidity significantly strengthened * The company's short-term notes have been converted to long term by extending maturities out to two and three years * Additional short and long-term liabilities of approximately $9 million on the September 30, 2025 balance sheet are being converted into equity The Company entered into Series J Exchange Agreements with David A. Jenkins and FatBoy Capital, LP. to convert royalty rights and accrued royalty right amounts into 2,491.293 shares and 6,998.195 shares, respectively of the Company's newly created Series J Convertible Preferred Stock, with a par value of $0.0001 per share and a stated value of $1,000 per share as further described by the Certificate of Designation of Preferences, Rights and Limitations of Series J Convertible Preferred Stock which was filed with the Delaware Secretary of State on February 9, 2026, as corrected on February 12, 2026. The Company is entitled to issue up to 9,490 shares of Series J Preferred Stock pursuant to the terms of the Series J Certificate of Designation. The Series J Preferred Stock is convertible into shares of the Company's common stock, par value $0.0001 at a fixed per share conversion price of $1.56, subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like (subject to certain exceptions). Mr. Jenkins serves as the Executive Chairman of the Company's Board of Directors and as its Chief Executive Officer and FatBoy Capital, LP is controlled and owned by Mr. Jenkins. Specifically, pursuant to those Debt Settlement Agreements dated January 9, 2023 between the Company and the Holders previously disclosed by the Company accrued royalty amounts totaling a net present value equal to $9,489,487.81 as of December 31, 2025 are being exchanged for 9,489.488 shares of Series J Preferred Stock, collectively. Per the Exchange Agreements, the accrued royalty amounts and the royalty rights are terminated as of December 31, 2025. The closing price of the Company's Common Stock on December 31, 2025 as reported by the NYSE American was equal to the Conversion Price of $1.56 per share. The 9,489.488 shares of Series J Preferred Stock issued to the Holders in connection with the Exchange Agreements are convertible into 6,083,005 shares of the Company's Common Stock (or approximately 641 shares of Common Stock for each share of Series J Preferred Stock and subject to customary adjustment as set forth in the Series J Certificate of Designation) if and only if stockholder approval is obtained for issuance of Common Stock underlying the Series J Preferred Stock in accordance with the rules and regulations of the NYSE American. The shares of Series J Preferred Stock will automatically convert in the event of a Fundamental Transaction (as defined in the Series J Certificate of Designation). Each share of Series J Preferred Stock is entitled to participate in dividends or other distributions of the Company's assets to the extent that holder would have participated therein if the holder had held the number of shares of Common Stock acquirable upon complete conversion of the Series J Preferred Stock, without regard to any limitations on conversion, including the beneficial ownership limitation. Executive Commentary "This financing and balance sheet restructuring strengthens our financial position and also reinforces institutional investor confidence in our strategy," said David Jenkins, CEO and Chairman of VTAK. Jenkins added, "By eliminating legacy financing overhang and aligning ourselves with long-term institutional partners, we've enhanced our ability to execute with speed, discipline, and focus." Jenkins concluded, "We now move forward from a position of financial strength, supported by capital, stability, and strategic alignment to drive meaningful shareholder value through disciplined growth." Capital Strategy Update This strategic institutional investment provides the Company with financial flexibility to: * Advance key growth initiatives * Scale multiple business opportunities * Expand market presence and execution capabilities Full text copies of the Exchange Agreements and Series J Certificate of Designation (as corrected) are available at https://tinyurl.com/3e6ruf26, https://tinyurl.com/59prx5r3, https://tinyurl.com/2jmbrans, and https://tinyurl.com/yc24mp8r, respectively. The shares of Series J Preferred Stock and the shares of Common Stock underlying the Series J Preferred Stock will be issued in reliance upon an exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended. All such shares will be "restricted securities" in accordance with Rule 144(a)(3) of the Securities Act and each of the holders is "accredited investor" as defined under the Securities Act. About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. East Brunswick, New Jersey-based WithumSmith+Brown, PC., 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 year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $25.5 million in total assets, $19 million in total liabilities, and a total stockholders' equity of $6.4 million. CEMTREX INC: Completes Acquisition of Richland Industries for $5.5M ------------------------------------------------------------------- Cemtrex, Inc. disclosed in a regulatory filing that the Company, through its wholly owned subsidiary Advanced Industrial Services, completed the acquisition of substantially all of the assets of Richland Industries LLC, a Tennessee limited liability company, pursuant to an Asset Purchase Agreement dated February 5, 2026 by and among AIS Tennessee, Inc., a newly formed wholly owned subsidiary of AIS, Richland, and Joseph Whelan Jr, an individual residing in state of Tennessee. The transaction represents a significant next step in AIS's multi-year evolution. Since fiscal 2022, AIS has grown from approximately $21 million in annual revenue to approximately $38 million in fiscal 2025, while maintaining consistent gross margins and operating profitability. That progress has been driven by diligent execution, financial discipline, and a focus on complex industrial, infrastructure, and manufacturing work. With that foundation in place, the Company is now expanding the platform geographically, applying the same operating model at greater scale. Richland Industries brings established fabrication, mechanical installation, and industrial services capabilities, along with a contracted backlog that provides near-term revenue visibility. The business serves customers across industrial manufacturing, clean water and environmental infrastructure, government facilities, and defense-related supply chains. As a result of the transaction, Richland's business operations have been integrated into the Company's Industrial Services Segment, and Buyer has become the owner of the acquired assets. Concurrently, AIS Leasing Company, another wholly owned subsidiary of the Company, acquired Richland's primary operating facility located at 1905 Mine Road, Pulaski, Tennessee from RI Real Estate, LLC pursuant to a Sale Agreement dated February 5, 2026. The purchase price for the business assets was $600,000, which was financed through a note payable issued by Fulton Bank. This note carries interest of 6.09% and matures on February 1, 2031. The purchase price for the Facility was $4,900,000. The Company financed $3,920,000 of the Real Estate Purchase Price through a mortgage issued by Fulton Bank, which carries interest of SOFR plus 2.75% and matures on February 1, 2041. The balance of the Real Estate Purchase Price, together with taxes, closing costs, and fees, was paid in cash. Accordingly, as part of the transaction, AIS acquired the Pulaski, Tennessee property from which Richland operates. The site includes a 70,000 square foot facility situated on 25 acres and includes significant excess land for future expansion. The location provides direct access to key Southeastern markets, including Huntsville, Alabama, which has become a major hub for aerospace, defense, and advanced manufacturing investment, as well as Nashville, Birmingham, and other regional industrial centers. This acquisition marks the fourth owned industrial property in the Company's Industrial Services portfolio. AIS currently owns operating facilities in Manchester, York, and Columbia, Pennsylvania, and selectively acquires real estate where long-term operational control supports execution and value creation. Ownership of operating facilities is a core element of AIS's strategy. Industrial services businesses are asset-intensive, difficult to relocate, and highly dependent on layout, yard space, lifting capacity, and logistics. By owning critical real estate where appropriate, AIS reduces execution risk, avoids long-term lease uncertainty, and creates capacity for organic growth over time, while allowing the underlying properties to compound in value alongside the operating businesses. "Over the last several years, AIS has focused on building scale the right way," said Saagar Govil, Chairman and CEO of Cemtrex. "We strengthened margins, improved execution, and demonstrated that the platform can grow while maintaining its operating model. Establishing AIS Tennessee is a natural extension of that work. This next phase is about deploying a proven operating framework into a new region where long-term industrial and defense investment continues to accelerate." AIS Tennessee is expected to operate within AIS's existing management and operating structure, with an initial focus on executing backlog, integrating capabilities, and selectively pursuing opportunities that align with AIS's historical margin profile. Based on historical performance and current backlog, AIS Tennessee is expected to contribute approximately $8 to $10M in revenue over the next twelve months. AIS purchased the business assets and property for $5.5 million and assumed certain operating liabilities in connection with the transaction. The acquisition and property purchase were financed through loans from Fulton Bank, and no equity was issued as part of this transaction. The acquisition of Richland and formation of AIS Tennessee represents Cemtrex's second completed acquisition in the current fiscal year and reflects the Company's broader objective of building durable, asset-backed operating businesses with long-term growth potential. Full text copies of the Asset Purchase Agreement and Real Estate Purchase Agreement are available at https://tinyurl.com/3kycny33 and https://tinyurl.com/4dthz3kn, respectively. About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi-industry Company. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated December 29, 2025, attached to the Company's Annual Report on form 10-K for the fiscal year ended September 30, 2025, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $47,788,276 in total assets, $39,070,817 in total liabilities, and $8,717,459 in total stockholder's equity. CHASE GENERAL: Posts Q2 Income of $109,229, Warns Cash Crunch ------------------------------------------------------------- Chase General Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025. The Company reported a net income for the three months ended December 31, 2025 of $109,229, compared to a net income of $136,215 for the three months ended December 31, 2024. For the six months ended December 31, 2025, the Company reported a net income of $68,830, compared to a net income of $118,602 for the six months ended December 31, 2024. GOING CONCERN AND MANAGEMENT'S PLAN The Company has incurred significant operating losses since its inception. At December 31, 2025, the Company has an accumulated deficit of $5,699,352 and cash and cash equivalents of $162,772. Currently, there is substantial doubt about the Company's ability to generate enough cash flow to fund operations for the 12 months following the date the consolidated financial statements are available. During fiscal year 2026, the Company lost two major customers. Based on historical sales to these customers, management expects a total loss of sales of approximately $575,000 or 17%. The termination of these relationships may negatively impact the Company's financial condition and operating results. The Company continues to assess its customer concentration risk and is implementing strategic initiatives to broaden its customer base. In response, management plans to continue its efforts to expand the present market area and increase sales to its existing customers and seek new customer opportunities. Management also intends to continue tight control over all expenditures, with an increased emphasis on inventory and production management. Additionally, due to historical volatility in the regions where raw materials are grown and supplied from, management anticipates the prices of these raw materials to continue to fluctuate primarily based on supply and demand. Management plans to make sales price adjustments in the future as necessary to correspond with changes in raw material prices. Management is also pursuing refinancing its line of credit agreement with its current lender which expired in January 2026. Additionally, the Company is actively evaluating strategic alternatives, including a potential sale of the Company or its assets. There can be no assurance that this process will result in a transaction, or that any transaction will be completed on terms favorable to the Company or within a time frame sufficient to address the Company's liquidity needs. Management believes that the successful execution of its business plan and debt refinancing would alleviate the substantial doubt about the Company's ability to continue as a going concern. However, there can be no assurance that these plans will be successful. Because it is unclear whether the Company will be successful in accomplishing these objectives, there is uncertainty about the Company's circumstances, which creates substantial doubt about its ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/fay8t7au About Chase General Corporation Chase General Corporation (Chase) is a holding company for its wholly owned subsidiary, Dye Candy Company, the main operating entity that is engaged in the manufacture of confectionery products which are sold primarily to wholesale houses, grocery accounts, vendors, and repackers. Dye Candy operates two divisions, Chase Candy division and Seasonal Candy division, which share a common labor force and utilize the same basic equipment and raw materials. Therefore, segment reporting for the two divisions is not maintained by management. The Company's business, like that of many other confectionary product manufacturers, is seasonal. Historically, the Company has realized more of its sales and earnings in the second fiscal quarter, which includes the majority of the holiday shopping season, than in any other fiscal quarter. As of December 31, 2025, the Company had $1,378,672 in total assets, $612,028 in total liabilities, and total stockholders' equity of $766,644. CHF-ASHLAND LLC: Moody's Cuts Rating on 2021 Housing Bonds to Ba1 ----------------------------------------------------------------- Moody's Ratings has downgraded to Ba1 from Baa3 on Student Housing Revenue Bonds (CHF-Ashland L.L.C. - Southern Oregon University Project) Series 2021. The outlook is revised to negative from stable. The rating downgrade and outlook revision reflect heightened demand risk from prospects of continued enrollment declines, reflected in a material reduction in occupancy over the past two years. Because of the project's smaller scale, demand weakness translates more quickly into weaker financial performance than at larger student housing projects. RATINGS RATIONALE The Ba1 reflects the project's still solid operating performance and strong debt service coverage despite the declining occupancy. Debt service coverage was 1.89x in 2025, providing some cushion against continued demand softening. Full time enrollment has fallen by over 15% over the past five years, and the decline is now being felt in occupancy, which dropped to 86% in fall 2025 from 98% in fall 2023. The project's affiliation with a public university, which manages the project; the importance of the project as the university's main on-campus student housing with a 'first-fill' agreement; and a requirement for first-year students to live on campus are favorable demand and affiliation aspects. However, Southern Oregon University has been public about its financial difficulties and weak demographics in the university's core cachement area point to ongoing enrollment challenges. A fully funded debt service reserve fund provides some liquidity for the project. RATING OUTLOOK The negative outlook reflects the potential for additional credit deterioration if the university is unable to stabilize enrollment and occupancy. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Though unlikely at this time, coverage consistently at or above 1.8x with occupancy above 92% FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- University enrollment continues to decline, thereby impacting project occupancy -- Consecutive years of financial performance that do not achieve budget requirements of 1.2x debt service coverage -- Consecutive years of rental rate increases below 3% where operating expenses outpace rental revenues PROFILE CHF-Ashland, L.L.C. is a limited liability company organized under the laws of the State of Alabama whose sole member is the Collegiate Housing Foundation. The borrower was formed to acquire and finance the project and is not expected to hold material assets other than the project. Southern Oregon University is a four-year public liberal arts institution founded in 1872 as the Ashland Academy and located in Ashland, Oregon, approximately 14 miles from the California border. The university operates on a quarter academic calendar and became a stand-alone public university effective July 01, 2015, following the dissolution of the Oregon University System. SOU primarily recruits students from Oregon (approximately 69%) and Northern California (approximately 19%). METHODOLOGY The principal methodology used in this rating was Global Housing Projects published in August 2024. CNX RESOURCES: S&P Rates New $500MM Senior Unsecured Notes 'BB' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating (rounded estimate: 65%) to Canonsburg, Pa.-based oil and gas exploration and production company CNX Resources Corp.'s proposed $500 million senior unsecured notes due 2034. S&P expects the company to use proceeds from the offering to refinance its existing $500 million senior unsecured notes due 2029 and will be neutral to total debt. S&P's 'BB' issuer credit rating and stable outlook are unchanged. S&P said, "We forecast CNX's credit measures will improve over the next two years. Our current hydrocarbon price deck assumes natural gas prices improve to $4.25 per million British thermal units (mmBtu) in 2026 from about $3.50/mmBtu in 2025, primarily on higher demand for liquefied natural gas (LNG) exports and domestic power consumption. Additionally, we expect CNX's total S&P Global Ratings-adjusted debt will decline to approximately $2.6 billion in 2026 from $2.8 billion as of year-end 2025, primarily from the redemption of the company's $208 million convertible notes (due May 2026) with shares. Therefore, we forecast funds from operations (FFO) to debt will improve to about 50% in 2026 and 60% in 2027 from 40% in 2025. "We view CNX's scale as supportive of the rating. CNX operates in the natural-gas rich Marcellus and Utica shales in Appalachia. We anticipate production will decline by about 2%-3% to approximately 1.6-1.7 billion cubic feet equivalent per day (bcfe/d) this year, compared to 1.7 bcfe/d in 2025. In comparison, we expect production of about 2.4 bcfe/d for Appalachian peer Range Resources Corp (BB+/Stable/--) and about 4.0-4.3 bcfe/d for Antero Resources Corp. (BBB-/Stable/--). Our base case scenario also assumes CNX will continue to return nearly all free operating cash flow to shareholders through share repurchases of about $650 million this year and remain substantially hedged (about 80% of 2026 production)." ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a payment default in 2031 amid prolonged low commodity prices consistent with the conditions of prior defaults in the sector. -- S&P's valuation reflects a company-provided year-end 2025 PV-10 report that uses our recovery price deck assumptions of $2.50/mmBtu for Henry Hub natural gas and $50 per barrel for West Texas Intermediate crude oil. -- Obligations under the company's credit facility are secured by a first lien on substantially all its oil and natural gas properties. We assume the credit facility ($1.4 billion of elected commitments) is fully drawn at default. -- S&P caps its recovery rating on unsecured debt at '3' for issuers rated 'BB-' or higher. This reflects the risk that incremental debt issued prior to default would reduce recovery prospects. Simulated default assumptions -- Simulated year of default: 2031 -- Gross enterprise value: $3.8 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): $3.7 billion -- Secured first-lien debt claims: $1.4 billion --Recovery expectations: Not applicable -- Total value available to unsecured claims: $2.2 billion -- Senior unsecured debt claims: $1.9 billion --Recovery expectations: 50%-70% (rounded estimate: 65%, capped) Note: All debt amounts include six months of prepetition interest. COCO SUSHI: Amends Secured Claims Pay Details --------------------------------------------- Coco Sushi, LLC, submitted a Fourth Amended Plan of Reorganization dated February 9, 2026. The Plan Proponent's financial projections show that the Debtor will have sufficient projected disposable income to make all payments under the Plan. The final Plan payment is expected to be paid on or before the expiration of 60 months from the Effective Date. The Debtor reserves the right to amend this Plan to the extent necessary. This Plan proposes to pay Allowed Claims no less than the value of Coco Sushi's Projected Net Disposable Income for a period of 60 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 2 consists of Allowed Secured Claims. The principal amount of Allowed Secured Claims (other than secured tax claims which will receive treatment with Class 1) will be determined pursuant to Section 506(a) of the Bankruptcy Codeand receive the present day value of their respective Allowed Claims amortized over 10 years at five percent interest per annum with a balloon payment in month 48 of the Plan. Upon information and belief, the only creditors that hold Allowed Secured Claims in this case are U.S. Foods, Inc. (Claim No. 18) and Brodson Construction, Inc. (Claim No. 10), each of which would receive the following payments under the Plan: * U.S. Foods: Months 1-47: $171.45; Month 48: $10,465.64; and * Brodson Construction: Months 1-47: $2,121.00; Month 48: $139,483.14. Like in the prior iteration of the Plan, only unsecured creditors with Allowed Priority Claims will receive a distribution under the Plan. The Reorganized Debtor will have insufficient revenue to make a distribution to Class 3. On the Effective Date, all property of the Debtor not otherwise disposed of under the Plan, shall vest with the Reorganized Debtor. The Plan proposes to pay Allowed Claims to be paid under the Plan from Projected Net Disposable Income. The term "Debtor's Projected Net Disposable Income" has the meaning ascribed to the term under Section 1191(d) of the Bankruptcy Code. The Debtor has committed more than 100% of its Projected Net Disposable Income for a period of 60 months. A full-text copy of the Fourth Amended Plan dated February 9, 2026 is available at https://urlcurt.com/u?l=su59jg from PacerMonitor.com at no charge. Attorneys for the Debtor: Jacqueline Calderin, Esq. Agentis, PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: jc@agentislaw.com About Coco Sushi Coco Sushi, LLC, is a Japanese restaurant in Miami Fla., which conducts business under the name Sushi Garage. Coco Sushi filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-13421) on April 9, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Aleida Martinez Molina, Esq., serves as Subchapter V trustee. Judge Laurel M. Isicoff oversees the case. Jacqueline Calderin, Esq., at Agentis PLLC, is the Debtor's legal counsel. COMFORT ALL-STARS: Gets Extension to Use Cash Collateral -------------------------------------------------------- Comfort All-Stars Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the February 18 hearing, the court extended the Debtor's authority to used cash collateral until April 1. The Debtor was previously allowed to access cash collateral under the court's February 3 second interim order. The second interim order allowed the Debtor to pay operating expenses from the cash collateral consistent with its budget and granted secured creditors post-petition replacement liens on cash collateral, with the same validity and priority as their pre-petition liens. About Comfort All-Stars Inc. Comfort All-Stars Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09642) on December 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Caryl E. Delano presides over the case. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. CUSTOMBILT FIREARMS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Custombilt Firearms Manufacturing, LLC received interim approval from the U.S. Bankruptcy Court for the District of Kansas, at Kansas City, to use cash collateral to fund operations. The court on February 18 authorized the Debtor to use cash collateral consistent with its budget pending the next hearing currently set for March 12. The Debtor's budget reflects ordinary course operations and projected revenue growth of approximately 5% month-over-month, including a reserve for anticipated property taxes. The Debtor is prohibited from using cash collateral to pay any principal or interest on pre-bankruptcy debt, absent further court order or a court-approved agreement with secured creditors. As adequate protection for the use of cash collateral, each creditor with an interest in the cash collateral will be granted a replacement lien on post-petition cash collateral and the proceeds thereof, with the same priority as its pre-bankruptcy lien. The interim order is available at https://is.gd/Cb1tsv from PacerMonitor.com. Custombilt's operations include retail sales, firearms range services, training, and related services. Financial distress arose primarily from regulatory actions, including the loss of its federal firearms license in August 2023 following an ATF audit, which severely limited revenue. The license was reinstated in October 2025, allowing the Debtor to resume full retail operations and generate improved cash flow. The Debtor has not yet completed a full analysis of all secured claims but it anticipates that one or more creditors may assert liens on cash, accounts, inventory, and other collateral. About Custombilt Firearms Manufacturing LLC Custombilt Firearms Manufacturing, LLC is a firearms manufacturing and retail business. Custombilt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20160) on February 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. James Anderson, president of Custombilt, signed the petition. Judge Dale L. Somers oversees the case. Ryan M. Graham, Esq., at WM Law, PC, represents the Debtor as bankruptcy counsel. D RAIL TRANSPORT: Claims to be Paid from Disposable Income ---------------------------------------------------------- D Rail Transport, LLC filed with the U.S. Bankruptcy Court for the Middle District of Georgia a Disclosure Statement for Plan of Reorganization dated February 10, 2026. Daniel Sodrel is a resident of Climax, Georgia. Mr. Sodrel owns 100% of the outstanding membership interests in D Rail Transport, LLC, a Georgia limited liability company that leases assets used in the trucking business out of Bainbridge, Georgia. D Rail's business grew steadily from 2018 onward. However, by the end of 2024, D Rail found itself needing additional sources of income to support its growth and increasing operating expenses, D Rail used a combination of cash from operations and borrowing from various secured and unsecured lenders to make up this difference. Due to its secured debt position, D Rail was susceptible to market fluctuations and cash flow issues. By mid-2025, D Rail had exhausted all of its working capital and was unable to secure additional financing. Still faced with the economic pressures and mounting additional legal pressures, D Rail engaged Stone & Baxter, LLP to assist in restructuring the business' financial affairs. Due to the relatively large number of secured lenders, D Rail determined that an out of court restructuring was neither practical, nor feasible. Therefore, on July 29, 2025, as pressure from secured creditors mounted, and as a final effort to save the business, the Debtor elected to file these bankruptcy cases. The Debtor's bankruptcy case is a reorganization case under Chapter 11 of the Bankruptcy Code. It has continued to operate and manage its property as Debtor and Debtor-in-possession as authorized under Sections 1107(a) and 1108 of the Bankruptcy Code. Class 22 includes the Allowed Unsecured Administrative Convenience Class Claims of $1,600.00 or Less, or those creditors that affirmatively elect to participate in Class 22 (such election shall be deemed a waiver of any claims in Class 23) and is estimated to total $1,584.98 as of the Effective Date (collectively, the "Class 22 Allowed Unsecured Claims"). Reorganized Debtor shall satisfy such Class 22 Allowed Unsecured Claims by paying, within sixty days after the Effective Date, the holders of Allowed Unsecured Claims in Class 22 the lesser of (i) the amount of each holder's Allowed Unsecured Claim and (ii) $1,600.00. This Class is impaired. The Allowed Unsecured Claims in Class 23 (each a "Class 23 Allowed Unsecured Claim"), which include Allowed Deficiency Claims and Allowed Rejection Claims (if any) (but not Administrative Convenience Claim in Class 23) shall be paid as follows: Reorganized Debtor shall pay the Holders of Class 23 Allowed Unsecured Claims their Pro Rata Share of the Total Class 23 Distribution (as projected on the Budget as the Reorganized Debtor's Projected Disposable Income) based on each such Holder's Class 23 Allowed Unsecured Claim compared to the total of all Class 23 Allowed Unsecured Claims. The Reorganized Debtor shall pay such Class 23 Total Distribution in three (or less) annual installments of varying amounts (as shown on the Budget) commencing within sixty days after the first anniversary of the Effective Date, with each subsequent annual installment being made within sixty days after each subsequent anniversary of the Effective Date. Reorganized Debtor's obligations under Class 23 to make the Total Class 23 Distribution can be satisfied at any time, with any payment of the Total Class 23 Distribution, at whatever time that is on or before the dates required under the Plan, without penalty, including, without limitation, a pre-payment penalty. Such Total Class 23 Distribution, when made in full, shall be in full satisfaction of Reorganized Debtor's obligations under and Allowed Unsecured Claims allowed in Class 23. Notwithstanding anything else in the Plan to the contrary, any Allowed Unsecured Claim in Class 23 shall be reduced by any payment received by the creditor holding such Claim from any third party or other obligor and the Reorganized Debtor's obligations hereunder shall be reduced accordingly. The Equity Interest Holders of Debtor shall retain their interests and all associated rights, subject, however, to the provisions of the Plan. The Plan will be administered by the Reorganized Debtor. As of Confirmation, the Reorganized Debtor will be vested with power and authority over all of its Assets, with the obligation to manage its affairs and make distributions in accordance with the Plan. The Reorganized Debtor shall also have standing to pursue Causes of Action on behalf of the Estates as provided under the Bankruptcy Code. The Debtor's budget is attached hereto as Exhibit D (the "Budget"). The Budget projects sufficient income and revenues to make payments on all Allowed Claims in each Class. Certain assumptions made in connection with the Budget, which the Debtor suggests are conservative, are itemized with the Budget. Because the projections are based on averages, the actual results will probably vary from the projection, but the projection should be substantially accurate over its term. A full-text copy of the Disclosure Statement dated February 10, 2026 is available at https://urlcurt.com/u?l=tumiVP from PacerMonitor.com at no charge. D Rail Transport LLC is represented by: G. Daniel Taylor, Esq. E. Tate Crymes, Esq. Stone & Baxter, LLP 577 Third Street Macon, GA 31201 Tel: (478) 750-9898 Fax: (478) 750-9899 Email: dtaylor@stoneandbaxter.com tcrymes@stoneandbaxter.com About D Rail Transport D Rail Transport LLC provides flatbed freight transportation services across the eastern United States. The Company operates a small fleet of trucks and trailers and is based in Climax, Georgia. D Rail Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-10689) on July 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by G. Daniel Taylor, Esq. at STONE & BAXTER, LLP. DATABASED SOLUTIONS: Gets Final OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a final order authorizing Databased Solutions, Inc., partially granting and partially denying the Debtor's motion to use cash collateral and incur secured debt. The Court authorized the Debtor to use cash collateral solely to wind down and terminate its prepetition factoring relationship with Gulf Coast Bank and Trust Company and to operate in the ordinary course, subject to reporting requirements. However, the Debtor is not authorized to incur any postpetition secured debt under section 364, and any prior interim authority to do so was terminated. The Debtor is further authorized to terminate the factoring agreement with Gulf Coast. The Court found that no amounts are owed to Gulf Coast on prepetition or postpetition advances and that Gulf Coast holds no allowed secured, replacement, or superpriority claim. Any liens or claims previously granted to Gulf Coast under the interim order were terminated and released, and the automatic stay remains in effect as to Gulf Coast. As to JPMorgan Chase Bank, N.A., the Court recognized, for purposes of the order, that Chase holds a valid, perfected, and fully secured claim in the amount of $43,580.97. The Debtor and Chase entered into a forbearance and plan treatment agreement, which will govern upon confirmation of a final, non-appealable Chapter 11 plan. Until then, Chase retains its liens, and all parties' rights are expressly reserved. About Databased Solutions Inc. Databased Solutions, Inc., doing business as DBSI Services, provides engineering and technical staffing solutions across multiple industries in the United States. Headquartered in New Jersey, Databased Solutions offers direct hires, contract hires, and temp-to-hire services for sectors including automotive, aerospace, semiconductors, medical devices, transportation, and health technology. Founded in 1995 as a privately owned corporation, Databased Solutions conducts technical and behavioral screening, background checks, and recruitment processes to meet the staffing needs of its clients. Databased Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-19625) on September 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ila Choudhary, president of Databased Solutions, signed the petition. Justin M. Gillman, Esq., at Gillman Capone, LLC represents the Debtor as legal counsel. DAVID A. SIMONSON: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for David A. Simonson, D.P.M, P.A. Mr. Layden 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. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About David A. Simonson, D.P.M P.A. David A. Simonson, D.P.M, P.A. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00883) on February 12, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Patricia M. Mayer presides over the case. Albert Anthony Ciardi, III, Esq. at Ciardi Ciardi & Astin represents the Debtor as legal counsel. DAYFORCE INC: Moody's Withdraws 'B1' CFR Following Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Dayforce, Inc. ("Dayforce") including the company's B1 corporate family rating, B1-PD probability of default rating, SGL-1 speculative grade liquidity rating ("SGL"), and Ba2 senior secured bank credit facilities rating. Previously, the CFR, PDR and senior secured bank credit facilities were on review for downgrade. The outlook prior to the withdrawal was rating under review. RATINGS RATIONALE Moody's have withdrawn all ratings following the repayment of all of the company's outstanding rated debt in conjunction with a refinancing of its capital structure. The company terminated the existing credit agreements and all indebtedness outstanding thereunder was paid off and all commitments under the credit facilities were terminated. Dayforce, based in Minneapolis, MN, is a human resources software and transaction company providing workforce management software, payroll, tax processing, and other human resources services. Moody's expects FY2026 revenue to exceed $1.8 billion. DENOYER-GEPPERT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Denoyer-Geppert Science Company received third interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through March 4, 2026, in accordance with its budget, with disbursements capped at 110% of budgeted amounts. As protection, the court granted secured creditors and taxing authorities, including the IRS and the Illinois Department of Unemployment Security replacement liens on all post-petition property of the Debtor, matching the validity, priority, and scope of their pre-bankruptcy liens. As additional protection, the Debtor was ordered to maintain insurance, keep its property in good repair, and deposit all funds into its post-petition accounts, using them only as permitted by the order. The interim order is available at https://shorturl.at/nGVNd from PacerMonitor.com. The next hearing is set for March 3, 2026. About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by David R Herzog, Esq., at Law Office of David R. Herzog, LLC. DIOCESE OF CAMDEN: To Add $180MM for Abuse Survivors ---------------------------------------------------- Lauren Berg of Law360 reports that the Roman Catholic Diocese of Camden and its insurance carriers agreed Tuesday, February 17, 2026, to increase their financial commitment to abuse survivors by $180 million, boosting the resources available in a trust set up under the diocese's Chapter 11 plan. The additional payment is intended to expand the compensation pool for individuals who have filed clergy sexual abuse claims, many of which have been pending for years in civil and bankruptcy courts. The increase is expected to help bridge gaps between survivor advocates' demands and the diocese's earlier proposals, the report states. The agreement, reached in mediation overseen by the bankruptcy judge, also reflects broader efforts by the diocese and insurers to secure buy‑in for a reorganization plan that resolves claims and allows the church to emerge from bankruptcy. Leaders on both sides characterized the development as a significant step toward closure for survivors, according to Law360. About The Diocese of Camden, NJ The Diocese of Camden, New Jersey is a nonprofit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. The Diocese is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. The petition was signed by Reverend Robert E. Hughes, vicar General and vice president. At the time of the filing, the Debtor had total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. DIOCESE OF OAKLAND: Diocese, Abuse Claimants to Submit Rival Plans ------------------------------------------------------------------ Rick Archer of Law360 reports that the Roman Catholic Diocese of Oakland and a committee representing sexual abuse survivors informed a California bankruptcy court that they will soon file competing reorganization plans to resolve hundreds of abuse-related claims. Attorneys said ongoing mediation efforts have failed to yield a unified proposal, leading both the diocese and claimant representatives to draft separate plans. Each proposal is expected to outline different funding mechanisms and treatment of survivor claims, reflecting deep disagreements over the size and structure of any settlement trust. If both plans are filed, the court may be required to oversee a contested confirmation battle. The outcome will determine how abuse claims are compensated and how the diocese moves forward under Chapter 11 protection. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. E.W. SCRIPPS: Charles Schwab Investment Holds 6.14% Equity Stake ---------------------------------------------------------------- Charles Schwab Investment Management Inc., disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 4,722,317 shares of common stock of E.W. Scripps Co's common stock, representing 6.14% of the shares outstanding. Charles Schwab Investment may be reached at: Omar Aguilar, Chief Executive Officer 9800 Schwab Way Lone Tree, CO 80124 Tel: 1-800-648-5300 A full-text copy of Charles Schwab Investment Management Inc.'s SEC report is available at: https://tinyurl.com/4wbb96ym About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of September 30, 2025, the Company had $5.1 billion in total assets, $3.8 billion in total liabilities, and $1.3 million in total stockholders' equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. EAD CONSTRUCTORS: Taps Woods Aitken as Special Counsel ------------------------------------------------------ EAD Constructors, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to hire Woods Aitken LLP to serve as special counsel. The firm will provide these services: (a) providing Debtor with advice relating to the Construction Litigation; (b) attending meetings and negotiate with creditors and other parties-in-interest as it relates to the Construction Litigation; (c) assisting with representing Debtor's interests in negotiations concerning litigation related to the Construction Litigation, including objections to claims filed against the estate; and (d) performing all other necessary legal services to Debtor in connection with the Construction Litigation as requested by Debtor. The hourly rates for the attorneys and paralegals who are expected to have primary responsibility for the representation in this Chapter 11 case are: Shareholders: $325 to $450 Associate Attorneys: $250 to $320 Support Staff and Paralegals: $100 to $195 Woods Aitken LLP 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: Woods Aitken LLP 301 South 13th Street, Suite 500 Lincoln, NE 68508-2578 Telephone: (402) 437-8500 Email: contact@woodsaitken.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 October 22, 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, LLO serves as the Debtor's legal counsel. EARTH FARE: NC Justices Asked to Toss $195K Founder Payout ---------------------------------------------------------- Hayley Fowler of Law360 reports that Earth Fare and its current owner asked North Carolina's highest court to unwind a $195,000 verdict awarded to the grocer's founder, asserting that he is not entitled to extra payment for services rendered while on salary during the company's turnaround. According to the company, the founder's efforts to restore the organic supermarket brand after bankruptcy were performed in his capacity as a paid executive. Because he received compensation for that role, Earth Fare argues, he cannot later claim unjust enrichment based on the same contributions. The company told the justices that the verdict improperly permits recovery in the absence of any agreement for additional pay and undermines basic principles of contract law. It urged the court to reverse the judgment and clarify the limits of equitable remedies in employment settings. About Earth Fare Founded in 1975 in Asheville, N.C., Earth Fare, Inc. -- http://www.earthfare.com/-- is a natural and organic food retailer with locations across 10 states. It offers groceries and wellness and beauty products. Earth Fare and its affiliate, EF Investment Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10256) on Feb. 4, 2020. At the time of the filing, the Debtors each disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Karen B. Owens oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel; FTI Consulting, Inc. as financial and restructuring advisor; and Epiq Corporate Restructuring, LLC as claims, solicitation and balloting agent. Malfitano Advisors, LLC provides disposition advisory services to the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Earth Fare, Inc. and EF Investment Holdings, Inc. The Committee retained Pachulski Stang Ziehl & Jones LLP, as counsel, and Alvarez & Marsal North America, LLC, as financial advisor. EDB INVESTMENTS: Gets OK to Use Cash Collateral Until March 4 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a fourth interim order authorizing EDB Investments, LLC to use cash collateral. The fourth interim order authorized limited use of cash collateral through March 4 in accordance with the Debtor's budget, subject to a 10% variance. As adequate protection, secured creditors will be granted replacement liens on the cash collateral and any property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The order is available at https://shorturl.at/aVzT3 from PacerMonitor.com. A final hearing is scheduled for March 3. EDB Investments' assets consist of cash deposits, equipment, restaurant furniture, inventory, food product and general intangibles worth approximately $35,000. Proceeds of the collateral constitute cash collateral of secured creditors. The Debtor has several merchant cash advance loans with these creditors that assert a security interest in its assets: Vox Funding, LLC, Everest Business Funding, First Data Merchants Services, LLC, Revenued, LLC, G and G Funding Group, Funding Metrics LLC, WebBank, and Timeless Funding, LLC. Based on the Illinois Secretary of State UCC's filings, the claims of these creditors total $362,453.24. Vox Funding holds a first priority lien and a $52,670.24 claim. About EDB Investments LLC EDB Investments, LLC, doing business as D.A.'s Corn Beef Stand, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16172) on October 21, 2025. Janice Seyedin serves as Subchapter V trustee. At the time of the filing, the Debtor listed up to $50,000 in assets and between $500,001 and $1 million in liabilities. