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260223.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, February 23, 2026, Vol. 30, No. 54 Headlines 120 SOUTH: 302 Victoria Property Sale to RM ROD Properties OK'd 120 SOUTH: Court OKs 204 Victoria Property Sale to Moore Legacy 1291 INVESTORS: Section 341(a) Meeting of Creditors on March 17 148 BAY 43RD: Seeks Cash Collateral Access 22ND CENTURY: Gregory Castaldo No Longer Holds Shares 22ND CENTURY: Jonathan Schechter No Longer Holds Shares 22ND CENTURY: Joseph Reda, SEG Opportunity No Longer Hold Shares 4US CORP: Seeks to Hire David Freydin PC as Bankruptcy Counsel 7530 LLC: To Sell Columbus Property to Stephen Hruby 95 MARKET STREET: Hires Steven A. Reiss & Company as Accountant AAM EQUIPMENT: Taps Memory Memory & Causby as Bankruptcy Counsel ACCENT COMFORT: Gets Interim OK to Use Cash Collateral ADM TRONICS: Posts $114,856 Net Loss in Q3, Warns of Cash Crunch AIR INDUSTRIES: Michael Taglich Holds 14.3% Equity Stake AIR INDUSTRIES: Robert Taglich Holds 10.1% Equity Stake AKUMIN INC: Completes Exchange Offer of 2027 and 2028 Notes ALEON METALS: Gets Court OK for Chapter 11 Plan Vote Solicitation AMC ENTERTAINMENT: Enters Into Supplemental Indenture on 2029 Notes ANNALEE DOLLS: Gets Extension to Access Cash Collateral APPLIED COMPOSITES: Blue Owl Marks $42.5MM 1L Loan at 36% Off ARCON CONSTRUCTION: Appointment of Examiner Sought AVENUE LIVING: DBRS Gives Prov. BB Rating on Subordinated Notes BALROG ACQUISITION: Blue Owl Marks $28MM 2L Loan at 19% Off BARRACUDA PARENT: Blue Owl Marks $12.6MM 1L Loan at 15% Off BEAR COMPANY: Gets Interim OK to Use Cash Collateral Until April 31 BEP INTERMEDIATE: New Incremental Debt No Impact on Moody's B1 CFR BESTWALL LLC: Mesothelioma Victims Seek Trustee Appointment BEYOND AIR: Narrows Loss to $7.6MM in Q3, Flags Liquidity Concerns BISHOP OF FRESNO: Committee Taps Burns Bair LLP as Special Counsel BOY SCOUTS: Doe Case Dismissed Without Prejudice BRC GROUP: Bryant Riley Holds 22.4% Equity Stake BRC GROUP: Reports 24.9% Equity Holding in Babcock & Wilcox BRC GROUP: Reports 7% Equity Holding in DoubleDown Interactive BRC GROUP: Susquehanna Securities and Affiliates Hold 4% Stake BREWTIFUL PROPERTIES: Commences Chapter 11 Bankruptcy in Missouri BUDDY MAC: Gets Court Approval for Chapter 11 Sales C&T SHIELD: Seeks Chapter 7 Bankruptcy in Georgia CAREPOINT HEALTH: Claims Cigna Underpaid Hospitals $115MM CARMEN'S CUBAN: Gets Extension to Access Cash Collateral CAROLINA BERRY: Bladen Co Real Estate Auction to Close on Feb. 26 CARPENTER FAMILY: Seeks to Sell Carpenter Farm at Auction CCA CONSTRUCTION: Emerges from Chapter 11 Bankruptcy CEMTREX INC: Intracoastal Capital Holds 7.3% Equity Stake CHARLIE'S HOLDINGS: Raises $710,000 in Private Stock Placement CHINESE LAUNDRY: Physical Operations Wind Down Under ABC CITIUS PHARMACEUTICALS: Reports $9.39MM Net Loss in Q1 2026 CJC SHELL: Cash Collateral Hearing Set for Feb. 25 CLEARSIDE BIOMEDICAL: Seeks to Bar $100MM Offer That Froze Auction CNX RESOURCES: Moody's Rates New Senior Unsecured Notes 'B1' CONAIR HOLDINGS: Blue Owl Marks $12.4MM 1L Loan at 44% Off CONAIR HOLDINGS: Blue Owl Marks $161.6MM 2L Loan at 55% Off CONSTRUCTION PARTNERS: Fitch Affirms 'BB' IDR, Outlook Stable COOPER-STANDARD HOLDINGS: Net Loss Improves to $4.3MM in 2025 COSMETIC SURGERY: Medical Office Condo Put Up for Sale CREDIT SUITE: Court Extends Cash Collateral Access to April 15 CROWN PROPERTIES: Court Places Gateway Tower in Receivership DATAVAULT AI: Moves Warrant Distribution Date DAY TRANSLATIONS: Gets OK to Pay Affiliate Officer's Salary DAYTONA THUNDER: Court Extends Cash Collateral Access to April 9 DENOYER-GEPPERT: Seeks to Sell Skokie Property DGN PHARMACY: Section 341(a) Meeting of Creditors on March 11 DIOCESE OF CAMDEN: Agrees to Pay $180MM to Sexual Abuse Survivors DRIVE PLANNING: Receiver Authorized to Sell "Live More" Yacht E&M BINDERY: To Sell Equipment to Artist Group EFESTO US: Fitch Affirms 'B' Rating on Senior Secured Notes EL SALTO RANCHES: Hires Gatton & Associates as Bankruptcy Counsel ELECTRIC FORKLIFT: Hires Verna & Associates as Accountant ENCOMPASS ENTERPRISES: Gets Interim OK to Use Cash Collateral ENGLEWOOD HOSPITALITY: Hires Davidoff Hutcher & Citron as Counsel EOS FINCO: Blue Owl Marks $39.7MM 1L Loan at 56% Off ER OF TEXAS: Gets Interim OK to Use Cash Collateral EVALINA LLC: Gets Extension to Access Cash Collateral F-STAR SOCORRO: Gets OK to Use Cash Collateral FENTON TOWE: Seeks Approval to Hire Proctor, CPA as Accountant FERADYNE OUTDOORS: Blue Owl Marks $80.7MM 1L Loan at 30% Off FIRST INVESTMENT: Seeks to Tap Demetrius J. Parrish Jr. as Counsel FIRST QUANTUM: Fitch Affirms 'B' LongTerm IDR, Outlook Stable FRANCESCA'S ACQUISITION: Raises Liquidation Sales Markdown to 60% FUNKO INC: Extends Credit Facility Maturity to December 2027 GEN DIGITAL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable GENESIS HEALTHCARE: No Decline in Resident Care, PCO Report Says GENESIS HEALTHCARE: No Resident Care Concern, 3rd PCO Report Says GENESIS HEALTHCARE: Quality of Care Maintained, 3rd PCO Report Says GI RANGER: Blue Owl Marks $272,000 1L Loan at 16% Off GLENWOOD CAVERNS: Files Chapter 11, to Appeal $116MM Judgment GLOBAL ACQUISITION: Seeks Chapter 11 Bankruptcy in New Jersey GLOBAL LEADERSHIP ACADEMY: S&P Lowers Revenue Bonds Rating to 'B+' GOLD CITY: No Decline in Resident Care, 1st PCO Report Says GOOD CITIZEN: Seeks to Tap Troutman Law Firm as Bankruptcy Counsel GPS HOSPITALITY: S&P Cuts ICR to 'SD' on Amended Credit Agreement GREEN IMPACT: Files for CCAA Protection in Alberta GROUP STONE: Court Extends Cash Collateral Access to April 15 HAWAIIAN ELECTRIC: Fitch Affirms 'BB-' IDR, Outlook Positive HEAVENLY PET: Gets Interim OK to Use Cash Collateral HERNAN REYES: Gets Extension to Access Cash Collateral HILLSIDE APARTMENTS: Trustee Taps Felderstein Fitzgerald as Counsel IDEAL IMAGE: Blue Owl Marks $2.3MM 1L Loan at 38% Off IHN PODIATRY: Gets Extension to Access Cash Collateral INTL TOWER HILL: Raises CEO's Annual Base Salary to US$342,538 IROBOT CORP: Shareholders Drop Exec Suit After Chapter 11 Exit J&B CONSTRUCTION: Hires Jones & Walden LLC as Bankruptcy Counsel JRCP RESTAURANTS: Seeks Approval to Hire UniFi as Bookkeeper KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral KEVIN GARCIA: Leon Jones Named Subchapter V Trustee KING'S ACADEMY: Gets Interim OK to Use Cash Collateral KURTIS TECHNOLOGIES: Seeks Chapter 11 Bankruptcy in California LAMOUR COMMUNITY: Court Dismisses Chapter 11 Bankruptcy Case LANCASTER PACKAGING: Stephen Darr Named Subchapter V Trustee LEVEL ONE: Seeks Subchapter V Bankruptcy in California LION'S DEN: Linda Leali Named Subchapter V Trustee LIONS DEN: Seeks Chapter 11 Bankruptcy in Georgia LS INTERIORS: Gets Interim OK to Use Cash Collateral Until March 4 LUMINAR TECHNOLOGIES: Cleared to Seek Chapter 11 Plan Votes M.K. WEEDEN: Court Extends Cash Collateral Access to May 15 MARAGAL MEDICAL: Court OKs Bid to Maintain Existing Bank Account MARAGAL MEDICAL: March 19 Hearing Set for Cash Collateral Motion MBIA INC: Wolf Hill Capital and Affiliates Hold 5.1% Stake MCGLINCHEY STAFFORD: Seeks Chapter 7 Bankruptcy w/ Over $10B Debt MILLER'S LANDING: Court OKs Deal on Cash Collateral Access MONDORIVOLI LLC: Seeks to Hire Bonnie Bell Bond as Legal Counsel MORVATT ENTERPRISES: Propane Tank Sale to Reuben Bontrager OK'd MOUNTAIN VISTA: Trustee Taps Golden Goodrich LLP as Legal Counsel MOUNTAIN VISTA: Trustee Taps Stapleton Group as Financial Advisor MY GEORGIA PLUMBER: Taps Jones Lang LaSalle/Latham as Realtors NATIONAL DENTEX: Blue Owl Marks $10.8MM 1L Loan at 59% Off NATIONAL DENTEX: Blue Owl Marks $145.7MM 1L Loan at 56% Off NATIONAL DENTEX: Blue Owl Marks $22.1MM 1L Loan at 39% Off NESV ICE: March 5 Hearing Set for UST's Motion to Dismiss NEXT DAY: Seeks to Hire Offit Kurman as Bankruptcy Counsel NFN8 GROUP: Hires Epiq Corporate as Claims and Noticing Agent NORVAX LLC: Blue Owl Marks $2.4MM 1L Loan at 40% Off NYC ALPHA: Hires Seifert Small & Associates as Bankruptcy Counsel OAKTREE OCALA: Gets OK to Use Cash Collateral Until March 20 OLENOX INDUSTRIES: Settles $1.7M Debt With Cedar via Stock Issuance OMNICARE LLC: Taps Quarles & Brady as Special Regulatory Counsel OWASSA BROWNVILLE WATER: S&P Affirms 'BB+' Rating on 2013 Rev Debt PENNYMAC FINANCIAL: S&P Alters Outlook to Pos., Affirms 'B+' ICR PERASO INC: Awards 60,000 Stock Options to Three Execs PERATON CORP: Blue Owl Marks $60MM 2L Loan at 18% Off PHYSICIAN PARTNERS: Blue Owl Marks $6.5MM 1L Loan at 29% Off PINE GATE RENEWABLES: Gets OK to Wind Down Business in Chapter 11 PLASMA BUYER: Blue Owl Marks $1.3MM 1L Loan at 19% Off PLASMA BUYER: Blue Owl Marks $26.6MM 1L Loan at 16% Off PLEASANT GROVE: Hires MYC & Associates as Real Estate Broker PRAIRIE ACQUIROR: S&P Alters Outlook to Stable, Affirms 'B+' ICR PRIMROSE CANDY: Final Hearing on DIP Financing Set for Feb. 24 PS OPERATING: Blue Owl Marks $16.9MM 1L Loan at 69% Off R INTERCONNECTIONS: Gets Interim OK to Use Cash Collateral RB MARKETPLACE: Seeks to Hire Jose A. Diaz Crespo as Accountant RDL SOLUTIONS: Hires Richard D. Scott PC as Bankruptcy Counsel REDSTONE BUYER: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable REUP GALAXY: Hires Tavey Consulting Inc as Financial Consultant REVLON INC: Claimants Ask 2nd Circ. to Allow Late Claims ROCKIES EXPRESS: S&P Alters Outlook to Stable, Affirms 'B+' ICR ROSE RENTAL: Seeks to Sell Jackson Property for $128K ROSE RENTAL: Seeks to Sell Ridgeland Property for $116K ROYAL HASS: Commences Chapter 11 Bankruptcy in Georgia RXO INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable SAKS GLOBAL: Seeks to Hire Haynes and Boone LLP as Co-Counsel SAKS GLOBAL: Taps Andrew D.J. Hede of Accordion Partners as CRO SAKS GLOBAL: Taps Mark Weinsten of Berkeley Research Group as CRO SARR'S ESSENTIAL: Eric Huebscher Named Subchapter V Trustee SLEEP QUARTERS: Gets Extension to Access Cash Collateral SMART FONE: Hires Timothy Zearfoss as Bankruptcy Counsel SNOW CONTRACTING: Commences Chapter 7 Bankruptcy in Minnesota SOUTH TOWN: Hires Taft Stettinius & Hollister LLP as Counsel SOUTHWEST FIRE: Seeks to Use Cash Collateral STOMATCARE DSO: Hires Shraiberg Page PA as Bankruptcy Counsel SUNNYCOVE CAPITAL: Seeks Chapter 11 Bankruptcy in California THRIVE COMMERCE: Hires Musi Mattson Daubenberger as Counsel TIMBER RIDGE LOGGING: Seeks Chapter 11 Bankruptcy in Georgia TOP ACES: DBRS Confirms BB(low) Issuer Rating, Trend Stable TOP ACES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable TOTAL AIR: To Sell Non-Operational Vehicles to Rafa Burciaga TRANS-LUX CORP: Marcum LLP Raises Going Concern Doubt UNDER ARMOUR: S&P Affirms 'BB-' ICR, Outlook Negative US MAGNESIUM: SSG Served as Ivnvestment Banker in Utah Asset Sale VALARIS LIMITED: Fitch Puts 'B+' LongTerm IDR on Watch Negative VETERANS EMPOWERING: Seeks to Sell Fayetteville Property at Auction VILLAGE HOMES: To Sell Village Walk Place Property to Mitchells VIRGINIA PARK: Affiliate to Lease Detroit Property to EIP Holdings VITAL PHARMACEUTICALS: Founder's Bid to Stay Adversary Suit Denied WALKER EDISON: Blue Owl Virtually Writes Off $51.3MM 1L Loan ZUUM TRANSPORTATION: Cash Collateral Access Extended to March 1 ZYNEX INC: Committee Taps Dundon Advisers LLC as Financial Adviser ZYNEX INC: Committee Taps Vartabedian Hester & Haynes as Counsel [] Fitch Affirms Ratings on 10 North American Retail Companies [] Fitch Affirms Ratings on 7 NA Insurance Brokers Companies [] Fitch Affirms Ratings on 9 Specialized NA Midstream Companies [] Fitch Affirms Ratings on Six NA Pharmaceutical Companies [] Hilco Global Expands Receivership Practice with Lauren Leach [] LegalShield Index Up 10% as Bankruptcy Inquiries Rise 15.6% YoY [] Nemecek Joins Simpson Thacher's Capital Structure Practice [] Zombie Foreclosures Hold at 3.27% in Q1 2026 ********* 120 SOUTH: 302 Victoria Property Sale to RM ROD Properties OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, Austin Division, has granted 120 South Main Parking LLC and its affiliates, William G. Wendlandt, 120-MP Victoria Ltd., Laurent Tower LLC, and 1309 Red River Development Company LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 302 S, Liberty, Victoria, Texas 77901. The Court has authorized the Debtor to sell the Property to RM ROD Properties, LLC for $250,000. The Buyer has represented to the parties that it is ready to close and a preliminary HUD. RMROD is purchasing the Real Property in good faith and is a good faith purchaser of the Real Property. The Debtor has demonstrated both good, sufficient, and sound business purposes and justifications and compelling circumstances for the Sale outside of the ordinary course of business. The Debtor is the sole and lawful owner of the Real Property. The conveyance of the Real Property will be a legal, valid, and effective transfer of the Real Property and vests or will vest Moore with all right, title, and interest of the Debtor to the Real Property, free and clear of all interests to the fullest extent permitted. The Debtor (or the closing agent on his behalf) is authorized and directed to disburse at closing those funds necessary to satisfy the following claims in the following order of priority: a. Costs of sale including, but not limited to, title policy fees, survey fees, broker fees and closing costs; b. 2025 and pro rate 2026 ad valorem tax Victoria County taxes paid or credited to the buyer; c. Fees to the United States Trustee: $250 for quarterly fees under 28 U.S.C. Section 1930(a)(6) for the fourth quarter of 2025 and $1,928 for quarterly fees under 28 U.S.C. § 1930(a)(6) as an estimate for the first quarter of 2026, or if the sale closes after March 31, 2026, for the quarter in which the sale closes, for a total of $2,178 to pay at the time of closing; d. Outstanding fees owed to the City of Victoria for cutting weeds on the Property; e. $2500 to the Smeberg Law Firm, PLLC to be applied to approved fee applications; and f. the remaining funds shall be distributed to First State Bank Louise to be applied to the principal owed on its loan. In the event that the sale to RMROD does not close pursuant to the sale contract, Debtor may take any action permitted by the sale contract and Texas law including, but not limited to: terminate the contract and retain all earnest money, enforce specific performance, or extend the closing date, except Debtor may not enter into any modification, amendment, or supplement that has a material, adverse effect on the Debtor’s estates in the business judgment of the Debtor. Notwithstanding the provisions of the Bankruptcy Rule 6004 or any applicable provisions of the Local Rules, this Order shall not be stayed for 14 days after the entry hereof, but shall be effective and enforceable immediately upon entry. Time is of the essence in closing the transaction referenced herein, and the Debtor and Purchaser intend to close the Sale as soon as practicable. Any party objecting to this Order must exercise due diligence in filing an appeal and pursuing a stay or risk its appeal being foreclosed as moot. About 120 South Main Parking LLC 120 South Main Parking LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 120 South Main Parking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10671) on May 6, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liailities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtors are represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. 120 SOUTH: Court OKs 204 Victoria Property Sale to Moore Legacy --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, Austin Division, has granted 120 South Main Parking LLC and its affiliates, William G. Wendlandt, 120-MP Victoria Ltd., Laurent Tower LLC, and 1309 Red River Development Company LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at 204 S William St., Victoria, Texas 7790. The Court has authorized the Debtor to sell the Property to Moore Legacy Investments, LLC for $232,000. The Purchaser has represented to the parties that it is ready to close and a preliminary HUD. The Debtor has demonstrated both good, sufficient, and sound business purposes and justifications and compelling circumstances for the Sale outside of the ordinary course of business under section 363(f) of the Bankruptcy Code. The Debtor is the sole and lawful owner of the Real Property. The conveyance of the Real Property will be a legal, valid, and effective transfer of the Real Property and vests or will vest Moore with all right, title, and interest of the Debtor to the Real Property, free and clear of all interests to the fullest extent permitted. The Debtor may sell and transfer, and Moore may purchase, the Real Property, free and clear of any interests of any kind or nature. The Debtor (or the closing agent on his behalf) is authorized and directed to disburse at closing those funds necessary to satisfy the following claims in the following order of priority: a. Costs of sale including, but not limited to, title policy fees, survey fees, broker fees and closing costs; b. 2025 and pro rate 2026 ad valorem tax Victoria County taxes paid or credited to the Purchaser; c. Fees to the United States Trustee: $250 for quarterly fees under 28 U.S.C. Section 1930(a)(6) for the fourth quarter of 2025 and $1,928 for quarterly fees under 28 U.S.C. Section 1930(a)(6) as an estimate for the first quarter of 2026, or if the sale closes after March 31, 2026, for the quarter in which the sale closes, for a total of $2,178 to pay at the time of closing; d. $2500 to the Smeberg Law Firm, PLLC to be applied to approved fee applications; and e. the remaining funds shall be distributed to First State Bank Louise to be applied to the principal owed on its loan. f there exists a dispute regarding any distribution, the disputed funds shall be held in the Smeberg Law Firm, PLLC IOLTA account until further order of the Court. Notwithstanding the provisions of the Bankruptcy Rule 6004 or any applicable provisions of the Local Rules, this Order shall not be stayed for 14 days after the entry hereof, but shall be effective and enforceable immediately upon entry. Time is of the essence in closing the transaction referenced herein, and the Debtor and Purchaser intend to close the Sale as soon as practicable. Any party objecting to this Order must exercise due diligence in filing an appeal and pursuing a stay or risk its appeal being foreclosed as moot. About 120 South Main Parking LLC 120 South Main Parking LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 120 South Main Parking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10671) on May 6, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtors are represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. 1291 INVESTORS: Section 341(a) Meeting of Creditors on March 17 --------------------------------------------------------------- On February 11, 2026, 1291 Investors, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on March 17, 2026 at 10:00 AM via UST Teleconference San Jose, Call in number: 1-888-330-1716 Passcode: 5397643. About 1291 Investors, LLC 1291 Investors, LLC is a California-based investment holding company engaged in managing and overseeing real estate and related investment assets. 1291 Investors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50209) on February 11, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Lars T. Fuller, Esq., of The Fuller Law Firm. 148 BAY 43RD: Seeks Cash Collateral Access ------------------------------------------ 148 Bay 43rd, LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral. The Debtor filed for Chapter 11 relief on September 25, 2025, to halt an imminent foreclosure sale initiated by its senior mortgage lender, Wilmington Savings Fund, FSB, serviced by Shellpoint Mortgage Servicing. The Debtor owns a three-unit multifamily residential property located at 148 Bay 43rd Street, Brooklyn, New York, which its principal, Vincent Chin, estimates to be worth approximately $2 million, suggesting substantial equity. Currently, two units are occupied by Mr. Chin's family members, and one unit is rented to a non-relative for approximately $2,400 per month, though rent payments are irregular. Shellpoint holds a senior mortgage claim secured by the property, including an assignment of rents provision, and has filed a proof of claim. The only other creditor is Apex Fund, which holds a junior lien in the amount of $346,500. The Debtor and Shellpoint have agreed to a conditional order requiring monthly adequate protection payments of $9,513, consisting of the regular mortgage payment plus an amount to cure arrears over 60 months. Because rental income is insufficient, Mr. Chin has committed personal funds to supplement payments. The proposed budget reflects limited operations, with expenses for utilities, water, upkeep, and the adequate protection payment. The Debtor seeks authority to use rental income as cash collateral for a 45-day period, grant replacement liens and superpriority administrative expense claims to secured creditors and establish a $20,000 carveout for professional fees. The Debtor asserts that these measures adequately protect secured creditors while preserving the estate and facilitating formulation of a reorganization plan. A court hearing is scheduled for March 5. A copy of the motion is available at https://urlcurt.com/u?l=QwoluP from PacerMonitor.com. About 148 Bay 43rd LLC 148 Bay 43rd LLC, a New York-based limited liability company, owns and manages multi-family residential properties, including 2831 Roberts Avenue in the Bronx, and operates in the real estate sector. 148 Bay 43rd sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12093) on September 25, 2025. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Anne Penachio, Esq., at Penachio Malara, LLP. 22ND CENTURY: Gregory Castaldo No Longer Holds Shares ----------------------------------------------------- Gregory Castaldo, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, he no longer beneficially owns shares of 22nd Century Group, Inc.'s common stock, $0.00001 par value per share. 