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. EDUCATIONAL PROPERTIES: S&P Affirms 'BB' Rating on Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on St. Paul Housing & Redevelopment Authority, Minn.'s series 2013 and series 2019 charter school revenue bonds, supported by Educational Properties Inc. and issued on behalf of the Twin Cities German Immersion School (TCGIS). The outlook is stable. S&P analyzed the school's environmental, social, and governance factors and consider them neutral in its credit rating analysis. The stable outlook reflects S&P Global Ratings' opinion that TCGIS will maintain its enterprise profile by sustaining enrollment at least at current levels and that its financial profile will show at least near-breakeven performance without covenant violations. S&P said, "We could lower the rating if operations were to deteriorate, resulting in weaker lease-adjusted MADS coverage or liquidity in fiscal 2026, or if enrollment does not remain at least stable. Though we do not expect this, we could also consider a negative rating action if there were to be a covenant violation or a material and sustained drawdown of reserves, without plans to rebuild quickly. "We could consider a positive rating action over the longer term if a stable management team were to materially increase enrolment, grow reserves, and produce lease-adjusted MADS coverage in line with that of higher-rated peers." ELITE EXPRESS: Seeks Chapter 7 Bankruptcy in Massachusetts ---------------------------------------------------------- On February 4, 2026, Elite Express Transportation, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Elite Express Transportation, LLC Elite Express Transportation, LLC is a Massachusetts-based transportation and logistics service provider. Elite Express Transportation, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10242) on February 4, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by John A. Ullian, Esq. of The Law Firm of Ullian & Associates, P.C. ENCOMPASS ENTERPRISE: Hires Fox Law Corp. as Legal Counsel ---------------------------------------------------------- Encompass Enterprise, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Steven R. Fox of The Fox Law Corporation, Inc. to serve as its general bankruptcy counsel. Mr. Fox will provide these services: (a) prepare first drafts of various motions and applications; (b) assist the Debtor to respond to the U.S. Trustee's and the Court's requirements; (c) prepare the plan and disclosure statement; (d) advise the Debtor as to its powers and duties as a debtor-in-possession, examine claims, assist the Debtor to collect assets, handle the sale or refinancing of assets, protect property of the estate, advise on rejection or assumption of executory contracts and leases, assist the Debtor to fulfill its fiduciary obligations, and render other legal services for the Debtor during the case, but not tax or securities related services. Mr. Fox will receive an hourly rate of $700. Other attorneys are billed at $650 per hour, and the firm's paralegal is billed at $200 per hour. The Debtor paid a prepetition retainer of $60,000, with the balance to be held in the Applicant's trust account pending court approval of fees and expenses. The Fox Law Corporation, Inc. is a "disinterested" person within the meaning of Section 101(41) of the Bankruptcy Code, according to court filings. The firm can be reached at: Steven R. Fox, Esq. THE FOX LAW CORPORATION, INC. 17835 Ventura Boulevard, Suite 306 Encino, CA 91316 Telephone: (818) 774-3545 Facsimile: (818) 774-3707 E-mail: Srfox@foxlaw.com About Encompass Enterprises LLC Encompass Enterprises LLC provides residential and commercial construction and renovation services, including garage door and awning installation, handyman services, decorative surface applications, and steel structure construction, serving customers in Southern Maryland and surrounding areas including Washington, DC and Virginia. Encompass Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11403) on February 10, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Judge Maria Ellena Chavez-Ruark oversees the case. Rogan Miller Zimmerman, PLLC is Debtor's proposed local legal counsel. ENVUE MEDICAL: Christian Glibert Holds 22% Equity Stake ------------------------------------------------------- Christian Michael Glibert, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of January 14, 2026, he beneficially owns 240,000 shares of common stock -- with sole voting and dispositive power; acquired in an open market transaction at an average price of $2.67 per share using personal funds for investment purposes -- of ENvue Medical, Inc.'s common stock, par value $0.001 per share, representing 22.0% of the 1,088,192 shares outstanding as of February 2026. Christian Michael Glibert may be reached at: 4001 Green Heron Spring Drive Carpinteria, CA 93013 Tel: 740-507-7228 A full-text copy of Christian Michael Glibert's SEC report is available at: About ENvue Medical ENvue Medical, Inc. (formerly known as NanoVibronix, Inc.) operates as a medical device company. The Company focuses on non-invasive biological response-activating devices that target wound healing and pain therapy. ENvue Medical develops medical devices based on its proprietary therapeutic ultrasound technology. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations 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 $54.4 million in total assets, $11.9 million in total liabilities, and $42.5 million in total stockholders' equity ESAB CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its ratings on Maryland-based ESAB Corp., including the 'BB+' issuer credit rating. The stable outlook on ESAB reflects that while S&P's forecast S&P Global Ratings-adjusted leverage will increase modestly above its downside threshold in 2026, S&P forecasts it will return to below 3x in 2027 and for the company to continue to generate good levels of free operating cash flow (FOCF). On Feb. 2, 2026, ESAB, a manufacturer and supplier of welding and cutting equipment, entered into a definitive agreement to acquire Canada-based Eddyfi Technologies, a leader in monitoring and inspection technologies. The $1.45 billion transaction is expected to close in mid-2026. ESAB intends to fund the acquisition with a $1 billion unsecured bridge facility, $318 million in equity (split between $143 million common and $175 million mandatory convertible preferred), and cash on hand. S&P said, "We forecast ESAB's 2026 S&P Global Ratings-adjusted leverage, pro forma to include a full year of Eddyfi operations and the associated financing, will increase toward the low-3x area (above our 3x downside threshold) from an estimated low-2x at the end of 2025. However, we forecast adjusted leverage will improve toward the high-2x area in 2027. "We project adjusted leverage modestly above our downside threshold in 2026, improving in 2027. We forecast ESAB's S&P Global Ratings-adjusted leverage (pro forma to include a full year of Eddyfi and the related financing) will increase toward the low-3x area in 2026 from our estimate of low-2x at the end of 2025. However, we affirmed the ratings because we assume leverage will improve to the high-2x area in 2027. Furthermore, we assume the company will continue to generate good levels (around $350 million) of S&P Global Ratings-adjusted FOCF and that it will prioritize deleveraging over the next two years given its financial policy of maintaining its measure of net leverage between 2x and 3x. "Our forecast for adjusted leverage assumes EBITDA growth from acquisition contributions, modest organic volume growth, and price increases. Our measure of adjusted leverage includes as debt the $175 million in mandatorily convertible preferred shares issued by the company through 2029, which is when the shares are expected to convert to common equity. The acquisition of Eddyfi increases ESAB's exposure to higher-growth end markets and a less-cyclical revenue stream. Specifically, it increases ESAB's exposure to end markets such as nuclear, infrastructure, energy, and aerospace and defense, which we believe could have greater-than-GDP growth over the next few years given increasing needs for power, replacement of aging infrastructure, and an increasing use of automation. Eddyfi will help extend ESAB's penetration with its customers because Eddyfi provides inspection and monitoring services for welded products (post initial fabrication), which ESAB currently doesn't provide. S&P believes inspection and monitoring demand is less cyclical than initial product demand given the mission-critical nature of the welded equipment. While the acquisition modestly increases ESAB's scope of products and services and increases its total revenue base by about 10% (based on preliminary 2025 revenue), it doesn't materially affect S&P's view of the business. S&P said, "We forecast EBITDA growth on acquisition contributions. Following revenue growth of about 4% in 2025 (based on preliminary financials), we assume revenue growth in the mid-teens percent area in 2026. This includes low-single-digit percent organic growth, supported by modest economic expansion and continued price increases, as well as contributions from acquisitions, including those completed in 2025. We assume an S&P Global Ratings-adjusted EBITDA margin of around 19%-20% in 2025, improving moderately in 2026 on increased volumes from acquisitions and continued price increases. "Under our forecast, ESAB will generate good levels of FOCF through 2026. We assume ESAB's S&P Global Ratings-adjusted FOCF increases toward the mid-$300 million area through 2026 from $324 million in 2024 on higher EBITDA. For 2026, we believe higher year-over-year EBITDA will be offset by higher interest expense (in part associated with the proposed financing for Eddyfi) and our assumption that working capital will be a greater use of cash to support continued revenue growth. We assume capital expenditures (capex) remain about 2% of revenue. "The stable outlook reflects that while we forecast ESAB's S&P Global Ratings-adjusted leverage will increase modestly above our downside threshold in 2026, we forecast leverage will return below 3x in 2027 and for the company to continue to generate good levels of FOCF. "We could lower our rating on ESAB if its S&P Global Ratings-adjusted leverage is sustained above 3x. This could occur if end markets are weaker than we expect and EBITDA doesn't grow sufficiently in the next year to offset the incremental debt balances, or if the company pursues continued acquisitions or shareholder returns that keep leverage above this level." While unlikely over the next year given our forecast for elevated adjusted leverage, S&P could raise its rating on ESAB if: -- The company strengthens its business risk profile such that it's comparable with that of investment-grade peers. S&P believes this would likely come from the company significantly increasing its scale, continuing to diversify its product lines and end-market exposure, and further improving profitability; or -- Its financial policy decisions enable it to sustain S&P Global Ratings-adjusted leverage comfortably below 2x, inclusive of potential shareholder returns and acquisitions. EVERSTREAM SOLUTIONS: Plan Exclusivity Period Extended to April 23 ------------------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Everstream Solutions LLC and its affiliated debtors' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 23 and June 22, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that application of the relevant factors to the facts of these chapter 11 cases demonstrates that ample cause exits to grant the Debtors' requested extension of the Exclusive Periods. First, the size and complexity of these chapter 11 cases warrant the requested extension of the Exclusive Periods. While the Debtors have made substantial progress toward their stated goals in these chapter 11 cases, including by obtaining confirmation of the Plan so they may effectuate the WholeCo Sale Transaction and complete the subsequent Wind Down, the Debtors require additional time to consummate the contemplated transactions given pending regulatory review. Second, the Debtors are paying expenses as they become due. Third, the Debtors have been working diligently to implement the Plan and anticipate the Effective Date occurring shortly after the WholeCo Closing Date. As previously disclosed to the Court, the Debtors expect the WholeCo Closing Date to occur shortly after receipt of final regulatory approvals. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com clifford.carlson@weil.com - and - Matthew S. Barr, Esq. Andriana Georgallas, Esq. Alexander P. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com andriana.georgallas@weil.com alexander.cohen@weil.com About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. EXECUTIVE DEVELOPMENT: G. Matt Barberich Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Executive Development Associates, Inc. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Executive Development Associates Inc. Executive Development Associates, Inc. provides leadership advisory and executive coaching services to senior executives, boards, and leadership teams in the United States, offering CEO and executive coaching, board and governance advisory, enterprise strategy alignment, and executive team development. The firm operates in the management consulting and executive coaching industry, serving organizational leaders seeking to improve decision-making, alignment, and sustained leadership effectiveness. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40233) on February 11, 2026, with $276,922 in assets and $2,664,232 in liabilities. Bonnie Timms, owner, signed the petition. Judge Cynthia A. Norton presides over the case. Ryan A. Blay, Esq. at WM Law, PC represents the Debtor as bankruptcy counsel. FINANCE OF AMERICA: Blue Owl Capital Holds 9.49% Equity Stake ------------------------------------------------------------- Blue Owl Capital Holdings LP, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 827,409 shares of Class A Common Stock -- issuable upon conversion of 50,000 shares of Series A Convertible Perpetual Preferred Stock, subject to a conversion blocker limiting beneficial ownership to 9.4% -- of Finance Of America Companies Inc.'s Class A Common Stock, par value $0.0001 per share, representing 9.49% of the 7,891,348 shares outstanding as of November 7, 2025, as reported on the Company's Form 10-Q filed November 13, 2025, as increased by 827,409 shares of Class A Common Stock issuable upon conversion of Series A Preferred Stock. Blue Owl Capital Holdings LP may be reached through: Karen Hager, Chief Compliance Officer 399 Park Avenue New York, NY 10022 Tel: 212-287-6787 A full-text copy of Blue Owl Capital Holdings LP's SEC report is available at: https://tinyurl.com/yc2yfe5p About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of September 30, 2025, it had $30.66 billion in total assets, $30.29 billion in total liabilities, and a total stockholders' equity of $365.83 million. * * * In December 2025, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5'. FIRST BRANDS: Plan Exclusivity Period Extended to April 22 ---------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended First Brands Group, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 22 and June 22, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that the size and complexity of, and unique legal and factual issues involved in, these chapter 11 cases alone warrant the requested extension of the Exclusive Periods. The Debtors operate a massive, complicated enterprise. The Debtors also have a complex capital structure. At the time of filing, the Debtors collectively had approximately $6 billion in funded debt obligations, at least $2.3 billion in factoring liabilities, at least $2.3 billion in "off-balance sheet" financing liabilities incurred through SPVs, and approximately $900 million in unsecured supply chain financing liabilities, all under more than 10 separate facilities with 8 different agents. Moreover, the Debtors are now in the midst of their Sale Process. On January 8, 2026, the Debtors filed a motion seeking approval of bidding procedures, which will govern the marketing and sale of the Debtors' assets. Shortly before filing such motion, the Debtors commenced broad outreach to potential bidders. Approximately 120 have executed nondisclosure agreements and accessed the Debtors' data room. With the bid deadline of January 30th approaching, the Debtors will have information critical to the Debtors' formulation of a case resolution strategy soon. The Debtors explain that this is their first motion for an extension of the Exclusive Periods. The Debtors are not even four months into these chapter 11 cases, which is not enough time to formulate and prosecute a chapter 11 plan in most chapter 11 cases, let alone cases of this magnitude and complexity. While the Debtors acknowledge their challenging liquidity situation, they are actively engaging with all stakeholders on additional funding and case resolution. Terminating exclusivity at this stage of the chapter 11 cases will only add uncertainty and undermine the Debtors' efforts to build consensus among stakeholders. Additionally, the Debtors' relationship with their key economic stakeholders, including the Ad Hoc Group, the ABL lenders, the Creditors' Committee, and each group's professionals, is transparent, cooperative, and constructive. The Debtors have held numerous meetings and negotiation sessions with these creditor constituencies to discuss virtually every issue in these cases, including DIP financing, the Investigation, the Sale Process, and potential wind-down, among other discrete issues. The Debtors assert that they need additional time to address key issues, including, among others: (i) negotiations with key economic stakeholders with respect to additional case funding and resolution; (ii) resolution of the matters being investigated by the Special Committee, the Creditors' Committee and the Examiner; and (iii) if the Debtors' business lines are not sold as a going concern, the Debtors will have to execute a strategy to wind them down in an organized, value-maximizing manner. The Debtors further assert that the extension of the Exclusive Periods as requested will not prejudice any party in interest but rather will afford the Debtors a realistic opportunity to negotiate a resolution of these chapter 11 cases. Failure to extend the Exclusive Periods as requested herein would defeat the very purpose of section 1121 of the Bankruptcy Code, i.e., to provide the Debtors with a meaningful and reasonable opportunity to propose a confirmable chapter 11 plan. The Debtors' Counsel: Clifford W. Carlson, Esq. Gabriel A. Morgan, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: clifford.carlson@weil.com gabe.morgan@weil.com - and - Matthew S. Barr, Esq. Sunny Singh, Esq. Andriana Georgallas, Esq. Kevin Bostel, Esq. Jason H. George, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com sunny.singh@weil.com andriana.georgallas@weil.com kevin.bostel@weil.com jason.george@weil.com About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST BRANDS: Plans Shift to Chapter 7 for Certain Units -------------------------------------------------------- Reshmi Basu of Bloomberg News reports that First Brands Group is exploring a possible move of certain units into Chapter 7 liquidation, as the company struggles with dwindling cash reserves, sources familiar with the situation said. While discussions are ongoing, no final decisions have been made. The potential shift could help the company reduce advisory expenses and liquidate assets more efficiently. The company has already been winding down operations for its Brake Parts, Cardone, and Autolite divisions after attempts to secure additional funding or buyers fell short, according to report. Operating with minimal liquidity, First Brands has been relying on prepayments from automakers to maintain supply of essential components. A Chapter 7 conversion would put the units under a trustee's control, likely leading to closure and liquidation, with creditors typically recovering less than in Chapter 11, the report states. Allegations of extensive fraud within the company's financing arrangements have intensified lender concerns. First Brands and its creditors are actively negotiating how to manage collateralized debts, identify third-party ownership of assets, and maintain operations long enough to sell factories or other divisions, potentially through a litigation trust to resolve disputes, the report relays. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLOOF LLC: Court OKs Continued Use of Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee entered an order in the Chapter 11 Subchapter V case of FLOOF, LLC, allowing the Debtor to continue using cash collateral on an interim basis. The Debtor is authorized to use cash collateral through March 10, 2026 (the "Fourth Interim Cash Use Period"), subject to the supplemental budget. The Debtor may operate within a 10% variance per budget line item and in the aggregate. Cash collateral includes post-petition revenues, receivables, deposit accounts, and related proceeds. As adequate protection, parties asserting liens in the cash collateral—including EBF Holdings (d/b/a Everest Business Funding), Rapid (Small Business Financial Solutions), CFG Merchant Solutions, Forward Financing, Silverline Services, Velocity Capital Group, and Kanmon, Inc.—are granted replacement liens in after-acquired property with the same priority and extent as existed prepetition. All parties' rights regarding lien validity, priority, and adequate protection are expressly reserved. A further interim hearing is scheduled for March 10, 2026. About Floof LLC Floof, LLC operates a pet grooming business. Floof, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05356) on December 19, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Glen Watson, Esq., at Watson Law Group, PLLC serves as Subchapter V trustee. Judge Randal S. Mashburn presides over the case. Keith L. Edmiston, Esq. at Edmiston Law Firm, PLLC represents the Debtor as bankruptcy counsel. FLUX POWER: Turns to $601K Profit in Q2, Flags Covenant & Debt Risk ------------------------------------------------------------------- Flux Power Holdings, 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. Net income for the quarter ended December 31, 2025 was $601,000 compared to a net loss of $1.9 million for the quarter ended December 31, 2024. Net loss for the six months ended December 31, 2025, was $1,961,000 compared to $3.6 million for the six months ended December 31, 2024. Revenues for the quarter ended December 31, 2025 were $14,121,000 compared to $16,830,000 for the quarter ended December 31, 2024. Revenues for the six months ended December 31, 2025 were $27,296,000 compared to $32,955,000 for the six months ended December 31, 2024. Future Liquidity Needs Historically, Flux Power's revenues and operating cash flows have not been sufficient to sustain its operations and the Company has relied on debt and equity financing for additional funds. Flux Power said, "We have incurred an accumulated deficit of $108.3 million through December 31, 2025, and for the six months ended December 31, 2025 incurred a net loss of $2.0 million and utilized $4.3 million of cash in operating activities. As of December 31, 2025, we had a cash balance of $0.9 million and $11.3 million of available funding under the Gibraltar Business Capital Credit Facility, subject to borrowing base limitations. Our borrowing base changes as qualified collateral fluctuates and, therefore, available funding under the GBC Credit Facility could be substantially lower." "In addition, our ability to meet projected revenue targets and generate cash from operations has been impacted by delays in new orders for our energy storage solutions, reflecting corresponding deferrals of new forklift purchases by selected large customer fleets due to lower capital spending and interest rate variability, and more recently, global tariff uncertainties. "We import a portion of our raw materials and components parts from other countries, including China. Recently, many of the countries where we source raw materials and component parts have become subject to import tariffs upon entry into the United States. The selling prices of our finished products have been increased due to increased tariff levels in effect, which may have a negative impact on our revenues and cash flows. "We have implemented reductions in labor and overhead costs and have increased selling prices of energy storage solutions, however, management is evaluating strategies to further improve profitability of operations. Gross margin improvement tasks include, but are not limited to, a plan to drive bill of material costs down. We continue to execute cost reduction, sourcing and pricing recovery initiatives in efforts to increase gross margins and improve cash flow from operations. Unforeseen factors beyond management's control, including economic uncertainty and the impact of global tariff initiatives, could potentially have a negative impact on the gross margin improvement plan. Management is continuing to evaluate other sources of capital to fund its operations and growth. However, there can be no assurance that we will be able to realize our plans for improved operations. "Management has evaluated our expected cash and working capital requirements, which include, but are not limited to, investments in additional sales and marketing, research and development and capital equipment, as well as our expected funding sources, which include, but are not limited to, our existing cash, forecasted gross margin and funding available under the GBC Credit Facility, subject to certain restrictions, covenants and borrowing base limitations. "While we are in compliance with debt covenants under the GBC Credit Facility as of December 31, 2025 and up through and including the date of filing of this Report on Form 10-Q, we expect to be subject to a compliance covenant breach under the GBC Credit Facility in late February 2026. Therefore, we will need to negotiate an amendment to the GBC Credit Facility in order to have the ability to draw funds under the facility. "Because successful negotiation of an amendment cannot be guaranteed and we may lose access to the line of credit under the GBC Credit Facility after the covenant breach, substantial doubt exists about our ability to continue as a going concern over the 12 months following the filing date of this Quarterly Report on Form 10-Q." CEO Commentary "Our second quarter results reflected evidence of the continued progress on our strategic initiatives of implementing operational efficiencies and achieving profitability for the first time in the Company's history," said Krishna Vanka, Flux Power's CEO. "Revenue increased sequentially as orders rebounded after a pause last quarter due to tariffs and pricing. Notably, we reduced core operating expenses approximately 31% sequentially, excluding the benefit from an accrual reversal, as a result of our implemented cost reductions. We also increased gross margin 610 basis points from the prior quarter, collectively contributing to our achievement of GAAP profitability. "Additionally, we made further progress on our initiatives to build the right products and expand our software offerings with the introduction of our next-generation telematics hardware device called SkyLNK, a new mobile user interface for SkyEMS, as well as getting a full patent for our State of Health technology. Our commitment to provide complete solutions to our customers and align our offerings to meet their specific needs remains a top priority for the Flux Power team. "While I am pleased with the progress we made in the quarter, especially as it relates to our reduced cost structure and profitability, we are approaching our fiscal third quarter with the expectation of a sequential decline in revenues as we navigate prevailing uncertainty related to tariff changes and dynamic customer order patterns. Despite this limited near-term visibility, we remain focused on executing our strategic initiatives and the transformation of our business toward driving future growth." A full text copy of the Company's Report is available at https://tinyurl.com/dd97kkdz About Flux Power Flux Power Holdings, Inc. (FLUX: NASDAQ), through its subsidiary Flux Power, Inc., designs, develops, and sells rechargeable lithium-ion energy storage systems for electric forklifts, airport ground support equipment (GSE), and other industrial motive applications in the United States. The Company is headquartered in Vista, California. Irvine, California-based Haskell & White LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated September 16, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital to achieve its operating plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $30.1 million in total assets, $22.6 million in total liabilities, and $7.5 million in total stockholders' equity. FOOD52 INC: Sells Assets to Culinary Media, Exits Chapter 11 ------------------------------------------------------------ Culinary Media Group LLC, a subsidiary of Marquee Brands LLC, announced on February 19, 2026, the acquisition of certain assets of Food52, Inc., a pioneering food, media and lifestyle brand. The acquisition unites America's Test Kitchen (ATK), the leading, multi-platform, culinary media brand, with Food52, and further builds upon the Home and Culinary portfolio within Marquee Brands which includes Martha Stewart(R), Emeril Lagasse(R) and Sur La Table(R) brands. Effective immediately, Daniel Suratt will serve as the Chief Executive Officer of Food52, and continue in his current role as CEO at ATK. The acquisition marks the exit of Food52 from a court-supervised Chapter 11 bankruptcy process restructuring. Marquee Brands provided the company with new capital in the form of a debtor-in-possession (DIP) financing facility and the liquidity needed to operate Food52 during the pendency of the chapter 11 case. Founded in 2009 by Amanda Hesser and Merrill Stubbs, Food52 began as a digital-first food community centered on cooking and storytelling. The founders recognized the opportunity to bring home cooks together to exchange recipes and to support each other in the kitchen. Today, Food52 remains a source of inspiration for a loyal community united in their love of great food, thoughtful design, beautiful products, and the experiences that Food52 helps them create. "Millions of fans love Food52 and the lifestyle it represents," said Suratt. "We will build on Food52's legacy by leaning into its rich library, bringing back community favorites, and focusing on premium content curated across social, streaming, books and more." Moore & Van Allen PLLC acted as Marquee Brands' legal advisor in the DIP financing facility and acquisition. Food52's financial advisors for the acquisition are Core Advisors LLC and Meru Advisors LLC with Young Conaway Stargatt & Taylor, LLP acting as its legal advisor. About Marquee Brands Marquee Brands is the premier accelerator of timeless brands, unlocking value and building global influence. With a focus on driving growth and building sustainable brand equity, we partner with best-in-class manufacturers, operators, retailers, and distributors to scale brands across markets and channels. Marquee Brands' global portfolio spans three distinct platforms: Home & Culinary, Fashion & Lifestyle, Expressive Luxury and Active & Outdoor. The portfolio of brands includes Martha Stewart, Laura Ashley, Sur La Table, Emeril Lagasse, America's Test Kitchen, BCBGMAXAZRIA, BCBG, Ben Sherman, Bruno Magli, Anti Social Social Club, Totes, Isotoner, Destination Maternity, Motherhood, A Pea in the Pod, Stance, Dakine and Body Glove. For more information visit, www.marqueebrands.com. About America's Test Kitchen The mission of America's Test Kitchen (ATK) is to empower and inspire confidence, community, and creativity in the kitchen. Founded in 1992, the company is the leading multimedia cooking resource serving millions of fans with TV shows (America's Test Kitchen, Cook's Country, and America's Test Kitchen: The Next Generation), a magazine (Cook's Illustrated), cookbooks, a podcast (Proof), FAST channels, short-form video series, and the ATK Essential subscription for digital content. Located in a state-of-the-art, 15,000-square-foot test kitchen in Boston's Seaport District, ATK has earned the trust of home cooks and culinary experts alike thanks to its one-of-a-kind processes and best-in-class techniques. Fifty full-time (admittedly very meticulous) test cooks, editors, and product testers spend their days tweaking every variable to find the very best recipes, equipment, ingredients, and techniques. Learn more at AmericasTestKitchen.com. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Young Conaway Stargatt & Taylor as bankruptcy counsel; Meru, LLC as financial advisor; and Core Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the administrative advisor and claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Robinson & Cole LLP as counsel. FORT STOCKTON: To Hire Hayward as General Bankruptcy Counsel ------------------------------------------------------------ Fort Stockton Towing and Truck Tires, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Hayward PLLC to serve as general bankruptcy counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor as Debtor-in-Possession in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) prepare and file the voluntary petition and other paperwork necessary to commence this proceeding; (d) assist the Debtor in preparing and filing the required schedules, statement of financial affairs, monthly operating reports, and any amendments thereto; (e) assist the Debtor in preparing the initial debtor's report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; (f) represent the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor; (g) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and (h) assist the Debtor in the formulation of a plan of reorganization, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. Hayward PLLC will receive these hourly rates, subject to court approval: $600 for Charlie Shelton; $300 to $550 for other attorneys; $150 to $215 for paralegals; and $95 for a legal assistant. The firm will also charge $0.20 per page for in-house photocopies and actual costs for postage and travel. Hayward PLLC is a "disinterested person" within the meaning of the Bankruptcy Code and has no connections with the Debtor's creditors, the U.S. Trustee, or any other party in interest, other than as disclosed, according to court filings. The firm can be reached at: Charlie Shelton, Esq. HAYWARD PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Telephone: (737) 881-3336 E-mail: CShelton@HaywardFirm.com About Fort Stockton Towing and Truck Tires, LLC Fort Stockton Towing and Truck Tires, LLC operates a towing and truck tire service business supporting commercial and individual motorists. Fort Stockton Towing and Truck Tires, LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code on January 15, 2026 (Case No. 26-70016). The bankruptcy petition lists assets estimated at $0 to $100,000 and liabilities in the same range. Honorable Bankruptcy Judge Shad M. Robinson is assigned to the case. The Debtor is represented by Herbert C. Shelton II, Esq. of Hayward PLLC. GALILEO PARENT: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned a 'B' issuer credit rating to Galileo Parent Inc. (dba Vantor). S&P said, "At the same time, we assigned a 'B' issue-level rating to Vantor's proposed ($2.3 billion) term loan B with a recovery rating of '3', indicating our expectation for meaningful recovery in the event of a default (50%-70%; rounded estimate: 50%). "The stable outlook reflects our expectations that the company's credit metrics will improve over the next two years, though remain appropriate for the rating. We expect strong demand across geospatial end markets, both defense and commercial applications, will drive sales growth and strong profitability contributes to growing positive cash flow." Vantor proposed a new ($2.3 billion) first-lien senior secured term loan B and a $400 million revolving credit facility to refinance its existing capital structure. S&P expects strong revenue growth as robust government spending on mission intelligence aligns well with Vantor's capabilities. Vantor operates a constellation of 10 satellites that deliver high-quality geospatial imagery and data-driven navigation capabilities to U.S. and global intelligence agencies. Additionally, the company supports commercial enterprises with exceptional mapping imagery. Through its comprehensive suite of capabilities, including real-time satellite tasking, AI-powered analytics, mission intelligence solutions, and foundational geospatial mapping, the company has a long history of supporting intelligence and commercial enterprises alike. The company's strong market position within its niche market positions it favorably with the priorities of global defense and intelligence agencies. Vantor's TensorGlobe, Raptor, Sentry, and 3D Operational Terrain product lines, which have intelligence and commercial applications and have meaningful pipeline, with global geopolitical tensions growing driving sustainable demand. Vantor's long-term contracts with minimum consumption commitments account for roughly 88% of revenue, supporting strong revenue visibility. The company has gross retention of about 95%, and customer relationships among U.S. and foreign government agencies extending 30 or more years, in addition to blue-chip commercial relationships dating back 20 or more years. S&P said, "This entrenched positioning and high recurring revenue base underpins our expectation of sustained top-line growth. Therefore, we project revenue growth of 8%-9% in 2026, accelerating to 14%-16% in 2027, reflecting both product ramp-up and broader demand across U.S. government, international, and commercial customers." S&P said, "We expect strong margins and improving cash flow conversion to support free cash flow generation over the next 12-24 months. We expect Vantor's S&P Global Ratings-adjusted EBITDA margin to remain robust at 40%-45% in fiscal 2026 and 2027, well above industry averages, reflecting meaningful operating leverage on a largely fixed-cost base as revenue scales. Following the completion of the Legion constellation buildout, we expect capital expenditures to decline materially to an estimated $125 million-$135 million in 2026 from approximately $246 million in fiscal 2024, supporting improved free operating cash flow (FOCF) generation as capital intensity normalizes. "Accordingly, we forecast funds from operations (FFO) to debt of 6%-7% in 2026, rising to 10%-11% in 2027 as profitability expands. We expect S&P Global Ratings-adjusted debt to EBITDA to measure 6.5x-7.0x in 2026 before improving to the low-6x area in 2027 as EBITDA scales. Similarly, we expect FOCF to debt at 2%-3% in 2026, improving to 5.5%-6.5% in 2027, reflecting higher earnings, lower capital intensity, and improved working capital efficiency. "Vantor's financial policy will remain focused on deleveraging, though we expect leverage to remain around 6x and financial-sponsor ownership could constrain rating improvement. We view Vantor as well-positioned to grow its EBITDA base through the execution of existing multi-year contracts and the ramp-up of its newer product lines, which together support over a $1 billion in 2026 revenue pipeline. The strong top line growth, S&P adjusted EBITDA margins well above industry average, and improving capital expenditure requirements, we expect Vantor to realize stable positive free cash flow through the forecasted period. Management has indicated that reducing leverage is a priority, and we anticipate improving cash generation will be the primary mechanism for deleveraging over the forecast period rather than outright debt repayment. "We do not anticipate significant debt-funded acquisitions in the near term, particularly following the completed divestiture of Lanteris to Intuitive Machines in January 2026. That said, the company's financial risk profile remains constrained at the highly leveraged level, with leverage exceeding 6.0x through the medium term. "The stable outlook indicates our expectation that Vantor's financial metrics will remain consistent with the rating over the next 12 months. We believe the company is strategically positioned to capitalize on the government's increased focus on mission intelligence across multiple departments, boosting demand for space to surface monitoring as well as spatial mapping for autonomous vehicles. We anticipate its credit metrics will align with the rating through the forecast period, including leverage of 6.25x-6.75x in 2026 and 6.0x-6.5x in 2027, and FFO to debt of 6.0%-11.0% in 2026 and 2027. "We could lower our rating on Vantor over the next 12 months if it sustains S&P Global Ratings-adjusted debt to EBITDA over 7.0x while free cash flow approaches break-even, and we do not see a clear path to deleveraging." This could occur due to: -- Operating headwinds that slow work execution, diminishing margins; -- Shifts in government policy resulting in lower allocation of government defense spending; or -- A more aggressive financial policy than S&P expects, including debt-funded mergers and acquisitions or dividends. S&P could raise its rating on Vantor over the next 12 months if debt to EBITDA approaches 5.0x and the financial sponsor commits to leverage remaining at such levels. This could occur if: -- Global defense budgets allocate higher government spending toward surface surveillance or missions requiring geospatial imaging and -- The company takes on a more conservative financial policy. GENESIS ENERGY: Moody's Ups CFR to B1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded Genesis Energy, L.P.'s (Genesis Energy) Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD and the ratings on its existing senior unsecured notes to B2 from B3. Concurrently, Moody's changed the company's rating outlook to stable from positive. Genesis Energy's SGL-3 Speculative Grade Liquidity (SGL) rating remains unchanged. "The upgrade reflects the successful completion and ramp up of Genesis Energy's key growth projects and resulting improvement in financial leverage," says Thomas Le Guay, a Moody's Ratings' Vice President. "The company will start generating meaningful free cash flow in 2026, which will be used to partially repay the company's convertible preferred units and reduce its dividend burden." RATINGS RATIONALE The upgrade to B1 is primarily driven by the successful completion and ramp-up of Genesis Energy's key organic growth projects, which materially reduces operational and financial risk. The CHOPS expansion and new SYNC pipeline are now fully operational, with no additional growth capital expenditures required, removing a key source of execution and funding uncertainty. Production at the Shenandoah field - which is flowing through the SYNC and CHOPS pipelines - is ramping up, with volumes already exceeding minimum volume commitment levels, supporting more stable and predictable cash flow generation. Moody's anticipates that adjusted debt to EBITDA will decline below 5.0x in 2026 and towards 4.5x in 2027, driven primarily by EBITDA growth. Moody's do not include Genesis' convertible preferred units in the calculation of debt. Genesis Energy has reached an inflection point in free cash flow generation. Following a ramp-up in cash flow from operations and a meaningful decline in capital expenditures, the company will start generating meaningful positive free cash flow beginning in 2026. The company will likely use this free cash flow to gradually repay its convertible preferred units, which carry a higher dividend rate than its debt ($553 million outstanding as of December 31, 2025). The stable outlook reflects Moody's expectations that Genesis Energy will reduce and maintain adjusted leverage below 5.0x debt to EBITDA and begin a track record of positive free cash flow generation. The outlook also assumes no material debt-financed project or acquisition, and continued adherence to a conservative distribution policy. Genesis Energy's B1 CFR benefits from the scale of its primary businesses, a meaningful proportion of fee-based cash flow, and a degree of business line diversification relative to its size, with offshore pipeline transportation, marine transportation, and onshore transportation and services. The company will benefit from higher earnings from its expanded offshore pipeline transportation business in 2026 following the completion of new offshore wells that will increase throughput volumes, and from the continued strong performance of its marine transportation business. Genesis Energy's CFR continues to be constrained by the company's high level of financial leverage, which Moody's expects to continue to decline below 5.0x debt to EBITDA in 2026 and towards 4.5x in 2027. The SGL-3 Speculative Grade Liquidity Rating reflects Moody's expectations that Genesis Energy will have adequate liquidity over the next 12 to 18 months, supported by cash flow from operations and its $800 million revolving credit facility ($6 million drawn as of December 31, 2025). The revolver matures in September 2028 (springing to November 2027 so long as more than $150 million of the February 2028 notes remain outstanding). The credit facility has three financial covenants (1) a maximum consolidated leverage ratio of 5.50x; (2) a maximum senior secured leverage ratio of 2.50x; and (3) a minimum interest coverage ratio of 2.50x. The company received the following temporary covenant waivers: a maximum of 5.75x through September 30, 2025 for the consolidated leverage ratio; and a minimum of 2.00x through December 31, 2025, 2.25x from and after December 31, 2025 through December 31, 2026 for the interest coverage ratio. Moody's expects Genesis Energy to remain in compliance with its financial covenants over the next 12 to 18 months, with modest cushion that should improve if it delivers on anticipated EBITDA growth. The company's next debt maturity is $679 million of notes due in February 2028. Substantially all of Genesis Energy's assets are currently pledged as security under the revolver which limits the extent to which asset sales could provide additional sources of liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Genesis Energy's business continues to exhibit steady earnings growth, maintains positive free cash flow generation, reduces debt to EBITDA below 4.0x and increases interest expense to EBITDA towards 3.0x. The ratings could be downgraded if the company fails to generate positive free cash flow, if debt to EBITDA does not decline below 5.0x on a sustained basis, or if interest coverage does not rise above 2.0x. Genesis Energy, L.P., headquartered in Houston, Texas, is a master limited partnership (MLP) with midstream assets located in the US Gulf Coast region. The company conducts a wide variety of operations through three different business segments: offshore pipeline transportation, marine transportation, and onshore transportation and services. The principal methodology used in these ratings was Midstream Energy published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GENESIS ENERGY: S&P Rates Proposed Senior Unsecured Notes 'B' ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Genesis Energy L.P.'s (GEL) proposed senior unsecured notes due 2034. The '3' recovery rating indicates its expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The company will use note proceeds to tender and redeem a portion of the 2028 notes outstanding, and for general corporate purposes, including repaying part of the revolver borrowing outstanding under its credit facility. S&P's 'B' issuer credit rating and positive outlook on GEL are unchanged. The positive outlook reflects its expectation that GEL's leverage will improve following the divestment of its soda ash business. In addition, GEL's cash flow has improved following the completion of several offshore pipeline projects in 2025. GEORGIA PROTONCARE: Taps SOLIC Capital as Investment Banker ----------------------------------------------------------- Georgia ProtonCare Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire GBH SOLIC Holdco, LLC d/b/a SOLIC Capital Advisors and SOLIC Capital to serve as its investment banker. The firm will provide these services: (a) provide advice to the Company's senior management team and the Board and assist with the development and expedited execution of a sale of substantially all of the Company's assets or other Transaction; (b) review the Company's existing sale process and current negotiations with Emory; (c) review the Company's historical financial results, financial projection models, capital requirements and impact of Company initiatives and/or capital events resulting from the pursuit of strategic alternatives; (d) review the Company's debt and equity-like transaction documents and all current, pending and contingent creditor claims and liabilities; (e) review the Company's proton treatment facility, current business plan and supporting financial forecast model; (f) prepare an offering memorandum and an electronic data room, and/or make any necessary modifications to any existing investor materials; (g) facilitate the communication and negotiation of any acquiror discussions and identify, contact and introduce other potential acquirors; (h) negotiate with prospective buyer parties through consummation of a transaction on terms acceptable to the Board; (i) assist the Company in an auction process, if applicable; (j) assist, in collaboration with the Company's legal counsel, in closing a Transaction, including developing closing schedules and monitoring closing deliverables, regulatory filings and deadlines; and (k) assist the Company and its other advisors in the negotiation of any restructuring transactions with its bondholders, creditors, joint-venture partners, and/or other key stakeholders, including development of any appropriate analysis and materials. SOLIC Capital Advisors will receive compensation as follows: a monthly retainer of $75,000, and upon closing of a Sale or Restructuring Transaction, fees ranging from $500,000 plus 10% of the Aggregate Gross Consideration to $1,000,000 plus 5% of the Aggregate Gross Consideration, depending on the counterparty. SOLIC is also entitled to reimbursement of out-of-pocket expenses reasonably incurred in connection with the engagement. SOLIC Capital Advisors 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: SOLIC Capital Advisors, LLC 425 West New England Avenue, Suite 300 Orlando, FL 32789 About Georgia ProtonCare Center Georgia ProtonCare Center Inc. owns and operates the Facility, which is the sole proton therapy treatment center in the state of Georgia, and one of only 47 such facilities operating in the United States. Georgia ProtonCare Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No. 26-50882) on January 22, 2026. Judge Jeffery W. Cavender presides over the case. The Debtor is being advised by David E. Gordon at Polsinelli PC as legal counsel, BDO as financial advisor, and SOLIC Capital as the investment banker. The Bond Trustee is being advised by Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. as legal counsel and Houlihan Lokey as investment banker. GEORGIA PROTONCARE: To Employ Polsinelli PC as Legal Counsel ------------------------------------------------------------ Georgia ProtonCare Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Polsinelli PC to serve as legal counsel. The firm will provide these services: (a) taking all necessary action to protect and preserve the Debtor's estate, including the negotiation of claims and disputes in which the Debtor is involved, the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, and the adjudication of claims filed against the Debtor's estate; (b) providing legal advice with respect to the Debtor's powers and duties as a debtor in possession in the continued operation of its business; (c) preparing on behalf of the Debtor, as a debtor in possession, necessary motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; (d) assisting with any disposition of the Debtor's assets, by sale or otherwise; (e) taking all necessary or appropriate actions in connection with any plan of reorganization and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (f) appearing in court and protecting the interests of the Debtor before this Court; (g) reviewing all pleadings filed in the Chapter 11 Case; and (h) performing all other legal services in connection with the Chapter 11 Case as may reasonably be required. Polsinelli PC will be paid its customary hourly rates, ranging from $1,230-$1,475 for shareholders, $630$835 for associates, and $440-$600 for paraprofessionals, and will be reimbursed for actual and necessary expenses. Polsinelli PC is a "disinterested person" as defined in the Bankruptcy Code, and does not hold or represent any interest or connection adverse to the Debtor, the estate, creditors, any other party in interest, or their respective attorneys or accountants, according to court filings. The firm can be reached at: David E. Gordon, Esq. Ashley D. Champion, Esq. POLSINELLI PC 1201 West Peachtree Street NW, Suite 1100 Atlanta, GA 30309 Telephone: (404) 253-6000 Facsimile: (404) 253-6060 E-mail: dgordon@polsinelli.com achampion@polsinelli.com - and - Christopher A. Ward, Esq. Shanti M. Katona, Esq. Katherine M. Devanney, Esq. POLSINELLI PC 222 Delaware Avenue, Suite 1101 Wilmington, DE 19801 Telephone: (302) 252-0920 Facsimile: (302) 252-0921 E-mail: cward@polsinelli.com skatona@polsinelli.com kdevanney@polsinelli.com About Georgia ProtonCare Center Georgia ProtonCare Center Inc. owns and operates the Facility, which is the sole proton therapy treatment center in the state of Georgia, and one of only 47 such facilities operating in the United States. Georgia ProtonCare Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No. 26-50882) on January 22, 2026. Judge Jeffery W. Cavender presides over the case. The Debtor is being advised by David E. Gordon at Polsinelli PC as legal counsel, BDO as financial advisor, and SOLIC Capital as the investment banker. The Bond Trustee is being advised by Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. as legal counsel and Houlihan Lokey as investment banker. GLENWOOD CAVERNS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Glenwood Caverns Holdings, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with the approved budget, subject to a permitted negative variance of (i) 10% per week above the projected aggregate disbursements set forth in the budget; (ii) the greater of 10% and $5,000 per week above the projected disbursements on a by-line-item basis; and (iii) 10% per four-week period, then ending, on the revenue set forth in budget. The budget and cash flow forecast demonstrate sufficient liquidity to operate during the interim period and justify the use of cash collateral. Community Banks of Colorado, a division of NBH Bank, consented to the Debtor's use of cash collateral and, as adequate protection, will be granted replacement liens, subject and subordinate only to the fee carveout and any existing senior liens. As further protection, the lender will receive senior administrative expense claims against the Debtor and monthly debt service payments beginning this month. The Debtor's right to use cash collateral terminates upon appointment of a Chapter 11 trustee or examiner with expanded powers in its Chapter 11 case; the dismissal or conversion of the case; any material violation or breach of the interim order; the effective date of any confirmed plan; or June 30, unless extended by agreement of the lender or court order. The interim order is available at https://is.gd/8wA2I5 from PacerMonitor.com. The final hearing is set for March 11, at 2:00 p.m. (prevailing Eastern Time). Glenwood operates a seasonal yet year-round amusement park whose primary revenue streams include daily admission fees, attraction and cave tours, and secondary income from food, beverage, retail, and parking. The Debtor's pre-petition financing was provided by Community Banks of Colorado, which declared a default under the loan agreements shortly before the petition date. The Debtor's existing cash and cash generated from operations, which constitute the lender's collateral, are necessary to fund payroll, insurance, taxes, and other critical obligations during the Chapter 11 case. Community Banks of Colorado, as lender, is represented by: Eric J. Monzo, Esq. Jeffrey R. Waxman, Esq. MORRIS JAMES LLP 3205 Avenue North Blvd., Suite 100 Wilmington, DE 19803 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 jwaxman@morrisjames.com emonzo@morrisjames.com -and- Nicholas Zluticky, Esq. Morgan J. Lawrence, Esq. STINSON LLP 1201 Walnut Street, Suite 2900 Kansas City, MO 64106 Telephone: (816) 842-8600 nicholas.zluticky@stinson.com morgan.lawrence@stinson.com About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings LLC owner and operator of the Glenwood Caverns Adventure Park—the only mountaintop theme park in the U.S., located atop Iron Mountain near Glenwood Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9, 2026. In the petition signed by Paul Maniscalco, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the case. William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC, represents the Debtor as legal counsel. GLOBAL LOGISTICS: Hires Larson & Zirzow as Legal Counsel -------------------------------------------------------- Global Logistics Fulfillment, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Larson & Zirzow, LLC to serve as legal counsel. The firm will provide these services: (a) prepare on behalf of the Debtor, as debtor in possession, all necessary or appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor are involved, and the preparation of objections to claims filed against the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 Case. Larson & Zirzow, LLC will receive hourly rates of $650 for principals, $500 for associate attorneys, and $295 for paralegals. Larson & Zirzow, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Zachariah Larson, Esq. Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 E-mail: zlarson@lzlawnv.com mzirzow@lzlawnv.com About Global Logistics Fulfillment, LLC Global Logistics Fulfillment, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-10855) on February 10, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. The case is overseen by Judge Natalie M. Cox. Larson & Zirzow, LLC serve as Debtor's legal counsel. GO FREEDOM: To Hire Kutner Brinen Dickey Riley as Counsel --------------------------------------------------------- Go Freedom Nation Investment Group LTD, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm's customary hourly rates are $600 for Jeffrey S. Brinen, $425 for Jonathan M. Dickey, and $410 for Keri L. Riley. The firm will seek compensation and reimbursement of fees and costs as required under the Bankruptcy Code, Rules, and Local Rules. Kutner Brinen Dickey Riley, P.C. 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: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: klr@kutnerlaw.com About Go Freedom Nation Investment Group LTD, LLC Go Freedom Nation Investment Group LTD, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10784) on February 10, 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. Kutner Brinen Dickey Riley, P.C. is Debtor's legal counsel. GOOD CITIZEN: Case Summary & Seven Unsecured Creditors ------------------------------------------------------ Debtor: The Good Citizen, LLC 916 SE 34th Ave Portland, OR 97214 Business Description: The Good Citizen, LLC, a single-asset real estate company, owns a commercial property located at 916 SE 34th Ave., Portland, Oregon 97214, consisting of two buildings and a parking lot. Chapter 11 Petition Date: February 7, 2026 Court: United States Bankruptcy Court District of Oregon Case No.: 26-30418 Judge: Hon. David W Hercher Debtor's Counsel: Ted A. Troutman, Esq. TROUTMAN LAW FIRM P.C. 5075 SW Griffith Dr., Suite 220 Beaverton, OR 97005 Tel: 503-292-6788 Fax: 503-596-2371 E-mail: tedtroutman@sbcglobal.net Total Assets: $2,000,000 Total Liabilities: $2,251,925 The petition was signed by Kevin Cavenaugh as managing member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AZEZAUI/The_Good_Citizen_LLC__orbke-26-30418__0001.0.pdf?mcid=tGE4TAMA GOOD WOOD: To Hire Patrick Law Offices as Legal Counsel ------------------------------------------------------- Good Wood Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Glen E. Patrick of Patrick Law Offices to serve as legal counsel. Mr. Patrick will provide these services: (a) analysis of the debtor's financial situation, and rendering advice to the debtor in determining whether to file a petition in bankruptcy; (b) preparation and filing of any petition, schedules, statements of affairs and plan which may be required; (c) representation of the debtor at the meeting of creditors and confirmation hearing, and any adjourned hearings thereof; (d) representation of the debtor in contested bankruptcy matters; and (e) representation of the debtor at any administrative meetings with the U.S. Trustee's office, preparation and filing of any motions on behalf of the Debtor, any objection or response to any motion or objection filed by creditors or other parties in interest, and representation of the Debtor at hearings on motions and objections filed in the bankruptcy case. Mr. Patrick will seek compensation pursuant to 11 U.S.C. Sec. 330 and §331 at the rate of $300 per hour for attorneys and $75 per hour for legal assistants. The firm received a cash retainer in the amount of $11,000 from Great American Lumber, Inc., which is held in the firm's Trust account. Patrick Law Offices 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: Glen E. Patrick, Esq. PATRICK LAW OFFICES 2495 S. Main St. Lindale, TX 75771 Telephone: (903) 882-6173 E-mail: glen@patricklawoffices.com About Good Wood Investments, LLC Good Wood Investments, LLC, a real estate company, owns and leases a single income -producing property. Good Wood Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. E.D. Tex. Case No. 26-60070) on February 3, 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. Patrick Law Offices is Debtor's legal counsel. GPS HOSPITALITY: Moody's Lowers CFR to 'Ca', Outlook Negative ------------------------------------------------------------- Moody's Ratings downgraded GPS Hospitality Holding Company LLC's ("GPS") ratings, including its corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and senior secured notes rating due 2028 to Ca from Caa2. The outlook remains negative. The downgrades and negative outlook reflect governance considerations given GPS' unsustainably high financial leverage, reduced recovery expectations and the ongoing high risk for a restructuring or distressed exchange. Despite reporting a return to solid positive same store sales, GPS' Moody's adjusted debt/EBITDA remained above 10x and EBITA/interest was near zero for the LTM ended September 2025. The company did not make its August 2025 interest payment, which Moody's viewed as a default as per Moody's definitions after the initial contractual grace period expired in September 2025, and has entered into successive amendments to extend the grace period as it continues to negotiate with lenders. The latest grace period extension expires on April 15, 2026. The timing and outcome of lender negotiations remains uncertain, and Moody's believes the company will withhold its February interest payment if necessary. RATINGS RATIONALE GPS' Ca CFR reflects the high likelihood of a default given its weak liquidity, near term expiration of its revolving credit facility and its ongoing negotiations with its lenders following its missed interest payment. The CFR also reflects its unsustainably high financial leverage. As part of a 2021 refinancing, the company increased debt to fund a repurchase of approximately $105 million of preferred equity. Performance subsequently deteriorated due to high commodity and labor inflation and an increasingly difficult consumer spending environment. As a consequence, credit metrics have remained weak with Moody's adjusted debt/EBITDA over 10x. Also considered are GPS' geographic concentration in Georgia, Louisiana and Michigan resulting in its operating performance being driven in large part by economic and environmental conditions in these three states. GPS benefits from its position as one of the Burger King system's largest independent franchisees in terms of units, as well as ownership of Popeyes restaurants and well balanced day-part. Despite withholding interest payments, GPS' liquidity remains weak given that its $70 million super priority senior secured revolver expires in August 2026. There was $24 million drawn under the revolver as of September 2025. The revolver has a senior secured leverage ratio covenant of 7.5x, per its calculations, that springs into effect when more than 35% of the available capacity is being used. While the company is below that threshold, Moody's do not believe it would meet this financial covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded should the probability of default increase for any reason or recovery expectations are reduced. Ratings could be upgraded over time if GPS demonstrates steady revenue and profit growth, and improved liquidity through a return to positive free cash flow, increased covenant cushion and an extended debt maturity profile. Headquartered in Atlanta, Georgia, GPS Hospitality Holding Company LLC owns and operates 369 Burger King and 16 Popeyes restaurants across 11 states, with latest twelve month revenue of around $615 million as of September 2025. GPS is privately held and is majority owned by Tom Garrett, the company's founder and CEO. The principal methodology used in these ratings was Restaurants published in September 2025. GPS' Ca CFR is two notches below the Caa2 scorecard-indicated outcome for the last fiscal year ended December 2024. The actual Ca CFR reflects the company's high probability of a restructuring or distressed exchange as well as Moody's recovery expectations. GRAN TIERRA: Moody's Lowers CFR to Caa2, Outlook Negative --------------------------------------------------------- Moody's Ratings has downgraded Gran Tierra Energy Inc.'s ("Gran Tierra") Corporate Family Rating and senior secured notes to Caa2 from B2, with a negative outlook. Previously, the rating was on review for downgrade. This action concludes the review initiated on December 5, 2025. RATINGS RATIONALE On January 29, 2026, the company announced a proposed exchange of its 9.5% senior secured amortizing notes due 2029 for 9.75% senior secured amortizing notes due 2031. If completed as proposed, Moody's will deem the transaction as a distressed exchange. The transaction consists of an exchange at par of the company's existing notes if tendered early; however, holders that do not participate by the early deadline will receive reduced consideration compared to the original promise, and those that elect not to tender will remain with instruments that, following the release of collateral and the elimination of most covenant protections, become effectively unsecured and subordinated. Given the coercive nature of the offer and the expected impairment to non-participating noteholders, the exchange weakens the relative position of remaining holders. In addition, the yield to maturity of the 2029 Notes remains very high, above 20%, which is consistent with Moody's definitions of a distressed exchange. Governance considerations under Moody's ESG framework, particularly financial strategy and risk management, are key drivers of the rating action. The downgrade also reflects the company's weaker-than-expected operating performance over the past two years. Moody's estimates that Gran Tierra's EBITDA in 2025 will be about 18% below 2023 levels, while total debt has risen by roughly 40%. This has led to higher leverage (Moody's-adjusted debt/EBITDA increasing from 1.5x in 2023 to an expected peak of 3.2x in 2025) and continued pressure on liquidity. Although production has remained relatively stable, it has not been sufficient to offset the decline in cash flow generation or the impact of the i3 acquisition on the capital structure. Moody's expects EBITDA to average around $313 million over 2026–2027, with leverage declining to approximately 2.7x in 2026 before moderating to about 2.0x in 2027, assuming the scheduled pro-forma amortizations are fully met with available cash. Moody's notes that Gran Tierra has fully available $110 million in credit lines, which provide near-term financial flexibility. However, the company continues to face refinancing risks—particularly around the 2027–2029 maturities—given the pro-forma scheduled amortizations on the Notes and the expected repayments under the pre-export loan facilities of approximately $292 million. This debt service profile could constrain financial flexibility and increase the likelihood of additional liability management measures, some of which could be considered distressed exchanges. While the company has the ability to reduce capital spending to approximately $100 million, broadly in line with estimated maintenance capex as a liquidity-preserving measure, Moody's will continue to monitor whether this level of investment is sustainable to maintain at least stable production through 2027–2028. Given these uncertainties and the backdrop of volatile oil prices, Moody's believes the company may still need additional measures to cover its medium-term funding requirements. The negative outlook reflects Moody's views that the proposed debt exchange does not provide meaningful relief to the company's debt maturity profile and, as a result, refinancing risks remain amid expected tight operating cash flow and heightened volatility in oil and natural gas prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could face upward pressure if Gran Tierra successfully completes the exchange and demonstrates sustained improvement in liquidity and a clearer pathway to addressing future maturities. Conversely, the ratings could face further downward pressure if there is evidence of additional transactions that could be considered distressed exchanges, if liquidity deteriorates, if refinancing risks increase, or if operating performance weakens beyond current expectations. COMPANY PROFILE Gran Tierra Energy Inc., headquartered in Calgary, Canada, is an independent international energy company engaged mainly in the acquisition, exploration, development and production primarily of oil and gas, with a focus on onshore properties in Colombia, Ecuador and Canada. Although the company also owns certain rights to oil and gas properties in Ecuador, the Colombian and Canadian properties represented 96% of its proved reserves. In terms of revenue, Colombia represented 69%, Canada 19% and Ecuador 12%, during the third quarter of 2025, when its assets amounted to around $1.66 billion. About 99.8% of its shares are publicly traded on the New York, Toronto and London stock exchanges. Gran Tierra's operations are small compared with that of its global peers that Moody's rate. As of September 2025, its average daily production was 37,000 boe/d, respectively, after royalties. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. Gran Tierra's ratings are below the scorecard-indicated outcome reflecting Moody's considerations of a high probability of default given the proposed Notes exchange. GREEN AUTO: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On February 11, 2026, Green Auto LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Green Auto LLC Green Auto LLC is a California-based business operating in the automotive sector. Green Auto LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10418) on February 11, 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 Scott C. Clarkson handles the case. The Debtor is represented by Amanda G. Billyard, Esq., of Financial Relief Law Center. GT TX LLC: Seeks to Hire Spector & Cox as Legal Counsel ------------------------------------------------------- GT TX, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division to hire Spector & Cox, PLLC to serve as legal counsel in its Chapter 11 case. Spector & Cox, PLLC will provide these services: (a) providing legal advice with respect to its powers and duties as Debtors-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. Compensation will be payable on an hourly basis, plus reimbursement of actual, necessary expenses and other charges incurred. Sarah M. Cox has an hourly rate of $425, Howard Marc Spector has an hourly rate of $495, and paralegals have an hourly rate of $110 to $150. Prior to the filing of the case, the Debtor tendered $15,000, excluding the filing fee, as a retainer. Spector & Cox, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor’s estate, according to court filings. The firm can be reached at: Sarah M. Cox, Esq. Howard Marc Spector, Esq. SPECTOR & COX, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (214) 310-1321 Facsimile: (214) 237-3380 E-mail: sarah@spectorcox.com About GT TX LLC GT TX, LLC owns and operates GameTime, a family entertainment center offering bowling, arcade games, laser tag, bumper cars, and event hosting services. The company manages its facility at 1201 W Airport Freeway, in Euless, Texas, providing recreational and amusement services to local families and groups. GT TX filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40168) on January 13, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael Abecassis, chief executive officer, signed the petition. Judge Edward L. Morris presides over the case. Sarah M. Cox, Esq., at Spector & Cox, PLLC represents the Debtor as legal counsel. HANGER INC: Moody's Affirms 'B2' CFR & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings affirmed Hanger, Inc.'s corporate family rating at B2, probability of default rating at B2-PD, and the instrument-level ratings of its senior secured first lien bank credit facilities at B2. At the same time, Moody's revised the outlook to stable from negative. The revision in outlook to stable reflects Moody's views that Hanger will reduce leverage to below 6.0x over the next 12 to 18 months. It is also supported by Hanger's improved liquidity, including a meaningful repayment of outstanding borrowings on the revolving credit facility supported by strong cash collection in the fourth quarter 2025. RATINGS RATIONALE Hanger's B2 CFR reflects the company's high financial leverage, with gross debt/EBITDA that Moody's anticipates will reduce to below 6x on Moody's basis over the next 12-18 months. The ongoing implementation of various operational activities constrains free cash flow. The company has exhibited an acquisitive growth strategy whereby it acquires clinics to expand its operational footprint—this strategy involves cash costs and increases integration and execution risks. The company is also exposed to reimbursement risk due to revenue concentration among government payors, including CMS and the Department of Veterans Affairs. The rating benefits from the company's market position as the largest provider of orthotics and prosthetics (O&P) in the United States. The rating is also supported by the stable demand for the company's services given a growing population of patients requiring O&P devices, including those with limb loss from injury or accident, endocrine or circulatory diseases, and musculoskeletal conditions. Recurring revenue generation from product maintenance and replacement further benefits the rating. Moody's expects Hanger to maintain good liquidity over the next 12 to 18 months due to availability under its revolving credit facility and ample room under the term loan and revolver financial maintenance covenants. Moody's expects Hanger to generate positive free cash flow given Moody's expectations for earnings growth and the roll-off of one-time costs related to operational initiatives. Hanger has access to a $200 million revolving credit facility, of which there were $43.5 million in borrowings outstanding as of September 30, 2025, pro forma for the acquisition of Capstone and repayment with DDTL proceeds and additional cash. The company's $150 million delayed-draw term loan has about $61.5 million of availability as of September 30, 2025, pro forma for the aforementioned draw. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings if Hanger's operating performance weakens, such that debt/EBITDA is sustained above 6.0x or margins or free cash flow deteriorate. Moody's could also consider a downgrade with material debt-funded shareholder returns or aggressive M&A. Moody's could upgrade the ratings if Hanger demonstrates conservative financial policies, represented by debt/EBITDA maintained below 5.0x and balanced capital allocation. Improved scale, profitability, and free cash flow generation would also support consideration for an upgrade. Headquartered in Austin, Texas, Hanger is a national provider of orthotics and prosthetics care and related products and services. Hanger is privately owned by Patient Square Capital and generated about $1.7 billion of revenue for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HARVARD BIOSCIENCE: Leviticus Partners Holds 7.6% 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 3,401,601 shares of common stock of Harvard Bioscience Inc.'s common stock, representing 7.6% of the shares outstanding. Leviticus Partners LP may be reached through: Adam M Hutt, Managing Member 32 Old Mill Road 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/3xyx9hj8 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. Hartford, Connecticut-based L J Soldinger Associates, LLC, the 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. HOME TEAM: Seeks to Hire De Leo Law Firm as Legal Counsel --------------------------------------------------------- Home Team Medical Clinic, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Robin R. De Leo of The De Leo Law Firm, LLC to serve as its counsel. Ms. De Leo will provide these services: (a) discuss various bankruptcy options; (b) review financial documentation; (c) conduct hourly consultations; and (d) prepare bankruptcy schedules. Ms. De Leo will receive an hourly rate of $425, and an hourly rate of $150 is for paralegals. The De Leo Law Firm, LLC is a "disinterested party" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC 800 Ramon Street Mandeville, LA 70448 Telephone: (985) 727-1664 E-mail: elaine@northshoreattorney.com About Home Team Medical Clinic LLC Home Team Medical Clinic, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 26-10240) on February 2, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq., represents the Debtor as legal counsel. I & A AUTOMOTIVE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: I & A Automotive Service Center LLC 24850 Aurora Road Bedford, OH 44146 Business Description: I & A Automotive, LLC operates a full-service automotive repair shop in Bedford Heights, Ohio, providing maintenance and repair services for domestic and imported vehicles. The company's ASE-certified technicians perform diagnostics, brakes, alignments, heating and cooling system services, and other repairs, supported by state-of-the-art equipment and a 2-year/30,000-mile warranty, and also offer loaner cars and towing services. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-10515 Judge: Hon. Jessica E Price Smith Debtor's Counsel: Charles Fitzpatrick, Esq. CHARLES E FITZPATRICK IV ESQ LLC 250 South Chestnut Street, Suite 17 Ravenna, OH 44266 Tel: (330) 577-4002 E-mail: charles@fitzpatrickesq.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Isaiah Thomas as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5LYY33Y/I__A_Automotive_Service_Center__ohnbke-26-10515__0001.0.pdf?mcid=tGE4TAMA INDIANA MATH: Moody's Affirms 'Ba3' Revenue Bond Rating ------------------------------------------------------- Moody's Ratings has affirmed Indiana Math and Science Academy - North, IN's Ba3 revenue bond rating. The bonds were issued through the Indiana Finance Authority. The academy reported $12 million of outstanding debt at the end of fiscal 2025 (June 30). The outlook is stable. RATINGS RATIONALE The Ba3 rating reflects Indiana Math and Science Academy - North's (IMSAN) limited competitive profile, as evidenced by low student demand and mixed academic performance. While IMSAN's prospects for significant and sustained enrollment growth are constrained by substantial competition within its Indianapolis service area, the receipt of a $5 million grant could, over time, support improvements in the academy's competitive profile. IMSAN's proactive financial management practices have helped operating performance despite some enrollment volatility. IMSAN maintained liquidity of 92 days and annual debt service coverage of 1.3x as of fiscal 2025 year end, while fixed costs from debt remained manageable at 8% operating expenses. Leverage will remain elevated with $2 million in cash and investments covering just 20% of debt as of fiscal 2025. The rating also reflects the bond structure, which includes an $11 million debt maturity in 2032, leaving the academy reliant on market access and refinancing risk. IMSAN maintains a good working relationship with its authorizer, the Indianapolis Mayor's Office of Education Innovation, and remains in compliance with the terms of charter contract. RATING OUTLOOK The stable outlook reflects the likelihood that the academy will sustain satisfactory operating performance driven by prudent financial management supporting adequate debt service coverage and maintenance of liquidity. The stable outlook also assumes the academy's recent grant award will support improvement in academic outcomes and student demand. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Consistent improvement to academic outcomes and stronger competitive profile -- Material and sustained enrollment growth -- Strengthened operating performance that results in sustained improvement in liquidity and debt service coverage above 1.2x FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Enrollment declines that weaken operating performance -- Deterioration in academic performance that further weakens competitive profile -- Inability to support operating expenses with recurring revenue resulting in weaker liquidity and debt service coverage PROFILE IMSAN was founded in 2010 and initially opened to serve students in grades K-8 and then added one grade per year until it reached grades K-12 in 2014-15. IMSAN offers a STEM-focused education with career and technical education programs. In fiscal 2025, IMSAN reported $10 million in revenue and currently has 657 students enrolled in grades K-12. IMSAN operates pursuant to a charter contract authorized by the Indianapolis Mayor's Office of Education Innovation that was initially granted for a period of seven years in 2010. In 2024, IMSAN received its second charter renewal for another seven year term, ending on June 30, 2031. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. INDY WHOLESALE: Seeks Cash Collateral Access -------------------------------------------- Indy Wholesale Direct, LLC asks the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to continue operating its business in the ordinary course, preserve going concern value, and maintain continuity of operations, including payroll, insurance, utilities, and other operational expenses. The Debtor emphasized that without immediate access to cash collateral, operations would be disrupted, inventory value could decline, and overall recoveries for creditors would be negatively impacted. The Debtor's inventory, consisting of pre-owned cars, trucks, and SUVs, has an estimated retail value of approximately $4.4 million, while the amount owed to First Business Specialty Finance, LLC, a secured creditor, is roughly $3.2 million. Although First Specialty's lien is not the first priority under a blanket UCC-1, it is perfected on vehicle titles under Indiana law, making its collateral most directly affected by the request. To provide adequate protection, the Debtor proposes an Adequate Protection Package including replacement liens on post-petition assets of the same type as prepetition collateral, weekly payments of 75% of net proceeds from vehicle sales, maintenance of insurance on inventory with First Specialty as a loss payee, and accounting of vehicle sales and proceeds. The Debtor also sought authority to use cash collateral to pay pre- and post-petition trade vendors critical to vehicle maintenance, detailing, towing, parts, auctions, and other operational services to avoid disruption and preserve going concern value. A copy of the motion is available at https://urlcurt.com/u?l=52u10e from PacerMonitor.com. About Indy Wholesale Direct LLC Indy Wholesale Direct LLC is an Indiana-based limited liability company. Indy Wholesale Direct LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00575) on February 5, 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 Jeffrey J. Graham handles the case. The Debtor is represented by KC Cohen, Esq., of KC Cohen, Lawyer, PC. INSPIREMD INC: Rosalind Advisors and Affiliates Hold 9.2% Stake --------------------------------------------------------------- Rosalind Advisors, Inc. and affiliates -- Rosalind Master Fund L.P., Rosalind Opportunities Fund I L.P., Steven Salamon, and Gilad Aharon -- disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 10,987,104 shares of common stock -- with shared voting and dispositive power; includes 3,905,743 shares of common stock and 7,081,361 shares issuable upon exercise of warrants, subject to blocker provisions limiting exercise to avoid exceeding 9.99% beneficial ownership; Rosalind Advisors, Inc. is the investment adviser to Rosalind Master Fund L.P. and Rosalind Opportunities Fund I L.P., with Steven Salamon and Gilad Aharon as portfolio managers -- of InspireMD, Inc.'s common shares, representing 9.2% of the 42,370,995 shares outstanding, as of November 10, 2025, in accordance with the 10Q filed on November 10th. Rosalind Advisors, Inc. may be reached through: Steven Salamon, President 15 Wellesley Street West, Suite 326 Toronto, Ontario, M4Y 0G7, Canada 4168887606 A full-text copy of Rosalind Advisors, Inc.'s SEC report is available at: https://tinyurl.com/yxnkn6yy About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 12, 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 and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $78.5 million in total assets, $14.4 million in total liabilities, and $64.1 million in total equity. INVACARE CORP: Highbridge Advised by Davis Polk in Unit Sale ------------------------------------------------------------ Davis Polk advised Highbridge Capital Management, LLC and certain of its managed investment funds (collectively, "Highbridge Capital") in connection with the sale of Invacare Holdings S.a r.l. (collectively with certain of its affiliates, "Invacare") to investment vehicles affiliated with Rhone Capital L.L.C. Invacare completed a chapter 11 restructuring in May 2023, with Highbridge Capital (the only prepetition secured lender) receiving new secured debt on account of its prepetition and DIP claims. At emergence and through closing of the Rhone transaction, Highbridge Capital was the sole lender under Invacare's secured term loans and the majority holder of Invacare's secured convertible notes. In July 2025, Invacare entered into a definitive agreement with Rhône to sell its European and Asian businesses. Following receipt of regulatory approvals and satisfaction of customary closing conditions, the transaction was closed on January 30, 2026. In connection with the transaction, Highbridge Capital's debt investments in Invacare were fully repaid at closing, including the payment of various premiums and fees under the term loan and secured notes. Invacare is a world-leading manufacturer and distributor of high-quality home healthcare and specialist mobility equipment and solutions benefitting millions of people around the world. Invacare Holdings S.a r.l. holds all Invacare EMEA and APAC businesses. Rhone is a global private equity firm with a focus on investments in businesses with an international presence. The Davis Polk restructuring team included partners Damian S. Schaible and Jonah A. Peppiatt and associate Moshe Melcer. The finance team included partner Kenneth J. Steinberg, counsel Bernard Tsepelman and associate Lauren Flint. The capital markets team included counsel David (Wei Fu) Li. Partner Cheryl Chan provided M&A advice. The antitrust and competition team included partner Matthew Yeowart and associate Andrzej O'Leary. Members of the Davis Polk team are based in the New York and London offices. About Invacare Corporation Headquartered in Elyria, Ohio, Invacare Corporation (IVC) is a leading manufacturer and distributor in its markets for medical equipment used in non-acute care settings. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, elderly, bariatric) ailments. Invacare employs approximately 3,400 associates and markets its products in more than 100 countries around the world. Invacare Corp. and 2 U.S. subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90068) on January 31, 2023. In the petition signed by Kathleen Leneghan, senior vice president and chief financial officer, the Debtor disclosed up to $1 billion in both assets and liabilities. The Debtors tapped Kirkland and Ellis, LLP and Kirkland and International LLP as bankruptcy counsel, McDonald Hopkins, LLC as bankruptcy co-counsel, Huron Consulting Group as restructuring advisor, Miller Buckfire and Co. as financial advisor and investment banker, and Epiq Corporate Restructuring, LLC, as claims, noticing, and solicitation agent and administrative advisor. Street Advisory Group, LLC is serving as strategic communications advisor to the company. Judge Christopher M. Lopez oversees the cases. The DIP Term Loan Lenders led by Cantor Fitzgerald Securities, as administrative agent, and GLAS Trust Corporation Limited, as collateral agent, have retained Davis Polk & Wardwell LLP, Ducera Partners, Porter Hedges LLP, Baker & McKenzie LLP, McDermott Will & Emery LLP, Shipman & Goodwin LLP as advisors. PNC Bank, National Association, and the ABL DIP Lenders, have retained Blank Rome LLP, and B. Riley Advisory Services as advisors. Brown Rudnick LLP is serving as legal counsel and GLC Advisors & Co., LLC is serving as investment banker to the ad hoc committee of unsecured notes. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Kilpatrick Townsend & Stockton, LLP. JAMES MILLER: Unsecured Creditors to Split $10.8K in Plan --------------------------------------------------------- James Miller Construction, Inc. filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated February 9, 2026. The business operates as a general contracting company that provides custom homes, commercial work, and remodels/additions and primarily provides services in Clallam and Jefferson counties. The business had always been profitable but experienced some disruption in profitability due to the COVID-19 pandemic. The business obtained an EIDL loan through the US Small Business Administration to provide operating capital throughout the pandemic and was able to continue operation. Due to several factors after the pandemic, including a change in ownership, the business continued to experience financial difficulties. In an effort to retain employees and pay regular operating expenses, the Debtor obtained several short-term merchant cash advance loans with high interest. Unfortunately, once the Debtor was in the cycle of merchant cash advance loans, it became impossible to operate without additional loans to fund operating expenses while still maintaining the high payments to the lenders. Facing mounting collection pressure including aggressive collections efforts from the merchant cash advance lenders, a Petition under Chapter 11, Subchapter V was filed on November 9, 2025 in an effort to reorganize the outstanding debt and to allow the Debtor to continue operating. This Plan provides for unclassified administrative claims, unclassified priority claims, two classes of secured claims, one class of unsecured claims, and one class of equity security holders. Class 3 consists of General Unsecured Claims. Allowed Class 3 claims will be paid a prorata share of $10,800.00. Payments will be made in the amount of $300.00 per month beginning April 20, 2026. To maximize efficiency for Class 3 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to each creditor as a lump sum payment. With the exception of the SBA, creditors who have filed a UCC-1 Financing Statement will be paid as a Class 3 unsecured claim as no value exists in Debtor's assets after payment to the SBA to secure the liens. Class 3 is impaired. The Plan will be funded with revenue from the Debtor's operation. The projected income and expenses have been annualized over the plan term to account for seasonal fluctuations. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. A full-text copy of the Plan of Reorganization dated February 9, 2026 is available at https://urlcurt.com/u?l=0OwHMA from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Neeleman, Esq. Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 E-mail: jennifer@neelemanlaw.com About James Miller Construction Inc. James Miller Construction, Inc., doing business as Miller Construction, Inc., provides general contracting services in Washington State, with operations based in Sequim and the surrounding Port Angeles area. The Company specializes in residential and commercial construction projects. James Miller Construction, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13174) on Nov. 9, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Derek Baker, president of James Miller Construction, signed the petition. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C., is the Debtor's legal counsel. JASNIA REALTY: Commences Chapter 11 Bankruptcy in Massachusetts --------------------------------------------------------------- On February 16, 2026, Jasnia Realty, LLC, commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the District of Massachusetts. Court documents indicate the Debtor carries liabilities ranging from $1 million to $10 million and lists 1–49 creditors. About Jasnia Realty, LLC Jasnia Realty, LLC operates as a limited liability company focused on real estate investment and asset management. Jasnia Realty, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30102) on February 16, 2026. The filing reflects estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Elizabeth D. Katz. The Debtor is represented by Louis S. Robin, Esq., of Law Offices of Louis S. Robin. JIB FOODS: Seeks to Use $110,000 Cash Collateral Thru Feb 24 ------------------------------------------------------------ JIB Foods Inc., doing business as Pete's Restaurant & Brewhouse, asks the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use of cash collateral, specifically funds secured by Celtic Bank Corporation, in order to maintain business operations and avoid immediate and irreparable harm to the estate. JIB Foods requests interim use of $110,000 through February 24, 2026, to cover necessary operating expenses such as payroll, rent, utilities, and inventory. The restaurant, a family-owned business in Sacramento, California, invested approximately $2.8 million in tenant improvements and employs around 35 staff. Financial challenges, including reduced revenues in the restaurant industry and overdue rent, led to an unlawful detainer action by the landlord, which prompted the bankruptcy filing. Celtic Bank holds a perfected security interest in the Debtor's assets and is owed an estimated $1,016,000. JIB proposes to provide adequate protection to Celtic Bank through replacement liens on post-petition assets and monthly interest-only payments of $8,758. A copy of the motion is available at https://urlcurt.com/u?l=DHJGvS from PacerMonitor.com. About JIB Foods Inc. JIB Foods Inc., doing business as Pete's Restaurant & Brewhouse, operates in the foodservice industry, managing multiple restaurants under the brand Pete's Restaurant & Brewhouse and providing full-service dining and beverage operations across Northern California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20624) on February 4, 2026. In the petition signed by Inderdeep Bassi, CEO and CFO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher D. Jaime oversees the case. Galen M. Gentry, Esq., at DOWNEY BRAND LLP, represents the Debtor as legal counsel. JOSEPH ALTIER: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania entered a final order authorizing Joseph Altier DC, PC to use of cash collateral in the operation of its business until further order of the Court. The Debtor is required to operate within a 10% variance of the final cash collateral budget. The order provides that prepetition liens held by creditors will continue post-petition, but may not exceed the value of such liens as of the Chapter 11 petition date. Replacement liens are granted solely to the extent of any diminution in value of prepetition collateral. However, post-petition collateral specifically excludes Chapter 5 avoidance actions and their proceeds, as well as recoveries under Section 506(c) of the Bankruptcy Code. The Debtor must provide Respondents access to its books and records in addition to required monthly operating reports to the U.S. Trustee. The Debtor is prohibited from incurring post-petition indebtedness that cannot be paid and may not obtain post-petition financing without Court approval. About Joseph Altier DC PC Joseph Altier DC, PC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23408) on December 18, 2025, listing under $1 million in both assets and liabilities. The Debtor tapped Christopher M. Frye, Esq., at Steidl & Steinberg, PC as counsel. JUMP HARLINGEN: Voluntary Chapter 11 Case Summary ------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for rlief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Jump Harlingen Inc. (Lead Case) 26-90334 Urban Air Harlingen Urban Air Trampoline & Adventure Park Urban Air Adventure Park 14000 McAlister Rd. Conroe TX 77302 Jump Colorado Springs Inc 26-90335 Urban Air Colorado Urban Air Trampoline & Adventure Park Urban Air Adventure Park 14000 McAlister Rd. Conroe TX 77302 Jump Huntsville LLC 26-90336 Urban Air Huntsville Urban Air Trampoline & Adventure Park Urban Air Adventure Park 14000 McAlister Rd. Conroe TX 77302 Business Description: Jump Harlingen Inc., Jump Colorado Springs Inc., and Jump Huntsville LLC are Texas-based companies operating as franchisees under separate agreements with a common franchisor, UATP Management, LLC, and managing indoor adventure and trampoline park locations. The three companies function within the leisure and recreation industry, focusing on family entertainment and indoor activity centers. Chapter 11 Petition Date: February 16, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: Leonard H. Simon, Esq. PENDERGRAFT & SIMON, LLP 2777 Allen Parkway, Suite 800 Houston TX 77019 Tel: 713-528-8555 E-mail: lsimon@pendergraftsimon.com Jump Harlingen's Estimated Assets: $1 million to $10 million Jump Harlingen's Estimated Liabilities: $1 million to $10 million Jump Colorado Springs' Estimated Assets: $1 million to $10 million Jump Colorado Springs' Estimated Liabilities: $1 million to $10 million Jump Huntsville's Estimated Assets: $1 million to $10 million Jump Huntsville's Estimated Liabilities: $1 million to $10 million The petitions were signed by Aubrey Hall as president. The petitions were filed without the Debtors' lists of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/EIDEN6Q/Jump_Harlingen_Inc__txsbke-26-90334__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/EWAQDJA/Jump_Colorado_Springs_Inc__txsbke-26-90335__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/EQYBWTI/Jump_Huntsville_LLC__txsbke-26-90336__0001.0.pdf?mcid=tGE4TAMA KARYOPHARM THERAPEUTICS: Adage Capital Holds 2.38% Equity Stake --------------------------------------------------------------- Adage Capital Management, L.P., Robert Atchinson, and Phillip Gross, 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 436,736 shares of common stock -- which includes 15,414 shares issuable upon exercise of warrants -- of Karyopharm Therapeutics Inc.'s common stock, par value $0.0001 per share, representing 2.38% of the 18,310,283 shares outstanding as of December 29, 2025, as reported in the Company's Preliminary Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on December 30, 2025, and assumes the exercise of the warrants held by ACP. Adage Capital Management, L.P. may be reached through: Robert Atchinson Adage Capital Partners LLC, its General Partner 200 Clarendon Street, 52nd Floor, Boston, MA 02116 Tel: 617-867-2800 A full-text copy of Adage Capital Management, L.P.'s SEC report is available at: https://tinyurl.com/a7dy5mk8 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. KCAP VILLA: Gets Interim OK to Use Cash Collateral -------------------------------------------------- KCAP Villa Gardens, LLC received third interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The Debtor's cash collateral consists of rents and income generated by its apartment community property in Dallas, Texas. Under the interim order, the Debtor is allowed to use cash collateral solely for ordinary operating expenses, with a 15% variance per line item. Any excess spending requires written consent from secured creditor, Fannie Mae, or further court approval. Fannie Mae holds a first-priority lien on the property and its rents, securing approximately $13.4 million in pre-bankruptcy debt. Although the Debtor reserves the right to later challenge certain defaults or amounts owed, it agrees that the rental income constitutes Fannie Mae's cash collateral. Fannie Mae will be provided with adequate protection, which includes monthly payments of $126,000, post-petition replacement liens on new assets and income, and a superpriority administrative claim if the protection proves insufficient. The Debtor must also maintain full replacement-value insurance and provide regular financial and operational reporting. Failure to comply can result in immediate termination of cash collateral rights after notice and cure. The final hearing is set for February 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/MWz9s from PacerMonitor.com. About KCAP Villa Gardens LLC KCAP Villa Gardens LLC is a single-asset real estate company that owns a multifamily apartment complex located at 2730 Fyke Road in Dallas, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44520) on November 19, 2025. In the petition signed by Tie Lasater, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark X Mullin oversees the case. Jeff Carruth, Esq., at Condon Tobin Sladek Sparks Nerenberg, PLLC, represents the Debtor as legal counsel. KEN'S BAR-B-QUE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Ken's Bar-B-Que, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for March 10. Ken's Bar-B-Que's accounts receivable, chattel paper, contracts, documents, cash, and bank accounts constitute property of the estate but are pledged as collateral under pre-petition loan documents in favor of Drummond Community Bank, now known as Seacoast National Bank. Seacoast holds a security interest in the Debtor's equipment, inventory, and receivables pursuant to a promissory note, chattel mortgage, and security agreement originally filed in April 2020, and the loan is delinquent. The Debtor estimates the value of its cash and accounts receivable at approximately $51,000 based on current aging reports. The Debtor said these funds are essential to pay post-petition obligations such as payroll, inventory, taxes, and equipment costs, and that without access to the cash collateral, operations would immediately cease. To protect the secured lender, the Debtor offered to grant a continuing post-petition replacement lien on all newly generated cash collateral to the extent Seacoast is determined to be secured. Seacoast is represented by: Raye C. Elliott, Esq. AKERMAN LLP 401 East Jackson Street, Suite 1700 Tampa, FL 33602 Phone: (813) 223-7333 Fax: (813) 223-2837 raye.elliott@akerman.com About Ken's Bar-B-Que Inc. Ken's Bar-B-Que, Inc. is a Florida-based restaurant company engaged in the food service industry, specializing in barbecue cuisine. Ken's Bar-B-Que, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00499) on February 5, 2026. In its petition, the debtor reports estimated assets and liabilities each in the range of $1 million to $10 million. The case is overseen by Chief Bankruptcy Judge Jacob A. Brown. The Debtor is represented by Bryan K. Mickler, Esq., of Mickler & Mickler. KITCHEN MAN: Gets Extension to Access Cash Collateral ----------------------------------------------------- The Kitchen Man Inc. received seventh interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The seventh interim order authorized the Debtor to use cash collateral for its post-petition operating expenses as set forth in its budget, which projects total operational expenses of $179,039.41 for the period from February 18 to March 17. As adequate protection, secured creditors including NFS Capital, LLC, Pearl Delta Funding, LLC and Corporation Service Company, which hold UCC-1 liens, will receive replacement post-petition liens on the Debtor's property, receivables, and other assets. The immediate use of cash collateral is necessary to avoid irreparable harm and ensure continued operations, which generate the largest source of funds for creditors, according to the Debtor. The next hearing is set for February 25. About The Kitchen Man Inc. The Kitchen Man Inc. specializes in custom countertop installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18, 2025. In the petition signed by Chris Dabideen, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. KODIAK BP: Moody's Puts 'B2' CFR Under Review for Upgrade --------------------------------------------------------- Moody's Ratings placed Kodiak BP, LLC's (Kodiak) B2 corporate family rating, B2-PD Probability of Default Rating and B3 senior secured 1st lien term loan B rating under review for upgrade following QXO, Inc.'s (Ba3 stable) announcement that it is acquiring Kodiak for $2 billion of cash and 13.2 million of QXO's shares. The outlook was previously stable. Moody's views the proposed transaction as credit positive, since Moody's expects Kodiak's $1.5 billion (as of December 31, 2025) senior secured first lien term loan due December 2031, which is rated B3, will be repaid fully at closing. Closing is anticipated for early Q2 2026. All of Kodiak's ratings will be withdrawn at that time. Governance risk considerations are material to the rating action, since the current owners are selling Kodiak and will no longer have a direct economic interest in the company. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Kodiak's ratings are under review for upgrade because QXO is a much bigger company based on revenue and the senior secured first lien term loan will be repaid fully at closing. QXO is one of the largest distributors of roofing material and other building products in the US. QXO's revenue pro forma for the acquisition of Kodiak is about $11.7 billion. Kodiak will augment QXO's existing business with more products and services, and will expand QXO's branch network in key markets. Moody's reviews will focus on the viability that QXO will execute its acquisition of Kodiak over the next 90 days and that Kodiak's debt will be repaid fully. Kodiak, headquartered in Englewood, Colorado, is a national distributor of building materials and installs a variety of home products. Court Square Capital Partners, through its affiliates, owns 71% of Kodiak and management controls the remaining shares. Kodiak's revenue for 2025 was $2.4 billion. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LA ALMITA: Yann Geron Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for La Almita Corp. Mr. Geron will be paid an hourly fee of $975 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About La Almita Corp. La Almita Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10258) on February 6, 2026, with $1 million to $10 million in assets and liabilities. Lisandro Amezquita, Legal representative, signed the petition. Judge Shireen A. Barday presides over the case. Lauren M. Osa, Esq., at CABANILLAS & ASSOCIATES, P.C. represents the Debtor as legal counsel. LABL INC: Moody's Lowers PDR to 'D-PD' Amid Chapter 11 Filing ------------------------------------------------------------- Moody's Ratings downgraded LABL, Inc.'s (doing business as Multi-Color Corporation) probability of default rating to D-PD from Ca-PD. At the same time, Moody's affirmed Multi-Color's corporate family rating at Ca. Moody's also affirmed the facility ratings on Multi-Color's senior secured credit facility, including the revolver and the term loans, at Ca, its senior secured notes rating at Ca, and its senior unsecured notes rating at C. The outlook was changed to stable from negative. The downgrade of the PDR follows Multi-Color Corporation's announcement on January 29 that the company has commenced its prepackaged Chapter 11 filing in the US bankruptcy court for the District of New Jersey. This rating action reflects governance considerations related to Multi-Color's announcement that it has initiated Chapter 11 proceedings with the intent of restructuring the company's debt. RATINGS RATIONALE Multi-Color's Ca CFR and its facility ratings reflect Moody's expectations for low recovery prospects given the details of proposed debt restructuring. Subsequent to the actions, Moody's will withdraw all of LABL, Inc.'s ratings. Multi-Color's Ca CFR remains three notches below the scorecard-indicated outcome of Caa1 for the next 12-18 months. The difference reflects the company's commencement of debt restructuring process. Headquartered in Atlanta, Georgia, Multi-Color Corporation is a provider of pressure-sensitive labels, flexible film packaging and other packaging solutions for the food and beverage, health and beauty, and consumer products markets. Multi-Color is controlled by CD&R, a private equity sponsor, which acquired the company and combined its business with Fort Dearborn in October 2021. For the 12 months that ended in September 2025, the company generated about $3.1 billion in revenue. LEVEL ONE: Hires Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------- Level One Protection, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Michael Jay Berger of the Law Offices of Michael Jay Berger to serve as general bankruptcy counsel. Mr. Berger will provide these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the Court; (f) respond to any motions filed in the Debtor's bankruptcy proceeding; (g) respond to creditor inquiries, review proofs of claim filed in the Debtor's bankruptcy, and object to inappropriate claims; (h) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pending bankruptcy proceeding; and (i) prepare a Chapter 11 Plan of Reorganization for the Debtor, if appropriate. Mr. Berger will charge $695 per hour for his services, $645 for partner Sofya Davtyan, $595 for senior associate attorney Angela Gill, $475 per hour for mid-level associate attorney Robert Poteete, $275 for senior paralegals and law clerks, and $200 for bankruptcy paralegals. The agreed upon retainer is $25,000, with $12,500 paid on January 23, 2026, and $12,500 paid on January 26, 2026. The Law Offices of Michael Jay Berger is a disinterested person, as the Applicant has no prior connection with the Debtor and is not connected with any of the Debtor's creditors or any other party in interest, according to court filings. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd. 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Level One Protection, Inc. Level One Protection, Inc. provides private security services, including security guard and patrol services, to commercial and other clients in Chino Hills, California. The company offers on-site security and protective services intended to safeguard properties, facilities, and events, operating within the security services industry. Level One Protection, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:26-bk-10989-SY) on February 11, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. The Law Offices of Michael Jay Berger is the Debtor's legal counsel. LTTS CHARTER SCHOOL: S&P Affirms 'BB-' Rating on 2014 Rev. Bonds ---------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BB-' long-term rating on Arlington Higher Education Finance Corp., Texas' series 2014 tax-exempt fixed-rate education revenue bonds, issued for LTTS Charter School Inc., (dba Universal Academy or UA). The outlook revision to negative reflects S&P's view of the school's weakened financial performance and liquidity position, with deficits in recent years, as well as enrollment that has trailed projections. Data from S&P Global Sustainable1 demonstrates that risks in Texas are typically elevated in service areas proximate to the Gulf of Mexico, which has experienced increased disaster events that could lead to lower enrollment because of displacement and/or property damage. However, UA's primary student base and facilities are located in more inland areas of the state in the Dallas-Fort Worth metroplex, which partly mitigates these risks. Consequently, S&P considers UA's environmental, governance, and social factors neutral in its credit rating analysis. The negative outlook reflects S&P's opinion of the school's weakened liquidity, deficit financial performance, and enrollment growth that has not met budgeted expectations, although the enrollment base is sizable and has been generally stable. S&P said, "We could lower the rating if the school's enrollment does not grow, if liquidity continues to deteriorate, and if financial performance remains weak. In addition, we could lower the rating if the school breaches its financial covenants, and potentially by multiple notches if debt is accelerated due to an event of default, or it issues significant debt. "We could revise the outlook to stable if enrollment grows, the school is able to post breakeven operating margins, and its liquidity improves." MACC ENTERPRISES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- MACC Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral. The court on February 18 authorized the Debtor to use cash collateral to fund operations strictly in accordance with its budget. Without Dogwood State Bank's prior written consent, the Debtor may not use cash collateral exceeding 15% above the total cash operating expenses set forth in the budget for the period, unless sales exceed that 15% threshold, in which case the Debtor may use cash collateral proportionally. The Debtor's cash collateral is primarily subject to a security interest claimed by Dogwood, which is the senior secured lender, while other lenders including Rapid Finance, Everest Business Funding, Merit Business Funding, BCA Capital Partners LLC, Headway Capital, and Olympus Business Funding hold undersecured or subordinate claims. As adequate protection, Dogwood will receive monthly payments of $5,000. In addition, the lender will be granted a replacement lien on the pre-petition and post-petition collateral and the proceeds thereof, with the same validity, priority and extent as its pre-petition lien, subject to a fee carveout. The interim order is available at https://is.gd/mnlgmI from PacerMonitor.com. The final hearing is set for March 4. The deadline for filing objections is on February 27. Dogwood is represented by: Jeffrey J. Madison, Esq. THE SUMMIT LAW GROUP, LLC 815 Grandview Avenue, Suite 200 Columbus, OH 43215 Tel: 614-960-0611 Fax: 614-960-0621 Madison@tslgohio.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. 2:26-bk-50569) on February 9, 2026. In the petition signed by Michael S. Bower, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Tiffany Strelow Cobb represents the Debtor as legal counsel. Tami Hart Kirby, Esq., at Porter Wright Morris & Arthur, LLP, represents the Debtor as legal counsel. MAD DUMPLINGS: Mark Sharf Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Mad Dumplings LLC. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Mad Dumplings LLC Mad Dumplings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10421) on February 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Kevin Tang, Esq. at Tang & Associates represents the Debtor as legal counsel. MAISEL-HINSON MAINLAND: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, entered an interim order authorizing Maisel-Hinson Mainland Floral Incorporated to use cash collateral Under the interim order, the Debtor is authorized to use business revenues and other cash collateral through March 6 in line with its budget, which projects total cash disbursements of $154,166. As adequate protection, the court granted secured creditors replacement liens on post-petition cash collateral and property acquired after the bankruptcy filing, maintaining the same priority and extent as their pre-bankruptcy liens. These replacement liens do not apply to Chapter 5 avoidance actions. The interim order preserves creditors' rights to seek additional protection, object to improper use of collateral or pursue other remedies. Moreover, the interim order provides for a carveout for certain administrative expenses, including court fees, U.S. Trustee fees and professional fees. Events of default include dismissal or conversion of the Debtor's Chapter 11 case, appointment of a trustee, or material default under the approved budget. A final hearing is scheduled for March 5. The interim order is available at https://is.gd/zzj3V9 from PacerMonitor.com. Maisel-Hinson's operations include creating and delivering custom floral arrangements, servicing commercial and house accounts, providing event setup and breakdown, and managing inventory, sourcing, and delivery. Revenue is generated through in-store, phone, online, recurring, and event-based orders. At filing, certain funds are frozen in bank accounts, merchant processors, point-of-sale systems, and web processors, which are essential to continue operations. UCC filings reveal multiple creditors with potential liens, including the U.S. Small Business Administration, Texas First Bank, Fox Funding Group LLC, Funding Metrics (also known as Lendini), and several unknown creditors. About Maisel-Hinson Mainland Floral Incorporated Maisel-Hinson Mainland Floral Incorporated manages physical design centers in Galveston and Pearland, Texas, under the Window Box Florist brand, and also operates online and legacy brands including The Empty Vase of Houston and Flower Box Florist. Maisel-Hinson sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80074) on February 6, 2026, listing up to $10 million in both assets and liabilities. Daniel Hinson, president of Maisel-Hinson, signed the petition. Judge Alfredo R. Perez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. MARAGAL MEDICAL: Seeks Chapter 11 Bankruptcy in Massachusetts ------------------------------------------------------------- On February 13, 2026, Maragal Medical, P.C., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Maragal Medical, P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. MICHAELS COS: S&P Alters Outlook to Positive, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on The Michaels Cos. Inc. and revised its outlook to positive from stable. At the same time, S&P assigned its 'B-' issue-level rating and '3' recovery rating to the proposed first-lien term loan and secured notes. S&P also assigned its 'CCC' issue-level rating and '6' recovery rating to the proposed second-lien notes. The positive outlook reflects a potential higher rating over the next 12 months if Michaels sustains operating performance gains and S&P Global Ratings-adjusted leverage below 5x and generates meaningful free operating cash flow (FOCF). The Michaels Cos. Inc.'s sales and earnings are improving faster than we expected as it captures share and improves merchandise, leading to stronger credit metrics. The company plans to issue a new $1.1 billion first-lien term loan maturing in 2033, $1.7 billion first-lien notes due in 2033, and $950 million second-lien notes maturing in 2034, using net proceeds to repay existing first-lien and unsecured debt. It will also upsize its asset-based lending (ABL) facility (unrated) to $1.1 billion and extend the maturity to 2031. The positive outlook reflects Michaels' better operating results and refinancing. S&P Global Ratings expects the proposed transaction--which includes a $1.1 billion first-lien term loan maturing in 2033; $1.7 billion of first-lien notes due in 2023; and $950 million, eight-year second-lien secured notes due in 2034--will improve its debt maturity profile. The company's current capital structure includes significant debt maturities in the coming years, with a $1.9 billion term loan in April 2028, $850 million of senior secured notes in May 2028, and approximately $1 billion of unsecured notes in May 2029. Michaels also extended the ABL maturity to 2031 and increased the availability to $1.1 billion from $1 billion, providing additional liquidity. S&P believes the refinancing will enable Michaels to better manage its debt obligations and pursue growth opportunities. S&P said, "We project leverage to improve to the mid-4x area over the next 12 months. Lower S&P Global Ratings-adjusted leverage reflects improved sales and profitability and our expectation that management will use a portion of FOCF to reduce debt. Our adjusted debt calculation includes more than $3.7 billion in funded debt and nearly $1.6 billion in operating leases. While credit metrics have improved over the past year due to a combination of EBITDA expansion and debt reduction, we view leverage as elevated for a discretionary specialty retailer with uneven performance trends in recent years. "Moreover, we believe Michaels will continue to have high fixed-cost obligations. We expect interest costs will remain elevated, with projected reported interest expense of about $330 million over the next 12 months. Although we expect FOCF to increase year over year in 2026, it will remain constrained by the interest burden. "We forecast continued sales and earnings growth in 2026. Michaels generated high-single-digit percent revenue rebound in 2025, supported by its ability to capture market share from bankrupt competitors and ongoing merchandising improvements, both of which are contributing to increased customer traffic. We expect strategic initiatives to further drive comparable sales growth over the next 12 months while approximately 10 new stores annually help support revenue. In our view, pricing and promotional strategies, new products, and in-store services will continue increased customer traffic and sales at a projected 3.7% over the next 12 months." Michaels operates in an addressable market of approximately $44 billion and benefits from a product portfolio that has expanded in recent years to a wider assortment of arts and crafts, fabric, yarn, and party supplies. Michaels benefits from a high proportion of private-label products, with more than 70% of products bearing the company's brands. This gives it control of branding and enhanced margin opportunities. Additionally, Michaels' expanding services business, including custom framing and helium balloon filling, is behind higher transactions and spending. S&P said, "We believe merchandising is also improving as Michaels emphasizes newer trends and innovation. This includes the creation of 24,000 new stock-keeping units under its own brands, leveraging global sourcing and assortment strategies, and focusing on product innovation and a better category mix. Michaels' loyalty program, with 70 million members, further augments customer spending and frequency. "Strategic actions have helped mitigate tariffs. We project profitability will rise to approximately 21.5% in 2026, driven by operating leverage and cost optimization efforts. Michaels has implemented pricing and sourcing strategies, along with overhead expense reductions, that we expect to fully offset tariff-related costs. Furthermore, Michaels continues to focus on pricing optimization and clearance to manage cost impacts. Management has negotiated with vendors to share the impact of rising costs and continues to diversify its supplier base. It has also taken proactive steps to manage operating costs, including closing a California distribution center and optimizing store staffing and operations. However, Michaels still relies heavily on imported merchandise and has significant sourcing exposure to China. A resumption of trade tensions could pressure margins beyond our base case. "We expect adequate liquidity over the next 12 months . This incorporates reported FOCF of nearly $160 million in 2026. Our view also considers ABL availability. Michaels' acceleration of inventory purchases in the second quarter of 2025 and tariff-related costs pressured FOCF in 2025 because of higher working capital needs. This includes investments in product assortment to capitalize on sale opportunities. However, we expect these pressures to abate this year and, along with capital expenditure of $125 million, project meaningful FOCF. "We believe Michaels' liquidity will remain sufficient to support operations over the next 12 months, including our expectation that management will continue to use excess cash to opportunistically reduce outstanding debt as it seeks to strengthen its capital structure toward an eventual IPO. Still, Michaels' financial sponsor ownership heightens the risk the company could pursue additional debt-funded shareholder returns or acquisitions. "A specialty retailer, Michaels derives most sales from highly discretionary products. This potentially elevates associated risks such as slow economic growth and inflation. We also believe Michaels remains significantly exposed to Chinese imports despite management's efforts to diversify its vendor base. At the same time, the company generates most of its earnings and cash flow in the fourth quarter of the year. High seasonality heightens the potential risks with performance sustainability and management's ability to execute initiatives. Therefore, we continue to apply a negative comparable ratings analysis modifier. "The positive outlook on Michaels reflects our expectation that S&P Global Ratings-adjusted leverage will improve to below 5x and EBITDA interest coverage will track to the mid-2x area over the next 12 months while the company generates meaningfully positive FOCF. "We could revise our outlook to stable if Michaels' operating performance falls short of our expectations, either due to execution missteps or macroeconomic challenges." This scenario would likely coincide with: -- S&P Global Ratings-adjusted leverage remaining in the 5x area and EBITDA interest coverage approaching 2x; and -- Weaker than expected FOCF. S&P could raise its ratings on Michaels if: -- The company demonstrates sustained operating performance gains, including sales improvement of 3% or more and S&P Global Ratings-adjusted EBITDA margin expansion to 21.5% over the next 12 months, supporting significant positive FOCF; and -- S&P expects S&P Global Ratings-adjusted leverage will remain below 5x and adjusted interest coverage in the mid-2x area. MII AVIATION: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of MII Aviation Services, LLC and Michal International Investment, LLC. The committee members are: 1. Amos & Daughters Investments & Partners Attn: Eri Steimatzky Phone: +972-52-327-9362 erimst@gmail.com. 2. Abraham Jacob Neyman Phone: +972-54-466-1731 aneyman@huji.ac.il. 3. Shaked Partners II Fund, LP Attn: Uri Rubin 4th Ariel Sharon St. Givatayim 5320054 Israel Phone: +972-3-775-0090 uri@shakedp.co.il. Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About MII Aviation Services and Michal International Investment MII Aviation Services, LLC is an aviation services company that provides aircraft maintenance, repair, and related technical support services to commercial and private aviation clients. MII Aviation Services, LLC and Michal International Investment LLC filed Chapter 11 petitions (Bankr. D. Del. Case Nos. 26-10123 and 26-0124) on February 1, 2026. In their petitions, MII Aviation Services reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million while Michal International Investment reported assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. The Debtors are represented by Mark L. Desgrosseilliers, Esq., at Chipman Brown Cicero & Cole, LLP. MJ COLLISION: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin entered a final order authorizing MJ Collision, LLC to use cash collateral. The Debtor is permitted to use cash collateral in accordance with the budget. The authorization applies only to the cash collateral of those secured parties identified in the cash collateral motion and properly served under the Court's prior order. As adequate protection, parties holding properly perfected security interests in the cash collateral are granted post-petition replacement liens with the same priority and extent as their prepetition liens. The order preserves all parties' rights to challenge the value, amount, priority, or secured status of any claims. The Debtor must provide regular Chapter 11 monthly operating reports detailing receipts and disbursements and must maintain appropriate property and liability insurance coverage to protect estate assets. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5m6FV from PacerMonitor.com. About MJ Collision LLC MJ Collision, LLC is an automotive collision repair business in Green Bay. MJ Collision sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 26-20085) on January 8, 2026., listing up to $50,000 in assets and up to $1 million in liabilities. Ray Vande Velden, sole member of MJ Collision, signed the petition. Judge G. Michael Halfenger oversees the case. John W. Menn, Esq., at Swanson Sweet, LLP, represents the Debtor as legal counsel. MOUNTAIN RIDGE: Beverly Brister Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Beverly Brister, Esq., a practicing attorney in Benton, Ark., as Subchapter V trustee for Mountain Ridge Condominium Council of Co-Owners, Inc. Ms. Brister will be paid an hourly fee of $360 for her services as Subchapter V trustee. Should travel be required outside of Saline or Pulaski Counties, the Subchapter V trustee will seek a compensation rate of $100 per hour for actual travel time incurred. Ms. Brister declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Beverly I. Brister, Esq. Attorney at Law 212 W. Sevier Benton, AR 72015 Phone: 501-778-2100 Email: bibristerlaw@gmail.com About Mountain Ridge Condominium Council of Co-Owners Inc. Mountain Ridge Condominium Council of Co-Owners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10474) on February 11, 2026, with $10 million to $50 million in assets and $500 million to $1 billion in liabilities. Judge Phyllis M. Jones presides over the case. Charles T. Coleman, Esq. at Wright, Lindsey & Jennings, LLP represents the Debtor as legal counsel. MTF CHILDCARE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The United States Bankruptcy Court for the Eastern District of Pennsylvania entered a second interim order authorizing MTF Childcare LLC to use cash collateral. The Court authorized the Debtor to use cash collateral through February 28, strictly in accordance with the budget. The Debtor demonstrated that it lacks sufficient unencumbered funds to continue operations without access to secured creditors' collateral. As of the date of the Order, no official unsecured creditors' committee had been appointed by the U.S. Trustee. The order permits a 10% variance from the budget without constituting a default and allows payment of regular monthly adequate protection payments to the U.S. Small Business Administration if included in the budget. As adequate protection for secured creditors, the Court granted replacement liens on post-petition collateral with the same validity, extent, and priority as prepetition liens, subject to a defined Carveout. The Carveout includes statutory fees owed to the Clerk and U.S. Trustee and any avoidance actions and related recoveries. If adequate protection proves insufficient, secured creditors are entitled to a super-priority administrative expense claim under section 507(b). The replacement liens are deemed automatically perfected upon entry of the Order. The automatic stay is modified as necessary to implement the Order, which is immediately effective. A further interim hearing is scheduled for February 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lWGj5 from PacerMonitor.com. About MTF Childcare LLC MTF Childcare, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Childcare LLC and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10243) on January 21, 2026. At the time of the filing, MTF Childcare LLC listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MTF HOLDINGS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The United States Bankruptcy Court for the Eastern District of Pennsylvania entered a second interim order authorizing MTF Holdings LLC and its jointly administered affiliated debtors to use cash collateral. The Court authorized the Debtors to use cash collateral through February 28, 2026, strictly in accordance with the budget. The Debtors demonstrated that they lack sufficient unencumbered funds to continue operations without access to the secured lenders' cash collateral. As of the date of the Order, no official committee of unsecured creditors had been appointed by the U.S. Trustee. The order permits up to a 10% budget variance without constituting default and authorizes payment of regular monthly adequate protection payments to the U.S. Small Business Administration if reflected in the budget. As adequate protection for secured creditors, the Court granted replacement liens on post-petition collateral to the same extent, validity, and priority as prepetition liens, subject to a defined Carveout. The Carveout includes statutory fees owed to the Clerk and U.S. Trustee, as well as avoidance actions and their proceeds. Additionally, secured creditors are granted potential super-priority administrative expense claims under Section 507(b) if the provided adequate protection proves insufficient. The replacement liens are deemed perfected automatically upon entry of the Order. The automatic stay is modified as necessary to implement the Order, which is immediately effective. A further interim hearing is scheduled for February 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/muTqX from PacerMonitor.com. About MTF Holdings MTF Holdings, LLC is a privately held investment holding company that manages strategic investments across real estate, corporate equity, and alternative asset classes. The company is based in Lancaster, Pa., and engages in allocating capital and providing oversight to its portfolio businesses. MTF Holdings and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No. 26-10236) on January 21, 2026. At the time of the filing, MTF Holdings listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Patricia M. Mayer oversees the cases. The Debtors are represented by: Albert Anthony Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 aciardi@ciardilaw.com MULTI-COLOR CORP: Barclays Sued Over Bankruptcy Collateral ---------------------------------------------------------- Hilary Russ of Law360 reports that the unsecured creditors holding notes issued by Multi-Color Corp. have initiated litigation against Barclays Bank PLC in its capacity as collateral agent, challenging claims that the bank holds liens on substantially all of the company’s assets in its Chapter 11 case. The noteholders assert that the underlying credit and security agreements grant liens only on specified categories of collateral and not on the entirety of the debtor's property. They contend that expanding the lien scope beyond those terms would unfairly prejudice unsecured stakeholders and distort the capital structure in bankruptcy, according to report. The complaint seeks declaratory relief to clarify the extent and validity of the liens. Resolution of the matter is expected to influence creditor negotiations and the allocation of proceeds as the label-maker advances through restructuring, Law360 reports. About Multi-Color Corp Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.â€™s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MVP GROUP: Gets Final OK to Use Cash Collateral ----------------------------------------------- MVP Group, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The court order authorized the Debtor to use its lenders' cash collateral pursuant to an agreed operating budget, subject to court approval or written lender consent for deviations. As adequate protection, lenders including Austin Financial Services, Inc., Investissement Quebec, and Libertas Funding LLC will receive continuing liens on all property of the Debtor that is similar to their pre-bankruptcy collateral, including all proceeds. To the extent the continuing liens do not fully protect against any diminution in the value of their pre-bankruptcy collateral, lenders will be granted replacement liens on the Debtor's current or future assets. These replacement liens do not extend to avoidance actions and are automatically perfected, with no further action required by the lenders. The Debtor's authority to use cash collateral remains effective until February 28; or earlier if terminated by an event of default, which includes noncompliance with the order, unauthorized liens; appointment of a trustee or examiner; conversion or dismissal of the Debtor's Chapter 11 case; or reversal of the interim order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ebvM1 from PacerMonitor.com. About MVP Group LLC MVP Group, LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.????S.D. Fla. Case No. 25-20199) on August 29, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Michael D. Seese, Esq., is the Debtor's legal counsel. Austin Financial Services, Inc., as lender, is represented by: Donald R. Kirk, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 dkirk@carltonfields.com MZS PROPERTIES: Court Extends Cash Collateral Access to March 3 --------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral until March 3 under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for March 3. The Debtor's principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. Sharestates holds a first priority lien on the property in the initial amount of $113,000. The lender claims it is owed $226,211 as of the petition date. Rents collected from the property are the Debtor's sole source of revenue. The value of the property is scheduled at $325,000. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., is the Debtor's bankruptcy counsel. Sharestates Investments, DACL LLC, as lender, is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com NANTUCKET GLASS: Commences Chapter 11 Bankruptcy in Massachusetts ----------------------------------------------------------------- On February 4, 2026, Nantucket Glass & Mirror, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Nantucket Glass & Mirror, Inc. Nantucket Glass & Mirror, Inc. provides custom glass and mirror services for residential and commercial clients in Massachusetts. Nantucket Glass & Mirror, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10245) on February 4, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Christopher J. Panos handles the case. NARU LLC: Seeks Court Nod to Use Cash Collateral ------------------------------------------------ Naru LLC asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection to Newtek Bank. The Debtor filed for bankruptcy on February 9 to restructure roughly $300,000 owed on an SBA-backed loan to Newtek Bank, about $137,000 in merchant cash advances, approximately $143,000 in priority tax debt, and about $145,000 in unsecured obligations. Newtek holds a properly perfected, first-priority lien on substantially all of the Debtor's assets while Credibly's lien is junior and later in time, and other MCA lenders (United First, Fundbox, and Parafin) failed to perfect any security interests. The Debtor asserts that no creditor has a perfected interest in its cash or deposit accounts and that its tangible personal property is worth only about $25,775. The Debtor argues that only Newtek is entitled to adequate protection and proposes to protect Newtek by limiting cash use to ordinary-course expenses under a budget, prohibiting senior or equal liens, making monthly adequate protection payments of $4,893.14, and granting replacement liens and a superpriority claim to the extent of any post-petition diminution in value. The Debtor contends that the MCAs are unsecured, junior, and in some cases usurious and unenforceable under state law, and therefore not entitled to protection. It seeks interim relief to avoid irreparable harm, waiver of the 14-day stay on effectiveness, and scheduling of a final hearing no sooner than 15 days after the interim hearing, arguing that continued operations and cash use are necessary to preserve the business, generate revenue, and enable a successful reorganization. A court hearing is scheduled March 19. A copy of the motion is available at https://urlcurt.com/u?l=6CmT8g from PacerMonitor.com. About Naru LLC Naru LLC, d/b/a Pier 215, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10815-mkn) on February 9, 2026. In the petition signed by Krissy Jung, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Mike K. Nakagawa oversees the case. Matthew C. Zirzow, Esq., at Laron & Zirzow, LLC, represents the Debtor as legal counsel. NAUTICAL IMPORTS: Gets Extension to Use Cash Collateral ------------------------------------------------------- Nautical Imports, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through March 25 for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from the U.S. Small Business Administration. The Debtor projects total operational expenses of $136,986 for the period from January to March. As adequate protection, the SBA and Synovus Bank will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The next hearing will be held on March 25. The interim order is available at https://shorturl.at/AY9Xc from PacerMonitor.com. Nautical Imports' cash collateral includes cash on hand, deposit accounts, accounts receivable, and future earnings that may be subject to asserted liens. As of the petition date, the Debtor held approximately $18,329 in a deposit account at Synovus Bank and was owed about $81,828 in accounts receivable. Two creditors may assert liens on this cash collateral: the SBA, which is owed approximately $495,000 and holds a UCC filing covering substantially all personal property, and Synovus Bank, which is owed approximately $68,507 and also holds a UCC filing on inventory, equipment, and related assets. About Nautical Imports LLC Nautical Imports, LLC is a Florida-based company that imports seashells, sea-life products, and coastal-themed home decor and distributes them through multiple channels. It sells individual items through its e-commerce websites, The Seashell Company, HS Seashells and Coastal Decor Store, offering craft shells and coastal home furnishings. Nautical Imports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24369) on December 4, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NEO ASSETS: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Jose Division entered an interim order authorizing Neo Assets, LLC to use cash collateral. The Debtor is authorized to use cash collateral through March 5, pursuant to the budget attached to the motion, subject to strict limitations. The Debtor may not use cash collateral to pay the junior lienholder, insiders, or insider-controlled entities. Budget variances are capped at 10% per line item and 15% in aggregate per month, with no rollover of unused amounts. A detailed monthly variance report must be filed with each operating report. As adequate protection for CTBC Bank Corp. (USA), the primary secured creditor, the Court ordered the Debtor to make monthly payments of $190,000, beginning immediately and due no later than the fifth of each month. The January 2026 payment must be made within one business day after entry of the Order. These payments are granted administrative expense priority under 11 U.S.C. section 503(b) and 507(a)(1). CTBC is granted automatically perfected replacement liens on the Debtor’s prepetition and post-petition property, retroactive to the petition date, maintaining the same validity, priority, and extent as its prepetition liens. The order does not grant liens on avoidance actions and does not determine the validity, extent, or amount of any claim. A final hearing is scheduled for March 5. About NEO Assets LLC NEO Assets, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50015) on January 6, 2026. In the petition signed by Lucy Cai, authorized representative, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Stephen L. Johnson oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as legal counsel. NEO ASSETS: Seeks to Use Cash Collateral Thru July 1 ---------------------------------------------------- Neo Assets, LLC asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to use cash collateral and approval of a comprehensive settlement and cash-collateral stipulation with its senior secured lender, CTBC Bank Corp. The request supersedes an earlier filing and, in compliance with the Northern District of California's cash-collateral guidelines, discloses key terms including a waiver of surcharge rights, a binding allowance of CTBC's claim, a full release of claims against CTBC, and prospective relief from the automatic stay effective July 1, 2026. Neo Assets owns and operates a 50-unit apartment complex that qualifies as single-asset real estate, and the post-petition rents from the property constitute cash collateral. The Debtor seeks to use these rents through July 1, 2026 to continue operating and preserving the property while it pursues a sale or refinancing. The one-month budget projects approximately $284,000 in monthly rental income against $108,000–$115,000 in operating expenses and includes a required $190,000 monthly adequate-protection payment to CTBC, leaving a positive cash position. As adequate protection, the Debtor offers these monthly payments, replacement liens on post-petition rents of equal priority to CTBC's prepetition liens, continued maintenance of insurance, taxes, and the property, detailed monthly financial reporting, and preservation of a substantial equity cushion of more than $13 million based on an estimated $38 million property value versus roughly $25 million in total liens. The Debtor also identifies a second lienholder with an assignment of rents, who will not receive payments under the proposed budget but is being served and given the opportunity to object. Neo Assets argues that without access to the rents it cannot pay essential expenses, comply with the single-asset real estate requirements, or preserve the value of the estate, and that the stipulation with CTBC is the product of arm's-length negotiations and a sound exercise of business judgment. Approval, it contends, will ensure continued operations, avoid costly lien litigation, and provide a defined runway through July 1, 2026 to complete a value-maximizing sale or refinance. A hearing on the matter is set for March 5, 206 at 10 a.m. A copy of the motion is available at https://urlcurt.com/u?l=ghI1RK from PacerMonitor.com. About NEO Assets LLC NEO Assets, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50015) on January 6, 2026. In the petition signed by Lucy Cai, authorized representative, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Stephen L. Johnson oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as legal counsel. NINE ENERGY: Seeks to Hire FTI Consulting as Financial Advisor -------------------------------------------------------------- Nine Energy Service, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire FTI Consulting, Inc. to serve as financial advisor. The firm will provide these services: (a) assist management and other professionals with the assessment and analysis of various strategic alternatives; (b) review and assist with the development or enhancement of the 13-week cash flow forecast under a variety of scenarios; (c) support the preparation of first-day motions and develop procedures and processes necessary to implement such motions; (d) assist in the identification of executory contracts and unexpired leases and perform cost/benefit evaluations with respect to the assumption or rejection of each; (e) assist the Company with developing and communicating clear, concise, and consistent messaging for stakeholders; (f) assist with developing accounting and operating procedures to segregate prepetition and post-petition business transactions; (g) prepare the Company with respect to financial disclosures required by the Court; (h) assist management in managing and responding to data requests from various constituents; (i) assist with the development or review of the Company's