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/4rhz3ruw About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 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 significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 22ND CENTURY: Jonathan Schechter No Longer Holds Shares ------------------------------------------------------- Jonathan Schechter, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, he no longer beneficially owns shares of 22nd Century Group, Inc.'s common stock, $0.00001 par value per share. Jonathan Schechter may be reached at: 135 Sycamore Drive Roslyn, NY 11576 A full-text copy of Jonathan Schechter's SEC report is available at: https://tinyurl.com/2s3bp55f About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 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 significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 22ND CENTURY: Joseph Reda, SEG Opportunity No Longer Hold Shares ---------------------------------------------------------------- Joseph Reda and SEG Opportunity Fund, LLC, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, they no longer beneficially own shares of 22nd Century Group, Inc.'s common stock. Mr. Reda is the manager of, and may be deemed to beneficially own securities beneficially owned by, SEG. SEG is the record and direct beneficial owner of the shares of Common Stock of the Company covered by this statement. Joseph Reda may be reached through: Joseph Reda SEG Opportunity Fund, LLC 1324 Manor Circle Pelham, NY 10803 Tel: (516) 521-1354 A full-text copy of Joseph Reda's SEC report is available at: https://tinyurl.com/2w34uzju About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 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 significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 4US CORP: Seeks to Hire David Freydin PC as Bankruptcy Counsel -------------------------------------------------------------- 4US Corp, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as bankruptcy counsel. The firm's services include: (a) negotiate with creditors; (b) prepare a plan and financial statements; and (c) examine and resolve claims filed against the estate. The Debtor proposes to retain the Law Offices of David Freydin PC on an hourly basis at these rates: David Freydin $450 Jan Michael Hulstedt $425 Derek V. Lofland $425 The firm received a $35,000 pre-petition retainer. As disclosed in the court filings, Law Offices of David Freydin PC believes he does not hold or represent any interest adverse to the Estate and is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: David Freydin, Esq. Law Offices of David Freydin, Ltd. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About 4US Corp Inc. 4US Corp, Inc. operates as a transportation and logistics company, providing freight hauling services through ownership of commercial trucks and trailers, including Freightliner trucks and Wabash, Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01936) on February 2, 2026. In the petition signed by Eli Malikovsky, president, the Debtor disclosed $3,118,000 in total assets and $9,253,165 in total liabilities. Judge Timothy A. Barnes oversees the case. David Freydin, Esq., at LAW OFFICES OF DAVID FREYDIN, represents the Debtor as legal counsel. 7530 LLC: To Sell Columbus Property to Stephen Hruby ---------------------------------------------------- 7530 LLC seeks approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate holding company that holds two pieces of real property: three contiguous parcels of commercial property in Beaverdam, Ohio, which are encumbered by a first-priority mortgage lien in favor of the Union Bank Company; and a residential property located at 2 Windmill Court, Columbus, New Jersey. The Debtor has received an offer to purchase the New Jersey Property. The proposed purchasers have prepared, and both the purchaser and the Debtor have executed, a Real Estate Purchase Agreement for the sale of the New Jersey Property to Stephen Hruby for an all-cash transaction of $336,500. The Debtor proposes that the proceeds of the sale be applied as follows: first, to the reasonable and necessary expenses of sale, including title, closing costs, a broker’s fee to Alex Epstein, Buyer's agent, of 3% and such other customary closing costs, and funding as set forth in the Debtors Amended Plan of Reorganization. The Debtor believes that the offer represents a fair and reasonable price for the New Jersey Property in the current market, in the current condition of the property. The Purchaser is a third-party purchaser, with no previous relationship with Debtor, or any of its affiliated entities. he Debtor has proposed the Sale of the New Jersey Property after thorough consideration of all viable alternatives, and has concluded that the Sale is supported by a number of sound business reasons. The Debtor believes that the Purchaser's offer is reasonable, will constitute fair and reasonable consideration for the New Jersey Property, and will maximize value. About 7530 LLC 530 LLC is a real estate company whose principal assets are located at 409 Main Street, Lots 001-003, in Beaverdam, Ohio. 7530 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17354) on July 14, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by John F. Thomas, Jr., Esq. at ALLEN b DUBROFF ESQ. & ASSOCIATES, LLC. 95 MARKET STREET: Hires Steven A. Reiss & Company as Accountant --------------------------------------------------------------- Jay L. Lubetkin, Chapter 11 Trustee of 95 Market Street LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Steven A. Reiss & Company, LLC as accountant. The firm will render these services: (a) provide audit services if and when requested; (b) review the transactions entered into by the Debtors prior to and subsequent to the filing and provide consulting and accounting services as may be requested; (c) assist the Trustee in the review of claims and distributions of funds; (d) provide expert testimony as may be requested; (e) consult with counsel in connection with matters relating to the past activities of the Debtors; (f) consult with and assist the Trustee and his counsel in connection with the prosecution on any and all claims against third parties, and provide testimony, as warranted; (g) provide tax counseling, prepare all necessary tax returns, and perform related services; and (h) performing such other accounting services for the Trustee as may be necessary. Steven Reiss, the accountant who will be providing the services, charges an hourly fee of $325. Mr. Reiss disclosed in a court filing that he and his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven A. Reiss Steven A. Reiss & Company, LLC 100 Passaic Avenue, Suite 300 Fairfield, NJ 07004 Phone: (973) 575-3433 About 95 Market Street LLC 95 Market Street LLC is a limited liability company based in Paterson, New Jersey, operating as a lessor of real estate, specializing in leasing or renting residential properties. 95 Market Street LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15710) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtors are represented by Brett Silverman, Esq. at SILVERMAN LAW PLLC. AAM EQUIPMENT: Taps Memory Memory & Causby as Bankruptcy Counsel ---------------------------------------------------------------- AAM Equipment, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire Memory Memory & Causby, LLP as its Chapter 11 bankruptcy counsel. The firm's services include: a. preparation of the petition and any schedules, disclosures, and first-day motions incident to the commencement of the Chapter 11 bankruptcy; b. preparation of other first day motions, if any; c. preparation, negotiation, and prosecution of a plan of reorganization or liquidation and all related documents on behalf of the Debtor; d. negotiation on behalf of the Debtor with all major creditor classes with respect to the plan of reorganization and certain other substantive aspects of the case; e. preparation on behalf of the Debtor, as Debtor-in-Possession, of certain necessary motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's Estate; f. preparation of all action necessary to protect and preserve the Debtor's Estate, including negotiation concerning any material litigation in which the Debtor is involved; and g. performance of all other necessary legal services in the case. The firm's hourly rates are: Von Memory $375 Stuart Memory $375 William Wesley Causby $375 McKenna J. Meldrum $250 Law Clerks $150 Paralegals $100 Memory received a retainer in the amount of $12,000. The firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Wm. Wesley Causby, Esq. Memory Memory & Causby, LLP P.O. Box 4054 Montgomery, AL 36103 Tel: (334) 834-8000 Email: smemory@memorylegal.com About AAM Equipment LLC AAM Equipment, LLC is engaged in renting heavy construction equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-80129) on February 2, 2026. In the petition signed by Aaron Moody, owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Christopher L. Hawkins oversees the case. Stuart Memory, Esq., at Memory Memory and Causby LLP, represents the Debtor as legal counsel. ACCENT COMFORT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The United States Bankruptcy Court for the Western District of North Carolina, Charlotte Division, entered an interim order authorizing Accent Comfort Services, LLC to use cash collateral. Under the order, the debtor is permitted to use cash collateral solely to pay ordinary operating expenses in accordance with the approved budget attached to the motion. The debtor must adhere to the budget and will remain compliant so long as spending does not exceed any individual budget line item by more than 10%. Any use or disposition of cash collateral outside the authorized terms is prohibited unless further approval is obtained from the Court. As adequate protection, creditors are granted replacement liens on post-petition property and proceeds to the same extent and priority as their prepetition interests when their collateral is used. Finally, the order preserves all parties' rights to later challenge the validity, priority, or extent of liens and claims and requires service of the order on key creditors and interested parties. A continued hearing on the debtor's use of cash collateral is scheduled for February 25, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/nckdv from PacerMonitor.com. About Accent Comfort Services, LLC Accent Comfort Services, LLC, doing business as Accent Heating and Cooling, provides residential and commercial heating, air conditioning, plumbing, electrical, ventilation, and remodeling services, including emergency response, in Charlotte, North Carolina, and parts of South Carolina. Founded in 2005, the Charlotte-based family business operates across multiple cities in both states, offering HVAC and related system maintenance and repair. Accent Comfort Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30097) on January 27, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Frank C. Celeste as officer. Judge Laura T Beyer presides over the case. John C. Woodman, Esq. at ESSEX RICHARDS PA serves as the Debtor's counsel. ADM TRONICS: Posts $114,856 Net Loss in Q3, Warns of Cash Crunch ---------------------------------------------------------------- ADM Tronics Unlimited, 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. For the three months ended December 31, 2025 and 2024, the Company had a net loss of $114,856 and $237,677, respectively. For the nine months ended December 31, 2025 and 2024, the Company had a net income of $98,106 and a net loss of $18,196, respectively. Revenues for the three months ended December 31, 2025, increased by $53,578 compared to the same period in 2024. Revenues for the nine months ended December 31, 2025, increased by $216,870 compared to the same period in 2024. The Company has experienced losses from operations and negative cash flows from operating activities, management has initiated several strategic plans to improve the Company's financial position. As of December 31, 2025, the Company had an accumulated deficit of $32,880,355 and cash used by operating activities of $(82,815). Management's plans to address these conditions include leveraging existing resources and focusing on revenue growth and orders in the pipeline, which are expected to push the Company to profitability within the next fiscal year. There is substantial doubt that the funding plans will be successful and therefore the conditions have not been alleviated. As a result, there is substantial doubt about the Company's ability to continue as a going concern for one year from February 10, 2026, the date the Consolidated Financial Statements were available to be issued. ADM Tronics said, "Our future capital requirements will depend upon many factors, including progress with developing, manufacturing and marketing our technologies, the time and costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims and other proprietary rights, our ability to establish collaborative arrangements, marketing activities and competing technological and market developments, including regulatory changes and overall economic conditions in our target markets." "Our ability to generate revenue and achieve profitability requires us to successfully market and secure purchase orders for our products from customers currently identified in our sales pipeline as well as new customers. We also will be required to efficiently manufacture and deliver equipment on those purchase orders. These activities, including our planned research and development efforts, will require significant uses of working capital. There can be no assurances that we will generate revenue and cash flow as expected in our current business plan." A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2xykm98h About ADM Tronics Unlimited Northvale, N.J.-based ADM Tronics Unlimited, Inc. is a technology-based developer and manufacturer of diversified lines of products. The Company derives revenue from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical, and cosmetic uses; and research, development, regulatory, and engineering services. The Company is a corporation that was organized under the laws of the State of Delaware on November 24, 1969. Somerset, N.J.-based JVA Accountants & Advisors, LLC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated July 14, 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 experienced losses from operations and negative cash flows from operating activities, these factors raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2,051,698 in total assets, $1,290,487 in total liabilities, and $761,211 in total stockholders' equity. AIR INDUSTRIES: Michael Taglich Holds 14.3% Equity Stake -------------------------------------------------------- Michael N. Taglich, disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, he beneficially owns 682,475 shares of common stock, which includes 23,620 shares issuable upon exercise of options and warrants, and 203,012 shares issuable on conversion of convertible notes exclusive of accrued interest since December 31, 2020, of Air Industries Group's common stock, par value $0.001 per share, representing 14.3% of the 4,775,777 shares reported outstanding as of November 11, 2025. Michael N. Taglich may be reached through: Michael N. Taglich Taglich Brothers, Inc. 37 Main Street, Cold Spring Harbor New York, NY 11724-1423 Tel: 516-757-1500 A full-text copy of Michael N. Taglich's SEC report is available at: https://tinyurl.com/3s4c5y9w About Air Industries Air Industries Group, headquartered in Bay Shore, New York, manufactures precision components and assemblies for the aerospace and defense industry, supplying parts such as landing gear, flight controls, and engine mounts for military and commercial aircraft as well as ground turbines. Its products are used in programs including the F-18 Hornet, E-2 Hawkeye, UH-60 Black Hawk, F-35 Lightning II, F-15 Eagle, and Airbus A220, with customers spanning U.S. and international governments and global airlines. The Company operates two manufacturing centers in the U.S. As of September 30, 2025, debt under the Company's Current Credit Facility and Related Party Subordinated Notes approximates $26,827,000. The Current Credit Facility is scheduled to expire on December 30, 2025, and the Related Party Subordinated Notes mature on June 30, 2026. These obligations are classified as current liabilities on the condensed consolidated balance sheet as of September 30, 2025. As a result of the aforementioned and rights that the Company's Current Credit Facility lender could exercise, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company is actively engaged in constructive discussions with all lenders regarding potential refinancing or extension of these obligations. While these discussions have been professional and remain ongoing, there can be no assurance that agreements will be reached with existing lenders or through alternative financing sources. As of September 30, 2025, the Company had $57.95 million in total assets, $39.11 million in total liabilities, and $18.84 million in total stockholders' equity. AIR INDUSTRIES: Robert Taglich Holds 10.1% Equity Stake ------------------------------------------------------- Robert Taglich, disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, he beneficially owns 482,764 shares of common stock, which includes 26,120 shares issuable upon exercise of options and warrants, and 168.907 shares issuable on conversion of convertible notes exclusive of accrued interest since December 31, 2020, of Air Industries Group's common stock, par value $0.001 per share, representing 10.1% of the 4,775,777 shares reported outstanding as of November 11, 2025. Robert Taglich may be reached through: Robert Taglich Taglich Brothers, Inc. 37 Main Street, Cold Spring Harbor New York, NY 11724-1423 Tel: 516-757-1500 A full-text copy of Robert Taglich's SEC report is available at: https://tinyurl.com/2pksm6v4 About Air Industries Air Industries Group, headquartered in Bay Shore, New York, manufactures precision components and assemblies for the aerospace and defense industry, supplying parts such as landing gear, flight controls, and engine mounts for military and commercial aircraft as well as ground turbines. Its products are used in programs including the F-18 Hornet, E-2 Hawkeye, UH-60 Black Hawk, F-35 Lightning II, F-15 Eagle, and Airbus A220, with customers spanning U.S. and international governments and global airlines. The Company operates two manufacturing centers in the U.S. As of September 30, 2025, debt under the Company's Current Credit Facility and Related Party Subordinated Notes approximates $26,827,000. The Current Credit Facility is scheduled to expire on December 30, 2025, and the Related Party Subordinated Notes mature on June 30, 2026. These obligations are classified as current liabilities on the condensed consolidated balance sheet as of September 30, 2025. As a result of the aforementioned and rights that the Company's Current Credit Facility lender could exercise, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company is actively engaged in constructive discussions with all lenders regarding potential refinancing or extension of these obligations. While these discussions have been professional and remain ongoing, there can be no assurance that agreements will be reached with existing lenders or through alternative financing sources. As of September 30, 2025, the Company had $57.95 million in total assets, $39.11 million in total liabilities, and $18.84 million in total stockholders' equity. AKUMIN INC: Completes Exchange Offer of 2027 and 2028 Notes ----------------------------------------------------------- Akumin Inc. announced on Feb. 19, 2026, that, as of the Expiration Time, being 5:00 p.m., New York City time, on February 18, 2026, holders of $436,222,000 in aggregate principal amount of 2027 Notes (accounting for 100.00% of the outstanding 2027 Notes) and holders of $354,483,000 in aggregate principal amount of 2028 Notes (accounting for 99.97% of the outstanding 2028 Notes) have validly tendered their Old Notes in the Exchange Offer. For each $1.00 principal amount of Old Notes validly tendered and accepted at or before the Expiration Time, all tendering Eligible Holders are entitled to receive the Total Exchange Consideration, being $1.00 principal amount of New Notes, and will still receive, in cash, accrued and unpaid interest on such Old Notes from and including the last interest payment date on such Old Notes prior to the Settlement Date, to, but not including the Settlement Date. Payment of the Total Exchange Consideration will occur on the Settlement Date, which is expected to be February 23, 2026, or as soon as practicable thereafter. Akumin reserves the right to extend the Settlement Date, in its discretion, subject to applicable securities law and the terms of the previously announced Support Agreement (as defined in the Offer to Exchange) entered into by Akumin and certain noteholders. As previously announced, the requisite consents were received to adopt the Proposed Amendments. Pursuant to Section 9.02 of each Old Notes Indenture, Akumin hereby notifies holders of the Old Notes that it has entered into a Supplemental Indenture in respect of each series of the Old Notes relating to the Proposed Amendments. The New Notes have not been and will not be registered under the Securities Act or any other securities laws. Accordingly, the New Notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time. About Akumin Akumin is a U.S. provider of advanced imaging and radiation oncology services, committed to excellence in patient care and expanding access to life-saving diagnostics and treatments. Serving millions annually, Akumin operates one of the nation's largest networks of fixed-site radiology centers and mobile imaging and oncology solutions, including the innovative Akumin AXIS Expandable Patient Solutions(TM). Partnering with over 800 hospitals and physician groups, Akumin combines clinical expertise, operational excellence, and advanced technology to broaden access, enhance care standards, and meet community needs. Through innovation and collaboration, Akumin is pioneering the future of patient-centered care. Kroll Issuer Services (US) is acting as the Exchange and Information Agent in connection with the Exchange Offer and Consent Solicitation. Sidley Austin LLP is acting as legal counsel to Akumin in connection with the Exchange Offer and Consent Solicitation. Akin Grump Strauss Hauer & Feld LLP is acting as counsel to certain Supporting Holders in connection with the Exchange Offer and Consent Solicitation. ALEON METALS: Gets Court OK for Chapter 11 Plan Vote Solicitation ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that Aleon Metals LLC secured conditional approval Friday, February 20, 2026, of its Chapter 11 plan disclosure statement in Texas bankruptcy court, paving the way for a creditor vote on its proposed restructuring. The court determined that the disclosure statement meets the "adequate information" standard required for solicitation. Company representatives told the court the plan sets forth a restructuring roadmap aimed at reducing debt and positioning the recycler for continued operations. Creditors will have the opportunity to review financial projections and treatment of claims before casting their votes, Law360 reports. The court will hold a confirmation hearing after the voting process concludes. At that time, the judge will assess whether the plan complies with statutory requirements and is feasible under Chapter 11, the report cites. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor 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. AMC ENTERTAINMENT: Enters Into Supplemental Indenture on 2029 Notes ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. disclosed in a regulatory filing that on February 12, 2026, the Company, its wholly owned subsidiary, Muvico, LLC, the other guarantors party thereto, and CSC Delaware Trust Company, as trustee and notes collateral agent, entered into a supplemental indenture to the 2029 Notes Indenture to effectuate the Amendments. As previously disclosed, on January 29, 2026, AMC, Muvico, and certain holders of Muvico's Senior Secured Notes due 2029, agreed to amend the indenture governing the 2029 Notes to, among other things, provide the Company with the flexibility to refinance its outstanding term loan credit agreement and the 12.75% Senior Secured Notes due 2027 issued by Odeon Finco PLC, a wholly-owned direct subsidiary of Odeon Cinemas Group Limited and an indirect subsidiary of the Company, with new debt that may be secured and guaranteed by the Company, OCGL, Muvico and their respective subsidiaries. A full text copy of the Supplemental Indenture is available at https://tinyurl.com/yxnbdwnr About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of September 30, 2025, the Company had $8,020.7 million in total assets, $9,798.2 million in total liabilities, and $1,777.5 million in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). ANNALEE DOLLS: Gets Extension to Access Cash Collateral ------------------------------------------------------- Annalee Dolls, LLC received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The court entered an order authorizing the Debtor to use the cash collateral of Customers Bank and Burr Ridge Advisors, LLC, the debtor-in-possession lender, to pay its expenses from February 18 to 28. Customers Bank and the DIP lender hold or claim to hold first priority security interests in the cash collateral. The court also approved the latest budget submitted by the Debtor for the period from February 18 to 28. The budget approved by the bankruptcy court assumes, among other things, that the court approves the Debtor's motion to sell certain personal property filed in October last year. If the court disapproves the proposed sale and the sale does not close before March 1, an alternate budget will be proposed. The Debtor's use of cash collateral during the interim period will be capped at $128,673.32 if the sale motion is denied. Adequate protection includes payment of $10,000 to Customers Bank; payment of facility costs and insurance premiums; and replacement liens. The order is available at https://is.gd/JgWnvs from PacerMonitor.com. The next hearing is set for March 2. Annalee Dolls was previously allowed to use up to $115,076.16 in cash collateral from February 1 to 17 under the court's February 10 order. The order also approved a $20,000 January payment to Customers Bank as adequate protection. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. Burr Ridge Advisors, LLC, as DIP lender, is represented by: Joseph A. Foster, Esq. McLane Middleton, Professional Association 900 Elm Street, Box 326 Manchester, NH 03105 Phone: (603) 625-6464 Fax: (603) 625-5650 joseph.foster@mclane.com APPLIED COMPOSITES: Blue Owl Marks $42.5MM 1L Loan at 36% Off ------------------------------------------------------------- Blue Owl Capital Corporation has marked its $42,510,000 loan extended to Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) to market at $21,467,000 or 64% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC). The loan accrues interest at a rate of 5.66% per annum. The loan matures on July 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) Applied Composites Holdings, LLC operates as a holding company. The Company, through its subsidiaries, manufactures and provides aerospace composites including engine air ducts, nacelles, missile structures, canisters, mission pods, rocket components, exhaust fairings, floorboards, spars, and rotor shafts. Applied Composites Holdings serves customers worldwide. ARCON CONSTRUCTION: Appointment of Examiner Sought -------------------------------------------------- Arcon Construction Corporation sought the appointment of a special examiner in its Chapter 11 case. In its motion, Arcon requested that the examiner be granted authority to investigate and prosecute avoidance actions under Chapter 5 of the Bankruptcy Code for fraudulent conveyance or preference only as to the individuals named by creditor 653 28th Street, LLC. The company stated that the motion is intended to preserve estate assets and is proposed as a business judgment, without conceding any allegations made by the creditor. Moreover, the special examiner's appointment does not imply any finding of misconduct, fraud, alter ego, or improper transfers by any party, including Andrey Libov and Vladimir Libov, and is intended solely as a precaution to support efficient plan confirmation, according to the company. Arcon asserted that appointing a disinterested examiner ensures the court-required transparency for the plan of reorganization, unlike a "derivative motion" by the creditor, which could harm the estate, disrupt operations, and impede a confirmable plan. A copy of the motion is available for free at https://urlcurt.com/u?l=ADt0Ef from PacerMonitor.com. About Arcon Construction Corporation Arcon Construction Corp. operates a general construction and development business in Daly City, Calif., which includes planning, design, general contracting, and construction management. Arcon filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 24-30679) on Sept. 13, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Andrey Libov, chief operating officer, signed the petition. Judge Dennis Montali oversees the case. The Law Offices of Eric J. Gravel is the Debtor's bankruptcy counsel. AVENUE LIVING: DBRS Gives Prov. BB Rating on Subordinated Notes --------------------------------------------------------------- DBRS Limited assigned a provisional credit rating of (P) BB, with a Stable trend, to Avenue Living (2014) LP's (Avenue Living or the Company) Subordinated Notes. As of February 12, 2026, the Company had no Subordinated Notes outstanding; if the Company were to issue Subordinated Notes in the future, Morningstar DBRS expects the issuance to be on terms and conditions consistent with market practice and satisfactory to Morningstar DBRS, including guarantees, if applicable. Morningstar DBRS notes, should the Company issue these Subordinated Notes in line with Morningstar DBRS' expectations, Avenue Living's Issuer Rating will remain unchanged, relative to Morningstar DBRS' previous credit rating action and press release dated April 30, 2025. Morningstar DBRS also assigned a 50% equity treatment to Avenue Living's Subordinated Notes, based on attributes related to subordination, permanence, and servicing flexibility as covered within the Preferred Share and Hybrid Security Criteria for Corporate Issuers section of the "Morningstar DBRS Global Corporate Criteria." Morningstar DBRS understands that the Subordinated Notes should satisfy all the attributes required for a 50% equity treatment, as they shall be deeply subordinated to all forms of Senior Indebtedness, have a remaining term to maturity of greater than 10 years, with an explicit Replacement Intent clause by securities with equal or greater equity credit and ability to defer (optional and cumulative) interest for up to 10 years. Morningstar DBRS notes the Subordinated Notes credit rating represents a standard two-notch markdown from the Company's Issuer Rating. This standard markdown accounts for the increased risk of loss because of subordination and the risk of nonpayment because of the deferral feature. Notes: All figures are in Canadian dollars unless otherwise noted. BALROG ACQUISITION: Blue Owl Marks $28MM 2L Loan at 19% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $28,000,000 loan extended to Balrog Acquisition, Inc. (dba Bakemark) to market at $22,540,000 or 81% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a Second lien senior secured loan extended to Balrog Acquisition, Inc. (dba Bakemark). The loan accrues interest at a rate of 7% per annum. The loan matures on September 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Balrog Acquisition, Inc. (dba Bakemark) Balrog Acquisition, Inc. operates as a manufacturer and distributor of bakery ingredients, products, and supplies. BARRACUDA PARENT: Blue Owl Marks $12.6MM 1L Loan at 15% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $12,667,000 loan extended to Barracuda Parent, LLC to market at $12,667,000 or 85% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Barracuda Parent, LLC. The loan accrues interest at a rate of 4.50% per annum. The loan matures on August 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Barracuda Parent, LLC Barracuda Parent, LLC builds cloud-first, enterprise grade security solutions. The Company provides easy, comprehensive and affordable solutions for email protection, application and cloud security, network security, and data protection to safeguard from threats. Barracuda Parent serves customers worldwide. BEAR COMPANY: Gets Interim OK to Use Cash Collateral Until April 31 ------------------------------------------------------------------- Bear Company, LLC received interim approval from the U.S. Bankruptcy Court for the District of Nebraska to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral between January 26 and April 31 to pay post-petition operating expense in accordance with its budget. Total spending must not exceed 120% of the gross monthly budgeted expenses. A projected budget through April 31 outlines anticipated expenditures, permitting up to a 120% aggregate variance. Two creditors may assert security interests in the Debtor's assets: Nebraska Enterprise Fund (NEF), which holds a promissory note originally for $26,500 secured by a blanket lien perfected via UCC filing, and Credibly of Arizona, LLC, which extended a $44,600 loan secured by a broad security agreement covering accounts, receivables, equipment, general intangibles, and other assets, also perfected by UCC filing. As adequate protection, the Debtor will grant replacement liens on post-petition assets, maintaining pre-bankruptcy lien rights, and provide inspection access to books and operations. A final hearing is scheduled for March 4. Objections must be filed by February 27. Bear Company operates a counseling practice founded in 2021 by Payton Hogan, LIMHP, generating revenue through a team of licensed therapists. Hogan is the sole employee; other therapists function as independent contractors who split service fees with the practice under contractual agreements. A copy of the interim order is available at: http://bankrupt.com/misc/BearCompany_InterimCashCollOrder.pdf About Bear Company LLC Bear Company, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 26-80083) on January 26, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas L. Saladino presides over the case. Patrick Raymond Turner, Esq., at Turner Legal Group, LLC represents the Debtor as bankruptcy counsel. BEP INTERMEDIATE: New Incremental Debt No Impact on Moody's B1 CFR ------------------------------------------------------------------ Moody's Ratings said that BEP Intermediate Holdco, LLC 's ("Buyers Edge Platform" or "BEP") credit ratings and stable outlook are unaffected by the company's proposed $165 million in fungible incremental backed senior secured Term Loan B debt, which will be used to pay down $130 million in outstanding borrowings under the backed senior secured revolving credit facility (previously used for acquisitions, as well tax and working capital needs) and a $35 million bridge loan used for a recent acquisition. Given the fungible nature of the incremental debt, it will include the same terms as the existing backed senior secured Term Loan B, which matures in April 2031. The transaction also includes an upsizing of the backed senior secured revolving credit facility due 2029 to $200 million from $130 million. The company's current ratings include the B1 Corporate Family Rating (CFR), B1-PD Probability of Default Rating (PDR), B1 on the company's backed senior secured term loan B, and B1 rating on the backed senior secured revolving credit facility. The ratings, including the B1 CFR, reflect the company's moderately elevated pro forma debt-to-EBITDA of about 4.2x as of December 31, 2025, small revenue scale, exposure to the cyclical foodservice industry, and a concentrated ownership structure, which includes annual distributions to owners. The company's acquisitive strategy, with 8 acquisitions completed in 2025, also underpins the risk profile. Estimated financial leverage includes the incremental debt as well as the annualized contribution of recent acquisitions and a renewed contract with the company's key third-party rebate processor, Entegra, dated January 2026. These factors are balanced by healthy growth prospects driven by increasing active foodservice locations within its core Group Purchasing Organization (GPO) business mainly through new logo wins, the renewed contract with Entegra with improved economics, and ongoing cross-sell opportunities, especially of its software and supply chain management offerings. The market remains largely underpenetrated, with many independent and mid-sized restaurants yet to join a GPO to benefit from procurement discounts and rebates from foodservice manufacturers. BEP's very low capital needs and robust margins support strong cash flow generation. Liquidity is good and normally includes a cash balance in the $50 to $100 million range. It also includes an undrawn $200 million revolver (being upsized from $130 million as part of the incremental debt launched in February 2026), as well as expectations of at least $80 million in free cash flow in 2026, after tax distributions but before special common dividends. That said, cash and revolver availability can at times diminish markedly, especially as the company has in the past drawn large amounts of the revolver to fund acquisitions, distributions, and working capital needs. The revolver is subject to a springing maximum first lien net leverage ratio of 6x, when utilization exceeds 35%. The company maintains ample cushion under this covenant. Alternate liquidity is limited given that most assets are pledged to the senior secured credit facilities. The ratings could be upgraded with ongoing organic revenue and EBITDA growth and overall greater scale, maintenance of conservative financial policies, debt-to-EBITDA (Moody's-adjusted) sustained below 3x, and free cash flow to debt maintained above 10%. The ratings could be downgraded with revenue or margin declines, debt-to-EBITDA (Moody's-adjusted) sustained above 4.5x, aggressive financial policies, and/or inability to maintain at least good liquidity. Headquartered in Waltham, MA, BEP provides procurement, corporate dining rebate processing, supply chain management, and software services to foodservice operators, including independent restaurants, restaurant chains, hotels, schools, among others. Across all its business units, BEP serves over 230,000 foodservice operator locations. BEP's core Digital Procurement Network (DPN) business, comprised mainly of vertical-focused GPO (Group Purchasing Organization) brands, facilitates and processes discounts and rebates on procurement spend ranging from food and foodservice supplies. BEP's Fresh Solutions business provides end-to-end produce procurement solutions for chain operators. DPN and Fresh Solutions (which together account for about 80% of revenue) are based on a fee from the volume purchased by its customers of participating products. Revenues for fiscal year ending December 31, 2025, were approximately $422 million, or about $450 million pro forma for acquisitions. The company is owned by its founder and his family and the $425 million of new preferred equity (amount at Q2 2024) is held by a consortium led by General Atlantic Credit's Atlantic Park fund, alongside funds managed by Blackstone Tactical Opportunities and investment funds managed by Morgan Stanley Tactical Value. BESTWALL LLC: Mesothelioma Victims Seek Trustee Appointment ----------------------------------------------------------- Certain mesothelioma victims represented by Maune Raichle Hartley French and Mudd LLC asked the U.S. Bankruptcy Court for the Western District of North Carolina to appoint a Chapter 11 trustee for Bestwall LLC. Mesothelioma victims sought appointment of an independent trustee to take over the company's bankruptcy case, citing how the company obeys the directives of New Georgia Pacific and Koch Inc., which would rather pay bankruptcy professionals than the people they poisoned to death with asbestos dust. Moreover, mesothelioma victims said that the value of New GP has grown by over $7 billion during this proceeding and its equity holder, Koch, has received billions in dividends, all while plaintiffs suffering from mesothelioma cancer and other asbestos related diseases receive nothing. Mesothelioma victims argued that appointing an independent trustee is the only path, other than case dismissal, that will lead to a resolution that withstands appellate review. Bestwall has demonstrated it is incapable and unwilling to enforce its uncapped Funding Agreement with New GP, instead demanding a capped fund trust that protects its parents and limits the assets available to the estate and its creditors. Mesothelioma victims further argued that this breach of fiduciary duties as debtor-in-possession to maximize the assets available to asbestos claimants, the estate's only creditors, is grounds to appoint a trustee. A copy of the motion is available for free at https://urlcurt.com/u?l=DPWwvZ from Donlin Recano LLC, claims agent. Counsel for Certain Mesothelioma Victims: Thomas W. Waldrep, Jr., Esq. James C. Lanik, Esq. Jennifer B. Lyday, Esq. Ciara L. Rogers, Esq. Hector A. Quesada, Esq. WALDREP WALL BABCOCK & BAILEY PLLC 370 Knollwood Street, Suite 600 Winston-Salem, NC 27103 Telephone: (336) 717-1280 Facsimile: (336) 722-1993 Email: notice@waldrepwall.com -and- Jonathan Ruckdeschel, Esq. THE RUCKDESCHEL LAW FIRM, LLC 8357 Main Street Ellicott City, Maryland 21043 Telephone: (410) 750-7825 Facsimile: (443) 583-0430 Email: ruck@rucklawfirm.com -and- Clayton L. Thompson, Esq. Marcus E. Raichle, Jr., Esq. John Louis Steffan, IV, Esq. MAUNE RAICHLE HARTLEY FRENCH & MUDD, LLC 150 W. 30th Street, Suite 201 New York, NY 10001 Telephone: (800) 358-5922 Email: cthompson@mrhfmlaw.com About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BEYOND AIR: Narrows Loss to $7.6MM in Q3, Flags Liquidity Concerns ------------------------------------------------------------------ Beyond Air, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $7.6 million for the three months ended December 31, 2025, compared to a net loss of $13.3 million for the three months ended December 31, 2024. For the nine months ended December 31, 2025, the Company reported a net loss of $24 million, compared to a net loss of $40.4 million for the same period in 2024. Total revenues for the three months ended December 31, 2025 and 2024, were $2.2 million and $1.1 million, respectively. For the nine months ended December 31, 2025 and 2024, the Company had total revenues of $5.8 million and $2.6 million, respectively. As of December 31, 2025, the Company had $36.8 million in total assets, $28.5 million in total liabilities, and $8.3 million in total stockholders' equity. Going Concern, Liquidity and Other Uncertainties The Company used cash in operating activities of $13.2 million for the nine months ended December 31, 2025, and has an accumulated deficit attributable to the stockholders of Beyond Air, Inc. of $309.3 million. The Company had cash, cash equivalents and marketable securities of $11.7 million as of December 31, 2025. In addition, $3.7 million of cash is held on deposit by the Company's contract manufacturer to be applied against future purchases. The Company expects to incur net losses and have significant cash outflows for at least the next year, including making significant investments in research and development. Management believes these factors raise substantial doubt about the Company's ability to meet its obligations with cash on hand and concluded that the Company will require additional funding within one year from February 13, 2026, the date the financial statements are issued. On January 14, 2026, the Company entered into a securities purchase agreement with an institutional investor. Pursuant to the Purchase Agreement, the Company agreed to sell to the investor, and the investor agreed to purchase from the Company, in a private placement offering, an aggregate of: (i) 524,990 shares of the Company's common stock, par value $0.0001 per share, at a purchase price of $1.272 per Share (ii) pre-funded warrants to purchase up to 3,405,828 shares of Common Stock at a purchase price of $1.2719 per Pre-funded Warrant and (iii) warrants to purchase up to 3,930,818 shares of Common Stock, for aggregate gross proceeds under the Purchase Agreement of $5,000,000. The Pre-funded Warrants have an exercise price of $0.0001 per share, and the Common Warrants have an exercise price of $1.147 per share. The offering closed on January 16, 2026, on satisfaction of customary closing conditions. Management is confident that the efforts to arrange financing, while not assured, will enable the Company to meet its obligations. The Company's future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to, the success and costs of commercialization of the Company's approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company's product candidates. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bpkxf27p About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 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 suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. BISHOP OF FRESNO: Committee Taps Burns Bair LLP as Special Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of Roman Catholic Bishop of Fresno seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Burns Bair LLP as its special insurance counsel. The firm's services include: (a) analyzing, investigating, and assessing the availability of coverage under the Debtor's insurances policies; (b) representing the Committee in any adversary proceedings by and between the Debtor and its insurers, pending Court approval; (c) engaging in potential mediation and/or other resolution of the claims, demands, and/or lawsuits related to the Debtor's insurance policies; (d) advising, negotiating, and advocating on behalf of the Committee with respect to the Debtor's insurance policies; and (e) providing related advice and assistance to the Committee as necessary. The firm's current hourly rates are: Timothy Burns $1,120 Jesse Bair $900 Erin Quick $550 Alex Castro $470 Paralegals $340 Partners $900 to $1,120 Associates $470 to $550 Paraprofessionals $340 Burns Bair is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14) and modified by 11 U.S.C. Sec. 1107(b), according to court filings. The firm can be reached through: Jesse J. Bair, Esq. Burns Bair LLP 10 E Doty St UNIT 600 Madison, WI 53703 Phone: (608) 286-2840 Email: jbair@burnsbair.com About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BOY SCOUTS: Doe Case Dismissed Without Prejudice ------------------------------------------------ Judge Matthew T. Schelp of the U.S. District Court for the Eastern District of Missouri will dismiss without prejudice the case captioned as JOHN DOE, Plaintiff, vs. BOY SCOUTS OF AMERICA, et al., Defendants, Case No. 4:20-cv-00272-MTS (E.D. Mo.). This action has been stayed for just shy of six years due to the bankruptcy of Defendant Boy Scouts of America. On Jan. 7, 2026, Defendant Boy Scouts of America filed a jointly signed status update in this action informing the Court that dissenting claimants had filed a petition for a writ of certiorari with the Supreme Court that challenged the Defendant's Chapter 11 reorganization. Days later, the Supreme Court denied the petition. This Court then ordered the parties, no later than February 12, 2026, to submit a status update on the matter given the Supreme Court's denial of the petition. Only Defendant timely did so. Because the Plaintiff's belated filing fails to sufficiently explain why this case may remain open, the case will be dismissed without prejudice. A copy of the Court's Memorandum Opinion dated Feb. 13, 2026, is available at https://urlcurt.com/u?l=9gCLnB About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BRC GROUP: Bryant Riley Holds 22.4% Equity Stake ------------------------------------------------ Bryant R. Riley, disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of February 13, 2026, he beneficially owns shares of BRC Group Holdings, Inc.'s common stock. Mr. Riley beneficially owns 6,985,856 shares of Common Stock, representing 22.4% of the Company's Common Stock outstanding, based on a total of 31,218,670 Shares of the Company outstanding as of February 10, 2026, which is the total number of Shares outstanding as reported in the Company's Form S-1 filed with the SEC on February 10, 2026. Mr. Riley may be deemed to indirectly beneficially own 199,069 shares of Common Stock representing 0.7% of the Company's Common Stock outstanding on February 19, 2025, of which: (i) 17,538 are held as sole custodian for the benefit of Abigail Riley, (ii) 17,538 are held as sole custodian for the benefit of Charlie Riley, (iii) 17,537 are held as sole custodian for the benefit of Eloise Riley, (iv) 17,538 are held as sole custodian for the benefit of Susan Riley, and (v) 128,918 are held by BRC Group Holdings, Inc. 401(k) Profit Sharing Plan FBO Bryant R. Riley. Bryant R. Riley may be reached through: Bryant R. Riley 11100 Santa Monica Boulevard, Suite 800 Los Angeles, CA 90025 Tel: 818-884-3737 A full-text copy of Bryant R. Riley's SEC report is available at: About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BRC GROUP: Reports 24.9% Equity Holding in Babcock & Wilcox ----------------------------------------------------------- BRC Group Holdings, Inc., BRF Investments, LLC, B. Riley Securities, Inc., and Bryant R. Riley, disclosed in a Schedule 13D (Amendment No. 20) filed with the U.S. Securities and Exchange Commission that as of February 11, 2026, they beneficially own an aggregate of 27,664,353 shares of Babcock & Wilcox Enterprises, Inc.'s common stock, par value $0.01 per share, representing 24.9% of the 111,100,100 shares outstanding as of November 4, 2025, as reported in Babcock & Wilcox's Form 10-Q filed November 10, 2025. Purpose of Transaction Bryant Riley sold 1,155,382 shares of the Issuer personally held by him and his family trust in a private transaction to an unaffiliated third party pursuant to a stock purchase agreement, dated February 11, 2026. The Transferred Shares were sold at a value of $9.00 per share and were sold solely for the purpose of repaying a portion of debt owed by Mr. Riley to Axos Bank pursuant to his Credit Agreement with Axos Bank that has previously been disclosed on Mr. Riley's Schedule 13D for BRC Group Holdings, Inc. filed on April 11, 2025. The Transferred Shares will remain restricted until registered for resale or sold pursuant to an exemption from registration. The Debt Paydown will result in the release of 53.7% of the BRC shares pledged to Axos pursuant to the Credit Agreement (totaling 3,122,537 shares of BRC) and Mr. Riley anticipates that the remaining BRC shares pledged will be released within the next thirty days. B. Riley Securities Holdings, Inc. ("BRSH") is a majority-owned subsidiary of BRC. BRS is a wholly owned subsidiary of BRSH and, as such, BRC may be deemed to be a beneficial owner of the shares held by BRS and is required to report them on this Schedule 13D. BRFI is a wholly owned subsidiary of BRC and, as such, BRC may be deemed to be a beneficial owner of the shares held by BRFI and is required to report them on this Schedule 13D. BRC Group Holdings may be reached through: Bryant R. Riley, Co-Chief Executive Officer BRC Group Holdings, Inc. 11100 Santa Monica Boulevard, Suite 800 Los Angeles, CA 90025 Tel: 818-884-3737 A full-text copy of BRC Group Holdings' SEC report is available at: https://tinyurl.com/4fsepchp About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BRC GROUP: Reports 7% Equity Holding in DoubleDown Interactive -------------------------------------------------------------- BRC Group Holdings, Inc., BRF Investments, LLC, B. Riley Principal Investments, LLC, B. Riley Securities, Inc., and Bryant Riley, disclosed in a Schedule 13G (Amendment No. 8) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own an aggregate of 173,872 American Depositary Shares of DoubleDown Interactive Co., Ltd.'s ADSs, representing 7.0% of the 2,477,672 common shares outstanding as reported in DoubleDown Interactive's prospectus supplement filed December 17, 2025. BRC Group Holdings may be reached through: Bryant R. Riley, Co-Chief Executive Officer BRC Group Holdings, Inc. 11100 Santa Monica Boulevard, Suite 800 Los Angeles, CA 90025 Tel: 818-884-3737 A full-text copy of BRC Group Holdings, Inc.'s SEC report is available at: https://tinyurl.com/4v9dyppj About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BRC GROUP: Susquehanna Securities and Affiliates Hold 4% Stake -------------------------------------------------------------- Susquehanna Securities, LLC and affiliated independent broker-dealers -- G1 Execution Services, LLC, SIG Brokerage, LP, and Susquehanna Financial Group, LLLP -- 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 an aggregate of 1,237,541 shares of BRC Group Holdings, Inc.'s common stock, $0.0001 par value per share, representing 4.0% of the 30,597,066 shares outstanding as of November 17, 2025, as reported in the Company's Form 10-Q filed November 18, 2025). Susquehanna Securities, LLC may be reached through: Brian Sopinsky, Secretary 401 City Avenue, Suite 220 Bala Cynwyd, PA 19004 Tel: 610-617-2600 A full-text copy of Susquehanna Securities, LLC's SEC report is available at: https://tinyurl.com/2uysjmva About BRC Group Holdings BRC Group Holdings, Inc. (f/k/a B. Riley Financial Inc.) (NASDAQ: RILY) is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Its core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. BRC's banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Its wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Its telecom businesses provides consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Its retail companies provide home furnishings and mobile computing accessories. BRC deploys its 80 capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. As of September 30, 2025, it had $1.7 billion in total assets, $1.9 billion in total liabilities, and $213.1 million in total deficit. During the nine months ended September 30, 2025, the Company completed five private exchange transactions with institutional investors pursuant to which aggregate principal amounts of approximately: * $115,844,000 of the 5.50% Senior Notes due March 2026, * $2,061,000 of the 6.50% Senior Notes Payable due September 2026, * $146,448,000 of the 5.00% Senior Notes due December 2026, * $51,135,000 of the 6.00% Senior Notes due January 2028, and * $39,485,000 of the 5.25% Senior Notes due August 2028 owned by the investors were exchanged for approximately $228,423 aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028, whereupon the Exchanged Notes were cancelled. After the completion of the Exchanged Notes, the Company has approximately: * $101,596,000 of 5.50% Senior Notes due March 31, 2026, * $178,471,000 of 6.50% Senior Notes due September 30, 2026, and * $178,266,000 of 5.00% Senior Notes due December 31, 2026. The Company believes that the current cash and cash equivalents, securities and other investments owned, and funds available under its credit facilities will be sufficient to meet its working capital, capital expenditure requirements, and debt service obligations due the next 12 months. BREWTIFUL PROPERTIES: Commences Chapter 11 Bankruptcy in Missouri ----------------------------------------------------------------- On February 5, 2026, Brewtiful Properties, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Missouri. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Brewtiful Properties, LLC Brewtiful Properties, LLC is a Missouri-based real estate holding company engaged in the ownership and management of commercial property assets. Brewtiful Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-60083) on February 5, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Brian T. Fenimore handles the case. The Debtor is represented by Spencer P. Desai, Esq., of The Desai Law Firm, LLC. BUDDY MAC: Gets Court Approval for Chapter 11 Sales --------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Thursday, February 19, 2026, a Texas bankruptcy judge said she would approve two asset sales proposed by Buddy Mac Holdings in its Chapter 11 case, deals expected to yield $1.1 million in cash as well as a credit bid submitted by a secured creditor. The agreements cover substantially all remaining assets of the rent-to-own retailer. At the hearing, the court considered the absence of higher or better offers and determined that the negotiated transactions were the product of a sound marketing effort. The judge noted that the sales appeared to maximize value for the estate, the report relays. With court approval forthcoming, the debtor can finalize the transactions and apply the combined cash proceeds and credit bid toward outstanding obligations, advancing the company's restructuring and wind-down efforts, according to report. 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. C&T SHIELD: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------- On February 11, 2026, C&T Shield 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 C&T Shield LLC C&T Shield LLC is a Georgia-based limited liability company engaged in commercial services and related business operations. C&T Shield LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51864) on February 11, 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 Lisa Ritchey Craig handles the case. The Debtor is represented by Danny Coleman, Esq., of Coleman Legal Group, LLC. CAREPOINT HEALTH: Claims Cigna Underpaid Hospitals $115MM --------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the bankrupt operator of three New Jersey hospitals, Carepoint Health Systems Inc., through its litigation trust, filed a complaint against Cigna on Wednesday, February 18, 2026, in Delaware bankruptcy court. The trust claims that Cigna underpaid the hospitals by roughly $115 million, alleging violations of the terms of their reimbursement agreements. The lawsuit asserts that Cigna consistently failed to provide full payments for covered services over an extended period. According to the trust, this underpayment deprived the hospitals of critical revenue needed for operations and played a role in their insolvency. The litigation trust is seeking to recover the funds allegedly owed, including associated interest and costs. The filing stresses that holding Cigna accountable is essential to safeguarding creditor rights and ensuring that healthcare providers receive proper compensation, the report states. About CarePoint Health Systems Inc. d/b/a Just Health Foundation CarePoint Health -- https://www.carepointhealth.org/ -- brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CARMEN'S CUBAN: Gets Extension to Access Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, entered a second interim order authorizing Carmen's Cuban Cafe, Inc. to use cash collateral to fund operations. Under the second interim order, the Debtor is authorized to use cash collateral in accordance with an approved budget, subject to a 10% variance. In addition, Carmen's Cuban Cafe must operate through a designated debtor-in-possession account, provide monthly bank statements, and refrain from non-ordinary course asset dispositions without court approval. The Debtor projects total monthly operational expenses of $71,283.63. Although the U.S. Small Business Administration has not yet consented to cash collateral use, the Debtor demonstrated the need to access funds to continue operations and preserve going-concern value. At filing, the Debtor held approximately $273,276.53 in cash and unencumbered personal property valued at about $29,500. As adequate protection, the SBA will be granted a post-petition replacement lien on cash and inventory, with the same priority and extent as its pre-bankruptcy lien. In addition, the Debtor must continue its monthly payments of $2,201.63 to the SBA, consistent with the proposed treatment under the Debtor's Chapter 11 plan of reorganization. The authorization terminates upon cessation of operations or default under the order. A further hearing is scheduled for March 4. The interim order is available at https://shorturl.at/nZt0u from PacerMonitor.com. About Carmen's Cuban Cafe Inc. Carmen's Cuban Cafe, Inc. operates a restaurant and bar in Morrisville, North Carolina, specializing in Cuban cuisine. The Company offers a menu of traditional Cuban dishes, including entrees, appetizers, soups, salads, desserts, and children's meals, and serves local customers through on-premise dining. Carmen's Cuban Cafe sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00147) on January 13, 2026, listing $303,776 in total assets and $1,454,272 in total liabilities. Ali S. Sama, president of Carmen's Cuban Cafe, signed the petition. Judge Pamela W. McAfee oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. CAROLINA BERRY: Bladen Co Real Estate Auction to Close on Feb. 26 ----------------------------------------------------------------- The receivership auction of Carolina Berry Group LLC for the Bladen County Real Estate will close on February 26 at 2:00 p.m. Property Description: Lots #1-3: 60+/- Acres Selling Whole or Divided on Autrytown Rd., formerly in blueberry production PIN 135500100621 Lot #4: Home on 2+/- Acres PIN 221600807179 Lot #5: 5.8+/- Acres PIN 221600900440 Lot #6: 10.53+/- Acres PIN028900755535 Inspection: By Appointment Only The Auction Manager is: Marc Baysek Will Lilly E-mail: Marc@ironhorseauction.com Will@ironhorseauction.com CARPENTER FAMILY: Seeks to Sell Carpenter Farm at Auction --------------------------------------------------------- B & L Land, LLC, an affiliate of Carpenter Family Farms, LLC and Benjamin Carpenter, seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real estate located in Sugar Creek Township, Montgomery County, Colfax, Indiana known as Carpenter Farm. The Property does not contain any improvements and does not have a common address. The Debtor has received an offer for the Property for $1,607,220.00 pursuant to a Purchase Agreement. The offeror for the Property is Maxwell Land Company. All deadlines in the Agreement are deemed waived to allow for the Sale Motion to be approved. The Purchaser has no relationship with the Debtor. None of the Property being sold contains any personally identifiable information. The Debtor believes the sale of the Property is in the best interest of the estate and creditors, and the sale will help the Debtor provide a distribution to its general unsecured creditors. The Debtor received the offer from Purchaser on or about February 13, 2026, No other offers were received for the Property, even after the Debtor contacted every potential buyer known to the Debtor. The Property is not subject to any exemptions. The Property is being sold "as-is" with no express or implied warranty. First Farmers Bank and Trust has a secured claim on all of the Property in the Debtor's estate. There are no known tax liens, other than potential real estate taxes due to the Montgomery County, Indiana, Treasurer. About Carpenter Family Farms Carpenter Family Farms, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sept. 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Andrea K. Mccord presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC, is the Debtor's legal counsel. CCA CONSTRUCTION: Emerges from Chapter 11 Bankruptcy ---------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that after securing court approval of a settlement with a Bahamian resort developer, CCA Construction Inc., a subsidiary of a Chinese state-owned firm, has officially emerged from Chapter 11. The New Jersey bankruptcy court's earlier approval of the compromise paved the way for confirmation and effectiveness of the company's restructuring plan. The settlement resolved contentious claims arising from a large-scale resort construction project in the Bahamas. Those disputes had been central to the debtor's insolvency filing and were a major obstacle to confirming a workable plan, the report states. With the restructuring complete, CCA has exited bankruptcy protection and resumed operations under its post-confirmation structure. Company representatives indicated that the resolution of the resort-related litigation was critical to achieving a successful reorganization, the report relays. About CCA Construction CCA Construction Inc., doing business as China Construction America Inc., ProServ Shared Services, and Plaza Construction, was established in 1993 as a Delaware corporation, and it is a direct subsidiary of CSCEC Holding Company, Inc., also a Delaware corporation. CSCEC Holding, CCA, and CCA's subsidiaries are discrete pieces of CSCEC's broader business, which is operated by more than 100 distinct entities located throughout the world, eight of which are publicly traded. Together, the group of affiliated entities makes up the largest construction company in the world, operating in more than 100 countries and regions globally, covering investment, development, construction engineering, survey and design. CCA Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22, 2024. In the petition filed by Yan Wei, chairman and chief executive officer, the Debtor reports reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at Debevoise & Plimpton LLP, in New York as general bankruptcy counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC, dba Verita Global, is the administrative advisor. CEMTREX INC: Intracoastal Capital Holds 7.3% Equity Stake --------------------------------------------------------- Intracoastal Capital LLC, Mitchell P. Kopin, and Daniel B. Asher, disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 605,011 shares of Cemtrex Inc.'s common stock, par value $0.001 per share, representing 7.3% of the 7,711,663 shares outstanding as of December 29, 2025. Intracoastal Capital may be reached through: Mitchell P. Kopin Intracoastal Capital LLC 245 Palm Trail Delray Beach, FL 33483 Tel: 847-562-9030 A full-text copy of Intracoastal Capital LLC's SEC report is available at: https://tinyurl.com/ycmfseuk 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. CHARLIE'S HOLDINGS: Raises $710,000 in Private Stock Placement -------------------------------------------------------------- Charlie's Holdings, Inc. disclosed in a regulatory filing that on February 13, 2026, it entered into subscription agreements with investors for the sale of an aggregate of 3,550,000 shares of its common stock, par value $0.001 per share, at a purchase price per share of $0.20, $510,000 of which was paid in cash and $200,000 of which was paid in the form of debt forgiveness. The proceeds from the Offering will be used for working capital purposes. The Offering was undertaken in reliance on Section 4(a)(2) under the Securities Act of 1933, as amended, as a transaction not involving a public offering. A full text copy of the Subscription Agreement is available at https://tinyurl.com/5dcp2vmn About Charlie's Holdings Charlie's Holdings, Inc. formulates, markets, and distributes nicotine-based and alternative alkaloid vapor products through its subsidiary. Its products are manufactured by contract partners and sold via specialty retailers, distributors, and online resellers across the United States and select international markets. In an audit reported dated May 29, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has incurred significant operating losses, negative cash flows from operations, and has an accumulated deficit. The Company is dependent on its ability to increase revenues and obtain financing to continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10,558,000 in total assets, $7,319,000 in total liabilities, and $3,239,000 in total stockholders' equity. CHINESE LAUNDRY: Physical Operations Wind Down Under ABC -------------------------------------------------------- Gordon Brothers, the global asset experts, provided a comprehensive, capital-led solution for Chinese Laundry to sell the company's footwear inventory through an assignment for the benefit of creditors and winddown physical operations. In addition, the firm acquired the Chinese Laundry brand and related trademarks from CELS Brands and will provide a growth platform for the contemporary footwear brand. Founded in 1971 in Los Angeles, Chinese Laundry grew from a small company into a globally recognized portfolio of four distinct labels: Chinese Laundry, Dirty Laundry, CL by Laundry, and the luxury line 42 Gold. Each brand shares the common focus of delivering high-quality, trend-driven footwear that meets the needs of diverse consumers. "Chinese Laundry has been a fixture in the footwear industry for many years, and is beloved by consumers and distributors alike," said David Chin, Managing Director, Brands at Gordon Brothers. "We're proud to build upon the legacy started by its founders and continue to grow the brand to bring the portfolio of footwear brands to a wider audience." Gordon Brothers will focus on building the individual brands to target specific consumer segments through investment in marketing and expanded distribution through new licensees. Chinese Laundry joins the firm's portfolio of brands including Nicole Miller, Rachel Zoe and the recently acquired LK Bennett. "We're proud to provide a complete solution for the assets that supports the path forward for this well recognized brand, and excited to bring their merchandise to market," said Greg Frattaroli, Senior Manager, North America Commercial & Industrial at Gordon Brothers. "The sale of approximately 1.5 million pairs of shoes is an excellent opportunity for retailers to acquire in-demand products to enhance their store inventory." About Gordon Brothers Founded in 1903, Gordon Brothers delivers integrated solutions through our asset advisory services, lending and financing, and trading. With deep expertise in brands, industrial, retail and real estate, we are the original global asset expert, working across business growth stages to deliver liquidity, create security, enable growth and maximize asset value. We are headquartered in Boston with more than 30 offices across North America, Europe, the Middle East, Africa, and Asia Pacific. About Chinese Laundry Chinese Laundry is a Los Angeles-based women's footwear company founded in 1971 by Robert and Carol Goldman. Originally starting as a retail fixture business, the company pivoted to footwear in the early 1980s, launching its flagship brand, Chinese Laundry, in 1981. Known for its trend-forward, affordable designs, the brand quickly gained popularity among young women and became a staple in major department stores. Over the years, Chinese Laundry expanded into a family of four distinct brands, catering to different fashion sensibilities and age groups. The company remains privately held and family-run. CITIUS PHARMACEUTICALS: Reports $9.39MM Net Loss in Q1 2026 ----------------------------------------------------------- Citius Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $9,393,889 for the three months ended December 31, 2025, compared to a net loss of $10,281,246 for the three months ended December 31, 2024. Total revenues for the three months ended December 31, 2025 was $3,944,111, compared to no revenue for the three months ended December 31, 2024. As of December 31, 2025, the Company had $140,391,730 in total assets, $46,923,760 in total liabilities, and $93,467,970 in total equity. GOING CONCERN UNCERTAINTY AND MANAGEMENT'S PLAN The Company experienced negative cash flows from operations of $13,008,822 for the three months ended December 31, 2025. The Company had a negative working capital of approximately $262,000 at December 31, 2025. The Company estimates that its available cash resources will be sufficient to fund its operations through May 2026. The Company will need to raise additional capital in the future to support our operations beyond May 2026, which raises substantial doubt about the Company's ability to continue as a going concern within one year from February 13, 2026. The Company is currently engaged in capital raising initiatives, as well as separate capital raising initiatives through its approximately 78% owned subsidiary Citius Oncology, in an effort to extend its cash runway. Citius Oncology also has retained Jefferies LLC as its exclusive financial advisor in evaluating strategic alternatives aimed at maximizing shareholder value. The Company has generated limited operating revenue, which commenced in December 2025, and has principally raised capital through the issuance of debt and equity instruments to finance its operations. However, the Company's continued operations beyond May 2026, including its development plans for Mino-Lok, Halo-Lido and NoveCite, will depend on its ability to obtain regulatory approval for Mino-Lok and generate substantial revenue from the sale of LYMPHIR and on its ability to raise additional capital through various potential sources, such as equity and/or debt financings, strategic relationships, or out-licensing of its product candidates. However, the Company can provide no assurances on regulatory approval, commercialization, or future sales of LYMPHIR or that financing or strategic relationships will be available on acceptable terms, or at all. If the Company is unable to raise sufficient capital, find strategic partners or generate substantial revenue from the sale of LYMPHIR, there would be a material adverse effect on its business. Further, the Company expects in the future to incur additional expenses as it continues to develop its product candidates, including seeking regulatory approval, and protecting its intellectual property. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4c2yrnbr About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated December 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The auditor cited that the Company has suffered recurring losses and has a working capital deficit as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $130,938,025 in total assets, $53,410,425 in total liabilities, and $77,527,600 in total equity. CJC SHELL: Cash Collateral Hearing Set for Feb. 25 -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, is set to hold a hearing on February 25 to consider extending CJC Shell, LLC's authority to use cash collateral. The Debtor was previously allowed to access cash collateral under the court's interim orders entered on February 10 and 20. Both interim orders allowed the Debtor to pay court-approved expenses, including Subchapter V trustee compensation, and operating costs listed in its budget from the cash collateral. The orders granted secured creditor, TBK Bank, SSB, a perfected post-petition replacement lien on the Debtor's collateral. TBK Bank asserts security interests in all of the Debtor's assets and perfected its security interests by filing UCC-1 financing statements in the Florida Secured Transaction Registry. About CJC Shell LLC CJC Shell, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00049) on January 9, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Michael Markham, Esq., serves as Subchapter V trustee. Judge Luis Ernesto Rivera II oversees the case. Michael R. Dal Lago, Esq., represents the Debtor as legal counsel. CLEARSIDE BIOMEDICAL: Seeks to Bar $100MM Offer That Froze Auction ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that Clearside Biomedical is pushing to prevent a KKR & Co. affiliate from using about $100 million in claimed secured debt to credit bid in its Chapter 11 auction, telling a Delaware bankruptcy court that the debt is hotly contested. The debtor says the proposed bid would chill the sale. The filing contends that significant questions remain regarding the validity, extent and priority of the lender's liens. Clearside argues that permitting a credit bid of that magnitude before those issues are resolved would give the creditor an unfair advantage and deter cash bidders, the report relays. Clearside is asking the judge to restrict the credit bid pending resolution of the disputes. It says that safeguarding the auction process is critical to ensuring transparency and maximizing estate value, according to report. About Clearside Biomedical, Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of up to $10 million and estimated liabilities of up to $100 million. The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as counsel; Epiq Corporate Restructuring, LLC as administrative advisor; and Berkeley Research Group, LLC as financial advisor. CNX RESOURCES: Moody's Rates New Senior Unsecured Notes 'B1' ------------------------------------------------------------ Moody's Ratings assigned a B1 rating to CNX Resources Corporation's (CNX) proposed senior unsecured notes. CNX's existing ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 senior unsecured notes ratings, and positive outlook remain unchanged. CNX plans to use net proceeds from its proposed senior notes, along with cash on its balance sheet or borrowings under its RBL revolving credit facility, to fully redeem its $500 million of senior unsecured notes due 2029. "CNX Resources' proposed notes to refinance its 2029 notes benefits the company's credit profile by proactively extending debt maturities," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE CNX's senior unsecured notes are rated B1, one notch below CNX's CFR, due to effective subordination to CNX's secured revolver. CNX's convertible senior notes rank pari passu with CNX's other senior notes. CNX Midstream Partners LP (CNXM, Ba3 positive) does not guarantee CNX's notes or revolver, nor does CNX guarantee CNXM's debt. CNX's Ba3 CFR reflects its large-scale natural gas production in a low-cost basin, ample proved reserves, and a long runway for drilling and completion activities. Its acquisition of Apex Energy II, LLC (Apex) in 2025 contributed complementary assets and increased scale. CNX's credit profile is supported by conservative financial policies, strong liquidity, and a successful track record of operational and financial risk management. The company's sizable hedge positions provide cash flow visibility and mitigate exposure to volatile natural gas prices. While firm transportation commitments ensure flow of volumes, they could become burdensome if production declines. CNX wholly owns CNXM, which adds valuable assets and lowers its cost structure, though CNXM also carries its own debt. While the acquisition of Apex resulted in more debt, the company only termed out a portion via senior notes issuance. It left a meaningful portion on the revolver to which free cash flow is being applied for debt reduction. Also, in December 2025, a portion of the company's convertible senior notes due May 2026 were converted to equity, thereby reducing debt. CNX delivered notice in late January 2026 electing settlement with equity for all convertible notes, which will further reduce debt. CNX's SGL-1 Speculative Grade Liquidity rating reflects Moody's expectations for the company to maintain very good liquidity. As of December 31, 2025, CNX had $200 million in borrowings and $28 million in letters of credit outstanding on its revolver. The revolver has $1.4 billion in elected commitments and a $2.4 billion borrowing base. The facility matures in 2029 but if revolver availability minus the $209 million convertible notes outstanding is less than 20% of the revolving lender commitments, the maturity will spring, which is negated by the notice that the notes will be converted to equity. CNX is expected to remain in compliance with its revolver financial covenants that include a maximum leverage ratio and a minimum current ratio. CNX's positive outlook reflects Moody's expectations for the company to generate positive free cash flow in 2026 supported by natural gas demand fundamentals and the sizable portion of natural gas production that is hedged along with flexibility in capital allocation, which if applied toward debt repayment, could solidify credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade include significant debt reduction and maintenance of lower leverage; managing shareholder returns within cash flow; retained cash flow (RCF) to debt above 30%; and a leveraged full cycle ratio (LFCR) above 1.5x at mid-cycle natural gas prices. Factors that could lead to a downgrade include deteriorating cash margins or capital returns; RCF/debt below 20%; weakening liquidity; or more aggressive financial policies. CNX, headquartered in Canonsburg, Pennsylvania, is a publicly traded independent exploration and production company focused on natural gas production in the Utica and Marcellus Shales. CNXM, a wholly owned subsidiary of CNX, owns and operates midstream infrastructure in the region, deriving most of its revenue from CNX while also serving third-party customers. The principal methodology used in this rating was Independent Exploration and Production published in February 2026. CONAIR HOLDINGS: Blue Owl Marks $12.4MM 1L Loan at 44% Off ---------------------------------------------------------- Blue Owl Capital Corporation has marked its $12,409,000 loan extended to Conair Holdings LLC to market at $6,360,000 or 56% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Conair Holdings LLC. The loan accrues interest at a rate of 3.75% per annum. The loan matures on May 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Conair Holdings LLC Conair Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides personal care products such as hair dryers, air brushes, flat irons, hot rollers, wavers, facial rollers and trimmer, eye masks, mask applicators, shaver, wand massager, and other beauty products with delivery services. Conair Holdings serves customers worldwide. CONAIR HOLDINGS: Blue Owl Marks $161.6MM 2L Loan at 55% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $161,616,000 loan extended to Conair Holdings LLC to market at $72,727,000 or 45% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a Second lien senior secured loan extended to Conair Holdings LLC. The 2L Loan accrues interest at a rate of 7.50% per annum. The 2L Loan matures on May 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Conair Holdings LLC Conair Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides personal care products such as hair dryers, air brushes, flat irons, hot rollers, wavers, facial rollers and trimmer, eye masks, mask applicators, shaver, wand massager, and other beauty products with delivery services. Conair Holdings serves customers worldwide. CONSTRUCTION PARTNERS: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the ratings for Mastec, Inc., Quanta Services, Inc., and Construction Partners, Inc.: 1. MasTec, Inc. 2. Quanta Services, Inc. 3. Construction Partners, Inc. These actions follow Fitch's update of its "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): MasTec, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BBB-'. Quanta Services, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 45% for the forecast year 2026 and 45% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: -Fitch has made no adjustments to the SCP, resulting in an IDR of 'BBB'. Construction Partners, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bbb, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: -Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Quanta Services, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Construction Partners, Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- MasTec, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- COOPER-STANDARD HOLDINGS: Net Loss Improves to $4.3MM in 2025 ------------------------------------------------------------- Cooper-Standard Holdings Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $4.31 million for the fiscal year ended December 31, 2025, compared to a net loss of $78.13 million for the fiscal year ended December 31, 2024. Total sales for the fiscal year ended December 31, 2025 was $2.74 billion, compared to $2.73 billion for the fiscal year ended December 31, 2024. As of December 31, 2025, the Company had $1.8 billion in total assets, $1.9 billion in total liabilities, and $91.6 million total deficit. "Our team's strong operating performance continues to drive margin expansion and improved cash flow as planned," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "Our full year 2025 results exceeded our original plans and expectations for both adjusted EBITDA and cash flow despite significant production declines on a key customer program that negatively impacted the fourth quarter. More importantly, we anticipate further improvements in 2026 with our adjusted EBITDA margin expected to reach or exceed 10 percent of sales for the full year as we continue to deliver value for our customers, launch new programs and optimize our costs." Liquidity and Capital Resources -- Short and Long-Term Liquidity Considerations and Risks The sources to fund the Company's ongoing working capital, capital expenditures, debt service and other funding requirements are a combination of cash flows from operations, cash on hand, borrowings under our senior asset-based revolving credit facility and receivables factoring. The Company utilizes intercompany loans and equity contributions to fund its worldwide operations. However, certain country-specific regulations may impose restrictions or result in increased costs when repatriating funds. Cooper-Standard said, "We continue to actively preserve cash and enhance liquidity, including proactively managing our capital expenditures. We continuously monitor and forecast our liquidity situation in light of automotive industry, customer and economic factors, and take the necessary actions to preserve our liquidity and evaluate other financial alternatives that may be available to us should the need arise." "Our ability to fund our working capital needs, debt payments and other obligations, and to comply with the financial covenants, including borrowing base limitations under our ABL Facility, depends on our future operating performance and cash flows. These may be impacted by many factors outside of our control, including but not limited to industry production levels, the costs of raw materials, the state of the overall automotive industry, general financial and economic conditions, including global trade and tariff policies, work stoppages, and potential public health events. "Considering these factors, current projections for light vehicle production and customer demand for our products, we believe that our cash flows from operations, cash on hand, availability under our ABL Facility and receivables factoring will enable us to meet our ongoing working capital requirements, capital expenditures, debt service and other funding requirements for the foreseeable future, despite the challenges facing the industry." -- Cash Flows * Operating Activities. Net cash provided by operating activities was $64.4 million for the year ended December 31, 2025, compared to net cash provided by operating activities of $76.4 million for the year ended December 31, 2024. The net change was primarily due to lower net cash earnings year-over-year, changes in working capital and an increase in cash interest payments by $12.4 million year-over-year. Working