business plan; (j) assist in the development of a plan of reorganization and disclosure statement; (k) provide expert testimony in support of plan and disclosure statement and other matters, as needed; (l) assist with bankruptcy reporting requirements; (m) render general financial advice, financial analytics and modeling as directed by management; (n) assist in determining potential creditor recoveries under alternative scenarios; (o) attend meetings, presentations, and negotiations as requested by the Debtors; (p) assist the Company in managing and responding to data requests from various constituents; (q) assist with claims reconciliation and objections; and (r) provide other services as requested by the Company. FTI's professionals' standard hourly rates are $1,270-$1,495 for Senior Managing Directors, $940-$1,195 for Directors/Senior Directors/Managing Directors, $535-$850 for Consultants/Senior Consultants, and $195-$395 for Administrative/Paraprofessionals. FTI 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: FTI Consulting, Inc. 1301 McKinney St., Suite 3500 Houston, TX 77010 Telephone: (713) 353-5400 Facsimile: (832) 383-7570 Website: www.fticonsulting.com About Nine Energy Service Nine is a leading oilfield services business that supplies cutting edge solutions for unconventional oil and gas resource extraction and development across North America and abroad. Nine's culture is driven by an intense focus on performance and wellsite execution as well as a commitment to forward-leaning technologies that aid the development of smarter, customized applications that drive efficiencies and reduced emissions for customers. Nine is headquartered in Houston, Texas with operational reach that extends across all major onshore basins in the United States and Canada. On the Web: http://www.nineenergyservice.com/ Nine Energy Service, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 26-90295) on Feb. 1, 2026. Nine is advised in this matter by Kirkland & Ellis LLP and Kane Russell Coleman Logan PC as legal counsel, Moelis & Company as investment banker and FTI Consulting as financial and communications advisors. Epiq is the claims agent. Judge Christopher M. Lopes oversees the case. Certain noteholders under the Company's senior secured notes indenture are advised by Milbank LLP as legal counsel and Houlihan Lokey as investment banker. White Oak Commercial Finance, LLC, as DIP Agent, is advised by Paul Hastings LLP as legal counsel and Blake, Cassels & Graydon LLP, as Canadian counsel. NINE ENERGY: Taps Moelis & Company as Financial Advisor ------------------------------------------------------- Nine Energy Service, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Moelis & Company LLC to serve as financial advisor, investment banker, and placement agent. The firm will provide these services: (a) assist the Debtors in conducting a business and financial analysis of the Company; (b) assist the Debtors in identifying and contacting prospective purchasers of the Capital Transaction; (c) assist the Debtors in preparing a marketing plan and information materials describing the Company, which Moelis may distribute to potential purchasers on a confidential basis; (d) assist the Debtors in reviewing and analyzing any potential Restructuring or Capital Transaction; (e) assist the Debtors in structuring and negotiating any Restructuring or Capital Transaction; (f) assist the Debtors with respect to the strategy and tactics of negotiations with such prospective purchasers and participate in such negotiations; (g) provide guidance to the Debtors around the timing, structure, and pricing of the Capital Transaction; (h) meet with the Company's Board of Directors to discuss the proposed Transaction and its financial implications; and (i) provide such other financial advisory and investment banking services in connection with a Restructuring or Capital Transaction as Moelis and the Debtors may mutually agree upon in writing. Moelis will receive a monthly advisory fee of $150,000 per month, a Restructuring Fee of $3,750,000, and Capital Transaction Fees calculated as a percentage of transaction value, plus reimbursement of expenses, pursuant to the Engagement Letter. Moelis is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached at: Moelis & Company LLC 399 Park Avenue, 5th Floor New York, NY 10022 Telephone: (212) 883-3800 Facsimile: (212) 880-4260 About Nine Energy Service Nine is a leading oilfield services business that supplies cutting edge solutions for unconventional oil and gas resource extraction and development across North America and abroad. Nine's culture is driven by an intense focus on performance and wellsite execution as well as a commitment to forward-leaning technologies that aid the development of smarter, customized applications that drive efficiencies and reduced emissions for customers. Nine is headquartered in Houston, Texas with operational reach that extends across all major onshore basins in the United States and Canada. On the Web: http://www.nineenergyservice.com/ Nine Energy Service, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 26-90295) on Feb. 1, 2026. Nine is advised in this matter by Kirkland & Ellis LLP and Kane Russell Coleman Logan PC as legal counsel, Moelis & Company as investment banker and FTI Consulting as financial and communications advisors. Epiq is the claims agent. Judge Christopher M. Lopes oversees the case. Certain noteholders under the Company's senior secured notes indenture are advised by Milbank LLP as legal counsel and Houlihan Lokey as investment banker. White Oak Commercial Finance, LLC, as DIP Agent, is advised by Paul Hastings LLP as legal counsel and Blake, Cassels & Graydon LLP, as Canadian counsel. NMR ENTERPRISES: Seeks $1MM DIP Loan from M Lesoda -------------------------------------------------- NMR Enterprises NJ LLC and Online Stores PA LLC ask the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and obtain postpetition financing. OLS has an existing loan agreement with First National Bank of Pennsylvania for a revolving credit facility of up to $7 million, secured by substantially all of its assets, including cash, accounts receivable, inventory, and intellectual property. Due to events of default and a recent default notice from the Lender, OLS was unable to obtain consent for the use of cash collateral or additional financing from the Lender. Consequently, the Debtors arranged a debtor-in-possession loan with M Lesoda LLC for up to $1 million on a junior secured basis to bridge working capital needs. The Debtors request interim and final court orders authorizing use of cash collateral and the DIP loan in accordance with a proposed budget to fund ordinary operating expenses such as payroll, inventory, warehousing, shipping, and sales taxes, totaling approximately $2.2 million over the next four weeks. The Debtors propose adequate protection for the Lender, including maintaining the business value as a going concern, compliance with the budget, replacement liens, and an adequate protection superpriority claim, and assert that the Lender has an equity cushion in its collateral. The Debtors also argue that the DIP financing is fair and necessary, reflecting arms-length negotiations and a reasonable exercise of their business judgment, and that failure to authorize the use of cash collateral or approve the DIP loan would cause immediate and irreparable harm to the estates. A copy of the motion is available at https://urlcurt.com/u?l=TpUkSl fromPacerMonitor.com. About NMR Enterprises NJ LLC NMR Enterprises NJ LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-11349) on February 5, 2026. Aharon Rosenberg, chief executive officer, signed the petition. Ilana Volkov, Esq., at McGrail & Bensinger LLP, represents the Debtor as legal counsel. NORCOLD LLC: US Trustee Objects to Broad Chapter 11 Plan Releases ----------------------------------------------------------------- Clara Geoghegan of Law360 reports that the U.S. Trustee's Office has taken aim at Norcold's Chapter 11 liquidation proposal, urging a Delaware bankruptcy judge to reject plan provisions that would grant broad third-party releases and related injunctions. The trustee argued that the plan effectively forces creditors to give up claims against nondebtors without clear, affirmative consent. The filing contends that the debtor has not demonstrated the extraordinary circumstances required to justify such sweeping protections. Absent significant revisions, the trustee said, the plan cannot be confirmed. The office asked the court to ensure that any release provisions strictly adhere to bankruptcy law and safeguard creditor rights, the report states. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH STAR: Can Continue Paying Employees During Bankruptcy ----------------------------------------------------------- Jimmy Lawton of North Country This Week reports that a federal bankruptcy judge has granted North Star Health Alliance interim approval to continue using its operating funds, allowing its hospitals and care facilities to remain open as the system proceeds through Chapter 11 bankruptcy. The ruling came after Northern Credit Union objected to the use of cash tied to its $3.1 million line of credit, raising concerns about the protection of its loan following the recent bankruptcy filings. Northern Credit Union said it had not been notified in advance of the Chapter 11 petitions and initially opposed the health system's request to access the funds. After a February 12, 2026 hearing, the court authorized limited use of cash through Feb. 18 to cover essential expenses such as payroll and medical supplies. The order imposes strict spending limits and requires detailed reporting to the court. To safeguard the lender's interests, the judge granted Northern Credit Union additional protections. If the value of its collateral declines while the funds are used, the credit union will receive priority repayment and additional claims against North Star's assets, the report states. North Star Health Alliance and its affiliates — including Carthage Area Hospital, Claxton Hepburn Medical Center and Meadowbrook Terrace — filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of New York. The system, which employs about 1,600 people across Jefferson and St. Lawrence counties, cited rising costs, delayed reimbursements, billing challenges and cyberattacks as factors in its financial decline. State lawmakers have urged swift action from the Department of Health, warning that rural communities depend heavily on the system's continued operation, according to report. About North Star Health Alliance The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq. and Jeffrey A. Dove, Esq. of Barclay Damon LLP. NORTHEASTERN SCHUYLKILL: S&P Cuts 2013 Sewer Bonds Rating to 'B-' ----------------------------------------------------------------- S&P Global Ratings lowered its underlying rating two notches to 'B-' from 'B+' on Northeastern Schuylkill Joint Municipal Authority, Pa.'s series 2013 guaranteed sewer revenue bonds. The outlook is negative. S&P said, "The downgrade reflects a continued structural imbalance driven by insufficient rate increases, resulting in drawdowns of reserves to a very thin nominal level (halving from fiscal 2023 to fiscal 2024), which we believe exposes the authority to event risk. We further note debt service coverage (DSC), which has been below 1.0x for fiscal years 2022 through 2025 (unaudited), and large delinquencies relative to generally flat total operating revenue since fiscal 2022, which we believe exacerbate the authority's continued weak position. "In our opinion, the authority's weak risk management, culture, and oversight underpins our rating actions and has led to the authority's continued structural imbalance. We view financial and long-term strategic planning as limited and noncomprehensive, given the authority lacks codified financial policies and long-term financial forecasts, and capital plans are not produced. We believe long-range plans can promote cash flow stability, help identify potential future challenges, and would support credit quality over the longer term, especially considering a track record of weak DSC. "We view rates as affordable in the context of the service area's economic indicators, but future increases could prove challenging if delinquencies worsen from already elevated levels, or incomes weaken. The total amount past due over 30 days is $278,686 as of February 2026, or roughly one-third of the authority's total operating revenue. Liens are issued if the customer owes $500 or greater, and accounts are written off as they are deemed uncollectible based upon management's assessment of individual accounts or upon judicial sale. In addition, management has placed certain accounts into collections and is aggressively pursuing them. Although management has initiated credit-supportive strategies to enhance revenue collections and improve financial metrics, we believe a sustained strengthening hinges on management's commitment to review, implement, and update these strategies in the long term combined with additional rate increases. "Most of the system's recent environmental violations are associated with intermittent illegal discharge that the authority is working to identify. We view the authority's environmental violations as moderately negative in our analysis, mostly because management appears to have been actively working to correct them. To date, the authority has performed a significant amount of additional testing (both at the wastewater treatment plant and in the collection system) and has further engaged with the Pennsylvania Department of Environmental Protection (PADEP) Wastewater Outreach Program, which conducted a sampling study at the plant and provided recommendations for improvements that the authority is in the process of implementing. Despite these violations, it is our understanding that the authority is in compliance with all required permits. The authority's National Pollutant Discharge Elimination System (NPDES) permit expires in May 2026, and management is currently in the process of renewing it. Management reports the authority's application for renewal will need to address the violations that have occurred during the permit cycle. While management does not know what comments the PADEP will have with the application renewal, the authority continues to address the root cause of violations that have occurred." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight The negative outlook reflects further uncertainty regarding whether cost controls will produce credit-supportive DSC and higher liquidity levels in the near team, given weak DSC as of unaudited fiscal 2025. While budgeted DSC for fiscal 2026 is a more credit supportive 1.0x, we believe liquidity could decline to levels representing less than 90 days' operating expenses if expenditures increase beyond what is budgeted, which could further pressure the rating. S&P said, "We could lower the rating if the authority sees continued financial pressure, resulting in uncertainty about the system's ability to make future debt service payments, or if we view a payment default as increasingly certain over the near term, which could include further declines in reserves. While the utility may seek to tap into the guarantee provided by Rush and Ryan townships if needed, we do not incorporate this for the reasons cited above. "We could revise the outlook to stable if we perceive the authority can sustain a track record of improved structural balance, resulting in a trend of stronger reserves." OHIO LUXURY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Ohio Luxury Builders LLC 4958 Mahoning Ave. Youngstown, OH 44515 Business Description: Ohio Luxury Builders LLC, based in Youngstown, Ohio, provides construction services focused on nonresidential building projects, including commercial, industrial, and institutional structures, and holds eight real estate assets across Mineral Ridge, Hubbard, Poland, Columbiana, and Austintown, valued at approximately $2.98 million. Chapter 11 Petition Date: February 8, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-40137 Judge: Hon. Tiiara NA Patton Debtor's Counsel: Charles Tyler, Esq. CHARLES TYLER, SR., ESQ. ATTORNEY AND COUNSELOR AT LAW 137 S. Main Street, Suite 206 Akron, OH 44308 Tel: (330) 665-0910 E-mail: charles.tyler@tylerlawoffice.com Total Assets: $2,980,000 Total Liabilities: $3,226,425 The petition was signed by Corey Kemp as single member and president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NI3GBTA/Ohio_Luxury_Builders_LLC__ohnbke-26-40137__0001.0.pdf?mcid=tGE4TAMA OLD LINE BREWERS: Seeks Chapter 7 Bankruptcy in Maryland -------------------------------------------------------- On February 13, 2026, Old Line Brewers, 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 $1 million and $10 million in debt owed to 50–99 creditors. About Old Line Brewers, LLC Old Line Brewers, LLC is a Maryland-based craft brewery producing and distributing specialty beer products. Old Line Brewers, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11513) on February 13, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy V. Alquist handles the case. The Debtor is represented by Constance M. Hare, Esq. of Coon & Cole, LLC. OLIN CORP: S&P Downgrades ICR to 'BB', Outlook Negative ------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Olin Corp. to 'BB' from 'BB+'. At the same time, S&P lowered its issue-level rating on the company's unsecured notes, term loan, and revolving credit facility (RCF) to 'BB' from 'BB+'. The negative outlook reflects S&P's expectation that Olin's credit metrics will remain weak for the rating in 2026 as depressed demand and rising raw material costs more than offset the benefits from its cost-reduction measures. S&P said, "We forecast Olin Corp.'s funds from operations to debt will remain below our previous 20% downside threshold for the remainder of 2026 due to continued poor merchant chlorine and downstream vinyls demand, weak supply and demand fundamentals in epoxy, and challenged profitability in Winchester's commercial business. The company ended 2025 with FFO to debt of about 10%. "Additionally, we expect Olin will generate a discretionary cash flow (DCF) deficit in 2026--down from its slightly positive DCF generation in 2025--which will constrain its ability to deleverage via debt reduction. "All three businesses face a challenging operating environment with no near-term catalysts for improvement. We believe that these conditions, particularly the global overcapacity of--and lackluster demand for--vinyls and epoxy, will continue to negatively affect the company's chemical businesses into 2028. We expect Olin will end 2025 with FFO to debt of about 10% and debt to EBITDA of near 5x. We expect the company's FFO to debt will remain at the lower end of the 12%-20% range in 2026 due to a modest deterioration in EBITDA offset by lower cash taxes. We do not anticipate any material volume or demand improvement in Olin's chlor alkali or epoxy businesses." EBITDA from the company's largest segment, chlor alkali products and vinyls (CAPV), declined about 10% (excluding one-time items) in 2025 due to lower pricing and higher raw material costs, partially offset by greater volumes from improved operating rates. The pricing for ethylene dichloride (EDC), vinyl chloride monomer (VCM), and polyvinyl chloride (PVC) remain near historical lows, with caustic soda pricing holding up marginally better because its supply is generally a function of its co-production with chlorine rather than stand-alone demand. Olin's margins have been squeezed further by higher energy costs and a falling oil to gas ratio, which indicates a reduction in the relative competitiveness of U.S. producers. Westlake Corp.'s recent asset rationalization, which included shuttering 374,000 metric tons per year of chlor alkali capacity, along with two downstream vinyls plants, is positive from a supply perspective, though this only accounts for a small portion of North American capacity. S&P said, "Therefore, absent a sustained improvement in the demand for vinyls, urethanes, or titanium dioxide (TiO2), we believe it is unlikely industry operating rates and electrochemical unit (ECU) margins will increase over the near term, particularly given our assumptions for continued malaise in housing starts and construction activity." Olin's Epoxy EBITDA remained negative for a second straight year in 2025 amid weaker coatings demand and competition from Asian imports. S&P said, "However, we expect the segment will generate marginally positive EBITDA in 2026 due to its contractual cost savings at Stade (about $40 million), potential market share gains from supply rationalization by competitors in Europe, and incremental tariffs and duties. However, we expect Olin's epoxy profitability will remain weak, with margins in the low single-digit percent range over at least the next few years, due to overcapacity in Asia and sluggish demand in the West." Olin's Winchester segment (reported EBITDA down 63% in 2025) has faced weak consumer demand and high channel inventory, which has reduced its commercial volumes and made it difficult for ammunition producers to pass on the rapidly rising cost of copper and propellant to their customers. While the company's military ammunition sales have remained strong and it continues to benefit from military project revenue, these come at a much lower margin than commercial ammunition sales. S&P said, "Olin's EBITDA margins for the segment declined to 2% in the fourth quarter of 2025, from over 20% in recent years, and we expect they will remain in the single digit percent area over the next 24 months due to a negative sales mix and higher copper, brass, and propellant costs. Management has stated they are implementing price increases to cover the majority of 2025 raw material cost escalation; however, the company hedges its commodity copper cost. Therefore, we expect higher copper pricing will flow through to its cost of goods with a lag. Even if prices do not escalate further, the segment will likely face higher costs over the next 12 months. We believe higher costs will offset a slight inflection in the company's commercial ammunition demand, amid a tariff-driven reduction in global ammunition imports into the U.S. and management's cost-reduction measures, which will result in essentially flat EBITDA year over year in 2026." S&P said, "Overall, we expect Olin will generate S&P Global Ratings-adjusted EBITDA of about $600 million in 2026, which is down from about $700 million in 2025. The decline in the company's earnings primarily reflects our assumption of weaker ECU profitability due to sluggish demand, lower merchant chlorine pricing, and weak derivatives margins, which are somewhat offset by resilient caustic soda pricing. We also assume Olin improves its epoxy EBITDA year over year, through cost reductions, and expect Winchester's EBITDA will remain relatively flat. "We expect Olin to refrain from completing share repurchases and focus on debt reduction over the next few years. However, the company's ability to deleverage via debt repayment will be constrained by its lack of DCF generation, particularly in 2026. This focus on debt reduction contrasts with management's financial policies over the previous three years, during which it used essentially all of its free operating cash flow (FOCF) for shareholder rewards. Since 2022, Olin has generated about $1.3 billion of cumulative FOCF and returned about $1.4 billion to its shareholders. Despite a roughly 25% decline in the company's 2025 EBITDA, it generated about $250 million of FOCF and was able to keep its net debt roughly flat via tight working capital management (working capital was a $250 million source of cash in 2025). We anticipate Olin's FOCF will be neutral in 2026, due to lower EBITDA, one-time cash payments, and flat working capital, and do not believe it will be able to cover its $90 million dividend with its internal cash flow generation. However, in our base case, which assumes a very modest improvement in CAPV profitability back toward 2025 levels, we anticipate Olin will generate sufficient FOCF to cover its dividend and repay incremental debt in 2027. We anticipate the company's leverage will peak in 2026, with S&P Ratings-adjusted debt to EBITDA reaching nearly 6x, before falling below 5x in 2027." The negative outlook reflects the macroeconomic challenges currently facing the chlor alkali, epoxy, and commercial ammunition markets. These include weaker end-market demand for vinyls, TiO2, urethanes, and epoxy due to a malaise in global building and construction activity, as well as an inventory overhang, pressured consumer budgets, and rising input costs, which have reduced Winchester's profitability. S&P said, "We anticipate the end-market demand for CAPV and epoxy will remain depressed in coming quarters, which will constrain the upside for both the company's pricing and operating rates. We expect Olin will end 2026 with FFO to debt of slightly below the range we consider appropriate for the current rating (12%-20%) but anticipate it will improve this metric back within that range in 2027 (to about 17%) through its cost-reduction measures, a marginal improvement in demand, and debt repayment. "We could take a negative rating action on Olin in the next 12 months if chlor alkali demand weakens further, causing its weighted-average FFO to debt to remain below 12%. This could occur if global economic growth and U.S. construction activity are weaker than we expect or U.S. housing starts fall in 2026. A downgrade is also possible if Olin is unable to execute on its cost-reduction measures, which we expect to offset the deterioration in its business fundamentals, it pursues financial policies that prioritize share repurchases over debt reduction, or if our view of the company's business deteriorates. "We could consider revising our outlook on Olin to stable if the end-market demand for chlorine derivatives, such as vinyls/PVC, TiO2, and urethanes, improve modestly in the coming quarters and Winchester's commercial business does not deteriorate further. Under this scenario, we would also require the company to maintain weighted-average FFO to debt of more than 12%. Based our forecast for the company's balance sheet as of year-end 2025, FFO to debt of 12% corresponds with S&P Global Ratings-adjusted EBITDA of over $600 million." ONYX BUSINESS: Taps Bleakley Bavol Denman & Grace as Counsel ------------------------------------------------------------ Onyx Business Solutions of Florida, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Samantha L. Dammer, Esq. of Bleakley Bavol Denman & Grace to serve as bankruptcy counsel. The firm will provide these services: (a) analyzing financial situation, and rendering advice and assistance to the Debtor in determining legal options under Title 11, United States Code; (b) advising the Debtor with regard to the powers and duties of the Debtor and as Debtor-in-possession in the continued operation of the business and management of the property of the estate; (c) preparing and filing of petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; (d) representing the Debtor at the Section 341 Meeting of Creditors; (e) giving the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-possession in the continued operation of its business and management of its property, if appropriate; (f) advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear on hearings thereon; (h) protecting the interest of the Debtor in all matters pending before the court; (i) representing the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) performing all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. Bleakley Bavol Denman & Grace will receive compensation on an hourly basis at the standard hourly rates of the respective attorneys and paralegals, which are currently $425 for services rendered by Samantha L. Dammer, subject to periodic adjustment, plus reimbursement of actual and necessary expenses. Bleakley Bavol Denman & Grace is disinterested and represents that it has no connection with the Debtor, the creditors, or any other party in interest, and represents no interest adverse to the Debtor or the estate, according to court filings. The firm can be reached at: Samantha L. Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 E-mail: sdammer@bbdglaw.com About Onyx Business Solutions of Florida, Inc. ONYX Business Solutions of Florida, headquartered in Tampa, provides printing and document management solutions across Florida, including Jacksonville, Orlando, Naples, Miami, and Fort Lauderdale. The company offers high-speed inkjet and laser printers, duplicators, paper handling equipment, and document management software, supported by local sales, technical service, and supply management. Its operations focus on delivering cost-effective, high-volume printing solutions and related equipment to organizations printing between 500 and 5 million copies per month. Onyx Business Solutions of Florida, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Fla. Case No. 8:26-bk-01104) on February 12, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. Bleakley Bavol Denman & Grace is Debtor's legal counsel. PAPPAS PIPING: Gets Final OK to Use Cash Collateral Until April 5 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division entered a final order authorizing Pappas Piping Service, Inc. to use cash collateral. The Court authorized the Debtor to use cash collateral on a final basis through April 5 in accordance with the approved budget attached to the motion. The Debtor may immediately use cash collateral consistent with that budget. As adequate protection, Live Oak Banking Company is granted post-petition security interests and replacement liens in all of the Debtor’s assets, including accounts receivable, inventory, and DIP accounts, to the extent cash collateral is used. These liens maintain the same priority, extent, and validity as Live Oak's prepetition liens and are granted priority over administrative expenses, subject to professionals' rights to seek court approval of fees. Pirs Capital LLC is adequately protected through the cash payments outlined in the approved budget. The Court also waived the 14-day stay under Bankruptcy Rule 6004(h), making the order immediately effective. About Pappas Piping Service Pappas Piping Service, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10033) on January 6, 2026, listing up to $10 million in both assets and liabilities. The Debtor is represented by David A. Wood, Esq., at Marshack Hays Wood LLP. PARKCO BUILDING: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On February 11, 2026, Parkco Building Company filed for Chapter 7 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 Parkco Building Company Parkco Building Company provides commercial and residential construction services, including project management and building solutions. Parkco Building Company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10988) on February 11, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Sanaz Sarah Bereliani, Esq., of Bereliani Law Firm, PC. PARTNERS PHARMACY: Court OKs to Tap Dickinson Wright as Co-Counsel ------------------------------------------------------------------ Partners Pharmacy Services, LLC and its affiliated debtors received approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Dickinson Wright PLLC to serve as co-counsel to the Debtors. The firm will provide these services: (a) advising the Debtors of their rights, powers and duties as debtors and debtors in possession; (b) preparing (or reviewing and commenting on, as applicable) applications, motions, pleadings, proposed orders, notices, monthly operating reports, and other documents to be filed by the Debtors in these chapter 11 cases; (c) taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors may become involved; (d) advising the Debtors in connection with the sale of substantially all of their assets or the transfer of operations; (e) preparing, filing, and pursuing approval of any chapter 11 plan and disclosure statement filed by the Debtors in these chapter 11 cases; (f) representing the Debtors in matters with and before the United States Trustee and in hearings before this Court; and (g) performing all other legal services for and on behalf of the Debtors that may be necessary or appropriate in these chapter 11 cases. Dickinson Wright attorneys and professionals will provide services at hourly rates including $1,690 to $1,605 for Patrick Potter, $745 for Ashley Jericho, $530 for Lexi Lauring, and $390 for Angela Coats, and will seek reimbursement for reasonable and necessary expenses, subject to court approval. Dickinson Wright 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: Patrick J. Potter, Esq. DICKINSON WRIGHT PLLC 1825 Eye Street, NW, Suite 900 Washington, DC 20006 Telephone: (202) 659-6964 E-mail: PPotter@dickinsonwright.com About Partners Pharmacy Services, LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Judge Christopher M. Lopez oversees the case. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PCR AGAWAM: Starts Chapter 11 Bankruptcy in Massachusetts --------------------------------------------------------- On February 16, 2026, PCR Agawam LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About PCR Agawam LLC PCR Agawam LLC is a Massachusetts-based limited liability company engaged in real estate ownership and investment activities. PCR Agawam LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30101) on February 16, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq., of Law Offices of Louis S. Robin. PENNYMAC FINANCIAL: Moody's Affirms 'Ba2' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has affirmed all the ratings of PennyMac Financial Services, Inc. and its subsidiaries (together known as PFSI). Moody's have affirmed PFSI's Ba2 long-term corporate family rating and its Ba3 backed senior unsecured debt rating. Concurrently, Moody's affirmed Private National Mortgage Acceptance Co, LLC's (Private National) long-term issuer rating of Ba3. The outlooks for PFSI and Private National are stable. The rating action follows PFSI's 11 February announcement that it has entered into a definitive agreement to acquire the subservicing business of Cenlar Capital Corporation (Cenlar), which consists of primarily subservicing contracts and mortgage servicing rights, for an all-cash up-front purchase price of $172.5 million and up to $85 million of additional contingent consideration. RATINGS RATIONALE The ratings affirmation reflects the acquisition's modest credit-positive impact on PFSI's financial profile. Based on Cenlar's current portfolio, PFSI will add $740 billion in unpaid principal balance (UPB) of mortgage loan servicing to its servicing portfolio, bringing it to over $1 trillion. However, PFSI's pro forma servicing portfolio includes $307 billion of transition customers, including portfolios subject to sale transactions or customers that have announced intentions to transition their servicing from Cenlar to other platforms. Still, upon successful integration of the portfolio, Moody's expects that the increased scale and diversification will enhance PFSI's operating leverage, support stronger profitability, and moderately reduce earnings volatility. Management expects the acquisition to be slightly dilutive to net income in 2026 and 2027 due to costs associated with transitioning loans from Cenlar to PFSI, but expects it to contribute approximately $100 million in net income accretion once fully integrated. In 2025, PFSI reported core net income, excluding fair value marks on mortgage servicing rights and non-recurring items, of $568 million. The ratings affirmation also reflects PFSI's track record of operational performance. Over the last several years, the company has further strengthened its franchise position in the correspondent origination channel, which continues to support its above-average profitability, particularly during periods of market stress, versus rated non-bank residential mortgage companies. Upon completion of the acquisition, PFSI will become the number two mortgage servicer in the United States, further strengthening its franchise position in the US mortgage ecosystem. In addition, PFSI's capitalization is consistently solid and its funding and liquidity profile is adequate for its current rating level. PFSI's Ba3 backed long-term senior unsecured debt rating is based on the company's Ba2 CFR and reflects the ranking of senior unsecured obligations in PFSI's capital structure. PFSI's stable outlook reflects Moody's expectations that the integration risk of the Cenlar acquisition is modest and that the company will continue to achieve solid profitability, minimize operational risk, and maintain solid capitalization while continuing to strengthen its franchise position and maintain its liquidity profile over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if PFSI strengthens its solid financial performance, whereby Moody's expects that long-term through-the-cycle profitability as measured by net income to average managed assets will average at least 4.0%. In addition, the company would need to maintain strong capitalization as measured by tangible common equity (TCE) to adjusted tangible managed assets (TMA) above 20.0%, continue to strengthen its franchise position, particularly in the broker and direct-to-consumer origination channels, and further improve its funding structure by continuing to reduce its reliance on secured corporate debt. Moody's could upgrade PFSI's backed senior unsecured rating and Private National's long-term issuer rating if the company maintains the ratio of secured corporate debt to total corporate debt to below 25%. The ratings could be downgraded if PFSI's financial performance deteriorates; for example, if Moody's expects net income to average managed assets to remain below 3.0%, or if leverage increases such that PFSI's TCE to adjusted TMA declines and remains below 17.5%. In addition, PFSI's backed senior unsecured bond rating and Private National's long-term issuer rating could be downgraded if the ratio of secured debt to total corporate debt increases and remains above 65%; under this scenario, Moody's would expect the loss on senior unsecured obligations in the event of default to be materially higher. The principal methodology used in these ratings was Finance Companies published in July 2024. PFSI's "Assigned Standalone Assessment" score of ba2 is set four notches below the "Financial Profile" initial score of Baa1 to reflect the company's refinancing risk from short-term funding reliance, operational and regulatory risk and the operating environment for US mortgage companies. PG & KG GIBBS: Seeks Chapter 7 Bankruptcy in Georgia ---------------------------------------------------- On February 6, 2025, PG & KG Gibbs Construction LLC filed for Chapter 7 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About PG & KG Gibbs Construction LLC PG & KG Gibbs Construction LLC is a Georgia-based construction company providing residential and commercial building services, including general contracting and project management. PG & KG Gibbs Construction LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20175) on February 6, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by William A. Rountree, Esq., of Rountree Leitman Klein & Geer, LLC. PG&E CORP: Moody's Affirms Ba2 Rating on Sr. Secured Notes ---------------------------------------------------------- Moody's Ratings affirmed the ratings of Pacific Gas & Electric Company (PG&E), including its Baa3 Issuer rating, and the ratings of its parent company, PG&E Corporation (PCG), including its Ba2 senior secured rating and Ba3 junior subordinated notes. All of the debt in PG&E's capital structure is secured on a first lien basis by substantially all of the utility's real assets and certain tangible assets. The parent's senior secured debt is secured by a pledge of the stock in PG&E. RATINGS RATIONALE "The positive outlooks reflect Moody's expectations that PCG and PG&E will improve their financial ratios during the 2026–2027 period," said Nati Martel, Moody's Ratings VP – Senior Analyst. "The positive credit trajectory also indicates Moody's expectations for continued progress on the utility's wildfire mitigation strategy and that California's wildfire related legislative protections will continue to work as intended," added Martel. At year-end 2025, PG&E and PCG's ratios of CFO before changes in working capital (CFO pre-W/C) to debt approximated 16% and 13.5%, respectively. Moody's expects that PG&E will be able to generate a CFO pre-W/C in the high-teens percent range, on a sustained basis, despite increasing leverage to fund its elevated capital expenditures. Factors contributing to the financial improvement include PGE&'s ability to further implement cost saving initiatives, and 2026 scheduled rate increase approved in the 2023 general rate case (GRC). The ability to sustain stronger financial ratios will also depend on a credit supportive outcome of the pending GRC in 2027, which will set rates through 2030. Moody's expectations that PCG will be able to generate a ratio of CFO pre-W/C to debt of around 15%, is also hinged upon management's announcement that only a limited use of holding company debt will help to fund the group's investments. This should keep the ratio of holding company debt to consolidated debt at about 10%. Furthermore, management's targeted dividend payout ratio, of 20%, compares favorably with peers. These financial ratios exclude the impact of wildfire related securitization debt of about 10 billion. The affirmation of PG&E and PGE's ratings reflects the utility's constructive relationship with regulators and extensive cost recovery mechanisms, offset by the utility's substantial exposure to wildfires - an important physical climate risk in its service area. The ratings are strongly predicated on the expectation that PG&E will continue to receive safety certifications that allow it access to the $21 billion wildfire fund, and a credit supportive application of the cost prudency standards, both established by Assembly Bill (AB) 1054 in 2019. The wildfire fund, a central component of California's risk protection framework particularly in terms of liquidity, was reinforced with another $18 billion of committed capital following the enactment of Senate Bill (SB) 254, in September 2025. This diminished the risk of full fund depletion, following the January 2025 Los Angeles severe wildfires in a peer utility's service territory. Passage of SB 254 underscores Moody's views that California has and will continue to take action to help the state's investor-owned utilities, including PG&E, manage the financial and liquidity demands of their wildfire liabilities. In November 2025, PG&E initiated regulatory proceedings for the recovery costs associated with past wildfires, Dixie (2021) and Kincade (2019). This is the first proceeding testing the application of the new prudency in California, and the outcome will provide an important point of reference. SB 254 also included a requirement that the fund administrator delivers, by April 01, 2026, a set of recommendations on, among other things, alternative models or strategies for the legislature to consider when managing the financial burden of wildfire damage and distributing wildfire related costs. Some of the proposed reforms may not be implemented within the next 12 to 18 months, but the study will provide a general idea of the appetite for potential enhancements to the current framework to establish a more sustainable long-term solution and support the financial stability of California's investor-owned utilities. ESG considerations were a key factor in this rating action, as PGE and PG&E's progress in reducing physical climate risk as it relates to wildfire risk was a significant driver of its positive outlook. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Assuming further credit supportive implementation of the wildfire legislation, including AB 1054 and SB 254, and access to the wildfire fund, an upgrade of PG&E's ratings is possible if it is able to generate a ratio of CFO pre-W/C to debt in the high-teens percent range, excluding wildfire related securitization, on a sustained basis. An upgrade of PCG's ratings is possible following an upgrade of PG&E's ratings and if PCG is able to generate a ratio CFO pre-W/C to debt in the 15%-range and a ratio of Retained Cash flow (RCF) to debt in the 13-14% range, both excluding the impact of wildfire securitization, on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS A stabilization of the outlook is likely if PG&E fails to generate a ratio of CFO pre-W/C to debt in the high-teens percent range, on a sustained basis. A downgrade of PG&E could occur if the implementation of wildfire legislation or the application of the cost recovery prudency standard and liability cap are less credit supportive than currently anticipated. Negative rating pressure is likely if PG&E does not have access to the wildfire fund because it failed to maintain its annual wildfire safety certification. The ratings could be downgraded if wildfire liabilities increase materially as a result of new fires. A stabilization of PCG's outlook or a rating downgrade would likely follow similar rating actions at PG&E. A stabilization of PCG's outlook is also likely if the holding company debt increases materially, which could also put pressure on the utility's ratings, or if PCG's financial profile deteriorates such that it fails to generate a ratio of CFO pre-W/C to debt in the 15%-range, on a sustained basis. Similar to PG&E, a downgrade of PCG could occur if the implementation of wildfire legislation or the application of the cost recovery prudency standard and liability cap are less credit supportive than currently anticipated or if wildfire liabilities increase materially as a result of new fires. Negative rating pressure is likely if PG&E does not have access to the wildfire fund because it failed to maintain its annual wildfire safety certification. LIST OF AFFECTED RATINGS Issuer: PG&E Corporation Affirmations: Junior Subordinated, Affirmed Ba3 Senior Secured, Affirmed Ba2 Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Pacific Gas & Electric Company Affirmations: LT Issuer Rating, Affirmed Baa3 Preferred Shelf, Affirmed (P)Ba2 Senior Secured Shelf, Affirmed (P)Baa1 Preferred Stock, Affirmed Ba2 Senior Secured First Mortgage Bonds, Affirmed Baa1 Outlook Actions: Outlook, Changed To Positive From Stable The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. For PG&E Corporation (PCG), the scorecard indicated outcome of Baa3 is two notches above the assigned Ba2 senior secured rating, reflecting the high physical climate risk associated with wildfires not fully considered in the scorecard. For Pacific Gas & Electric Company (PG&E), the net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PHONEIC INC: Seeks to Hire Finestone Hayes as Counsel ----------------------------------------------------- PhoneIC, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Brent D. Meyer of Finestone Hayes LLP as general bankruptcy counsel. Mr. Meyer will provide these services: (a) assist with plan formulation; (b) prepare the schedules and the statement of financial affairs; (c) review monthly operating reports, respond to creditor inquiries, and evaluate claims; and (d) perform all services usually performed by general bankruptcy counsel. The firm's current hourly rates are: Steve Finestone $710; Jennifer Hayes $710; Brent D. Meyer $450 to $635; Ryan Witthans $575; and Of Counsel and Associates $520. Finestone Hayes LLP received a retainer of $41,738 from the Debtor in Possession, with a remaining balance of $29,407.50 held in the firm's IOLTA Trust Account, and all fees and costs are subject to Court approval. Finestone Hayes LLP is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) and as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached at: Brent D. Meyer, Esq. FINESTONE HAYES LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Telephone: (415) 765-1588 Facsimile: (415) 762-5277 E-mail: bmeyer@fhlawllp.com About PhoneIC Inc. PhoneIC, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30051) on January 20, 2026, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Dennis Montali presides over the case. Brent D. Meyer, Esq., at Meyer Law Group, LLP represents the Debtor as bankruptcy counsel. PLAZA 106: Seeks to Hire Lewis Hansen as Special Counsel -------------------------------------------------------- Plaza 106, LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire James C. Lewis, Esq. and the law firm of Lewis Hansen to serve as its special counsel. Mr. Lewis and the firm will provide these services: (a) represent the Debtor in all eviction matters; (b) handle all state court actions related to eviction matters; and (c) handle all contested matters regarding eviction issues. The firm will be paid at these rates: James C. Lewis $350 Wendy McIntyre (paralegal) $125 The firm and their employees do not hold or represent any interest adverse to the estate, according to court filings. The firm can be reached at: James C. Lewis, Esq. LEWIS HANSEN 230 South 500 East, Suite 380 Salt Lake City, UT 84102 Telephone: (801) 746-6300 About Plaza 106 LLC Plaza 106 LLC, based in Price, Utah, operates in the Iron and Steel Mills and Ferroalloy Manufacturing industry, producing and processing ferrous metals and related materials. Plaza 106 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25459) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented Andres Diaz, Esq. at Diaz & Larsen. PLURI INC: Posts $6.87MM Net Loss in Q2, Raises Going Concern Doubt ------------------------------------------------------------------- Pluri 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. Net loss for the six-month and three-month periods ended December 31, 2025 were $13,004,000 and $6,872,000, respectively, as compared to net loss of $9,146,000 and $3,110,000 for the six-month and three-month periods ended December 31, 2024, respectively. Revenues for the six-month and three-month periods ended December 31, 2025 were $514,000 and $198,000, respectively, as compared to $511,000 and $185,000 during the six-month and three-month periods ended December 31, 2024, respectively. The Company has incurred an accumulated deficit of approximately $455,448,000 and incurred recurring operating losses and negative cash flows from operating activities since inception. As of December 31, 2025, the Company's total shareholders' equity deficit amounted to $14,608,000. During the six-month period ended December 31, 2025, the Company incurred losses of $13,004,000 and its negative cash flow from operating activities was $10,633,000. The Company will be required to identify additional liquidity resources in the near term in order to support the commercialization of its products and maintain its research and development activities. As of December 31, 2025, the Company's cash balances (cash and cash equivalents, short-term bank deposits, restricted cash and restricted bank deposits) totaled $13,645,000. The Company is addressing its liquidity issues by implementing initiatives to allow the continuation of its activities. The Company's current operating plan includes various assumptions concerning the level and timing of cash outflows for operating activities and capital expenditures and a cost-reduction plan. The Company's ability to successfully carry out its business plan is primarily dependent upon its ability to: (1) obtain sufficient additional capital, (2) enter licensing or other commercial, partnerships and collaboration agreements, (3) provide CDMO services to clients, (4) enter into agreement with EIB regarding a loan restructuring, and (5) receive other sources of funding, including non-dilutive sources such as grants. There is no assurance, however, that the Company will be successful in obtaining an adequate level of financing needed for the long-term development and commercialization of its products, or any financing at all. In the event that the Company is unable to obtain the required level of financing, operations may need to be scaled down or discontinued. According to management estimates, the Company has sufficient resources to meet its operating obligations for a period of less than six months from the issuance date of these interim unaudited condensed consolidated financial statements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $30,596,000 in total assets, $32,346,000 in total current liabilities, $7,463,000 in total long-term liabilities, and $9,213,000 in total deficit. PORTLAND DUCK: Cash Collateral Hearing Set for Feb. 26 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Maine set a February 23 deadline for Portland Duck, LLC to submit a proposed order if it seeks to continue using cash collateral or obtain additional debtor-in-possession financing after February 28. The court scheduled a further hearing on the matter for February 26 and set February 25 as the deadline for filing objections. Portland Duck, LLC previously obtained court approval to borrow up to $50,000 in DIP financing from insider and creditor, Heidi MacVittie, who holds a 20% membership interest. It also obtained authority to use cash collateral. The Debtor has used the DIP loan and cash collateral, in line with its budget, to fund immediate operational needs, including payroll, insurance, and other essential expenses. The DIP loan carries a 5% interest rate and matures on December 31 and is secured by second-priority liens on all assets acquired before and after the Debtor's Chapter 11 filing, junior only to Norway Savings Bank's first-priority liens. The DIP lender, Norway Savings Bank and the U.S. Small Business Administration were granted adequate protection through liens, superpriority administrative claims, and carveouts for professional fees, ensuring that the value of their interests is preserved. Norway Savings Bank is represented by: Bodie B. Colwell, Esq., Esq. Preti Flaherty, LLP One City Center P.O. Box 9546 Portland, ME 04112-9546 Phone: (207) 791-3000 bcolwell@preti.com About Portland Duck LLC Portland Duck, LLC is a Maine-based company operating duck boat tours under the Quack N’ Cruise brand in Portland, Maine, and New Orleans, Louisiana. The Debtor filed Chapter 11 bankruptcy petition (Bankr. D. Maine Case No. 25-10205) on October 24, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Michael A. Fagone oversees the case. The Debtor tapped Bernstein, Shur, Sawyer & Nelson, P.A. as bankruptcy counsel. QVC GROUP: Contrarius Investment Holds 8.9% Equity Stake -------------------------------------------------------- Contrarius Investment Management Ltd and Contrarius Investment Management (Bermuda) Ltd, disclosed in a Schedule 13G (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 702,768 shares of Series A common stock -- with shared voting and dispositive power as non-U.S. institutions equivalent to investment advisers; other persons have the right to receive or direct receipt of dividends/proceeds from such shares -- of QVC Group, Inc.'s Series A common stock, representing 8.9% of the shares outstanding. Contrarius Investment Management Ltd may be reached through: Thomas Daniel Perkins, Director 2 Bond Street, St Helier Jersey, JE2 3NP, Channel Islands Tel: 44 1534 823 136 A full-text copy of Contrarius Investment Management Ltd's SEC report is available at: https://tinyurl.com/543pfarm About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of September 30, 2025, the Company had $7.56 billion in total assets, $10.54 billion in total liabilities, and $2.98 billion in total deficit. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Company Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its Company credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." QXO INC: Moody's Affirms 'Ba3' CFR Following Kodiak Transaction --------------------------------------------------------------- Moody's Ratings affirmed QXO, Inc.'s Ba3 corporate family rating and Ba3-PD probability of default rating. Moody's also affirmed the Ba3 senior secured notes rating and Ba3 senior secured term loan B rating of QXO Building Products, Inc., the operating subsidiary of QXO, Inc. The outlook remains stable. The speculative grade liquidity (SGL) rating is SGL-1. The rating action follows the company's announcement that QXO entered into a definitive agreement to acquire Kodiak Building Partners Inc. (Kodiak BP, LLC, B2 on review for upgrade), a national distributor of building materials, for a value of $2.25 billion, including a cash consideration of $2 billion plus about 13.2 million shares of QXO common stock. "The acquisition of Kodiak is the next big step in QXO's growth strategy within the building products sector while making progress towards the company's stated deleveraging target of reported net debt/EBITDA of 3.0x," said Griselda Bisono, Vice President-Senior Credit Officer at Moody's Ratings. Pro forma for the transaction, Moody's adjusted debt to EBITDA declines meaningfully to 4.1x as of September 30, 2025 from 5.3x. The transaction provides cross-selling opportunities with customers through the entrance into several new product categories and expansion in others including manufactured products, windows, doors/millwork, specialty building products and services, lumber and lumber sheet goods, steel products and wallboard. RATINGS RATIONALE QXO's Ba3 CFR reflects Moody's expectations that the company will maintain a prudent financial policy, with a focus on deleveraging and maintaining consistent positive free cash flow. Nevertheless, current market conditions and the integration costs associated with the Beacon acquisition has negatively impacted QXO's EBIT margin, which was in the low single-digit range in 2025 from 7% in 2024. However, Moody's notes that EBIT margins are impacted by the fair value adjustments required under GAAP as part of the Beacon acquisition in 2025. EBITDA margin was about 8% for the LTM period ended September 30, 2025 compared with 10% in 2024. The Kodiak acquisition will place further pressure on margins in the near-term as the company seeks to scale procurement, improve network optimization, deploy AI-powered inventory management, and other tech-enabled operating efficiencies. Moody's expects gradual improvement by 2027 as revenue and cost initiatives are realized. Execution risks regarding the management's improvement initiatives, however, remain high and there is risk that synergies will not be realized as planned. In addition, event risk exists with respect to future additional acquisitions given QXO's ambitious growth plans. The company has ample liquidity to finance the acquisition, with $2.3 billion of unrestricted cash as of September 30, 2025 and $3 billion in committed convertible preferred equity financing as of January 2026, which is specifically earmarked for future acquisitions. The transaction is expected to close early in the second quarter of 2026. Other factors considered in the rating include weaker demand fundamentals across new residential construction and repair and remodel as consumers contend with high interest rates, which will make it difficult to realize organic growth in 2026. The SGL-1 speculative grade liquidity rating reflects Moody's expectations of strong liquidity over the next 18 months. Moody's assessments of the company's liquidity incorporates strong free cash flow generation over that time period, which will provide flexibility to reduce debt, as well as ample availability on the company's $2 billion ABL revolver which matures in April 2030. Other positive factors include ample cushion under the financial maintenance covenants of the credit facility, no near-term debt maturities and limited alternative sources of liquidity given the company's largely encumbered asset base. The stable outlook incorporates Moody's expectations that QXO will make meaningful progress integrating Kodiak over the next 12-18 months while continuing to execute on the integration of Beacon Roofing, which was acquired in April 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require improvement in key credit metrics, including Moody's adjusted debt-to-EBITDA sustained below 3.5x and EBITDA-to-Interest Expense sustained above 5.0x. A ratings upgrade would also require preservation of very good liquidity and maintenance of conservative financial policies. A ratings downgrade could result if the company fails to delever as expected and Moody's adjusted debt-to-EBITDA is sustained above 4.5x, EBITDA-to-Interest Expense is sustained below 4.0x, if the company experiences consistent erosion in operating margins and free cash flow generation or if there is a deterioration of liquidity. QXO, Inc., headquartered in Greenwich, Connecticut, is one of the largest wholesale distributors of roofing material and other building products in the US. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. QXO's Ba3 CFR is two notches above the B2 scorecard-indicated outcome for the last 12 months period ending September 30, 2025, which reflects the pro forma adjustments following the Beacon Roofing acquisition in April 2025. The variance stems specifically from increased scale, profitability, interest coverage and cash flow achieved with this acquisition. QXO INC: S&P Affirms 'BB-' ICR on Kodiak Acquisition ---------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Connecticut-based building materials distributor QXO Inc. because it expects pro forma leverage will remain well under its 5x downgrade threshold, despite difficult industry conditions. S&P said, "We placed our issue-level ratings on the company's debt on CreditWatch with positive implications because we expect recovery prospects for lenders to improve. "The stable outlook reflects our forecast for leverage at about low-3x and our expectation that it will periodically spike above 4x due to acquisitions." QXO Inc. announced it entered into an agreement to acquired Kodiak Building Products (B+/Watch Dev/--) for $2.25 billion, including $2 billion in cash and $250 million in common stock. The accretive acquisition expands QXO's addressable market through new product categories and provides cost and revenue synergy opportunities. S&P said, "We affirmed our issuer credit rating on QXO because leverage remains good for the rating. We expect QXO to fund the cash portion of the Kodiak acquisition with a draw under its previously announced preferred stock commitments. We view the preferred stock as having a combination of equity- and debt-like features, therefore we expect to incorporate 50% of the principal in our adjusted debt figure (subject to a cap of 15% of total capitalization). We expect all of Kodiak's existing debt will be repaid. "QXO's leverage was better than our upgrade threshold and we expect it could improve further in 2026. We estimate its standalone leverage at the end of 2025 was about 3.5x, improving to 3.2x after including the Kodiak acquisition, the preferred stock draw to fund it, and $750 million of common equity issued in January 2026. However, leverage could fluctuate because of costs to achieve synergies and periodically rise above 4x because of our expectation that the company will continue to be acquisitive. QXO has about $3 billion of cash on its balance sheet that we net against debt, so leverage will likely increase if it uses that cash for acquisitions as we expect. "Kodiak synergies should be achievable. Management is targeting more than $90 million of synergies, which is significant relative to Kodiak's current EBITDA. We believe QXO's playbook of centralizing and standardizing procurement and pricing will suit Kodiak's decentralized model, and QXO says there is significant vendor overlap. We expect other tech-enabled synergies will be similar to those it is implementing at the former Beacon Roofing Supply after acquiring it last year." The acquisition will expand QXO's addressable market. QXO is currently concentrated in roofing materials distribution. Kodiak adds lumber, construction supplies, and gypsum distribution as well as value-added assembly, fabrication, and installation services. QXO's strategy is to consolidate building materials distributors and unlock value by implementing tech-enabled efficiencies and improving procurement. It intends to increase share with large homebuilders and eventually become a preferred supplier serving the full project lifecycle of large, multi-site developments and master-planned communities. Kodiak's higher gross margins should lift those of QXO. Soft industry demand over the last year has hurt Kodiak, particularly in the southeast U.S. where the company has a larger presence. QXO's revenue decreased about 3% in 2025, but Kodiak's fell about 9% partly because it derives more than 70% of its revenue from residential new construction, which has been more negatively affected by high mortgage rates and affordability issues. S&P expects these categories will be more volatile than QXO's existing roofing products, which depend on more stable repair and remodeling spending. Nevertheless, Kodiak will only represent about 20% of the combined company's revenue, and QXO could expand its LBM footprint to reduce geographic concentration. S&P said, "The industry should be more stable in 2026 but a significant rebound this year is unlikely. We view the long-term industry dynamics favorably because of pent-up housing demand and undersupply over the last two decades. We expect some improvement in 2026 as we believe the building materials sector is close to a trough, but S&P Global Ratings economists project housing starts will be flat to down 1% at about 1.35 million this year. We forecast modest 2% growth in starts in 2027. "There will be rebranding and integration risk because of Kodiak's decentralized operating model. Kodiak operates under dozens of local brands with long histories. We believe QXO intends to rebrand them all to QXO Building Products. Though this could cause some employee and customer dissatisfaction in the short term, but should be favorable for QXO's strategy to provide a consistent customer experience. Other challenges that accompany any large acquisition are present, including combining cultures and retaining talent. That said, CEO Brad Jacobs has a good track record and our base case assumes a successful integration. "Recovery for lenders should improve. The addition of a $2.25 billion business without more funded debt should improve recovery prospects for QXO lenders in our hypothetical distressed scenario. We expect to increase our recovery valuation and issue-level ratings when the acquisition is completed, and as such we placed our issue-level ratings on the company's debt on CreditWatch with positive implications. "The stable outlook reflects our forecast for leverage at about low-3x and our expectation that it will periodically spike above 4x due to acquisitions. "We could lower our ratings on QXO if S&P Global Ratings-adjusted leverage approaches 5x on a sustained basis." This could occur if: -- Profitability is significantly weaker than S&P expects due to continued market weakness and integration challenges; or -- The company undertakes aggressive financial policy decisions such as pursuing larger debt-financed acquisitions or shareholder returns that deteriorate its credit ratios. S&P could raise its ratings on QXO if: -- The company maintains S&P Global Ratings-adjusted leverage comfortably under 4x and FOCF to debt comfortably above 10% including acquisitions and sustains these levels through most market conditions; or -- S&P views its business more favorably to be in line with higher rated peers, likely due to larger scale and greater category diversification. RAZZOO'S INC: Plan Exclusivity Period Extended to March 30 ---------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Razzoo's Inc. and Razzoo's Holdings, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 30 and May 29, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that the terms and structure of the plan and disclosure statement depend in large part on the administrative claim pool relative to the Debtors' remaining cash, and the ongoing analysis of whether meaningful distributions can be made to creditors. With the sale process recently completed and the TSA currently in effect, the Debtors submit that they continue to make good faith progress towards reorganization and an additional extension is warranted. The Debtors explain that they are obligated under the TSA to provide Transition Services throughout the Service Term, which is expected to conclude on or about March 31, 2026. The Debtors have consulted with the Committee and are conducting an analysis of whether a feasible chapter 11 plan can be filed and confirmed to bring these Chapter 11 Cases to an efficient conclusion concurrently with the End Date of the TSA, or as soon thereafter as reasonably practicable. Moreover, an extension of the applicable deadlines to file a plan, and to obtain acceptances of a plan, will afford the Debtors, the Committee and all parties in interest, the necessary breathing room to resolve the outstanding issues and propose viable plan terms. Accordingly, the Debtors submit that this extension is being sought for a proper purpose. The Debtors assert that throughout these Chapter 11 Cases, the companies have consistently paid their bills as they come due and, to the Debtors' knowledge, they are current on most, if not all, of their postpetition obligations. As part of their post-Closing efforts, and in consultation with the Committee, the Debtors are in the process of analyzing the scope of the potential administrative claims pool to determine the feasibility of a chapter 11 plan. Counsel to the Debtors: Matthew S. Okin, Esq. Ryan A. O'Connor, Esq. Kelley Killorin Edwards, Esq. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 E-mail: mokin@okinadams.com E-mail: roconnor@okinadams.com E-mail: kedwards@okinadams.com About Razzoo's Inc. Razzoo's, Inc., operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. RBT LOGISTICS: To Hire DeMarco Mitchell as Legal Counsel -------------------------------------------------------- RBT Logistics Corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco Mitchell, PLLC to serve as legal counsel. DeMarco·Mitchell, PLLC will provide these services: (a) take all necessary action to protect and preserve the Estate; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will be employed on an hourly basis for actual and necessary services rendered, with current rates of $450 for Robert T. DeMarco and $300 for Michael S. Mitchell, and $125 for a paralegal. A retainer of $10,000 has been paid, with fees of $3,600 and filing fees of $1,738 incurred prior to the petition date, and a remaining balance of $4,662 held in trust. DeMarco·Mitchell, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco·Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About RBT Logistics Corporation RBT Logistics Corporation, based in Plano, Texas, operates as a general freight trucking company providing transportation services. RBT Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40406) on January 30, 2026, with $1 million to $10 million in both assets and liabilities. Robert B. Tapley, president of RBT Logistics, signed the petition. Judge Edward L. Morris presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. RED LOBSTER: Plans to Close More Locations in 2026 to Cut Costs --------------------------------------------------------------- Sydney Maldonado of silive.com reports that seafood chain Red Lobster plans to shutter more restaurants as it continues to recover from its 2024 bankruptcy filing, Syracuse.com reported. Financial strain became evident before the filing, when the company's Orlando location recorded a $76 million loss in 2023, contributing to widespread closures. In the days leading up to its Chapter 11 petition, more than 50 underperforming locations were closed and their equipment auctioned. Additional shutdowns followed after the bankruptcy filing as the company reevaluated its operations, the report states. Fortress Investment Group acquired Red Lobster in September 2024, positioning the chain for a fresh start. Damola Adamolekun, formerly chief executive of P.F. Chang’s, was appointed CEO to guide the turnaround strategy, according to report. Adamolekun said in a Feb. 10, 2026 interview with The Wall Street Journal that the company is reassessing its lease portfolio and may close dozens more restaurants in 2026. Despite a 10% sales increase compared with last year, revenue has not returned to pre-bankruptcy levels. The chain currently operates roughly 500 to 550 restaurants nationwide, including one in Times Square and several in Upstate New York. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC, represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. RED RIVER: J&J Opposes Beasley Allen's Effort to Pause DQ Order --------------------------------------------------------------- Emily Sawicki of Law360 reports that Johnson & Johnson has opposed efforts to block enforcement of an appellate decision removing Beasley Allen from representing ovarian cancer plaintiffs in talc litigation. In papers filed with a New Jersey court, the company argued that the lower court lacks standing to halt the appellate panel's disqualification order. The company asserted that the appellate division's ruling is controlling and cannot be set aside or delayed by the trial court. J&J said that if the plaintiffs' firm seeks relief, it must pursue it directly through the appellate system rather than through a parallel proceeding, according to report. The matter affects hundreds of women alleging injuries tied to talcum powder products. J&J maintains that enforcing the disqualification order is necessary to preserve procedural fairness and prevent additional disruption in litigation that has already spanned years and involved extensive motion practice, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RESULTS STAFFING: Commences Chapter 11 Bankruptcy in Maryland ------------------------------------------------------------- On February 9, 2025, Results Staffing Solutions, LLC filed for Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Results Staffing Solutions, LLC Results Staffing Solutions, LLC is a Maryland-based staffing and workforce solutions company providing temporary and permanent placement services across various industries. Results Staffing Solutions, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11382) on February 9, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1 million and estimated liabilities of $0–$100,000. The Debtor is represented by Terry E. Morris, Esq., of Morris Palerm, LLC. RHODIUM ENCORE: Lehotsky Seeks Sanctions for Settlement Fee Row --------------------------------------------------------------- Rick Archer of Law360 reports that Lehotsky Keller Cohn LLP has asked a Texas bankruptcy judge to sanction certain board members of bankrupt cryptocurrency miner Rhodium Encore LLC and their counsel, accusing them of advancing unfounded allegations of misconduct to stall payment of $8.9 million in approved legal fees. In a motion filed with the court, the firm argued that the accusations were baseless and strategically timed to delay compensation. According to the filing, the law firm contends that the board members raised claims of ethical violations and conflicts without evidentiary support, despite prior court approval of the fee request. The firm maintains that the objections were not made in good faith but instead served as a litigation tactic to postpone payment during the Chapter 11 proceedings. Lehotsky Keller Cohn is asking the court to impose sanctions to deter what it characterizes as improper conduct and abuse of the bankruptcy process. The dispute adds another layer of contention to the Rhodium Encore case, which has involved ongoing disagreements over governance, compensation and control during the restructuring, the report states. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RMKD LIQUORS: To Sell Liquor Store to Carnero's Wine for $375K -------------------------------------------------------------- RMKD Liquors Inc., d/b/a Columbia Wine Co., seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor was incorporated on March 27, 2013, as an S-Corp., under the laws of the State of New York and maintains its principal place of business at 4038 Broadway, New York, New York 10032 in the building known as and located at 565 West 169th Street, New York, New York 10032, in the Washington Heights area of New York City. Debtor is a retail liquor store in New York that specializes in selling alcoholic beverages. It offers a wide range of products, including wine, spirits such as vodka, whiskey, rum and tequila, liqueurs, and sometimes specialty items like mixers, cocktail ingredients if it contains alcohol, or alcohol-related accessories such as bottle openers, wine bags, and wine keys. The years following the COVID-19 pandemic saw a drastic decline in liquor sales, particularly in areas like New York City and Washington Heights where the Debtor's business is located. As the pandemic led to widespread lockdowns and restrictions, many people vacated the City in search of safer, quieter environments, which led to a reduced local population and lower demand for alcohol. In Washington Heights, rising crime rates further discouraged both locals and tourists from frequenting establishments that served liquor, contributing to a sharp drop in sales. To attract more customers and generate more sales, the Debtor spent a significant sum of monies on advertising. Debtor used various lines of credit to purchase more inventory, reduce its prices, and offered more client discounts. Despite these efforts, sales continued to decline, which continued each month. The Debtor, with the assistance of its business broker, engaged in a marketing process for the sale of its assets, including outreach to multiple potential purchasers. The Debtor receives an offer from Carner's Wine Group, Inc. to purchase substantially all of the Debtor's assets in a private sale for $375,000.00. The Assets to be sold to the Purchaser include inventory, equipment, intellectual property, contracts, permits, among other things, and an assumption of the Lease with the Debtor’s Landlord. The Purchaser submitted the highest and best offer under the circumstances, memorialized in the Asset Purchase Agreement. The Purchaser has already met with the Landlord who has consented to the assignment upon payment of cure amount which is estimated at $179,295.19. The Purchaser is not assuming any liabilities of the Debtor other than the obligations under the Lease excluding any cure amounts. The assets specifically excluded from this proposed sale are cash, avoidance actions and other rights and assets reserved by the Debtor. The proposed Sale is conditioned upon the Purchaser obtaining a liquor license from the New York State Liquor Authority and an Order of this Court. The proposed Sale has been negotiated in good faith and at arm’s-length, with no collusion or insider self-dealing. Purchaser has tendered 10% of the Purchase Price of $37,500, as a good faith deposit, which is being held in the escrow account of Debtor's counsel. The Debtor had five secured creditors, each of which has asserted liens on the Debtor's Assets including Chase, U.S. Small Business Administration, TD Bank, N.A., Colony Bank, American Express Business Line of Credit. The Debtor respectfully submits that it is authorized to sell the Assets free and clear of all liens, interests, encumbrances, and other interests with such liens, claims, interests and encumbrances. About RMKD Liquors RMKD Liquors Inc. operates a retail liquor store in New York, offering a variety of alcoholic beverages including wine, vodka, whiskey, rum, tequila, and liqueurs. It also sells alcohol-related accessories such as bottle openers, wine bags, and wine keys, and occasionally stocks specialty items like cocktail mixers containing alcohol. RMKD Liquors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10940) on May 7, 2025. In its petition, the Debtor reported total assets of $127,400 and total liabilities of $1,440,174. Judge David S. Jones handles the case. The Debtor is represented by Jeb Singer, Esq., at J. Singer Law Group, PLLC. SAKS GLOBAL: Hearing Today on Bid to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing today to consider the request of Saks Global Enterprises, LLC's debtor affiliates for another extension to use cash collateral. The Debtors' authority to access cash collateral under the court's third interim order expires today. The third interim order entered on February 6 authorized the Debtors -- Saks OFF 5TH Holdings, LLC, Saks OFF 5TH, LLC, Saks OFF 5TH Midco Partner, Inc., and Luxury Outlets USA, LLC (the SO5 Digital Debtors) -- to use cash collateral in accordance with the court-approved budget, subject to permitted variances. The third interim order granted protection to Callodine Commercial Finance, LLC, as administrative and collateral agent under the 2021 term loan, and other pre-bankruptcy secured creditors through valid, perfected liens on the Debtors' assets, superpriority claims, and cash payments until the debt is paid in full. Termination events under the third interim order include failure to comply with the milestones and occurrence of an event of default. As of the petition date, substantially all of the Debtors' cash is subject to the pre-bankruptcy secured creditors' liens and constitutes cash collateral. Without access to these funds, operations would be immediately disrupted, causing irreparable harm to the business, its employees and vendors, and diminishing estate value. The Debtors anticipate that current cash, operating revenues, and asset sale or monetization efforts will be sufficient to fund near-term operational needs. While the Debtors operate largely as a standalone company, certain operations remain consolidated with Saks Global Enterprises and its other affiliates, which occasionally make payments on behalf of the Debtors. To manage these transactions, the parties agreed to create an intercompany claim escrow. Under this structure, $350,000 is deposited in a segregated escrow account; escrow funds may be transferred to Saks Global Enterprises and its other affiliates only by agreement or by further court order; and unused escrow funds remain segregated until agreement or court order releases them. The escrow mechanism is critical to maintaining operational continuity and protecting value. Without it, the Debtors could lose access to essential functions, potentially jeopardizing sales, revenue collection, and overall liquidity, which would directly threaten the estates' value. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to the Ad Hoc Group. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serve as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SAKS GLOBAL: Says Simon Failed to End 2 Leases Prior to Chapter 11 ------------------------------------------------------------------ Vince Sullivan of Law360 reports that Saks Global has asked a Texas bankruptcy judge to block landlord Simon Property Group from reclaiming two store locations, arguing the leases were still in effect when the retailer entered Chapter 11. According to the debtor, Simon did not finalize termination of the agreements before the bankruptcy filing, meaning the leases passed into the bankruptcy estate. Saks maintains that the automatic stay bars any unilateral effort to repossess the properties. The retailer says preserving its rights under the leases is critical to its reorganization strategy and potential value maximization. It urged the court to reject Simon’s position and recognize that the agreements remain subject to bankruptcy court oversight. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAKS GLOBAL: Vendors, Creditors in Talks to Avoid Loan Court Battle ------------------------------------------------------------------- Nicholas P. Brown of Reuters reports that talks are underway to prevent litigation over whether millions of dollars in luxury inventory can serve as collateral for Saks' $1.75 billion Chapter 11 loan. The dispute centers on goods supplied by vendors under concession or consignment terms. Suppliers have pressed for safeguards ensuring that lenders do not claim rights to those products or the cash proceeds from their sale. The negotiations involve Saks, its vendor base and the group providing debtor-in-possession financing. The parties are attempting to finalize terms before a court deadline to challenge the loan. Although some sources say discussions are nearly complete, others indicate that key issues remain unresolved, the report relays. Saks has said it would not be able to sustain operations in bankruptcy without the DIP loan, which is led by Pentwater Capital Management and Bracebridge Capital. The situation underscores the dominant position often held by DIP lenders, who receive priority liens and can exert significant control during a restructuring, according to Reuters. 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. SALLY'S RESTAURANT: Claims to be Paid from Income ------------------------------------------------- Sally's Restaurant LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated February 10, 2026. The debtor is the owner and operator of Sally's Restaurant located at 911 Erskine Street, Brooklyn, New York 11239. The restaurant employs approximately 5 to 8 employees and the principal of debtor is the head chef. On the Petition Date, the Debtor filed his voluntary petition for reorganization pursuant to Chapter 11 of the Bankruptcy Code. The Debtor has continued in possession of his property and the management of the business affairs as Debtor-in-Possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. Class 2 shall consist of Allowed General Unsecured Claims. The General Unsecured claims to date total $85,448.11. The holders of Class 2 Claims shall be paid liquidation value in a Pro rata distribution which shall paid commence thirty days after the Effective Date. The Class 2 Claim is impaired and is entitled to vote to accept or reject the Plan. The Plan will be funded using monthly operating income from the restaurant. Since the Plan contemplates receiving all of the funding necessary from the Loan, Confirmation of the Plan is not likely to be followed by the need for further financial reorganization of the Debtor or any successor to the Debtor under the Plan. Pursuant to the Plan, all payments and all distributions shall be in full and final satisfaction, settlement and release of all claims and interests, except as otherwise provided in the Plan. A full-text copy of the Disclosure Statement dated February 10, 2026 is available at https://urlcurt.com/u?l=2nS9Ru from PacerMonitor.com at no charge. Counsel to the Debtor: Law Offices of Gregory A Flood Gregory A. Flood, Esq. 900 South Avenue – Ste 300 Staten Island New York 10314-3428 Tel: 718-568-3678 E-mail: floodlaw@gmail.com About Sally's Restaurant Sally's Restaurant LLC is a food service business operating in Brooklyn, New York. Sally's Restaurant sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4384) on Aug. 8, 2025. In its petition, the Debtor listed assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Gregory A. Flood, at the Law Offices of Gregory A. Flood. SANDERSON TOWING: Employs Hayward PLLC as Bankruptcy Counsel ------------------------------------------------------------ Sanderson Towing and Truck Tires LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Hayward PLLC to serve as general bankruptcy counsel. Lead counsel will be Charlie Shelton. Hayward PLLC will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) preparation and filing of the voluntary petition and other paperwork necessary to commence this proceeding; (d) assisting the Debtor in preparing and filing the required schedules, statement of financial affairs, monthly operating reports, and any amendments thereto; (e) assisting the Debtor in preparing the initial Debtor's report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; (f) representation of the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor; (g) representation of the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and (h) assisting the Debtor in the formulation of a plan of reorganization, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. Mr. Shelton will receive an hourly rate of $600, other attorneys will bill $300 to $550 per hour, paralegals $150 to $215 per hour, and legal assistants $95 per hour. The firm will also charge $0.20 per page for in-house photocopies and actual costs for other out-of-pocket expenses, including postage and travel. Hayward PLLC is a "disinterested" person within the meaning of the Bankruptcy Code and does not represent any entity with an adverse interest to the Debtor or its estate, according to court filings. The firm can be reached at: Charlie Shelton, Esq. HAYWARD PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Telephone: (737) 881-3336 E-mail: CShelton@HaywardFirm.com About Sanderson Towing and Truck Tires, LLC Sanderson Towing and Truck Tires, LLC provides towing services and commercial truck tire sales and support to customers in Texas. Sanderson Towing and Truck Tires, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-70017) on January 15, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Herbert C. Shelton II, Esq. of Hayward PLLC. SASH GROUP: Gets Interim OK to Use Cash Collateral Until May 30 --------------------------------------------------------------- Sash Group, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of California, San Diego, to use cash collateral. The court authorized the Debtor to use cash collateral only for expenses listed in the budget covering the period through May 30. Specifically, the court explicitly excluded authorization for payment of professional fees or expenses during this interim period, which requires a separate order. The Debtor may use proceeds from inventory sales in the U.S. and Canada but must promptly reimburse MFD for contract costs and related charges and share purchase orders for verification. The debtor is permitted to exceed individual budget line items by up to 15%, provided it does not spend outside the approved expense categories. The Debtor projects total operational expenses of $153,244 for the period from Jan. 31 to Feb. 28; $153,244 for March; $201,171 for April; and $230,421 for May. As protection for the use of their cash collateral, secured creditors including Manufactured Networks, Inc. and the U.S. Small Business Administration were granted replacement liens. In addition, Manufactured Networks and SBA will receive monthly payments of $5,000 and $731, respectively, by May 15, 2026. Manufactured Networks is represented by: Steven N. Kurtz, Esq. J. Alexandra Rhim, Esq. Levinson Arshonsky Kurtz & Komsky, LLP 15303 Ventura Blvd., Suite 1650 Sherman Oaks, CA 91403 Telephone: (818) 382-3434 Facsimile: (818) 382-3433 arhim@lakklawyers.com About Sash Group Inc. Sash Group Inc. is the San Diego-based company behind 'The Sash Bag' brand of crossbody handbags and accessories. Sash Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01150) on March 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 milliion and $10 million each. The Debtor is represented by: Matthew D. Resnik Rhm Law LLP Tel: 818-285-0100 Email: matt@rhmfirm.com SCRIPPS TWO: Unsecured Creditors Will Get 100% of Claims in Plan ---------------------------------------------------------------- Scripps Two, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement describing Chapter 11 Plan dated February 10, 2026. The Debtor is a real estate holding company and holds one property. Its main asset, is commonly known as Campus Commons Medical Dental Building located at 2 Scripps Drive, Sacramento CA 95825 (the "Property"). The Debtor faced significant challenges with renovating the Property, where in Debtor believed the funds obtained from ROIOF Series, a series of Red Oak Capital Fund Series, LLC initial $9 million dollar loan to cover the purchase of the Property and renovation costs were insufficient. During the course of construction costs went up significantly due to rising prices of both material and labor, as well as unforeseen damage discovered. Red Oak agreed to provide these additional funds and forebear on a foreclosing on the Property. The space has a prospective tenant, and the Debtor was pledging additional collateral to secure these funds. A third-party lender of the collateral would not consent to the pledge. Debtor offered other collateral owned by Jeff Beger for such pledge, in which that primary lender consent had already been received. Red Oak reversed its position and decided to move forward with the foreclosure sale for November 13, 2025. As a result, the Debtor filed the instant Chapter 11 Case to stay the foreclosure and protect its assets. The Debtor seeks the opportunity to use Chapter 11 reorganization in efforts to save the Property. Debtor's Plan represents its best efforts to repay creditors while setting a realistic budget and timeline to execute its plan. The Debtor is a California limited liability corporation and is majority owned and managed by Jeffrey Berger and minority members of Melinda Walker and Kenneth Karmolinski. Debtor will continue to operate its affairs during the bankruptcy in the same capacity. Debtor's management company, University Capital Management, is also owned and managed by Jeffrey Berger. Class 5 consists of General Unsecured Claims. The Debtor estimates that the total amount of general unsecured claims to be approximately $45,928.38 The Debtor shall pay $45,928.38 or 100% of allowed unsecured in one-lump sum payment on the twelve month from the Effective Date of the Plan. This Class is impaired. Class 6 consists of General Unsecured Insider Claims. The Debtor estimates that the total amount of general unsecured insider claims to be approximately $635,969.76. Debtor shall make no disbursements to insider claims until all claimants in classes 1-5 are paid in full and satisfied. This Class is impaired. Class 7 consists of Equity Holders. Equity Security Holders shall not receive a dividend until the payments contemplated by this Plan are completed. However, Equity Security Holders may receive payment for their services to the Debtor. In the event that an Equity Security Holder forgoes postconfirmation pay that pay shall accrue to the Equity Security Holder as a post-confirmation liability payable when cash flow permits or upon the sale or transfer of the Debtor. Payments and distributions under the Plan will be funded by the following: * Provide for payment to creditors under the plan from rental income generated from the Property. * Within the next 12 months, Debtor will complete the renovations to the remaining first floor suites. * Within 12 months of the Effective Date, Debtor will sell or refinance the Property and pay all secured and unsecured claims in full. * Under this Plan, Debtor retains all property of the estate. * Administrative claims, including attorney fees, and trustee fees, that shall be paid upon confirmation of Debtor's plan. * Post-Confirmation Management: Debtor is a California limited liability corporation and owned and managed by Jeffrey Berger and will continue to manage its own affairs. A full-text copy of the Disclosure Statement dated February 10, 2026 is available at https://urlcurt.com/u?l=lPDVjW from PacerMonitor.com at no charge. Counsel to the Debtor: Gabriel E. Liberman, Esq. Law Offices Of Gabriel Liberman, APC 1545 River Park Drive, Ste 530 Sacramento, CA 95815 Tel: (916) 485-1111 E-mail: attorney@4851111.com About Scripps Two, LLC Scripps Two, LLC, is a real estate holding company and holds Campus Commons Medical Dental Building located at 2 Scripps Drive, Sacramento CA 95825 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26371) on November 12, 2025. In the petition signed by Jeffrey Berger, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, APC, represents the Debtor as legal counsel. SINO GREEN: Raises $314,700 Through Subscription Agreements ----------------------------------------------------------- Sino Green Land Corporationo Capital Corp. disclosed in a regulatory filing that it entered into Subscription Agreements with individual investors identified in the Subscription Agreements providing for the private placement of an aggregate of 283,500 shares of the Company's common stock, par value $0.001, in three separate tranches, as follows: * 22,000 shares at a per share purchase price of $1.80, for aggregate gross proceeds of $39,600; * 193,500 shares at a per share purchase price of $1.00, for aggregate gross proceeds of $193,500; and * 68,000 shares at a per share purchase price of $1.20, for aggregate gross proceeds of $81,600. All of the offerings closed on February 11, 2026. Sino Green to use the proceeds of the Offering for operating capital. The issuance of shares of Common Stock pursuant to the Subscription Agreements was made in reliance upon the exemptions from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, (the "Securities Act") and Regulation D and/or Regulation S promulgated under the Securities Act. The Company believes the exemptions provided by Section 4(a)(2) and Regulation D, and/or Regulation S of the Securities Act were available because the offering did not involve a public offering and each of the Purchasers in the Offering represented that it is an "accredited investor" within the meaning of Rule 501(a) of Regulation D and/or is not a "U.S. person" as defined in Regulation S. No underwriters were involved in the offer and sale of the Common Stock in the Offering. Full text copies of the Subscription Agreements are available at https://tinyurl.com/5f4dww36, https://tinyurl.com/2w62dr77, and https://tinyurl.com/4h98672w. About Sino Green Land Corp. Sino Green Land Corp. is a US holding company incorporated in Nevada. It conducts business through its Malaysia subsidiary "Tian Li Eco Holdings Sdn. Bhd", which is an environmental protection technology, recycling and renewal of plastic waste bottles and packaging materials being recycled and sale of recovered and recycled products, a company incorporated and based in Malaysia. With the mission too rooted in advocating for waste recycling, aiming for a sustainable environmental future. With its strategic initiatives, the company's objective is to become a prominent environmental recycling entity in Asia over the coming five years. Singapore-based Audit Alliance LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company incurred a net loss of $1,808,994 and used cash in operating activities of $845,971, result in an accumulated deficit of $4.7 million. The Company's current liabilities exceeded current assets $4.4 million, and the stockholder deficit of $2.4 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $4.6 million in total assets, $7.2 million in total liabilities, and $2.6 million in total stockholders' deficit. SLM CORP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed SLM Corporation's (SLM) and Sallie Mae Bank's (SLM Bank) Long-Term Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlooks are Stable. Key Rating Drivers Intrinsic Creditworthiness: SLM's IDRs are based on the holding company's intrinsic creditworthiness, as SLM's 'bb+' Viability Rating (VR) is in line with its implied VR. SLM is the largest private student lender in the U.S. and generates strong operating profits. Its rating is constrained by its concentration in unsecured credit, limited capital base, asset-liability mismatch and impaired loan ratio. The Stable Outlook reflects Fitch's expectation that SLM's fundamentals will remain in line with ratings over the outlook horizon. Less Regulated Operating Environment: Fitch assesses SLM's operating environment (OE) score at 'a+', one notch below that of typical U.S. banks. SLM does not operate as a bank holding company under the Federal Reserve and is not subject to consolidated supervision at the parent level. Its subsidiary bank is regulated by the Federal Deposit Insurance Corporation (FDIC) in tandem with its state regulator in Utah and is also subject to supervision by the Consumer Financial Protection Bureau (CFPB). Narrow Business Profile: SLM has significant franchise strength, representing more than 60% of industry-wide 2024 private student loan originations, and serves roughly one million customers through approximately 2,100 universities and colleges. Its revenues and monoline business model underpin its business profile score of 'bb+'. Since 2022, SLM has addressed credit deterioration and operational challenges that arose after implementing more stringent forbearance policies at YE21. In late 2025, SLM signed a three-year agreement with KKR (A/Stable) to originate, sell and service $2 billion of loan originations, which will increase fee income without increasing risk-weighted assets. Risk Profile: SLM's monoline business model carries concentration in long-duration, unsecured loans. Loans are funded with short-term demand deposits, of which 41% are brokered. SLM's double leverage ratio improved in 4Q25 from elevated levels in recent years, which reflects a moderating risk appetite for holdco leverage. Asset Quality Improving: SLM's ratio of impaired loans to total loans improved to 4.2% in 4Q25 from 6.9% at YE24, as loan modifications for recent college graduates moderated. Net charge-offs of 2.15% for 2025 improved from 2.19% in 2024 and 2.4% in 2023. As SLM increases sales of originated loans under its new partnership with KKR, its on balance sheet loans will become more seasoned, which should modestly increase its NCO rate; however, this will be offset by higher fee income. Robust Profitability: SLM's operating profitability remains a rating strength, with operating profits to risk-weighted assets (OP/RWAs) of 3.8% in 2025 and 3.1% in 2024. SLM's profitability has steadily improved as its credit and earlier operational challenges have been resolved. Its net interest margin has remained stable while its efficiency ratio is among the lowest in its peer group. Fitch assesses SLM's earnings and profitability score at 'bbb-' with an adjustment for revenue diversification. The KKR agreement is likely to enhance capital and add earnings visibility while margins are expected to remain steady. Capital Ratios Lower than Peers: Fitch estimates the bank-level CET1 ratio of 11.1% at YE25 exceeds the consolidated level given double leverage of 136%, although this has improved from 145% at YE25. Based on Fitch's "Global Bank Rating Criteria," Fitch estimates SLM's core capital ratio at 8%. Given a comparison to peers' capital ratios and scores as well as SLM's implied capital ratio in the 'bb' category, Fitch has lowered SLM's capital and leverage score to 'bb' from 'bb+'. Liquidity and Funding: SLM's funding relies on price-sensitive brokered deposits, which account for 41% of deposits at YE25, an improvement from 45% at YE24. SLM has $497 million of senior unsecured notes maturing in November 2026. In 2025, it had a similar amount of debt due in the fall and successfully refinanced early in the year, which Fitch anticipates will recur this year. Holding Company: SLM's VR is equalized with that of SLM Bank, reflecting very close correlation of the failure risk between the holding company and subsidiary. Fitch expects SLM's common equity double leverage to continue to trend toward 120% and for holding company liquidity to remain adequate following its debt refinancing in 2026. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch could notch down the holding company's ratings from those of SLM Bank if double leverage does not continue to decline toward 120% or parent liquidity falls materially below 2x near-term obligations for a sustained period; - A decline in capital ratios as reflected by the ratio of tangible common equity to tangible assets to below 6% without a credible plan to rebuild capital distributions that meaningfully exceed gain on sale and reserve releases; - Meaningful deterioration in portfolio credit quality such that SLM's ratio of impaired loans to total loans exceeds 8% for a sustained period; - An inability to access the student loan ABS market or senior unsecured debt market for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Credit performance stability over a sustained period that is consistent with life-of-loan loss expectations; - A sustained increase in capital ratios as reflected by tangible common equity-to-tangible assets ratio exceeding 9% and/or disclosure of the consolidated CET1 ratio on a sustained basis above 10%; - Continued reduction in brokered deposits to below 30% of total deposits from the YE25 level of 41%. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Short-Term IDRs: SLM's and SLM Bank's Short-Term IDRs of 'B' correspond to the Long-Term IDRs of 'BB+' in accordance with Fitch's "Global Bank Rating Criteria." They indicate minimal capacity for timely payment of financial commitments and heightened vulnerability to near-term adverse changes in financial and economic conditions. Senior Unsecured Debt: SLM's senior unsecured debt rating is aligned with the firm's IDRs, as a default on these obligations equates to a default of the holding company. Preferred Long-Term Stock: SLM's series B preferred shares are rated three notches below its VR, with one notch for the instrument's nonperformance risk and two notches for relative loss severity and their noncumulative nature. This reflects alternate notching from the baseline of four notches typically applied to banks' preferred stock. Fitch views non-performance risk as lower given SLM's holding company is unregulated and not subject to a minimum capital requirement. In addition, the annual dividend payment is small relative to holding company liquidity. Deposit Ratings: SLM Bank's uninsured long-term deposit rating is one notch higher than the bank's Long-Term IDR because U.S. uninsured deposits benefit from depositor preference, which gives them superior recovery prospects in the event of default. SLM Bank's uninsured short-term deposit rating of 'F3' corresponds to SLM Bank's long-term deposit rating of 'BBB-', in accordance with Fitch's "Global Bank Rating Criteria." OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Short-Term IDRs: An upgrade of the Short-Term IDR would require an upgrade of the Long-Term IDR. A downgrade of the Short-Term IDR is unlikely, as this would require a multi-notch downgrade of the Long-Term IDR. Senior Unsecured Debt: The unsecured debt rating is sensitive to a change in the IDR. Preferred Long-Term Shares: The preferred stock ratings are sensitive to any changes in SLM's VR and would be expected to move in tandem with any such changes. Deposit Ratings: The long- and short-term deposit ratings are sensitive to any change in SLM Bank's Long- and Short-Term IDRs, as well as funding and liquidity, and would be expected to move in tandem with any such changes. VR ADJUSTMENTS The Operating Environment score of 'a+' has been assigned below the 'aa' category implied score due to the following adjustment reason: Regulatory and legal framework (negative). The Business Profile score of 'bb+' has been assigned below the 'bbb' category implied score due to the following adjustment reason: Business model (negative). The Earnings and Profitability score of 'bbb-' has been assigned below the 'a' category implied score due to the following adjustment reasons: Revenue diversification (negative) and Earnings Stability (negative). The Funding and Liquidity score of 'bb+' has been assigned below the 'bbb' category implied score due to the following adjustment reason: Deposit structure (negative). ESG Considerations SLM Corporation has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to compliance risks including fair lending practices, mis-selling, repossession/foreclosure practices, and consumer data protection (data security), which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. SLM Corporation has an ESG Relevance Score of '4' for Exposure to Social Impacts due to shifts in social or consumer preferences as a result of an institution's social positions or social and/or political disapproval of core banking practices, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. 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 Prior ----------- ------ ----- Sallie Mae Bank LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support ns Affirmed ns longterm deposits LT BBB- Affirmed BBB- shortterm deposits ST F3 Affirmed F3 SLM Corporation LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support ns Affirmed ns preferred LT B+ Affirmed B+ senior unsecured LT BB+ Affirmed BB+ SNAP INC: Moody's Affirms 'B1' CFR, Outlook Remains Positive ------------------------------------------------------------ Moody's Ratings affirmed Snap Inc.'s (Snap) B1 corporate family rating, Ba3-PD probability of default rating, and B1 senior unsecured ratings. The company's SGL-1 Speculative Grade Liquidity (SGL) rating remains unchanged reflecting very good liquidity. The outlook remains positive. The affirmation reflects the company's continued improvement in operating performance, increased profitability, and disciplined approach towards balance sheet management and liquidity. As of December 31, 2025, Snap had $2.9 billion in cash and marketable securities and no significant debt maturities until 2028. RATINGS RATIONALE Snap B1 rating reflects the company's steadily improving operating performance, increasing revenue scale, solid competitive position among the 13–34-year-old demographic, and large global reach. With more than 474 million daily active users (DAUs) and around 1 billion monthly active users (MAUs), Snap ranks among the largest communications and social media platforms worldwide. Its revenue mix remains diversified, with approximately 59% from North America, 18% from Europe, and 23% from the rest of the world. Snap's consistent ability to reach a large segment of the Gen Z and Millennial population along with its financial flexibility to continue to innovate, should strengthen its value proposition for advertisers and brands. Since January 2020, Snap has increased its revenue at a compound annual growth rate (CAGR) of about 19% and steadily improved free cash flow to more than $430 million by year end 2025. Moody's rating reflects the highly competitive environment in which the company operates, as well as its smaller scale relative to leading competitors when assessed by revenue, DAUs/MAUs, and free cash flow generation. Snap competes with significantly larger platforms such as Meta and Alphabet, companies that possess deeper financial resources, greater human capital, and stronger credit profiles. Moody's rating also reflects Snap's exposure to regulatory risk including proposed age based restrictions in certain regions, the cyclicality of the digital advertising market, and the potential impact of disruptive technologies and advancing AI platforms. Furthermore, the company's substantial stock-based compensation (SBC) continues to weigh on GAAP metrics and Moody's adjusted EBITDA calculation. Although the high level of SBC, approximately $1.2 billion, supports Snap's ability to attract and retain talent in a competitive industry, it dilutes earnings and could increase pressure for expanded share repurchase activity in the coming years. For 2026, Moody's expects the US advertising market to grow by roughly 9%, with digital advertising increasing between 10%–13%, supported by major global events including the Winter Olympics in Italy, the 2026 FIFA World Cup in North America, and US midterm elections. As a result, Moody's anticipates Snap will grow revenue in line with broader digital advertising trends, given its reach and rising user engagement. Under Moody's base case, Moody's projects revenue growth of around 12% this year and approximately 8% in 2027. In parallel, Moody's expects operating margins to improve and free cash flow to rise substantially, to be nearly $650 million in 2026 and around $850 million in 2027. Lastly, Moody's expects EBITDA to breakeven by year end 2026. Moody's expects Snap to maintain very liquidity over the next 12 to 18 months. This is supported by (i) around $2.9 billion in cash and marketable securities at December 31, 2025, (ii) an undrawn $1,050 million revolving credit facility, of which $250 million expires in May 2027, and the rest in February 2030, and (iii) Moody's expectations for around $650 million in free cash flow for 2026 and about $850 million in 2027. The B1 rating to the senior unsecured notes is in line with the CFR reflecting the preponderance of unsecured debt in the company's capital structure. The Ba3-PD PDR reflects the unsecured nature of the capital structure which leads to Moody's expectations of lower average recovery in a default scenario. The positive outlook reflects Moody's expectations that over the next 12 to 18 months, Snap will continue to achieve solid revenue growth, improve EBITDA organically, increase free cash flow generation, and maintain a stable cash-to-debt ratio. In addition, Moody's positive outlook does not contemplate any material incremental benefit arising from the Perplexity transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company remains committed to a conservative balance sheet management and liquidity, achieves continued strong revenue growth and a steady user base in North America and Europe, increases free cash flow generation such that free cash flow to debt approaches 10%, and Moody's believes that risks to the business model from regulatory changes and technology evolution are manageable. The ratings could be downgraded if the company's liquidity and operating performance deteriorates, free cash flow weakens materially, cash to debt ratio declines significantly, or the company shifts to a more aggressive financial policy. Snap Inc. is a technology company known for its flagship product, Snapchat, a visual messaging application. The company aims to enhance digital presence and improve customer engagement through various initiatives, including services like Camera, Visual Messaging, Snap Map and Spotlight. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SOLUNA HOLDINGS: Robert Bugbee Holds 9.3% Equity Stake ------------------------------------------------------ Robert L. Bugbee, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of February 6, 2026, he beneficially owns 9,168,000 shares of common stock of Soluna Holdings, Inc.'s common stock, par value $0.001 per share, representing 9.3% of the shares outstanding. Robert L. Bugbee may be reached at: Robert Bugbee Omi Corp One Station PL STAMFORD CT 06902 A full-text copy of Robert L. Bugbee's SEC report is available at: https://tinyurl.com/54ddt83y About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, 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 Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Soluna Holdings had $152 million in total assets, $78.6 million in total liabilities, and $73.5 million in total stockholders' equity. SONQUIST LLC: Exits Ch.11 Bankruptcy After Settling Lender Dispute ------------------------------------------------------------------ Thoms Gounley of BusinessDen reports that Sonquist LLC, owner of the renovated Jewel Theater at 1912 S. Broadway, has exited bankruptcy after settling matters with its lender. The company officially emerged from Chapter 11 on Feb. 6, restoring stability to the South Broadway property. Managed by Doug Norberg and Paul Yaft, Sonquist filed for bankruptcy protection January 23, 2026 to block a pending foreclosure by MidWestOne Bank. The move paused enforcement actions and opened the door for negotiations, according to report. Following discussions, the parties reached terms that resolved the default and allowed the theater to remain under Sonquist’s ownership. The agreement ends the immediate threat of foreclosure and enables continued operations at the venue, the report relays. About Sonquist LLC Sonquist LLC is a single asset real estate company. Sonquist LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10402) on January 23, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Douglas B. Norberg, Esq., of Alchemy Law Firm. SOUTHLAND MANUFACTURING: Case Summary & 20 Unsecured Creditors -------------------------------------------------------------- Debtor: Southland Manufacturing, Inc. 8960 Highway 5, Bldg B Douglasville, GA 30134 Business Description: Southland Manufacturing, Inc., based in Douglasville, Georgia, manufactures structural metal products and provides custom metal fabrication services for commercial and industrial clients, operating primarily within the fabricated metal products industry. The company has been in business since the mid-1990s. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-51755 Debtor's Counsel: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road Suite 213 Sandy Springs, GA 30328-4402 Tel: (770) 984-2255 Fax: (678) 623-5109 E-mail: paul.marr@marrlegal.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert S. Yancey as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R2Z4F2Q/Southland_Manufacturing_Inc__ganbke-26-51755__0001.0.pdf?mcid=tGE4TAMA SOUTHLAND MANUFACTURING: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------------------- On February 9, 2026, Southland Manufacturing, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Southland Manufacturing, Inc. Southland Manufacturing, Inc. is a Georgia-based manufacturing company engaged in the production of industrial and commercial goods. Southland Manufacturing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51755) on February 9, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Paul Reece Marr, Esq., of Paul Reece Marr, PC. SPHERE 3D: Implements 1-for-10 Share Consolidation -------------------------------------------------- Sphere 3D Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it filed Articles of Amendment to effectuate a share consolidation of its issued and outstanding common shares in the ratio of 1-for-10. The Share Consolidation became effective on February 9, 2026. Following the Share Consolidation, every ten (10) issued and outstanding common shares of the Company was automatically combined and converted into one (1) issued and outstanding common share of the Company. No fractional shares will be issued in connection with Share Consolidation. If the Share Consolidation results in a fractional share, the number of new common shares issued will be rounded up to the nearest whole share. As previously announced, on May 29, 2025, the Company's shareholders approved the Share Consolidation at the 2025 annual meeting of shareholders and authorized the Board of Directors, in its discretion, to effect a share consolidation of the Company's common shares at a specific ratio, ranging from one-for-two to one-for-ten, to be determined by the Board and effected, if at all, within one year from the date of the annual meeting of the shareholders. On February 2, 2026, the Board determined to effect the Share Consolidation at a ratio of 1-for-10 and to approve the corresponding final form of the Amendment. The Company's common shares began trading on a Share Consolidation-adjusted basis on the Nasdaq Capital Market at the opening of trading on February 10, 2026. In connection with the Share Consolidation, the Company's common shares commenced trading with a new CUSIP number, 84841L506, and continue to be traded under the existing trading symbol "ANY". The Company's transfer agent, TSX Trust Company, is acting as exchange agent for the Share Consolidation and has sent instructions to shareholders of record regarding the exchange of certificates for common shares. The reverse stock split will reduce the number of common shares outstanding from 33,925,259 shares, the number of shares outstanding on February 5, 2026, to approximately 3,392,525 shares, subject to adjustment for fractional shares. Proportional adjustments will be made to the number of common shares upon exercise or conversion of the Company's options and warrants, as well as the applicable exercise price, as applicable. A full text copy of the Amendment is available at https://tinyurl.com/yc72pv2t About Sphere 3D Sphere 3D Corp. (Nasdaq: ANY) -- https://www.Sphere3D.com/ -- is a cryptocurrency miner, growing its industrial-scale digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to increasing shareholder value while honoring its commitment to strict environmental, social, and governance standards. In its report dated March 28, 2025, the Company's auditor MaloneBailey, LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and does not expect to have sufficient cash on hand to fund its operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $31.1 million in total assets, $1.6 million in total liabilities, and $29.5 million in total stockholders' equity. SPIRIT AIRLINES: Plans to Sell 20 Jets in Bankruptcy ---------------------------------------------------- Eric Revell of Fox Business reports that Spirit Airlines has reached a deal to divest 20 Airbus aircraft while moving to reinstate some flight attendants who were furloughed amid its financial turmoil. The airline remains in Chapter 11 after filing for bankruptcy protection for the second time in August 2025. The budget carrier previously entered bankruptcy in November 2024 and exited restructuring in March 2025. Continued economic strain forced a second filing months later, leading to service cutbacks and the furlough of more than 1,300 flight attendants in December 2025. according to Fox Business. Company officials said the aircraft sale will enhance liquidity and reduce debt obligations. Most of the 20 jets are not in revenue service, and Spirit does not anticipate disruptions to its schedule or workforce as a result of the transaction, pending court approval. The aircraft are expected to be phased out beginning in April 2026. CSDS Asset Management has agreed to act as the stalking-horse bidder with an offer of roughly $533.5 million, with an auction planned if higher bids emerge. Proceeds will be directed toward repaying aircraft-related liabilities and trimming operational costs. Spirit confirmed that 500 furloughed flight attendants will receive recall notices dated Feb. 12, 2026, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. STOMATCARE DSO: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- StomatCare DSO, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for emergency authority to use cash collateral and provide adequate protection. The Debtor, which is not a dental practice itself but provides management services and owns equipment, furniture, and fixtures for the practices, has only four employees aside from its two officer-owners, Drs. Alexander Mikhailov and Rostislav Krasnow. The Debtor's sole secured creditor is JP Morgan Chase Bank N.A., which holds a UCC lien on certain Debtor assets, including deposit accounts and cash, giving it an interest in the Debtor's cash collateral. The Debtor requested interim authority to use cash collateral retroactive to the February 5, 2026 petition date for a period of thirty days, pursuant to a 13-week budget covering operating expenses, with flexibility to exceed individual line items by 10% or in aggregate by 10% of the total budget. The purpose of using cash collateral is to fund ordinary course business operations, including payroll, rent, utilities, and other necessary expenses, which is essential to preserve the Debtor's going concern value. The Debtor emphasized that without access to cash collateral, it would be unable to operate, which would destroy the value of the estate and jeopardize its ability to reorganize. To provide adequate protection to Chase, the Debtor proposed granting a replacement lien on its property, maintaining the same seniority and priority as Chase's preexisting lien, thereby protecting Chase's interest from diminution. A copy of the motion is available at https://urlcurt.com/u?l=0eIZ28 from PacerMonitor.com. About StomatCare DSO, LLC StomatCare DSO, LLC, based in Miami, Florida, is a dental support organization that provides administrative and business management services, including finance, billing, human resources, marketing, business development, real estate and equipment leasing, contract negotiation with insurance plans and third-party administrators, and dental laboratory and supplies administration, to a network of affiliated dental practices across multiple U.S. states. The organization supports general and specialty dental services such as orthodontics, pediatric dentistry, and periodontics, enabling clinicians to focus on patient care. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11476) on February 5, 2026. In the petition signed by Alexander Mikhailov, CEO, the Debtor disclosed $1,743,524 in assets and $5,517,446 in liabilities. John E. Page, Esq., at SHRAIBERG PAGE PA, represents the Debtor as legal counsel. SUNSWICK 35/35: Samuel Dawidowicz Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Sunswick 35/35 Corp. Mr. Dawidowicz will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Sunswick 35/35 Corp. Sunswick 35/35 Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40699) on February 12, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Richard S. Feinsilver, Esq., represents the Debtor as legal counsel. SV RNO PROPERTY: Moody's Rates Up to $3.9BB Secured Notes 'Ba1' --------------------------------------------------------------- Moody's Ratings has assigned a first-time rating of Ba1 to the Senior Secured Notes issued by SV RNO Property Owner 1, LLC (the "Issuer"), offered in an amount up to $3.9 billion. The outlook is stable. Note proceeds along with equity contributed at financial close will be used to finance the construction of a new 200 MW capacity turnkey data center in Storey County, Nevada (the "Project"). All data center capacity is fully leased to a single, investment grade rated (Aa1 positive) tenant with a >$3TN market cap, under a triple net (NNN) lease with a longer than typical initial term of 16.4 years plus two 10-year extension options. RATINGS RATIONALE The Ba1 rating reflects Moody's expectations that the Project will be completed and ultimately generate stable operating cash flow under its NNN long-term lease given supportive risk sharing with the high rated tenant that reduces the Project's exposure to certain construction and operating risks, improving cash flow predictability. The rating is constrained by its construction risk given the current state of development, Fleet's lack of a track record as a developer and operator of data centers despite having highly experienced staff and management in the sector, and the potential incurrence of limited rent credits for construction delays or operating service failures. The construction risks are partially mitigated by the experience of the construction contractor that is providing a parent guarantee and a strong performance bond under its guaranteed maximum price contract for its share of the work; the lower requirements to reach rent commencement; the construction completion guarantee from SV RNO's parent Fleet Data Centers I, LP, whose affiliates are also procuring the equipment for the Project; the adequate contingency within the construction budget to absorb higher construction costs; the recovery of certain higher construction cost overruns from the tenant up to an adequately sized cap; and a limited ability to terminate the lease by the tenant that Moody's believes is unlikely to occur owing to the importance of the Project to the tenant. Once completed, the Project has sound investment grade characteristics owing to its importance to its high rated tenant, the sound project finance structural features, and the ability to fully repay the proposed debt outstanding at a higher spread within the initial lease term without the need to extend the lease. In operations, the standard service level requirements, manageable refinancing risk, no lease renewal risk and standard project financing protections support investment grade level credit characteristics. The rating also incorporates the Project's high leverage given 93% of the initial amount of the notes will remain outstanding at maturity, assuming no additional debt issuance, and will need to be refinanced. However, the ability to fully repay and amortize all of the debt at maturity at higher interest rates within the initial long lease term supports the likelihood of refinancing, especially given the high rated tenant's commitment to the Project. OUTLOOK The stable outlook reflects Moody's expectations that the Project will make sound progress towards construction completion over the next couple of years, in line with current assumptions, and will transition into the operating phase with limited issues. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING SV RNO's rating could be upgraded if the Project's construction progresses on time and on budget, operations of each data hall meet all service level requirements, and leverage and coverage metrics remain consistent with or stronger than current expectations. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING The rating could be downgraded if certain construction delays or cost overruns are not recovered through from the tenant and materially weaken the Project's financial profile, leverage increases beyond current loan-to-cost expectations, or refinancing risk increases due to adverse capital market conditions. ESG CONSIDERATIONS SV RNO's rating is influenced by governance considerations, including the company's limited track record as a data center operator. These risks are partially mitigated by the tenant's strong credit quality and the long-term contracted nature of cash flows. PROFILE SV RNO Property Owner 1, LLC (the "Issuer") is a newly created special purpose entity created by its sole owner, Fleet Data Centers I, LP, and includes typical bankruptcy remote separateness provisions at the SPE level coupled with sound project finance covenants included in the debt Indenture. The Issuer was created to finance, build and operate a new 200 MW turnkey data center located in Storey County, Nevada. LIST OF AFFECTED RATINGS Issuer: SV RNO Property Owner 1, LLC Assignments: Senior Secured, Assigned Ba1 Outlook Actions: Outlook, Assigned Stable The principal methodology used in this rating was Generic Project Finance published in October 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SVETLANA MALINSKY: Seeks Chapter 11 Bankruptcy in Maryland ---------------------------------------------------------- On February 6, 2025, Svetlana Malinsky, DPM, P.C. filed for Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports $100,001–$1 million in obligations to 1–49 creditors. About Svetlana Malinsky, DPM, P.C. Svetlana Malinsky, DPM, P.C. operates a podiatry practice in Maryland, delivering specialized medical services focused on foot health and lower extremity care. Svetlana Malinsky, DPM, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11298) on February 6, 2026. The bankruptcy petition lists estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Jeffrey M. Orenstein, Esq. and Matthew Eliot Abbott, Esq., of Wolff & Orenstein, LLC. TALPHERA INC: Rosalind Advisors and Affiliates Hold 9.9% Stake -------------------------------------------------------------- Rosalind Advisors, Inc., Rosalind Master Fund L.P., Steven Salamon, and Gilad Aharon, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 13,150,954 shares of common stock -- with shared voting and dispositive power; includes 3,579,273 shares of common stock, 5,074,285 shares issuable upon exercise of warrants, and 4,497,396 shares issuable upon exercise of pre-funded warrants, subject to blocker provisions limiting exercise to avoid exceeding 9.99% beneficial ownership; Rosalind Advisors, Inc. is the investment adviser to Rosalind Master Fund L.P., with Steven Salamon and Gilad Aharon as portfolio managers -- of Talphera, Inc.'s common shares, representing 9.9% of the 46,609,618 shares outstanding as of November 5, 2025. Rosalind Advisors, Inc. may be reached through: Steven Salamon, President 15 Wellesley Street West, Suite 326 Toronto, Ontario, M4Y 0G7, Canada 4168887606 A full-text copy of Rosalind Advisors, Inc.'s SEC report is available at: https://tinyurl.com/yn3znak9 About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $30.7 million in total assets, $11.6 million in total liabilities, and $19.2 million in total stockholders' deficit. TAYLOR CHIP: Richard Furtek Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for Taylor Chip, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About Taylor Chip LLC Taylor Chip, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10550) on February 12, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Patricia M. Mayer presides over the case. Albert Anthony Ciardi, III, Esq., at Ciardi Ciardi & Astin represents the Debtor as legal counsel. TAYLOR CHIP: Taps Ciardi Ciardi & Astin as Legal Counsel -------------------------------------------------------- Taylor Chip, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Ciardi Ciardi & Astin to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession; (b) prepare on behalf of the Debtor any necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary; and (d) prepare and file a Plan of Reorganization. Albert A. Ciardi, III will receive an hourly rate of $625, Nicole M. Nigrelli will receive an hourly rate of $525, and Dorene Torres, Paralegal will receive an hourly rate of $150. The Debtor has agreed to fund, on a weekly basis, into the Ciardi Ciardi & Astin IOLTA account $1000 per week on account of post-petition fees. Ciardi Ciardi & Astin is a "disinterested person" within the meaning of Section 101(1) of the Bankruptcy Code, according to court filings. The firm can be reached at: Albert A. Ciardi, III, Esq. Nicole M. Nigrelli, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 E-mail: aciardi@ciardilaw.com nnigrelli@ciardilaw.com About Taylor Chip, LLC Taylor Chip, LLC, based in Lancaster, Pennsylvania, operates a bakery and dessert business specializing in cookies, cookie cakes, cookie dough, and related products, serving customers through its retail storefront and online sales. Founded in 2018, the company maintains multiple locations in Pennsylvania and offers nationwide shipping of its products. Its operations focus on food production and retail within the baked goods industry. Taylor Chip, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No.26-10550) on February 12, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. of CIARDI CIARDI & ASTIN. TBN MURRAY: Gets Interim OK to Use Cash Collateral -------------------------------------------------- TBN Murray Fam, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through March 20, strictly for expenses listed in the budget and payable before the final hearing. The 30-day budget shows total cash disbursements of $123,755. The Debtor said the use of cash collateral is essential to fund payroll, office expenses, and other general operating costs necessary to maintain business operations and preserve the going concern value of the enterprise. The Debtor identified multiple creditors with alleged blanket liens on its assets through UCC filings, including Wells Fargo Bank, the U.S. Small Business Administration, Global Merchant Cash Inc., Legend Advance LLC, KAPFI Equity LLC, Alternative Funding Group Corp, and several unknown creditors. While Wells Fargo Bank appears partially secured, all other creditors are fully undersecured relative to the Debtor's scheduled asset value of $139,748. The precise perfection of these liens on cash collateral is uncertain, according to the Debtor. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral and newly acquired property, maintaining the same extent and priority as their pre-petition interests. These replacement liens do not attach to Chapter 5 avoidance actions. Additionally, the Debtor is required to make payments of $1,000 per month to Wells Fargo beginning March 1. The interim order provides for a carveout to ensure payment of administrative expenses, including court fees, U.S. Trustee fees, trustee expenses (capped at $15,000), and approved fees of the Subchapter V trustee and the Debtor's counsel. The Debtor's authority to use cash collateral will automatically terminate if its Chapter 11 case is dismissed, converted to Chapter 7, a trustee is appointed, or the budget and the terms of the interim order are materially breached. A final hearing is scheduled for March 20. The interim order is available at https://is.gd/HK4Z1p from PacerMonitor.com. About TBN Murray Fam LLC TBN Murray Fam LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.26-30845) on February 6, 2026. In the petition signed by Thomas Murray, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. TEXAS INTERNATIONAL: To Sell Laredo Property for $4.28MM -------------------------------------------------------- Texas International Enterprises Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Laredo Division, to amend the sell of Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's business consists of local and interstate freight hauling on highways from Laredo, Texas to points North and into Mexico. The Debtor entered two prepetition contracts on October 21, 2025 to sell the following described properties: A. An 11.43-acre tract of land in the North Webb Industrial Park, Block 1, Lot 7, Phase 1; and B. A 12.99-acre tract of land in the North Webb Industrial Park, Block 1, Lot 8, Phase. The proposed purchaser of both properties is Laredo Property Holding Gurvinder Virk. The proposed sale's price for Property A is $4,286,250.00. The proposed sale's price for Property B is $4,871,250.00. Although the closing date on Contract A expires on March 13, 2026, and the closing date on Contract B expired on January 9, 2026, the purchaser has requested an amendment to the earnest money contracts which would have both sales close on or before February 19, 2026. The Debtor needs authority to sign the Amendment. The title company has agreed to issue a commitment contingent on the Debtor receiving retroactive approval from the court. The properties are two tracts out of five tracts that contain 41.73 acres. The entire 41.73 acres appraised at $19,590,000.00. International Bank of Commerce is the sole lien holder on the 41.73 acres. The purchase price equals the appraised value. Debtor’s representative believes this represents the highest and best price that can be obtained for these properties at this time. The sale of the properties will reduce the Debtor's monthly obligations by approximately $80,000 per month in bank payments and approximately $250,000 a year in taxes. The property to be sold is not necessary for a successful reorganization. Debtor believes the sale of the tracts is in the best interest of the Estate as it will reduce the Debtor's overhead, thereby improving the Debtor's chances of a successful reorganization. Debtor believes that the relief requested herein will help to maximize the value of the Debtor’s assets and facilitate the ultimate reorganization of the Debtor. About Texas International Enterprises Inc. Texas International Enterprises Inc. operates as a multifaceted company with interests in various commercial and service-based industries. The organization is built on principles of reliability, operational efficiency, and market adaptability. By focusing on sustainable growth and client satisfaction, Texas International Enterprises Inc. continues to strengthen its presence in its respective markets. Texas International Enterprises Inc. commenced its Chapter 11 case (Bankr. Case No. 25-50133) on December 6, 2025. In its petition, the Debtor listed estimated assets of $10 million to $50 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jeffrey P. Norman presides over the matter. The Debtor is represented by Carl M. Barto, Esq. of the Law Office of Carl M. Barto. THAI CHEF: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------ On February 9, 2026, Thai Chef LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Thai Chef LLC Thai Chef LLC is a limited liability company operating in the restaurant and food service industry. Thai Chef LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51762) on February 9, 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 Sage M. Sigler handles the case. The Debtor is represented by William A. Rountree, Esq., of Rountree Leitman Klein & Geer, LLC. THIRSTY MOOSE: Seeks Chapter 7 Bankruptcy in Georgia ---------------------------------------------------- On February 9, 2026, The Thirsty Moose LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About The Thirsty Moose LLC The Thirsty Moose LLC is a limited liability company operating in the food and beverage industry. The Thirsty Moose LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30063) on February 9, 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 Austin E. Carter handles the case. The Debtor is represented by William A. Rountree, Esq., of Rountree Leitman Klein & Geer, LLC. TP BRANDS: Gets Extension to Access Cash Collateral --------------------------------------------------- TP Brands Worldwide Inc. and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a third interim order authorizing the Debtors to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from secured creditor, PNC Bank, National Association. As adequate protection, PNC Bank and other secured creditors will be granted post-petition replacement liens with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtors must make monthly payments to PNC Bank as set forth in the budget and maintain required insurance. The third interim order also mandates interim salary reductions for certain insiders and provides PNC Bank access to the Debtors' records and premises. It preserves all parties' rights to seek modifications, challenge liens, or request additional relief, including by any future creditors' committee. A final evidentiary hearing is scheduled for March 25. A copy of the third interim order and the Debtor's budget is available at https://shorturl.at/j1kli from PacerMonitor.com. PNC Bank, as successor in interest to BBVA USA, is the Debtors' primary secured creditor. On June 30, 2021, the Debtors entered into a business loan agreement with PNC Bank for a $3.5 million variable-rate revolving line of credit. As of the petition date, the outstanding balance was approximately $3.005 million, according to the Debtors. PNC Bank filed UCC-1 financing statements asserting a security interest in all of the Debtors' assets and may, therefore, claim an interest in the cash collateral. PNC Bank, as secured creditor, is represented by: Edwin G. Rice, Esq. Bradley Arant Boult Cummings, LLP 1001 Water Street, Suite 1000 Tampa, FL 33602-5468 Telephone: (813) 559-5500 erice@bradley.com ajecevicus@bradley.com About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates, TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor listed up to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, Esq., and Clay B. Roberts, Esq., at Berger Singerman, LLP, serve as the Debtors' counsel. TRANSIT OWL: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------- On February 9, 2026, Transit Owl Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Transit Owl Inc. Transit Owl Inc. is a Georgia-based corporation engaged in transportation-related services and logistics solutions. Transit Owl Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51733) on February 9, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by London England, Esq., of Reed Smith. TRI POINTE HOMES: S&P Places 'BB' ICR on CreditWatch Developing --------------------------------------------------------------- S&P Global Ratings placed all its ratings on Tri Pointe Homes Inc. (TPH), including the 'BB' issuer credit rating and issue-level ratings, on CreditWatch with developing implications. S&P expects to resolve the CreditWatch placement once final terms of the deal are clear, sometime in the second quarter, and we have evaluated the credit quality of Sumitomo Forestry corporate family. TPH is the subject of a potential acquisition by Japanese corporation Sumitomo Forestry Co. Ltd, valued at approximately $4.5 billion. Sumitomo's credit quality, capital allocation policy, and planned uses of TPH's accessible cash on the balance sheet are unknown. The new structure could enhance TPH's business prospects as Sumitomo owns several North American homebuilding companies, and combined would have the size and scale of higher rated peers. Also, our outlook for TPH was positive because S&P expects 2025 and 2026 year-end leverage to be below 1x. The CreditWatch placement reflects TPH's definitive agreement with Sumitomo for it to acquire TPH for $47 per common share in cash, equating to $4.5 billion. The deal, which is still subject to shareholder approval and the fulfillment of customary closing conditions, has been approved by the boards of both companies. For our ratings on TPH, if continued, S&P will assess the final capital structure of TPH and the parent company's intention of the use of cash. S&P said, "Further, we will analyze group rating considerations, which could result in the analytical understanding of Sumitomo's debt and earnings based on TPH's strategic importance to Sumitomo as a significant driver of future earnings and cash flows that service debt obligations. While the transaction could improve TPH's credit profile, any rating action will depend on the credit quality of the parent. "We anticipate TPH will maintain an ample cushion toward the downside because of low net debt and a strong balance sheet. As of Sept. 30, 2025, its debt to EBITDA was 0.8x, with balance sheet cash of $792 million. We still project TPH's net debt at the end of 2025 will be $350 million-$400 million, resulting in year-end debt to EBITDA of about 0.7x. However, its capital structure pro forma the acquisition remains unknown, and we believe the North American homebuilding market remains challenged by negative economic headwinds. "We continue to monitor our rating on TPH in comparison with higher-rated peers. It remains uncertain how much the company will benefit from being acquired by a parent with existing North American homebuilding operations footprint. TPH's size and scale remain smaller than higher-rated peers such as KB Home (BB+/Stable/--), Mattamy Group Corp. (BB+/Stable/--), and Taylor Morrison Home Corp. (BB+/Positive/--). Our expectation of the company's delivered homes of approximately 5,500 over the next 12 months is still considerably lower than those of the three entities rated 'BB+', and more in line with its 'BB' peer group. "Nevertheless, TPH has expanded its geographic offering with recent entrances into new markets such as Utah, Orlando, and the coastal Carolinas. The company continues to reinvest operating cash flows into land spend, which will expand community count to approximately 10% by the end of 2026. As of Sept. 30, 2025, average active communities numbered 150. Yet, we believe if the company were to be combined, the size scale and geographic footprint could be more aligned to higher-rated peers. "We expect to resolve the CreditWatch developing placement once final terms of the deal are clear and we have conducted a detailed review of the credit quality of Sumitomo Forestry Co. Ltd. The placement means we could affirm, raise, or lower our ratings on TPH." TRI POINTE: Sumitomo Transaction No Impact on Moody's 'Ba2' CFR --------------------------------------------------------------- Moody's Ratings said the announced acquisition of Tri Pointe Homes, Inc. ("Tri Pointe") by Sumitomo Forestry Co., Ltd. ("Sumitomo Forestry") has no immediate impact on Tri Pointe's ratings, including the company's Ba2 corporate family rating, or its stable outlook. On February 13, 2026, Tri Pointe and Sumitomo Forestry jointly announced the signing of a definitive agreement whereby Tri Pointe would be acquired by a wholly-owned subsidiary of Sumitomo Forestry in an all-cash transaction valued at about $4.5 billion. The transaction is expected to close in the second quarter of 2026 and is subject to customary closing conditions, including the approval of the merger by Tri Pointe's stockholders as well as regulatory approvals. Tri Pointe's Ba2 rated outstanding senior unsecured notes, which total about $650 million, have a change of control provision that is triggered by both a change of control event and a downgrade of its rating by any agency. If Tri Pointe's debt is retired, Moody's will withdraw its ratings upon repayment. If Tri Pointe's debt is not retired following the closing of the acquisition, Moody's ability to maintain the company's ratings will consider where in the corporate structure Tri Pointe's debt will reside, any guarantees of Tri Pointe's debt by Sumitomo Forestry or its subsidiaries, whether Tri Pointe would be providing guarantees to any of Sumitomo Forestry's debt, and the financial and operational disclosures available with respect to Tri Pointe. Other factors Moody's will consider in determining the ability to maintain Tri Pointe's rating post-closing include the company's long-term operational strategy, financial policy and corporate governance structure. Tri Pointe Homes, Inc. was founded in 2009 and is headquartered in Incline Village, Nevada. The company designs, builds and sells single-family homes and operates in California, Texas, Arizona, the Carolinas, Nevada, Colorado, the Washington DC area and Washington state. For the 12 months ended September 30, 2025, Tri Pointe's revenues and net income were about $3.8 billion and $310 million, respectively. TRIAD AERO: Unsecured Creditors to Split $364K over 5 Years ----------------------------------------------------------- Triad Aero Sales Corp. submitted an Amended Small Business Plan of Reorganization under Subchapter V dated February 9, 2026. Since the commencement of this case, the Debtor continues to explore how to move forward in this challenging world economy, in an effort to restructure its finances and to reorganize an otherwise healthy and profitable business. During the chapter 11, the Debtor sought and obtained permission from the Bankruptcy Court to use cash collateral, which allowed the Debtor to continue operating. The Debtor was further authorized to pay its employees wages that were owed prior to the commencement of this case. By doing so, the Debtor has secured the loyalty of these employees to reengage with the Debtor as the business rebounds. Based on the plan projections, the Debtor's monthly disposable income, as that term is defined by Section 1191(d) of the Bankruptcy Code, to be committed to the payment of claims for the 5-year period is $364,366.00. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the future profits and revenue of the Debtor. Treatment of Creditors' claims is determined by which class such claim belongs to. Claims have been classified below in accordance with section 1122 of the Code. Class 2 consists of General Unsecured Claims. Every holder of a Class 2 nonpriority (non-artist creditor claim) general unsecured claim against the Debtor shall receive its pro-rata share of $364,366.00. Payments to Class 2 creditors shall be made quarterly and shall begin no later than ninety days following the Effective Date. This Class is impaired. The allowed unsecured claims total $1,416,379.00. Class 3 consists of Equity Interests of Mercedes Medina. All Equity Interests of the Debtor shall revest in Mercedes Medina. The Debtor's Plan will be implemented through the Debtor's business operations and then payment to creditors from disposable income. A full-text copy of the Amended Plan dated February 9, 2026 is available at https://urlcurt.com/u?l=L0XYFD from PacerMonitor.com at no charge. Counsel to the Debtor: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Tel: (305) 931-3771 E-mail: bsb@bgglaw.com About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on Oct. 27, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Brian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TRICOLOR AUTO: Court Flags Legal Work Tied to Co.'s Pro Se Filings ------------------------------------------------------------------ Ben Zigterman of Law360 reports that a bankruptcy judge in Texas scrutinized a series of nearly identical pro se motions filed in the Tricolor case, signaling concern that an outside party may have provided unauthorized legal assistance. The judge observed that the filings shared common formatting and arguments, raising doubts about whether each submission was independently prepared. While individuals may represent themselves, the court stressed that non-attorneys cannot act as legal representatives for others, according to report. The court cautioned that if evidence shows the motions were drafted or orchestrated by someone not licensed to practice law, consequences could follow. Further review of the circumstances surrounding the filings is expected, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRINSEO PLC: Charles Schwab Investment Holds 5.8% Equity Stake -------------------------------------------------------------- Charles Schwab Investment Management Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 2,091,125 shares of ordinary shares of Trinseo PLC's ordinary shares, representing 5.8% of the shares outstanding. Charles Schwab Investment may be reached at: Omar Aguilar, Chief Executive Officer 9800 Schwab Way Lone Tree, CO 80124 Tel: 1-800-648-5300 A full-text copy of Charles Schwab Investment Management Inc.'s SEC report is available at: https://tinyurl.com/46y5zh8y About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. As of September 30, 2025, the Company had $22.5 million in total assets, $15.7 million in total liabilities, and $6.8 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. UBA BROCKTON: Seeks to Employ Verdolino & Lowey as Accountant ------------------------------------------------------------- UBA Brockton, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Matthew R. Flynn, CPA, CFF, CIRA, of Verdolino & Lowey, P.C. to serve as the Debtor's accountant. Mr. Flynn and the firm will provide these services: (a) handling of day to day accounting issues; (b) preparing monthly operating reports; (c) reviewing reconciliations of budgeted to actual receipts and dispursements; (d) preparing projections and/or financial representation in connection with any plan of reorganization, liquidation, or distribution; (e) financial management reporting and general advising on business matters; (f) preparing internal GAAP financial statements; and (g) preparing tax returns. Hourly rates for timekeepers at Verdolino & Lowey, P.C. are as follows: Principals $595; Managers $275-$525; Staff $225-$395; Accountants $225-$375; Clerical $105 Verdolino & Lowey, P.C. 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: Matthew R. Flynn, CPA, CFF, CIRA VERDOLINO & LOWEY, P.C. 124 Washington Street, Suite 101 Foxboro, MA 02035 Telephone: (508) 543-1720 About UBA Brockton LLC UBA Brockton, LLC doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on Nov. 7, 2025. In the petition signed by Thomas Ng, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Rion M. Vaughan, Esq., at RUBIN AND RUDMAN LLP, represents the Debtor as legal counsel. UNITED EQUITABLE: A.M. Best Affirms C(Weak) Fin. Strength Rating ---------------------------------------------------------------- AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of C (Weak) and the Long-Term ICRs of "ccc+" (Weak) of United Equitable Insurance Company and American Heartland Insurance Company, which are referred to as United Equitable Insurance Group or UEIG. Both companies are domiciled in Morton Grove, IL. The outlook of the FSR is stable. The Credit Ratings (ratings) reflect UEIG's balance sheet strength, which AM Best assesses as very weak, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The revision of the Long-Term ICR outlook to stable from negative reflects strengthening of the balance sheet strength metrics and overall risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), following an increase in policyholder's surplus over the past two-year period. Surplus growth in 2024 benefited from a considerable improvement in net underwriting income, which was driven by rate, and market conditions in the non-standard auto segment. While surplus growth in 2025 was driven by the group's investment portfolio as significant unrealized gains offset a small net underwriting loss through the first nine months of 2025. Although balance sheet strength metrics have improved following an increase in surplus, underwriting and reserve leverage measures remain elevated when compared with the private passenger non-standard auto composite. Moreover, there has been a material increase in equity holdings in 2025 resulting in an elevated common stock leverage, thus exposing the group to fluctuations in the equity market. United Equitable Insurance Group's adequate operating performance is driven by its overall favorable underwriting performance, which compares favorably with the private passenger non-standard auto composite. AM Best assesses the group's business profile as limited due to its product and geographic risk concentrations as a private passenger non-standard auto insurance writer in Illinois. AM Best assesses the group's ERM as marginal as risk management capabilities are not aligned fully with the group's profile as the framework continues to evolve. URBAN ONE: Amends Credit Agreement to Clarify ABL Maturity Date --------------------------------------------------------------- Urban One, Inc. disclosed in a regulatory filing that it entered into a First Amendment to Amended and Restated Credit Agreement. The Amendment amends the Amended and Restated Credit Agreement dated as of December 18, 2025, among the Company, the other borrowers party thereto from time to time, Bank of America, N.A., as Administrative Agent and each Lender from time-to-time party thereto. The Amendment makes certain changes to clarify the maturity date of the Current ABL Facility and defines the "Maturity Date" to mean the earlier to occur of: (a) December 18, 2030 (b) the date that is 91 days prior to the maturity or expiration date applicable to any Material Indebtedness (other than the Existing Notes) and (c) the date on which the Existing Notes Non-Springing Maturity Condition fails to be true. A full text copy of the First Amendment to Amended and Restated Credit Agreement is available at https://tinyurl.com/efcbbj42 About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its senior secured notes due 2028 to 'D' from 'CC'. URBAN ONE: Regains Compliance on Minimum Bid Price Requirement -------------------------------------------------------------- Urban One, Inc. disclosed in a regulatory filing that the Company received notice from the Nasdaq Stock Market, LLC confirming that it has regained compliance the Nasdaq listing requirement requiring listed companies to maintain a minimum bid price of $1.00. The letter noted that the Nasdaq Staff had determined that for the last ten consecutive business days, from January 23, 2026, to February 6, 2026, the closing bid price of the Company's Class D Common Stock has been at $1.00 per share or greater. With the Company in compliance with the Minimum Bid Price Rule, Nasdaq has ceased any action to delist the Company's securities and considers the matter closed. About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its senior secured notes due 2028 to 'D' from 'CC'. USA CRICKET: Trustee Seeks Court OK to Hire SLBiggs as Accountant ----------------------------------------------------------------- Mark Dennis, as Chapter 11 Trustee of USA Cricket, seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire SLBiggs, A Division of SingerLewak, to serve as accountant for the Chapter 11 Trustee. SLBiggs will provide these services: (a) reviewing, assisting in preparation and/or preparing monthly operating reports, U.S. Trustee reports and other accounting reports as may be required and necessary; (b) preparing various tax returns and/or informational tax returns as may be necessary, including Federal and State tax returns and all required accompanying accounting, statements and schedules, and coordinating the filing of returns with Special Procedures/Bankruptcy units of the State and Federal taxing authorities; (c) assisting with drafting and preparation of the tax analysis, insolvency analysis and other sections of Debtor's disclosure statement and plan of reorganization, as may be required, as well as preparing forecasts, projections, cash flow analysis, liquidation analysis and other reports in connection with the disclosure statement and Plan, if so required; (d) reviewing Debtor's books and records, and preparing accounting and financial reports, as may be necessary to perform the services identified herein; and (e) providing other accounting, tax and consulting work as may be necessary to assist the Trustee in Debtor's business operations and reorganization. The firm will be paid at these hourly billing rates: Partners $650-$730 Managing Directors $575-$650 Directors $550-$625 Senior Managers $400-$495 Managers $395-$425 Senior and Junior Accountants $295-$395 Staff Accountants $225-$285 SLBiggs is a "disinterested person" and does not presently represent any entity having an adverse interest to the bankruptcy case, the estate, or the Debtor, according to court filings. The firm can be reached at: Mark D. Dennis, CPA SLBiggs, A Division of SingerLewak 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Telephone: (303) 226-5471 E-mail: mdennis@slbiggs.com About USA Cricket USA Cricket manages national team programs for men, women, and youth, administers domestic competitions, and works to grow cricket's presence across the U.S. through coaching, facilities development, and community engagement. The organization also represents the United States in ICC events and works closely with regional cricket leagues and associations. USA Cricket sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16381) on October 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,001 and $1 million. Honorable Judge Michael E. Romero oversees the case. The Debtor is represented by Yanni Kakouris, Esq. VANDERBILT MINERALS: Case Summary & 15 Unsecured Creditors ---------------------------------------------------------- Debtor: Vanderbilt Minerals, LLC 33 Winfield Street Norwalk CT 06855 Business Description: Vanderbilt Minerals, LLC mines, processes, and distributes industrial minerals, primarily clays, for use in pharmaceutical, agricultural, personal care, coating, adhesive, construction, industrial, and household products, serving over 800 customers in roughly 60 countries. The company operates mines and processing facilities in New York, North Carolina, South Carolina, Nevada, Arizona, and California, with approximately 125 full-time employees and headquarters in Norwalk, Connecticut. Its operations include kaolin mining at the Dixie Clay Division, pyrophyllite mining at Standard Minerals Division, bentonite and saponite/hectorite mining at the Western Division, underground wollastonite mining at Gouverneur Minerals Division, resale of third-party materials, and formulation and branding of VEEGUM family products. Chapter 11 Petition Date: February 16, 2026 Court: United States Bankruptcy Court Northern District of New York Case No.: 26-60110 Debtor's Counsel: Charles J. Sullivan, Esq. BOND, SCHOENECK & KING PLLC One Lincoln Center Syracuse NY 13202 Tel: 315-218-8000 Email: csullivan@bsk.com Debtor's Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC D/B/A VERITA GLOBAL, LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 millioin The petition was signed by Dean Vomero as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IOZ3C3A/Vanderbilt_Minerals_LLC__nynbke-26-60110__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Belluck Law, LLP Talc Personal Unliquidated 546 Fifth Ave. Injury New York, NY 10036 Seth Dymond Joseph W. Belluck Tel: (212) 681-1575 Email: jbelluck@bellucklaw.com 2. Cooney & Conway Talc Personal Unliquidated 120 North Lasalle Street Injury Chicago, IL 60602 David Barrett Tel: (312) 236-6166 Email: dbarrett@cooneyconway.com 3. Dalton & Associates, P.A. Talc Personal Unliquidated 1106 West Tenth Street Injury Wilmington, DE 19806 Bartholomew J. Dalton Ipek Kurul Andrew C. Dalton Michael C. Dalton Tel: (302) 652-2050 Email: ikurul@bdaltonlaw.com 4. Early, Lucarelli, Sweeney & Talc Personal Unliquidated Meisenkothen Injury One Century Tower, 265 Church St New Haven, CT 06510 122 E 42nd St #4700 New York, NY 10168 Kyle Navin Jessica Liberati Tel: (203) 777-7799 Email: bkenney@elslaw.com 5. Law Offices of Talc Personal Unliquidated Michael P. Joyce Injury 50 Congress Street, Suite 840 Boston, MA 02109 Rafael J. Colmenares Michael P. Joyce Tel: (617) 720-1222 Email: rcolmenares@mpjoycelaw.com mpjoyce@mpjoycelaw.com 6. Maune Raichle Hartley Talc Personal Unliquidated French & Mudd, LLC Injury 1900 Powell Street, Suite 200 Emeryville, CA 94608 70 Washington Street, Suite 200 Oakland, CA 94607 777 S Harbour Island Blvd, Ste 310 Tampa, FL 33602 1015 Locust Street, Suite 1200 St. Louis, MO 63101 2 Club Centre Ct. Edwardsville, IL 62025 150 West 30th Street, Ste. 201 New York, NY 10001 80 SE Madison Street, Suite 310 Portland, OR 97214 101 SW Main Street, Suite 1820 Portland, OR 97204 325-41 Chestnut St. Philadelphia, PA 19106 P.O. Box 2492 Mount Pleasant, SC 29465 David L. Amell David L. Rancilio Arya A. Shirani Garvey C. Vincent Dawn Besserman Nate Mudd Kendra J. Summers Meredith B. Good Nathaniel Falds Tel: (800) 358-5922 damell@mrhfmlaw.com drancilio@mrhfmlaw.com ashirani@mrhfmlaw.com gvincent@mrhfmlaw.com dbesserman@mrhfmlaw.com nmudd@mrhfmlaw.com PNWService@mrhfmlaw.com nfalda@mrhfmlaw.com 7. Meirowitz & Wasserberg, LLP Talc Personal Unliquidated 535 5th Avenue, 23rd Floor Injury New York, NY 10017 95 Third Street, 2d Floor Sarah Gilson Daniel Wasserberg Tel: (212) 897-1988 Email: sgilson@mwinjurylaw.com 8. Onderlaw, LLC Talc Personal Unliquidaed 110 E Lockwood Ave. Injury St. Louis, MO 63119 John F. Theil Tel: (314) 963-9000 Email: asbestos@onderlaw.com 9. Shrader & Associates, LLP Talc Personal Unliquidated 9 Greenway Plaza, Suite 2300 Injury Houston, TX 77046 3 Professional Park Dr., Suite A Maryville, IL 62062 Ross D. Stomel Allyson M. Romani Tel: (346) 409-2995 Email: ross@shraderlaw.com allyson@shraderlaw.com 10. Simmons Hanly Conroy LLC Talc Personal Unliquidated 100 N. Pacific Coast Highway Injury El Segundo, CA 90245 455 Market Street, Suite 1270 San Francisco, CA 94105 One Court Street Alton, IL 62002 255 Alhambra Circle, Suite 320 Coral Gables, FL 33134 112 Madison Ave 7th Floor New York, NY 10016 Deborah R. Rosenthal Crystal G. Foley Christine A. Renken Juan P. Bauta, II John B. Wetmore Tel: (415) 536-3986 Email: drosenthal@simmonsfirm.com cfoley@simmonsfirm.com crenken@simmonsfirm.com jbauta@simmonsfirm.com 11. Simon Greenstone Talc Personal Unliquidated Panateir, PC Injury 301 East Ocean Blvd. Long Beach, CA 90802 1201 Elm St. Dallas, TX 75270 750 Third Avenue, Suite 976 New York, NY 1001 420 Lexington Avenue, Suite 2848 New York, NY 10170 Holly C. Peterson Brendan J. Tully Tel. (214) 276-7680 Email: hpterson@sgptrial.com 12. SWMW Law, LLC Talc Personal Unliquidated 701 Market St. #1000 Injury St. Louis, MO 63101 Stephanie L. Gold Tel: (314) 480-5180 Email: asbestos@swmwlaw.com 13. The Gori Law Firm PC Talc Personal Unliquidated 156 N. Main Street Injury Edwardsville, IL 62025 360 Lexington Ave F20 New York, NY 10017 122 East 42nd Street, Suite 4700 New York, New York 10168 Sara M. Salger Erin L. Beavers Jason J. Steinmeyer Ivan D. Cason Jason M. Hodrinsky Tel: (618) 659-9833 Email: asbestoslitigation@gorilaw.com 14. Thornton Law Firm Talc Personal Unliquidated One Lincoln St. Injury Boston, MA 02110 100 Summer Street, 30th Floor Boston, MA 02110 84 State Street, 4th Floor Boston, MA 02109 Jotham Kinder Andrew Wainwright Andrea Landry Tel: (617) 720-1333 Email: jkinder@tenlaw.com awainwright@tenlaw.com alandry@tenlaw.com 15. Weitz & Luxenberg, PC Talc Personal Unliquidated 1800 Century Park East Ste 700 Injury Los Angeles, CA 90067 700 Broadway New York, NY 10003 200 Lake Drive East – Suite 205 Cherry Hill, NJ 08002 Benno Ashrafi Brandon DuPree Michelle C. Murtha Tel: (310) 247-0921 Email: bashrafi@weitzlux.com bdupree@weitzlux.com VERA HOLDINGS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Vera Holdings & Investments, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral through February 24 solely for court-approved payments including quarterly fees owed to the U.S. Trustee and operating expenses outlined in its budget. Budget line items may be exceeded by up to 10%, and any additional spending requires written approval from secured creditors Tiger Finance, LLC, Libertas Funding, and Fairwinds Credit Union. The court granted adequate protection to secured creditors through replacement liens on post-petition collateral, with the same validity, extent, and priority as their pre-bankruptcy liens. Vera must also maintain all required insurance coverage and comply with debtor-in-possession duties under the Bankruptcy Code. The next hearing is scheduled for February 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/MatXw from PacerMonitor.com. Vera has three secured creditors with potential liens on the cash collateral: Tiger Finance in first position, Libertas Funding in second, and Fairwinds Credit Union. As of the petition date, the Debtor estimates cash on hand of about $184,000 and accounts receivable of roughly $24.8 million. Fairwinds Credit Union, as secured creditor, is represented by: Ryan E. Davis, Esq. Winderweedle, Haines Ward & Woodman, PA 329 Park Avenue North, Second Floor Post Office Box 880 Winter Park, FL 32792-0880 Telephone: (407) 423-4246 Facsimile: (407) 645-3728 rdavis@whww.com About Vera Holdings & Investments Inc. Vera Holdings & Investments, Inc. is a Florida-based holding company managing investment assets across multiple sectors. Vera filed its Chapter 11 petition under the U.S. Bankruptcy Code (Bankr. Case No. 26-00763) on February 4, 2026. In its filing, the Debtor disclosed estimated assets of $500 million to $1 billion and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Grace E. Robson oversees the proceedings. The Debtor is represented by Frank M. Wolff, Esq. of Nardella & Nardella, PLLC. VILLAGE HOMES: To Sell Aledo Properties to Multiple Buyers ---------------------------------------------------------- Village Homes, L.P., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor’s real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including TexasBank and Huntington Bank, f/k/a Veritex Community Bank. In October 2024, the Debtor entered into a Real Estate Sales Contract with Olerio Development, LLC, now known as VilHom FW Holdings, LLC. Pursuant to the terms of the Asset Sale Contract, VilHom was to close the Asset Sale Transaction by the end of February 2025, but VilHom failed to close. As a result, on March 7, 2025, the Debtor terminated the Asset Sale Contract in writing and delivered the termination notice to VilHom's counsel. On March 14, 2025, the Debtor initiated a lawsuit in the District Court of Tarrant County, Texas, seeking a declaratory judgment that, among other things, VilHom defaulted under the Asset Sale Contract by failing to close the transaction pursuant to terms of the Asset Sale Contract. As of the Petition Date, the State Court Action remains in the very early stages of litigation. The Debtor asserts that VilHom defaulted on the Asset Sale Contract and the Debtor validly terminated the Asset Sale Contract before the Petition Date. The rejection of the Asset Sale Contract makes clear that VilHom has no valid or equitable interest in the Contract Lots and will support the expungement of the Lis Pendens, clearing the way for value-maximizing dispositions. The Debtor entered into a Village Homes Purchase Agreement with a prospective buyer, Wendy Jo Spalding, for the sale of a single-family home on a pre-construction basis identified with the street address of 316 Scissor Trail Drive, Aledo, Texas 76008. The purchase price is $617,148. The Scissor Trail Buyer is neither related nor known to the Debtor and its principals prior to the Scissor Trail Buyer’s offer to purchase the Scissor Trail Property. The Scissor Trail Agreement was negotiated between the Debtor and the Scissor Trail Buyer at arms-length and in good faith. TexasBank financed the acquisition of the Scissor Trail Property as a vacant lot. The Debtor proposes to sell the Scissor Trail Property free and clear of all liens that may be asserted by TexasBank against the Scissor Trail Property. The Debtor entered into a Village Homes Purchase Agreement with a prospective buyer, One Prime LLC, for the sale of a completed single-family home on the property with the street address of 1146 Bailey Ranch Road, Aledo, Texas 76008. The purchase price is $629,000. The Bailey Ranch Buyer is neither related nor known to the Debtor and its principals prior to the Bailey Ranch Buyer's offer to purchase the Bailey Ranch Property. The Bailey Ranch Agreement was negotiated between the Debtor and the Bailey Ranch Buyer at arms-length and in good faith. Huntington Bank financed the acquisition of the lot and the construction of the completed home on the Bailey Ranch Property. The Debtor proposes to sell the Bailey Ranch Property free and clear of all liens that may be asserted by Huntington Bank against the Bailey Ranch Property. Both the Scissor Trail Property and the Bailey Ranch Property are included in the Contract Lots that are included in VilHom's Lis Pendens. The effectiveness of each the Scissor Trail Agreement and Bailey Ranch Agreement is expressly conditioned upon the Debtor obtaining an Order from the Court providing for, among other things, each property be sold free and clear of claims, liens, rights, interests, and Lis Pendens of VilHom. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE ROADSHOW: U.S. Trustee Objects to Bankruptcy Plan --------------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has asked the Delaware bankruptcy court to prevent Village Roadshow Entertainment Group from soliciting creditor votes on its proposed Chapter 11 liquidation plan, arguing that the disclosure statement cannot be approved in its current form. The watchdog contends that the plan includes impermissible, sweeping third-party releases that go far beyond what is allowed under the Bankruptcy Code. According to the U.S. Trustee, the proposed releases would shield nondebtors -- including insiders and affiliated parties -- from liability without requiring creditors to provide affirmative consent. The office maintains that such nonconsensual third-party releases are improper in a liquidation case and lack sufficient legal justification. The U.S. Trustee is urging the court to require substantial revisions before allowing the company to move forward with vote solicitation. It argues that creditors should not be asked to cast ballots on a plan containing provisions that may ultimately be unenforceable or inconsistent with governing law, the report states. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. WASHINGTON-MCLAUGHLIN: Seeks Chapter 11 Bankruptcy in Maryland -------------------------------------------------------------- On February 9, 2025, The Washington-McLaughlin Christian School, Inc. filed for Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About The Washington-McLaughlin Christian School, Inc. The Washington-McLaughlin Christian School, Inc. is a Maryland-based private Christian educational institution providing faith-based academic instruction to students in its community. The Washington-McLaughlin Christian School, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11355) on February 9, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark handles the case. The Debtor is represented by Augustus Curtis, Esq., of Offit Kurman. WEABER INC: Plan Exclusivity Period Extended to February 28 ----------------------------------------------------------- Judge Henry W. Van Eck of the U.S. Bankruptcy Court for the Middle District of Pennsylvania extended Weaber Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 28 and April 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has met its burden of showing "good cause" to extend the Exclusivity Period because it has actively been engaged in developing a plan for its operations as a reorganized company and has performed its duties as a Debtor in a timely manner to date. The Debtor claims that its has been in active negotiation regarding a multi-million-dollar fire loss. The Debtor has also been in serious and fruitful negotiations with its largest secured creditor which must be completed before a plan can be filed. The Debtor believes that extending the Exclusivity Period to file a plan and solicit acceptances will further the interests of the Debtor and its estate by enabling the Debtor to refine its plan for business operations post-confirmation and complete negotiations with all of its different creditor constituency. The Debtor further believes that if the Exclusivity Period is not extended as requested, the Debtor's efforts to reorganize will be compromised. Further, the Debtor alleges that no harm or prejudice will inure to the creditors of the Debtor if the Exclusivity Period is not extended. Weaber Inc. is represented by: Albert Ciardi, III, Esq. Nicole M. Nigrelli, Esq. Sonali D. Doshi, Esq. Ciardi Ciardi & Astin 1905 Spruce St. Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on Aug. 1, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, at Ciardi Ciardi and Astin. WEATHERMASTER ROOFING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Weathermaster Roofing Co. received another extension from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral for payroll and operational expenses. The court issued a sixth interim order authorizing the Debtor to use cash collateral in line with its budget until the next hearing set for March 3. The court recognized the continuing validity and perfection of liens held by M&T Bank and other secured creditors, granting them the same post-petition status and protection as existed pre-bankruptcy. Additionally, the Debtor was ordered to make monthly payments of $500 to fund an escrow for Subchapter V trustee fees. A further hearing is scheduled for March 3. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/twpp9 from PacerMonitor.com. Based on a UCC search, there are four UCC financing statements that have been filed by these creditors against cash collateral assets of the Debtor: M&T Bank, Moby Capital and the U.S. Small Business Administration. To the extent that these liens and security interests are properly perfected, all of the Debtor's cash on hand and to be collected from its customers may constitute proceeds of the collateral and, therefore, may be deemed to be cash collateral. M&T Bank is represented by: Marjorie A. Bialy, Esq. One M&T Plaza, 8th Floor Buffalo, NY 14203 Phone: (716) 842-2301 Fax: (716) 842-5376 mbialy@mtb.com About Weathermaster Roofing Co. Inc. Weathermaster Roofing Co. Inc., established in 1984, provides commercial and institutional roofing installation and architectural sheet metal services, operating in the Southern Tier region of New York. The Company specializes in single ply systems, modified bitumen systems, and specialty roofing systems. It is licensed, bonded, and carries full liability and workers' compensation insurance. Weathermaster Roofing Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60824) on September 12, 2025, listing total assets of $1,704,705 and total liabilities of $2,597,003. Mark Schlant, Esq., at Zdarsky, Sawicki & Agostinelli, LLP serves as Subchapter V trustee. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq., at Orville & McDonald Law, P.C. WEBSTER ETC: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Webster ETC, LLC d/b/a El Tiempo Webster d/b/a El Tiempo Cantina 20237 Gulf Freeway Webster, TX 77598 Business Description: Webster ETC, LLC, doing business as El Tiempo Cantina and El Tiempo Webster, operates a full-service Tex-Mex restaurant at Webster, Texas, offering traditional Mexican-American cuisine with items such as fajitas, tacos, and enchiladas, complemented by made-from-scratch tortillas, sauces, and margaritas. The company is part of the El Tiempo Cantina chain, serving casual, family-oriented dining in the Houston metropolitan area. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-90333 Judge: Hon. Christopher M Lopez Debtor's Counsel: Genevieve M. Graham, Esq. GENEVIEVE GRAHAM LAW, PLLC d/b/a Graham PLLC 4203 Montrose Blvd., Suite 550 Houston, TX 77006 Tel: (832) 367-5705 E-mail: ggraham@graham-pllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nicole Elam as vice president of operations. A full-text copy of the petition, which includes a list of the Debtor's 30 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VTDREBY/Webster_ETC_LLC__txsbke-26-90333__0001.0.pdf?mcid=tGE4TAMA WENTHOLD EXCAVATING: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Wenthold Excavating, LLC 4008 NE 126th Ave. Elkhart, IA 50073 Business Description: Wenthold Excavating, LLC, headquartered in Elkhart, Iowa, provides earthmoving and site preparation services across the Des Moines metro area, including excavation, grading, trenching, and related construction support. The company serves residential, commercial, agricultural, and public works projects, emphasizing OSHA-compliant, GPS-controlled, and certified operations. Its portfolio includes work on Valley West & West Towne Parkway, the Des Moines Water Works Park Amphitheater, WRA Eastside Interceptor, and Capital Drive. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 26-00188 Judge: Hon. Lee M Jackwig Debtor's Counsel: Robert Gainer, Esq. CUTLER LAW FIRM PC 1307 50th Street West Des Moines IA 50266-1782 E-mail: rgainer@cutlerfirm.com Total Assets: $10,227,058 Total Liabilities: $6,304,226 The petition was executed by Corey Lorenzen in his capacity as a receiver appointed by the Story County District Court. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AZSWXHQ/Wenthold_Excavating_LLC__iasbke-26-00188__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Kapitus Blanket Security $745,624 120 W 45th Street Interest New York, NY 10036 2. Vision Bank Line of Credit $412,299 502 8th Street SW Altoona, IA 50009 3. Martin Marietta Vendor $349,279 888 Keystone Crossing Ste. 1550 Indianapolis, IN 46240 4. Vision Bank Line of Credit $343,709 502 8th Street SW Altoona, IA 50009 5. Fuller Vendor $337,671 1505 Old Portland Road Adel, IA 50003 6. United Fire & Casualty Company $328,758 c/o Keith Duffy 700 Walnut St 1300, 50309 7. DeCarlo Demolition Vendor $292,999 260 NE 44th Avenue Des Moines, IA 50313 8. Parkside Funding Group Line of Credit $209,859 865 NJ-33 Business 3 Unit 192 Freehold, NJ 07728 9. Midstates Precast Vendor $202,015 2340 Hubbell Avenue SW Bondurant, IA 50035 10. David Wenthold Line of Credit $200,000 205 2nd Avenue SW Waucoma, IA 52171 11. Whitfield & Eddy Law Firm $146,667 c/o Jeff Stone 699 Walnut St 2000 Des Moines, IA 50309 12. Contractor Solutions Vendor $113,644 2140 21st Street NW Altoona, IA 50009 13. Cat Financial $105,256 2120 West End Avenue Nashville, TN 37203 14. Utility Equipment Co. Vendor $80,809 5615 NE 22nd Street Des Moines, IA 50313 15. Concrete Technologies Inc. Vendor $76,001 1001 SE 37th Street Grimes, IA 50111 16. Cat Financial Credit Card $74,801 2120 West End Avenue Nashville, TN 37203 17. Bell Bank $71,360 15490 101st Ave. N Ste. 200 Osseo, MN 55369 18. Peru Quarry Vendor $70,637 507 7th Street Ste. 600 Sioux City, IA 51101 19. Irlbeck Grading Vendor $69,455 26501 260th Street Dallas Center, IA 50063 20. Eslinger Vendor $65,800 2500 R63 Hwy Norwalk, IA 50211 WENTHOLD EXCAVATING: Final Cash Collateral Hearing Set for Feb. 25 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Iowa is set to hold a hearing on February 25 to consider final approval of Wenthold Excavating, LLC's bid to use cash collateral. The Debtor was previously allowed to access cash collateral under the court's February 17 interim order. The interim order authorized the Debtor to use $19,970.99 in cash collateral from February 13 to 19, subject to the Debtor making payment to VisionBank of $8,900 by March 12 and a subsequent payment of $8,900 by April 9; and to Kapitus of $8,000 by February 26 and subsequent payments of $8,000 every 14th day thereafter during the budget period. Wenthold's pre-petition secured lenders are VisionBank, Kapitus, Parkside Funding, and United Fire and Casualty Company whose interests extend to the Debtor's accounts, receivables, equipment, machinery, general intangibles, and related proceeds. The Debtor offers to provide adequate protection to the secured creditors through replacement liens on post-petition assets, a super-priority claim for any diminution in value of pre-petition collateral, and reporting and inspection rights. About Wenthold Excavating LLC Wenthold Excavating, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 26-00188-lmj11) on February 9, 2026. In the petition signed by Corey Lorenzen, receiver, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Lee M. Jackwig oversees the case. Robert Gainer, Esq., at Cutler Law Firm PC, represents the Debtor as legal counsel. WEST PHILADELPHIA ACHIEVEMENT: S&P Affirms 'BB-' Rev. Bonds Rating ------------------------------------------------------------------ S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB-' rating on the Philadelphia Industrial Development Authority, Pa.'s series 2011 revenue bonds, issued for West Philadelphia Achievement Charter Elementary School (WPACES). S&P said, "The outlook revision reflects our view that the recent settlement between WPACES and its authorizer, School District of Philadelphia (SDP), demonstrates meaningful progress between both parties and increases the likelihood that the school will receive a charter renewal. Despite the school posting a deficit in fiscal 2025, which we consider a one-time event, we believe the rating is currently supported by the school's healthy liquidity position and manageable debt burden. "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. WPACES has been operating on an unsigned charter term for a greater length of time relative to peers, but we believe this will likely be resolved in the near term as the school is part of the authorizer's 2025-2026 renewal cohort. "The stable outlook reflects our expectation that over the one-year outlook period, we believe WPACES could receive a charter renewal from the SDP, enrollment will remain stable and operating margins will be least balanced, supporting a rebound in lease-adjusted MADS coverage and maintenance of liquidity consistent with the rating level. "We could consider a negative rating action if the charter renewal is not executed and signed, leading to heightened uncertainty surrounding the school's ability to operate. In addition, we could lower the rating if the school experiences declining enrollment, notable funding cuts such that financial operations and MADS coverage do not improve as expected, liquidity weakens, or the school issues material additional debt pressuring financial metrics to levels that are no longer commensurate with the rating. "We could consider a positive rating action if WPACES successfully obtains a full-term renewal of its charter, maintains stable enrollment and demonstrates a trend of improved operating margins and lease-adjusted MADS coverage to levels commensurate with those of a higher rating." WORKSPORT LTD: FY2025 Revenue Climbs 91% to Record $16.2MM ---------------------------------------------------------- Worksport Ltd. announced preliminary top-line results for the fourth quarter ended December 31, 2025. The Company closed fiscal 2025 with its strongest operational performance to date, delivering 65% year-over-year revenue growth in the fourth quarter and 91% full-year revenue growth, while validating the scalability of its domestic manufacturing platform through substantial gross margin and gross profit expansion. Q4 2025 Financial Highlights (Unaudited) * Quarterly Revenue Growth: Q4 2025 Net Sales increased to $4.84 million; A 65% increase compared to $2.93million in Q4 2024. * Structural Margin Expansion: Gross margin for the quarter reached 32%, compared to 11% in the prior year period; An expansion of 2,100 basis points. * Gross Profit Surge: Gross profit for the quarter rose to ~$1.5 million, representing a 380% increase year-over-year ($0.3 million in Q4 2024) * Fiscal Year Performance: Full-year 2025 revenue reached a record $16.2 million, up 91% from $8.5 million in 2024. "Our Q4 results demonstrate that our U.S. manufacturing engine is not just operational, but highly resilient," said Steven Rossi, CEO of Worksport. "We have proven we can expand margins above 31% even in a rising cost environment. This 'manufacturing alpha' provides the stable financial foundation required to support our next phase of growth." Aluminum Price Increases; Margin Expansion A key highlight of the Company's 2025 performance was its ability to expand gross margins despite significant increases in raw material costs. During the year, domestic aluminum prices rose by more than 35%, driven by supply constraints and tariff-related pressures. For most industrial manufacturers, particularly those where aluminum is a primary input for products such as the AL3, HD3, and AL4, cost inflation would typically result in margin compression. Worksport, however, successfully grew gross margins despite aluminum price volatility. By transitioning production to its West Seneca, NY facility, the Company successfully offset rising commodity costs through: * Advanced Manufacturing: Utilizing latest technology and production machinery to create a lean and scalable operation. * Scrap Reduction: Implementing precision engineering to minimize aluminum waste per unit. * Fixed Cost Absorption: Spreading overhead costs across a daily production volume that more than doubled by the end of the year. Strategic Pivot: From R&D Spend to Monetization Phase As Worksport enters 2026, the Company is executing a deliberate shift in how it allocates capital across its clean-energy portfolio. The majority of the capital expenditures and Research & Development investments required to design, validate, and de-risk the SOLIS(TM) Solar Tonneau Cover, COR(TM) Portable Energy System, and Aetherlux(TM) Heat Pump have now been incurred. With core development substantially complete, management expects R&D intensity to decline meaningfully. These technologies are no longer being treated as ongoing cost centers, but as invested assets transitioning into their commercial monetization phase, where incremental spending is increasingly directed toward certification, manufacturing scale-up, sales infrastructure, and revenue generation rather than foundational engineering. * COR(TM) & SOLIS(TM): With commercial launch beginning in January 2026, these products are transitioning from development projects to revenue-generating inventory. The infrastructure to manufacture and distribute these units is fully deployed, marketing will now scale up. * Aetherlux(TM) (Terravis Energy): Following the validation of its ZeroFrost(TM) technology and the selection of a manufacturing partner, Aetherlux is positioned as a high-value asset targeting the $148 billion HVAC market, with minimal additional CapEx required for scaling. Aetherlux has received attention from Governments and several multi-national businesses. 2026 Outlook Update Worksport is currently finalizing its order book and production schedules for the coming year. The Company expects to issue an update on forward guidance for Fiscal Year 2026, including specific revenue and cash flow positivity targets, later this quarter. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of September 30, 2025, the Company had $27,048,622 in total assets, $7,269,230 in total liabilities, and $19,779,392 in total stockholders' equity. X4 PHARMA: Morgan Stanley, Investment Management Hold 9.4% Stake ---------------------------------------------------------------- Morgan Stanley and Morgan Stanley Investment Management Inc., disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 8,196,489 shares of common stock (with Morgan Stanley Investment Management Inc. holding 8,196,455 shares) of X4 Pharmaceuticals, Inc.'s common stock, representing 9.4% of the shares outstanding. Morgan Stanley may be reached through: Chris O'Hara 1585 Broadway New York, NY 10036 Tel: 212-761-4000 A full-text copy of Morgan Stanley's SEC report is available at: https://tinyurl.com/yc297x5y About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 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 operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $163.56 million in total assets, $101.94 million in total liabilities, and $61.62 million in total stockholders' equity. [] Commercial Bankruptcies Decreased Slightly in Pittsburgh-Area ---------------------------------------------------------------- Commercial bankruptcies declined slightly across 25 counties in western Pennsylvania last 2025, even as filings rose nationally. Local bankruptcy attorneys say the dip may prove temporary as economic headwinds intensify and smaller businesses grapple with higher costs and uneven demand. According to federal court data, business-related Chapter 7 and Chapter 11 filings in the Western District of Pennsylvania edged down compared with the prior year. The decline stands in contrast to a nationwide uptick in commercial bankruptcies, driven in part by higher interest rates and tighter credit conditions. Lawyers say many regional businesses entered 2024 on relatively stable footing, having refinanced debt or secured pandemic-era relief that delayed insolvency filings. But those cushions are fading. Rising borrowing costs, persistent inflation and softening consumer spending are putting renewed strain on cash flow, particularly for small and midsize enterprises. Attorneys warn that sectors such as retail, hospitality and construction could see more distress in the months ahead. While western Pennsylvania has so far avoided the sharper increases seen elsewhere, advisers say a slowdown in revenue or further credit tightening could quickly reverse last year's modest decline. [] Oregon Business Bankruptcies Reach 12-Year High -------------------------------------------------- Mike Rogoway of The Oregonian reports that business bankruptcies in Oregon surged 25% in the past 2025, marking the highest total since 2013 and underscoring mounting economic pressure in the state. The increase aligns with a national upswing in filings across individuals and businesses of all sizes. Industry analysts point to multiple factors driving the rise. According to the American Bankruptcy Institute, high borrowing costs, inflation, and global instability are straining balance sheets and limiting financial flexibility for many companies. Oregon's spike has outpaced national growth by a wide margin, rising nearly four times faster than the overall U.S. rate. Layoffs have exceeded levels seen during the Great Recession, with major employers such as Nike, Intel, and Oregon Health & Science University cutting jobs -- moves that ripple through smaller vendors and service providers, the report states. While current filings remain well below recession-era peaks, the trajectory is concerning. Nearly 600 Oregon businesses sought protection in 2009, compared with roughly 250 in 2025. Nationally, January commercial filings jumped 76% year over year, reinforcing concerns that economic pressures remain intense, the report states. ********* 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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