capital was negatively impacted primarily by a larger increase in receivables, reflecting timing of collections from customers during the year ended December 31, 2025 compared to the year ended December 31, 2024. * Investing Activities. Net cash used in investing activities was $45.6 million for the year ended December 31, 2025, compared to net cash used in investing activities of $45.1 million for the year ended December 31, 2024. The net change was primarily due to proceeds from the sale of fixed assets of $4.3 million received during the year ended December 31, 2024, partially offset by lower capital expenditures year-over-year, as well as a net increase in proceeds from the sale of businesses by $1.8 million year-over-year. Capital expenditures were $48.2 million for the year ended December 31, 2025 compared to $50.5 million for the year ended December 31, 2024. The Company expects to maintain disciplined capital spending and anticipate total capital expenditures of approximately $55 million to $65 million in 2026. * Financing Activities. Net cash used in financing activities totaled $4.0 million for the year ended December 31, 2025, compared to net cash used in financing activities of $9.6 million for the year ended December 31, 2024. The net change was primarily due to a net decrease in principal payments on outstanding debt by $7.5 million year-over-year and a net decrease in debt issuance costs by $1.9 million year-over-year. The prior year debt issuance costs were paid in connection with Amendment No. 4 to the Company's ABL Facility, which was executed in May 2024. These changes were partially offset by a net increase in tax withholding amounts related to employees' share-based payment awards by $1.1 million year-over-year. -- Off-Balance Sheet Arrangements "As a part of our working capital management, we sell accounts receivable from certain European customers through a third-party financial institution in off-balance sheet arrangements. The amount sold varies each month based on the amount of underlying receivables and cash flow needs. As of December 31, 2025 and 2024, we had $70.7 million and $53.4 million, respectively, of receivables outstanding under receivable transfer agreements entered into by various locations." "For the years ended December 31, 2025 and 2024, total accounts receivable factored were $463.0 million and $497.4 million, respectively. Costs incurred on the sale of receivables were $2.1 million, $2.9 million and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively." "These amounts are recorded in other expense, net in the consolidated statements of operations. These are permitted transactions under the credit agreements governing the ABL Facility and the indentures governing the First Lien Notes, Third Lien Notes, and 2026 Senior Notes." Other Matters "We may, from time to time, seek to purchase our outstanding debt securities or loans, including the First Lien Notes, Third Lien Notes, and 2026 Senior Notes. Such transactions could be privately negotiated or open market transactions, pursuant to tender offers or otherwise. Any such purchases will be made in our sole discretion in light of market conditions, applicable limitations contained in the agreements governing our indebtedness and other relevant factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Any such purchases may equate to a substantial amount of a particular class or series of debt, which may reduce the trading liquidity of such class or series." A full text copy of the Company's Annual Report is available at https://tinyurl.com/2648hwk2 About Cooper-Standard Cooper-Standard Holdings Inc. -- https://www.cooperstandard.com/ -- headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. * * * As reported by the Troubled Company Reporter on Nov. 24, 2025, S&P Global Ratings revised its outlook on Cooper-Standard Holdings Inc. to developing from positive and affirmed the 'CCC+' Company credit rating. COSMETIC SURGERY: Medical Office Condo Put Up for Sale ------------------------------------------------------ Great Neck Realty Co. and Iron Horse Commercial Properties announced that Suite 300, a ±10,080-square-foot medical office condominium located at 2620 East 7th Street in Charlotte, North Carolina, is being put up for sale. Situated within the professionally managed Eastover Medical Park II campus, the unit is currently occupied by a cosmetic surgery center and wellness spa, but will be delivered vacant. The property is move-in ready and well-suited for medical and dental occupancy, oering flexibility for long-term practice operations or future repositioning within an established healthcare setting. The property benefits from a prime location along East 7th Street, just 1.3 miles from Novant Health Presbyterian Medical Center and adjacent to a cluster of established medical offices, including the Carolina Asthma & Allergy Center. Proximity to Uptown Charlotte, SouthPark, and surrounding East Charlotte employment hubs, as well as easy access to nearby cities such as Concord and Gastonia, enhances tenant convenience and reinforces long-term demand, positioning this medical office condominium as a distinctive opportunity within one of the region’s most established healthcare submarkets. Key highlights: * ±10,080 SF Office Condo * ±7.02-acre site within Eastover Medical Park II * Zoned B-1CD (Neighborhood Business Conditional District) with use restricted to medical and dental occupancy * Direct access to US 74 and I-277 ; minutes to Charlotte Douglas International Airport * Located in East Charlotte, within a high-demand medical and dental corridor About Cosmetic Surgery Associates LLC Cosmetic Surgery Associates LLC is a single asset real estate company. Cosmetic Surgery Associates LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31298) on Dec. 2, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Laura T. Beyer handles the case. The Debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC. CREDIT SUITE: Court Extends Cash Collateral Access to April 15 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a second interim order extending Credit Suite, Inc.'s authority to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral from the petition date through April 15, strictly in accordance with a court-approved budget. Individual budget line items may exceed projections by up to 15%, provided that total spending does not exceed the overall budget by more than 10%. Any spending beyond the permitted variances constitutes a default and may allow creditors to seek emergency relief. Payments to insiders or affiliate officers are prohibited absent court approval. To protect the interests of secured creditors, the court granted these creditors replacement liens on post-petition cash collateral, effective as of the petition date, with the same validity and priority as their pre-bankruptcy liens. The court preserves all parties' rights and makes no determination regarding the validity, extent, or priority of any creditor's liens. Credit Suite must comply with all debtor-in-possession duties, maintain required insurance, and provide monthly operating reports, along with weekly budget variance and accounts receivable reports to creditors, the U.S. trustee, and the Subchapter V trustee. A continued hearing is scheduled for April 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/xeixg from PacerMonitor.com. Credit Suite filed for Chapter 11 due to cash flow problems caused by rapid growth without sufficient working capital or credit. To cover short-term needs, it took on high-interest merchant cash advances with steep default penalties, worsening its finances. Lenders Capchase and CFG Merchant Solutions have claimed liens on its accounts receivable, effectively cutting off most of its cash flow. The Debtor has entered into agreements granting certain creditors security interests in its assets. If valid and properly perfected, these liens would be first-priority claims on the Debtor's personal property, including accounts, deposit accounts, cash, and cash equivalents that may constitute cash collateral. The creditors that assert a lien on all of the Debtor's assets are BayFirst National Bank, Capchase, CFG Merchant Solutions, CT Corporation Service Company, First Home Bank, Heritage Bank, Regions Bank, The LCF Group, Inc., Transportation Alliance Bank and the U.S. Small Business Administration. Regions Bank appears to be in first position with respect to the Debtor's cash collateral, followed by Heritage Bank, Transportation Alliance Bank, and the SBA. CFG Merchant Solutions has attempted to garnish the Regions Bank account. Regions Bank asserts that it is owed $87,969.08. Regions Bank is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 Phone: 813.221.2626 Fax: 813.221.7335 Primary Email: drobbins-boehner@burr.com Secondary Email: mguerra@burr.com / kkearney@burr.com About Credit Suite Inc. Credit Suite Inc., a company in Tampa, Fla., provides business credit building services and small business financing support, helping entrepreneurs establish and use business credit, understand factors affecting fundability, and access loans and credit lines through lenders and brokers. Founded in 2014, the company focuses on advising business owners on separating personal and business credit and preparing for financing before applying for capital. Credit Suite filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00085) on January 7, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Caryl E. Delano oversees the case. Kathleen DiSanto, Esq., at Bush Ross, P.A. represents the Debtor as legal counsel. CROWN PROPERTIES: Court Places Gateway Tower in Receivership ------------------------------------------------------------ Cameron Bopp of First Alert4 reports that Gateway Tower near the Gateway Arch has been placed under court supervision after its owner, Crown Properties, defaulted on a nearly $14 million loan. A receiver has been appointed to manage the 21-story office building at 1 Memorial Drive, maintaining essential operations while creditors' interests are addressed. Built in 1966, the tower has experienced declining occupancy amid shifting office market conditions. Major tenant departures, including KMOX and First Alert 4, significantly reduced leased space. At loan origination in 2019, the property was valued at approximately $20 million and nearly fully occupied, according to report. Subsequent occupancy declines to the low 50% range coincided with a substantial drop in assessed value, now estimated at around $6 million. The property's performance reflects broader headwinds affecting downtown office buildings nationwide, First Alert4 reports. Mueller explained that higher refinancing rates, combined with reduced rent rolls from remote and hybrid work patterns, have placed older commercial buildings under intense financial pressure. He noted that while the environment has been difficult for legacy owners, it may also create opportunities for redevelopment under new leadership. About Crown Properties Crown Properties, LLC operates as a commercial real estate owner and investment manager with a portfolio concentrated in office properties. Headquartered in New York, the firm focuses on asset management, leasing strategies, and value optimization for urban commercial buildings. The company holds ownership of Gateway Tower, a 21-story office building in downtown St. Louis adjacent to the Gateway Arch. Crown Properties secured financing for the tower in 2019, when the property was appraised at approximately $20 million and reported high occupancy. After defaulting on loan obligations totaling nearly $14 million, the building was placed into receivership, transferring operational oversight to a court-appointed manager while ownership remains with Crown Properties. DATAVAULT AI: Moves Warrant Distribution Date --------------------------------------------- Datavault AI Inc. announced that its board of directors has changed the distribution date for the previously announced dividend of warrants to purchase shares of Datavault AI common stock, par value $0.0001 per share, to eligible record holders of Common Stock and other equity securities of Datavault AI to February 23, 2026, from February 21, 2026. The record date for the Distribution remains January 7, 2026. The Record Date and/or the Distribution Date for the Distribution may be changed by the Datavault Board for any reason at any time prior to the actual Distribution Date, and completion of the Distribution is conditioned upon the Datavault Board having not revoked the Distribution prior to the Distribution Date, including for a material change to the solvency or surplus analysis presented to the Datavault Board. Warrant Terms The Warrants will be issued without any action required by Record Holders and without any payment of cash or other consideration. * Eligibility: Record Holders are the holders of the following Datavault AI securities, in each case, as of the close of business on the Record Date: -- Common Stock; -- certain warrants to purchase Common Stock that have the right to participate in the Distribution pursuant to their respective terms; -- certain convertible promissory notes of Datavault AI that have the right to participate in the Distribution pursuant to their respective terms; and -- certain equity awards and/or grants that are issued and outstanding as of the Record Date and which were granted under Datavault AI's stock option plan, stock incentive plan or other equity incentive plans that have not been exercised or converted and settled (or, in the case of restricted stock awards, that have not yet vested) as of the Record Date that are entitled to participate in the Distribution pursuant to the terms of their respective awards and/or grants. * Distribution Ratio: The Distribution will be made to the Record Holders on the basis of one Warrant to purchase one share of Common Stock for every 60 shares of Common Stock held (or, for securities other than Common Stock, shares of Common Stock underlying such other equity securities of Datavault AI held, subject to the contractual terms of such securities) by such holders as of the close of business on the Record Date (rounding down to the nearest increment of 60 shares). * Exercise Price: Each Warrant will entitle the holder to purchase one share of Common Stock at an exercise price of, initially, $5.00 per share at any time and from time to time following the Distribution Date until the expiration of the Warrants. The Exercise Price will be subject to adjustment in connection with certain events including: (i) stock dividends, splits, subdivisions, reclassifications and combinations; (ii) rights issues; (iii) other distributions and spin-offs; and (iv) fundamental transactions (in each case, as will be set forth in the Warrants). * Exercise Method: Cash exercise only; however, if there is no effective registration statement registering, or the prospectus contained therein is not available for, the issuance of the Warrant Shares upon exercise of the Warrants to the holder, the Warrants may only be exercised pursuant to the "cashless exercise" provisions of the Warrants. * Conditions to Exercise: The exercise of the Warrants will be conditioned upon the requirement that the beneficial owner of each such Warrant: (a) holds one Dream Bowl Meme Coin II token per Warrant requested to be exercised; and (b) each such Dream Bowl Meme Coin II token is held in a digital wallet within a Datavault account, in each case, as of the date the applicable "Notice of Exercise" in the form attached to the Warrants is delivered to the VStock Transfer, LLC, as warrant agent for the Warrants. Datavault AI has made separate announcements and filings with the Securities and Exchange Commission regarding the Dream Bowl Meme Coin II tokens and Record Holders are encouraged to read such announcements and filings for more information regarding such tokens. No Notice of Exercise will be deemed validly delivered unless it specifies a valid and accurate digital wallet address, indicates the number of Dream Bowl Meme Coin II tokens held in such wallet, which number will be subject to verification by Datavault AI, and sets forth the email address associated with the applicable holder's Datavault account. Verification of the Warrant Exercise Conditions may take up to five trading days from the date on which Datavault AI receives the applicable Notice of Exercise. These and/or any other conditions to the exercise of the Warrants will be set forth in the Warrants themselves. * Transfer Restrictions: The Warrants may not be transferred, assigned or sold, except under limited circumstances to be set forth in the Warrants, including by gift to an immediate family member or trust, by virtue of laws of descent and distribution upon death or pursuant to a qualified domestic relations order. * Expiration: 5:00 p.m. New York City time on the date that is the one-year anniversary of the Distribution Date. Record Holders are encouraged to review the information available in the document containing questions and answers regarding the dividend and the Warrants that available at https://tinyurl.com/44hr4t7v About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of September 30, 2025, the Company had $138.7 million in total assets, $39.2 million in total liabilities, and $99.5 million in total stockholders' equity. DAY TRANSLATIONS: Gets OK to Pay Affiliate Officer's Salary ----------------------------------------------------------- Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida granted Day Translations, Inc.'s motion for authority to pay affiliate officer's salary on an interim basis. A further hearing is set for March 12. The Debtor is authorized to pay the officer's bi-weekly salary of $2,606 gross pay, which includes approximately $606 in withholdings. The Debtor is also authorized to make payments for officer's health insurance and to reimburse the officer for reasonable business expenses as described in the motion. A copy the Court's Order dated February 17, 2026, is available at https://urlcurt.com/u?l=U01lJL from PacerMonitor.com. About Day Translations Inc. Day Translations, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00386) on January 19, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Matthew B. Hale, Esq., at Stichter, Riedel, Blain & Postler, represents the Debtor as legal counsel. DAYTONA THUNDER: Court Extends Cash Collateral Access to April 9 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered a second preliminary order extending Daytona Thunder, LLC's authority to use cash collateral until April 9. Under the second preliminary order, the Debtor is authorized to use cash collateral to pay U.S. Trustee quarterly fees and other court-approved payments; and operating expenses set forth in its budget, with flexibility of up to 10% per line item. Additional expenditures may be made with written creditor approval. The Debtor's budget projects total monthly operational expenses of $3,300. As adequate protection for the Debtor's use of their cash collateral, secured creditors will be granted post-petition replacement liens on cash collateral, preserving the same validity, priority, and extent as their pre-petition liens without further documentation. In addition, the Debtor is required to maintain required insurance coverage in accordance with its loan agreements with secured creditors. As of the petition date, the Debtor held approximately $4,172 in a deposit account at TD Bank, and its future earnings may be subject to asserted liens. Creditors that may claim senior secured liens on cash collateral are LSC2025, LLC and Shaf International, Inc., which are owed $2,296,161.42 and $1.75 million, respectively. A further preliminary hearing is scheduled for April 9. The interim order is available at https://is.gd/bL9Qho from PacerMonitor.com. About Daytona Thunder LLC Daytona Thunder, LLC, a company based in Daytona Beach, Fla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07885) on December 11, 2025, with between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson oversees the case. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com DENOYER-GEPPERT: Seeks to Sell Skokie Property ---------------------------------------------- Denoyer-Geppert Science Company seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor has its principal place of business located at 7305 N. St. Louis, Skokie, Illinois, 60076, where the Debtor engages in the manufacturer of anatomical parts and charts used, in the main, by educational institutions and pharmaceutical companies. The Assets included of the business located at 7305 N. St. Louis, Skokie, IL include but not limited to machinery, raw materials, finished goods, molds, models, images from charts, office furniture, computers and fixtures, and other equipment and inventory of the business. The Debtor employs Heath Industrial Auction Services, Inc. as its Auctioneer. The Auctioneer anticipates that it will conduct the sale on the Debtor's premises on or before March 11, 2026. The Debtor seeks authority from the Court to sell the Business Assets "As Is" and "Where Is" Free and Clear of all Liens, with valid enforceable liens attaching to the proceeds of the sale. The Debtor is authorized to remain in the premises for 60 days, from the entry of the order for the purpose of removal of all personal property with the exception of the oven. 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. DGN PHARMACY: Section 341(a) Meeting of Creditors on March 11 ------------------------------------------------------------- On February 10, 2026, DGN Pharmacy, Inc., filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 100–199 creditors. A meeting of creditors under Section 341(a) to be held on March 11, 2026 at 12:30 PM at Zoom - Isaacson: join.zoom.us Meeting ID 290 246 2504, Passcode 3807117453, or call 1-862-375-1082. About DGN Pharmacy, Inc. DGN Pharmacy, Inc. is a New Jersey-based pharmaceutical company engaged in the retail and distribution of prescription medications and healthcare products. DGN Pharmacy, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11520) on February 10, 2026. In its petition, the Debtor reports estimated assets of $10 million–$50 million and estimated liabilities of $10 million–$50 million. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Daniel Stolz, Esq. of Genova Burns LLC. DIOCESE OF CAMDEN: Agrees to Pay $180MM to Sexual Abuse Survivors ----------------------------------------------------------------- The Diocese of Camden, New Jersey and the Official Committee of Tort Claimant Creditors -- charged with protecting the interests of more than 300 survivors of sexual abuse -- represented by Lowenstein Sandler's Bankruptcy & Restructuring Department, has reached a settlement with several hold-out insurance carriers after a five years-long dispute arising from claims of sexual abuse by members of the Diocesan clergy. The settlement supplements an earlier settlement reached between the Diocese and the Committee and provides for the Diocese and its insurers to pay $180 million into a trust for the benefit of survivors -- more than six times the amount originally proposed in the Diocese's 2021 reorganization plan. The proposed settlement remains subject to Bankruptcy Court approval. Lowenstein partner Jeffrey D. Prol, who has represented the Committee, along with his colleagues, since 2020, says: "The Committee is pleased to have reached a consensual resolution of this long running dispute." He continues: "I am in awe of the fortitude of these survivors, who have waited years to receive compensation for the horrible wrongs they have suffered. We are honored to have stood with them throughout this portion of their protracted struggle, and we are hopeful that resolving this bankruptcy case will prove to be a step forward in their personal recovery journeys." John Collins, Chair of the Committee, says: "While no financial recovery can undo the profound harm suffered by survivors, this settlement represents meaningful progress toward accountability and equitable compensation. The Committee believes it achieves a fair and just outcome under difficult circumstances, and throughout this process our priority has always been to ensure that survivors' voices were heard and their interests fully protected." In 2024, the United States Bankruptcy Court for the District of New Jersey approved a plan of reorganization proposed by the Diocese and the Committee which approved the 2022 settlement between the Diocese and the Committee. Several insurers appealed the Bankruptcy Court's decision to confirm the plan, and the case has been on appeal since then. The final settlement was reached with the assistance of Third Circuit Judge Thomas Ambro, who was appointed by the Third Circuit Court of Appeals to mediate the issues on appeal, and his law clerk Logan Fairbourn. The Diocese's willingness to make an additional contribution to the trust above what was required by the 2022 settlement was instrumental in reaching this final settlement with the insurers. In addition to Prol, the Lowenstein team also includes Brent Weisenberg, Michael A. Kaplan, and Colleen M. Restel. About Lowenstein Sandler LLP Lowenstein Sandler LLP is a national law firm with over 400 lawyers based in New York, Palo Alto, Roseland, Salt Lake City, San Francisco, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities. 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. DRIVE PLANNING: Receiver Authorized to Sell "Live More" Yacht ------------------------------------------------------------- The Hon. Victoria Marie Calvert of the U.S. District Court for the Northern District of Georgia, Atlanta Division, has authorized Kenneth D. Murena, as Court-Appointed Receiver of Drive Planning, LLC, to sell the "Live More" yacht to Michael Tasca. The receiver has a Feb. 26, 2026 deadline to close the sale. As part of his duties under the Court's Appointment Order, the Receiver identified and took control of the yacht, a 70-foot Galeon purchased by Todd Burkhalter using Drive Planning's funds derived from investors. The yacht was taken into the Receiver’s custody for the benefit of the Receivership Estate, and the Receiver has overseen its maintenance and storage to preserve its value pending its eventual sale. The yacht was initially maintained and safely docked at a MarineMax Marina in St. Petersburg, Florida. To further protect the asset and reduce carrying costs, the Receiver later authorized the relocation of the yacht to Miami, Florida. The preservation and maintenance of the Live More Yacht includes substantial monthly costs, including insurance, captain services (required by the insurance policy), dockage, electricity to operate and maintain the HVAC and hydraulic systems, generator, and appliances, and routine maintenance and service, and minor repairs, all of which were necessary to safeguard a multi-million-dollar asset and preserve its value and marketability for the benefit of defrauded investors. Based on the evaluation, the Receiver initially selected MarineMax to sell the yacht. MarineMax is an experienced yacht broker and authorized dealer for new and used Galeon yachts. MarineMax agreed to a reduced commission structure for the listing agreement, managed the marina in St. Petersburg, Fla., where the Live More Yacht was being stored, performed routine maintenance and repairs to the yacht while it was at that marina, and facilitated the removal from the water and securing of the yacht during two hurricanes in 2024. MarineMax marketed the yacht for sale for about eight months but obtained no written offers to purchase the yacht. Recently, the Receiver located a yacht captain in North Miami Beach, Fla., who agreed to serve as the captain for nearly one-third the fee of the captain in St. Petersburg, Fla. The Receiver also located an experienced yacht broker in Miami who agreed to a commission rate less than MarineMax's rate. Hence, the Receiver decided to relocate the yacht to the Marina Palms marina in North Miami Beach and list the yacht for sale through Interglobal Yacht Sales. The Receiver entered into an exclusive listing agreement with Interglobal Yacht Sales for the Live More Yacht, which set forth, among other things, the commission structure applicable to Interglobal Yacht Sales and any broker representing a buyer in connection with the sale. In particular, the agreement provides that if another broker represents the buyer, the commission shall be split between Interglobal Yacht Sales and the buyer's broker, for a total commission of 10%. If no outside broker represents the buyer and Interglobal Yacht Sales procures the buyer directly, the commission shall be reduced to 7.5%. Todd Burkhalter purchased the Live More Yacht for $3.386 million. After conducting extensive market research, MarineMax concluded that the Live More Yacht had a market value of approximately $2.5 million when it first listed the yacht for sale in the fall of 2024. As a result, the Receiver authorized MarineMax to list and begin marketing the Live More Yacht for sale, with a listing price of $2.8 million. Although MarineMax actively marketed the yacht for sale, no inquiries or offers were received during the first few months of the listing, so the Receiver, over a period of months at the recommendations of MarineMax, lowered the listing price to $2.7 million, then to $2.6 million, then to $2.5 million, and then to $2.4 million. In particular, one potential purchaser made a verbal offer of $1.8 million to purchase the yacht and during negotiations increased its offer to $1.9 million. That potential purchaser, however, never presented a written offer with specific terms and ultimately withdrew from negotiations and chose to purchase a brand-new Galeon yacht from MarineMax for more than $3.2 million. Interglobal Yacht Sale aggressively marketed the yacht for sale and even featured it at the Ft. Lauderdale International Boat Show, which is one of the largest boat shows in the United States. Despite Interglobal Yacht Sales' extensive efforts and expenses incurred to market the yacht for sale, no offers were received, and the Receiver, at the broker's recommendation, lowered the listing price to $2.3 million and then to $2.2 million over a period of several months. Thereafter, the Receiver received a written offer from a potential purchaser -- Mr. Tasca -- to purchase the yacht for $1.7 million, which Interglobal Yacht Sales and the Receiver believed was slightly below the yacht's market value. The Buyer identified certain issues with the yacht, which the Receiver, the yacht captain, and the yacht broker began addressing to increase the value and marketability of the yacht. The Receiver engaged in negotiations with the Buyer, who ultimately increased his offer by $200,000 to $1.9 million, subject to resolution of the issues he identified. As such, given the high monthly costs to maintain the yacht, including $2,500 for the yacht captain required under the insurance policy, approximately $3,500 for dockage and electricity, and approximately $2,000 for insurance, the Receiver believes selling the yacht to the Buyer pursuant to his $1.9 million offer would be in the best interest of the Estate. Therefore, the Receiver entered into a Purchase and Sale Agreement, which provides for a closing on Feb. 27, 2026, and is subject to Court Approval. According to Judge Calvert, the sale of the Live More Yacht to the Buyer shall be free and clear of any and all liens, claims, and encumbrances against the Live More Yacht. In the event the sale to the Buyer approved above does not close, the Court approves the sale of the Live More Yacht to another buyer for at least $1.9 million under terms similar to those contained in the attached Purchase and Sale Agreement, so that the Estate need not incur further expenses seeking Court approval for a similar sale. About Drive Planning, LLC Drive Planning is a financial firm accused of running a Ponzi scheme. The Securities and Exchange Commission in August 2024 filed a complaint alleging that from 2020 through at least June 2024, Russell Todd Burkhalter ran a Ponzi scheme through his business, Drive Planning, selling unregistered securities in the form of "Real Estate Acceleration Loans," which Burkhalter described in promotional materials as a "bridge loan opportunity promising 10% in 3 months." As of the end of June 2024, over 2,000 investors had invested more than $300,000,000 in REAL. Drive Planning did not have any legitimate profitable enterprise capable of generating the sums necessary to pay the promised 10% returns every three months. Instead, in classic Ponzi fashion, Burkhalter used money from new investors to pay the supposed "returns" to existing investors and to maintain a luxurious lifestyle. The lawsuit is captioned as United States Securities and Exchange Commission v. Drive Planning, LLC, and Russell Todd Burkhalter, and Jacqueline Burkhalter, The Burkhalter Ranch Corporation, Drive Gulfport Properties LLC, and TBR Supply House, Inc., Case No. 1:24-cv-03583 (N.D. Ga.), before the Hon. Victoria M. Calvert. The case was filed on Aug. 13, 2024. Drive Planning is represented by Adriana M. Pavon, Esq., at the law firm Damian & Valori LLP. Lead Counsel for Kenneth D. Murena, as Court-Appointed Receiver: Adriana M. Pavon, Esq. Russell Landy, Esq. DAMIAN | VALORI | CULMO 1000 Brickell Avenue, Suite 1020 Miami, FL 33131 Tel: (305) 371-3960 Fax: (305) 371-3965 E-mail: apavon@dvcattorneys.com rlandy@dvllp.com Local Counsel for Kenneth D. as Court-Appointed Receiver: Henry F. Sewell, Jr., Esq. Buckhead Centre 2964 Peachtree Road NW, Suite 555 Atlanta, GA 30305 Tel: (404) 926-0053 E-mail: hsewell@sewellfirm.com E&M BINDERY: To Sell Equipment to Artist Group ---------------------------------------------- E&M Bindery Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell remaining machinery and equipment, free and clear of liens, claims, interests, and encumbrances. Pursuant to an Order, dated December 23, 2025, the Debtor was authorized to enter into a series of private sales of its remaining machinery and equipment following the sale to Bind-Rite. Such Order authorized Debtor to proceed with any private sale where the price was 85% or more of the orderly liquidation value and "negative" notice was provided to several key creditors herein. Subsequently Debtor has been engaged in a series of such sales in accordance with the terms of the 85% Sale Order. Immediately following entry of the 85% Sale Order, Debtor‘s broker, MidAmerica Equipment Solutions LLC (Broker) commenced a series of private sales consistent with the 85% Sale Order. In order to liquidate the Last Equipment Debtor seeks entry of an order reducing the 85% standard during the next several weeks. In addition, one sale occurred at a value $383.00 lower than the authorized 85% of OLV. Broker transacted this sale on the eve of Debtor’s vacating of its leased premises in order to avoid the costs of moving and storing the subject machine. Debtor was formerly engaged in business operating a bindery at 11 Peekay Drive, Clifton, New Jersey. Debtor's sole shareholder is Gary Markovits, who manages Debtor's daily operations. Scott S. Rever, Esq. has been appointed as Subchapter V Trustee. As referenced above, Debtor has successfully sold the bulk of its machinery and equipment pursuant to this Court's Orders, dated December 15, 2025 and the 85% Sale Order. The Last Equipment and the projected recoveries with respect are set forth below. Shanklin A-26A Shrink Wrap & Tunnel Line: $2500 to $3500 Conflex Shrink Wrapper: 0 to $2500 Kluge Diecutter EHD 14 x 22: $7,000 to $10,000 Kirk Rudy Tip-On Line: $2,000 to $3,000 Rile Cart 599 Wire-O and accessories: $20,000 to $30,000 Rile Cart 596 Wire-O and accessories: $4,000 to $8,000 Robatech Hot Melt Gluer: $1,000 to $1,500 2 ea. STS Hot Melt Glue Systems: $1,000 to $1500 PBS Gateway Coil Inserter: $5,000 to $7,500 Signode Strapper $500 Debtor submits that the Last Equipment is the hardest to sell. Consequently, Debtor does not believe it will be able to achieve the 85% of OLV standard authorized in the 85% Sale Order. Moreover, Debtor has vacated its leased premises at 11 Peekay Drive, Clifton, NJ. As a result, the Last Equipment will incur storage charges pending the sale. Debtor is no longer operating, and consequently, there is no reason for Debtor to retain the Last Equipment or to pay excessive storage costs associated therewith. The Debtor respectfully requests the entry of an Order authorizing Debtor to proceed with its efforts to liquidate its remaining equipment in accordance with the foregoing schedule. The Buyer Artist Group offers to purchase the remaining equipment for a price of $2,167.00. This equipment's 85% of OLV was $2,550.00. The Broker sold the equipment for $383.00 less than the 85% standard in order to avoid moving and storage costs that otherwise would’ve been incurred. Debtor proposes to serve all secured creditors by overnight mail no later than February 23, 2026; and to serve all unsecured creditors by regular mail by such date. About E&M Bindery Inc. E&M Bindery, Inc., a company in Clifton, N.J., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22444) on November 21, 2025, listing between $1 million and $10 million in both assets and liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey L. Meisel oversees the case. David Edelberg, Esq., at Scarinci Hollenbeck, represents the Debtor as legal counsel. EFESTO US: Fitch Affirms 'B' Rating on Senior Secured Notes ----------------------------------------------------------- Fitch Ratings has affirmed seven EMEA aerospace and defence companies' ratings: 1. Rolls-Royce Holdings plc 2. Czechoslovak Group a.s. (CSG) 3. Efesto Bidco S.p.A. (Forgital Group) 4. Aernnova Aerospace S.A.U. 5. MTU Aero Engines AG (MTU) 6. Leonardo S.p.A. 7. BAE Systems plc These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on January 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Rolls-Royce Holdings plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a-, Lower), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (bbb+, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: no other consideration applied. Czechoslovak Group a.s. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (a, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Some Deficiencies' results in an adjustment of -1 notch. - The Operating Environment Impact assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: no other consideration applied. Efesto Bidco S.p.A. - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (b+, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. To derive the IDR: no other consideration applied. Aernnova Aerospace S.A.U. - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb-, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in an adjustment of 1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b' To derive the IDR: no other consideration applied. MTU Aero Engines AG - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: no other consideration applied. Leonardo S.p.A. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Higher), Financial Structure (a, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: no other consideration applied. BAE Systems plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Moderate), Market and Competitive Positioning (a-, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (bbb+, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'a-'. To derive the IDR: no other consideration applied. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- BAE Systems Holdings Inc. senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Rolls-Royce Holdings plc LT IDR BBB+ Affirmed BBB+ BAE Systems plc LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- Efesto US, LLC senior secured LT B Affirmed RR4 B Leonardo S.p.A. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Rolls-Royce plc LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Aernnova Aerospace S.A.U. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ MTU Aero Engines AG LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB BAE Systems Finance Inc. senior unsecured LT A- Affirmed A- Czechoslovak Group a.s. LT IDR BBB- Affirmed BBB- senior secured LT BBB- Affirmed BBB- Efesto Bidco S.p.A. LT IDR B Affirmed B senior secured LT B Affirmed RR4 B EL SALTO RANCHES: Hires Gatton & Associates as Bankruptcy Counsel ----------------------------------------------------------------- El Salto Ranches LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to hire Gatton & Associates, P.C. as counsel. The firm will provide these services: (a) represent and advise the Debtor regarding all aspects of this bankruptcy case including adversary proceedings; (b) prepare on behalf of the Debtor necessary legal papers; and (c) assist the Debtor in taking actions required to effect reorganization under subchapter V of Chapter 11 of the Bankruptcy Code. The firm will be paid at these hourly rates: Chris Gatton, Attorney $300 Benjamin Jacobs, Attorney $250 Marcus Sedillo, Attorney $250 Paralegals $140 Document Clerk $40 Within one year prior to the commencement of this bankruptcy case, the Debtor paid the Firm a total of $16,751.50, of which $9,137.36 was related to this bankruptcy filing. Mr. Gatton disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chris M. Gatton, Esq. Gatton & Associates, P.C. 10400 Academy NE, Suite 350 Albuquerque, NM 87111 Telephone: (505) 271-1053 Facsimile: (505) 271-4848 Email: chris@gattonlaw.com About El Salto Ranches LLC El Salto Ranches LLC is a New Mexico-based agricultural and ranching company that owns and operates cattle ranches and related land holdings. The company provides livestock management, grazing services, and property maintenance across its New Mexico operations. El Salto Ranches LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10147) on February 6, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The debtor is represented by Christopher M. Gatton, Esq. of Gatton & Associates, P.C. ELECTRIC FORKLIFT: Hires Verna & Associates as Accountant --------------------------------------------------------- Electric Forklift Repairs Corp. received approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Verna & Associates as accountant. The accountant will prepare monthly operating reports and provide bookkeeping services and tax returns. The firm will charge these rates: Senior Accountant $250 per hour Partner $400 per hour Bookkeeping services $75 per hour As disclosed in the court filings, Verna & Associates does not represent or hold any interest adverse to the debtor or the estate with respect to the matter for which he/she will be retained under 11 U.S.C. Sec. 327(e). The firm can be reached through: Alex Zaslow, CPA Verna & Associates RV Professional Building 105 Jessup Rd STE 100 Thorofare, NJ 08086 Phone: (856) 384-8400 About Electric Forklift Repairs Corp. Electric Forklift Repairs Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23553) on December 23, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Ellen M. McDowell, Esq. at Mcdowell Law, PC represents the Debtor as counsel. ENCOMPASS ENTERPRISES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Encompass Enterprises LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland for authority to use cash collateral to fund operations. The court entered an interim order authorizing the Debtor to use cash collateral through February 27 in accordance with its budget. As adequate protection, the Internal Revenue Service will be granted a replacement lien on the same post-petition property of the estate as its tax lien attached to pre-petition property of the Debtor, with the same validity and priority as its pre-petition lien. Meanwhile, Specialty Capital, LLC will receive a replacement lien on the Debtor's post-petition cash collateral and proceeds thereof, to the same extent and priority as its purported interest in the Debtor's pre-petition cash collateral and the proceeds thereof. The final hearing will be held on February 26. Founded in 2018 by Eugene Benton, Encompass specializes in building and renovating homes, elevating and relocating structures, commercial projects, and design-build services. The Debtor experienced severe financial stress due to COVID-19–related supply chain disruptions, rising material costs, project delays, and mismanagement in its acquired garage door division. To address cash flow issues, Encompass relied on Merchant Cash Advance loans, which became high-interest recurring obligations, further straining operations and delaying projects. The Debtor's cash, including receivables and monies on hand, constitutes cash collateral, and the entities asserting security interests include Fox Funding, Unique Funding Solutions, Parkview Advance, Specialty Capital LLC, and Peninsula Funding Group, as well as the Internal Revenue Service, whose tax liens may have seniority over pre-existing liens. About Encompass Enterprises LLC Encompass Enterprises LLC specializes in building and renovating homes, elevating and relocating structures, commercial projects, and design-build services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-11403) on February 10, 2026. In the petition signed by Eugene (Gene) Benton, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. Christopher L. Rogan, Esq., at RoganMillerZimmerman, PLLC, represents the Debtor as legal counsel. ENGLEWOOD HOSPITALITY: Hires Davidoff Hutcher & Citron as Counsel ----------------------------------------------------------------- Englewood Hospitality, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Davidoff Hutcher & Citron LLP as counsel. The professional services the firm will render are: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for a debtor who seeks protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the business; g. represent the Debtor in connection with obtaining post-petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and the estate. The hourly rates of the firm's counsel and staff are: Attorneys $450 to $850 Paraprofessionals $275 In addition, the firm will seek reimbursement for expenses incurred. Robert Rattet, Esq., an attorney at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Englewood Hospitality LLC Englewood Hospitality, LLC operates a restaurant in Englewood, New Jersey, and Lefkes Delray LLC runs a restaurant in Delray, Florida, with both participating in the full-service restaurant industry. Englewood Hospitality filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-22962) on December 8, 2025, with $534,205 in assets and $1,308,989 in liabilities. Georgia Dumas, founder and managing partner, signed the petition. Andreas Koutsoudakis, Esq., and Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. EOS FINCO: Blue Owl Marks $39.7MM 1L Loan at 56% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its $39,724,000 loan extended to EOS Finco S.A.R.L to market at $9,820,000 or 44% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to EOS Finco S.A.R.L. The loan accrues interest at a rate of 6% PIK per annum. The loan matures on October 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About EOS Finco S.A.R.L Eos Finco SARL, operating under the name Netceed, is a Luxembourg-based, Cinven-backed global distributor of telecommunication materials. ER OF TEXAS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- ER of Texas, LLC and its affiliates received 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 court entered an interim order authorizing the Debtors to use cash collateral in accordance with its budget (subject to a 10% variance) from February 10 through the earlier of (i) entry of a final order, (ii) the termination of the interim order, or (c) the occurrence of so-called termination event. Termination events include the Debtors' failure to comply with any material term of the interim order; actual disbursements exceeding the budget beyond the permitted variance; dismissal or conversion of any Chapter 11 case to Chapter 7; appointment of a trustee or examiner with expanded powers; and modification of the interim order without lender consent. As protection, the pre-bankruptcy secured creditors will be granted replacement liens on all of the Debtors' assets excluding Chapter 5 causes of action. In case of any diminution in the value of their collateral, the secured creditors will receive an allowed superpriority administrative expense claim against the Debtors' estates. The secured creditors are Encore Bank (senior secured lender), Newtek Business Services Holdco 6, Inc. (junior secured lender), and various merchant cash advance lenders, all of which hold liens on most of the Debtors' assets. Encore holds a first-priority lien, Newtek is subordinate to Encore, and the MCA Lenders hold junior or subordinated interests. A final hearing is set for March 11. A copy of the interim order is available at: http://bankrupt.com/misc/ERofTexas_InterimCashCollOrder.pdf About ER of Texas LLC ER of Texas, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40606) on February 10, 2026. In the petition signed by Ron Walraven, manager, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Richard Grant, Esq., at CM Law LLP, represents the Debtor as legal counsel. EVALINA LLC: Gets Extension to Access Cash Collateral ----------------------------------------------------- Evalina, LLC and Xelero Medical Research, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court authorized the Debtors to access cash collateral pending a further hearing to be conducted on April 7. The Debtors intend to use their cash collateral to fund court-approved payments including monthly payments to the Subchapter V trustee; and the expenses set forth in their budget, plus an amount not to exceed 10% for each line item. This authorization will continue until further order of the court. The Debtors project total monthly operating expenses of $49,185 for February and March. Under the interim order, the Debtors are authorized to grant protection to secured creditors, including merchant cash advance funders and Port 51 Lending, LLC through replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens. Additionally, the Debtors are allowed to collect outstanding accounts receivable and payment processors, including Square (Block, Inc.), are directed to release funds owed to the Debtors. The ruling preserves all parties' rights to later challenge lien validity, claim priority, or seek additional protections. The order is available at https://is.gd/e5zoTE from PacerMonitor.com. About Evalina LLC Evalina LLC, doing business as Ixchel Skin and Body Medical Spa, provides cosmetic and aesthetic services across facial, body, and hair treatments. Based in Lutz, Florida, the company offers laser procedures, microneedling, injectables, IV therapy, body contouring, hair restoration, and skincare treatments. Evalina filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05306) on July 30, 2025, with $1 million to $10 million in assets and liabilities. On September 26, 2025, Xelero Medical Research, LLC, an affiliate of Evalina, filed a Subchapter V case (Bankr. M.D. Fla. Case No. 25-07101), listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. The cases are jointly administered under Case No. 25-05306. Judge Catherine Peek McEwen presides over the cases. Harley E. Riedel, Esq., at Stichter, Riedel, Blain, & Postler P.A. represents the Debtors as legal counsel. F-STAR SOCORRO: Gets OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, entered a stipulated final order authorizing F-Star Socorro, L.P. and its affiliated debtors to use cash collateral. Before this stipulated final order, the court had already approved an interim arrangement allowing limited use of the cash collateral. After negotiations conducted in good faith -- including mediation -- the Debtors and secured lender RC PV Lender I, LLC (referred to as Madison) reached a consensual agreement outlining the final terms governing the collateral's use. These terms were incorporated into a cash collateral term sheet, which now controls how funds may be used and sets the conditions agreed upon by both parties. The court found that allowing the Debtors to use the cash collateral is necessary for the continued operation of their businesses and preservation of asset value. It concluded that the agreement represented sound business judgment, was fair and reasonable, and served the best interests of the bankruptcy estates, creditors, and other stakeholders by improving the likelihood of a successful reorganization. Under the stipulated final order, the Debtors are authorized to use the cash collateral subject to agreed protections granted to Madison, including adequate protection liens. The lender's rights remain preserved even if the cases convert to Chapter 7 or a reorganization plan is confirmed. The order also clarifies that no party waives legal claims or defenses, limits liability for the lender, and allows the Debtors to request additional collateral use in the future. About F-Star Socorro L.P. F-Star Socorro, L.P. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90607) on November 4, 2025, listing up to $50,000 in both assets and liabilities. Judge Alfredo R Perez presides over the case. Nicholas J. Hendrix, Esq., at O'Melveny & Myers, LLP represented the Debtor as legal counsel. FENTON TOWE: Seeks Approval to Hire Proctor, CPA as Accountant -------------------------------------------------------------- Fenton Towe Eure, IV seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Proctor, CPA, PC as accountants. The firm will prepare the Debtors' 2025 federal and state tax returns and related forms. Proctor will also perform various items of accounting work necessary for the Debtor. The firm's hourly rates are: Tammi B. Proctor, CPA $275 Kim Forehand $150 Yuli Zhao $100 Kailee Parrish $100 As disclosed in the court filings, Proctor, CPA, PC is a "disinterested person" within the meaning of 11 U.S.C. 101(10). The firm can be reached through: Tammi B. Proctor, CPA Proctor, CPA, PC 1082 Harvey Point Rd. Hertford, NC 27944 Phone: (252) 426-9200 About Fenton Towe Eure, IV Fenton Towe Eure, IV sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-04555) on November 14, 2025. David J. Haidt, Esq. at Ayers & Haidt, P.A. serves as the Debtor's counsel. FERADYNE OUTDOORS: Blue Owl Marks $80.7MM 1L Loan at 30% Off ------------------------------------------------------------ Blue Owl Capital Corporation has marked its $80,768,000 loan extended to Feradyne Outdoors, LLC to market at $54,518,000 or 70% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Feradyne Outdoors, LLC. The loan accrues interest at a rate of 6.75% PIK per annum. The loan matures on May 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Feradyne Outdoors, LLC Feradyne Outdoors, LLC manufactures outdoor sports goods. The Company offers bow-hunting products including bows, arrows, trail cameras, optics, blinds and other archery products. Feradyne Outdoors serves customers in the United States. FIRST INVESTMENT: Seeks to Tap Demetrius J. Parrish Jr. as Counsel ------------------------------------------------------------------ First Investment Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire the Law Office Of Demetrius J. Parrish Jr.as bankruptcy counsel. The firm's services include: (a) providing legal advice with respect to the Debtor's power and duties as debtors in possession in the continued operation of its business; (b) preparing and pursuing confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; (c) preparing on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and otherwise protecting the interests of the Debtor before the Court; and; (e) performing all legal services for the Debtor which may be necessary and proper in these proceedings. Mr. Parrish will receive an hourly rate of $400 per hour. The firm received a retainer of $5,000 and a filing fee of $1,738. Demetrius J. Parrish, Jr. is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The professional can be reached at: Demetrius J. Parrish, Jr., Esq. Law Office Of Demetrius J. Parrish Jr. 7715 Crittenden Street, No. 360 Philadelphia, PA 19118 Tel: (215) 735-3377 Email: djpesq@gmail.com About First Investment Group, LLC First Investment Group, LLC is an investment holding company engaged in managing and overseeing a portfolio of business and financial interests. First Investment Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11325) on February 5, 2026. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities of $0-$100,000. The Debtor is represented by Demetrius J. Parrish, Jr., Esq. of the Law Office of Demetrius J. Parrish Jr. FIRST QUANTUM: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned First Quantum Minerals Ltd.'s (FQM) new notes of USD1.5 billion with a 10-year tenor a senior unsecured rating of 'B'. The Recovery Rating is 'RR4'. Fitch has affirmed FQM's Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook, following the update of its Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria dated 9 January 2026. Fitch has also affirmed FQM's senior secured and senior unsecured ratings at 'B'. The Recovery Rating is 'RR4'. The IDR reflects FQM's stable operating performance in line with its expectations, plus higher copper prices and proactive liquidity management that continue to support FQM's financial profile. Its updated forecast assumes that EBITDA gross leverage will be at about 4.0x for the next three years, providing sufficient headroom against a negative rating sensitivity of 5.0x, while its rating case assumes that the Cobre Panama mine remains in preservation and safe management. The rating incorporates high risk operating environment related to the operations in Zambia. Key Rating Drivers Continuous Suspension of Cobre Panama: The Cobre Panama mine remains under preservation and safe management with no production since November 2023 while the timing of the mine restart remains uncertain. Fitch has, therefore, focused its 2026-2028 forecasts on operations in Zambia. FQM is working on bringing the Cobre Panama mining operations back on track through a public relations campaign to improve public perception of the project and remains in dialogue with the government on various issues. Steps Forward in Panama: FQM has completed its shipping of stockpiled copper concentrate in July 2025 and, in January 2026, the president of Panama announced that the government has an intention to approve the processing of stockpiled ore containing around 70kt of copper. The company has restarted the first unit of its power plant in Panama in November 2025 and plans to restart unit two in February 2026. In October 2025, the Ministry of Environment issued the order to proceed with the audit of the Cobre Panama, which is expected to be concluded during April 2026. FQM has discontinued one international arbitration case against Panama and suspended another, while Franco Nevada — a counterparty in FQM's existing streaming agreement — suspended its own arbitration case against Panama in June 2025. Improved Leverage: FQM's EBITDA was USD1.7 billion and its EBITDA gross leverage was 3.9x in 2025. Fitch forecasts EBITDA will average USD2.0 billion in 2026-2027 under its metals and mining price assumptions and without production from Cobre Panama, while leverage will average 3.6x, supported by high copper and gold prices. Fitch anticipates leverage will exceed 4x by 2028, but not over its 5.0x negative sensitivity. Fitch excludes the Franco Nevada streaming arrangement from debt from 2025 as Fitch does not assume any deliveries from Cobre Panama over the next three years. Fitch expects slightly negative-to neutral free cash flow (FCF) in 2026-2028 due to large capex. Proactive Liquidity Management: FQM has been actively addressing liquidity risks and strengthening its balance sheet since Cobre Panama's operations suspension. FQM has just signed a USD2.2 billion term loan and revolving credit facility (RCF) to refinance its existing USD1.84 billion facilities and extend their maturities. FQM also issued USD2 billion of unsecured notes in 2025 to refinance existing notes, signed two USD500 million copper prepayment facilities and a USD1 billion streaming agreement. The announced USD1.5 billion of senior unsecured notes will be used to refinance its 2029 notes, which will remove second lien secured debt. 2025 Gold Stream: FQM has signed a USD1 billion gold streaming agreement with RGLD Gold AG, a subsidiary of Royal Gold, Inc. Fitch does not add it to debt due to the presence of equity-like features, including the absence of an obligation to deliver gold if mining operations are shut and the lack of security over assets, although FQM and Kansanshi ownership chain provide guarantees. Zambia's Country Ceiling Revised Higher: In the absence of output from Cobre Panama, FQM would have derived over 95% of its EBITDA from Zambia in 2025, leading us to apply the Country Ceiling of Zambia rather than that of Panama. Zambia's Country Ceiling was revised to 'B' from 'B-' following a sovereign upgrade in November 2025, which is in line with FQM's rating. The company maintains large liquidity headroom with a high share of export proceeds and substantial cash and undrawn offshore committed credit lines. This allows FQM to be rated above the Country Ceiling if its credit profile improves on a sustained basis. Challenging Operating Environment: The forced suspension of Cobre Panama reflects a deterioration in Panama's mining environment. Social and environmental opposition to mining became more vocal in the run-up to the last elections. Further, the government signed a moratorium in November 2023 on new mining projects in the country. Fitch believes the new government may adopt a more constructive approach towards the mining sector, as underlined by progress on the resumption of power supply and stockpiles sales. However, as the decision might take time, the timeline for the mine's restart remains uncertain. Zambia's Power Challenges: The supply of energy in Zambia has been limited since 1Q24, due to drought reducing hydropower generation. FQM has been importing power from neighbouring countries to minimise operational disruptions. Fitch estimates that about 65% of FQM's energy will be supplied from abroad in 2025-2026, increasing its cash costs by 6%. Over the longer term, a new solar and wind project in Zambia, together with new hydropower initiatives, should improve domestic energy supply. Peer Analysis FQM's peers include copper producers Freeport-McMoRan Inc. (BBB/Stable), Hudbay Minerals Inc. (BB-/Stable), Ero Copper Corp. (B+/Stable) and Endeavour Mining plc (BB/Stable). Freeport is among the top 10 global producers, with 1.9 million tonnes of copper output in 2024. Ero produced 41,000 tonnes and Hudbay produced 138,000 tonnes in 2024. FQM produced 396,000 tonnes in 2025. FQM's cost position is in the higher third quartile. Freeport's assets are at around the 50th percentile on average due to low-cost operations at its Grasberg mine, wider diversification across geographies with a more stable operating environment and more sizeable assets with a longer reserve life. Fitch expects, that after a mudslide incident at the Grasberg mine in September 2025, production will not return to pre-incident levels until 2027. Freeport's medium-term EBITDA gross leverage is below 2.0x. Hudbay has smaller scale and a shorter reserve life than FQM but a better cost position and operates in the lower-risk jurisdictions of Canada and Peru. Its EBITDA gross leverage is below 2.5x. Gold miner Endeavour is smaller than FQM but has a better cost position in the second quartile of the global cost curve. Operations are spread across Senegal, Cote d'Ivoire and Burkina Faso, with the latter suffering from a very weak operating environment with many challenges, including security. Endeavour maintains net debt/EBITDA below 0.5x through the cycle. Ero is smaller and has a comparable reserve life with FQM. Fitch expects Ero's FCF generation to turn positive following increased copper and gold production while maintaining gross leverage of below 1.2x in 2025-2027. Fitch’s Key Rating-Case Assumptions - Prices of copper, gold and nickel for 2026-2029 in line with Fitch's price assumptions - Cobre Panama mine not resuming operations during 2026-2028 - Full ramp-up of Kansanshi S3 production in 2026, increasing total copper volume sold to 490,000 tonnes by 2029 - Capex in 2026-2028 in line with FQM's guidance and adjusted to Fitch's price assumptions - Franco Nevada streaming agreement excluded from Fitch-adjusted debt over the forecast period - The gold streaming agreement with RGLD Gold AE is treated as equity and Fitch estimates its amortisation at about USD60 million a year - No dividend for 2026-2028 - Processing and sale of stockpiled ore to result in sales of around 70,000 of contained copper Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bbb', Lower), Sector Characteristics ('bbb', Lower), Market and Competitive Positioning ('bb', Moderate), Diversification and Asset Quality ('b', Moderate), Company Operational Characteristics ('b', Higher), Profitability ('bb-', Moderate), Financial Structure ('b', Higher), and Financial Flexibility ('b', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b+' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that FQM would be considered a going concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. Its GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA on which Fitch bases the valuation of the company. Fitch assumes a GC EBITDA of USD1.35 billion under the assumption of protracted operational disruption at Cobre Panama. An enterprise value/EBITDA multiple of 4.5x was used to calculate the post-reorganisation enterprise value, which factors in FQM's scale, growth prospects and exposure to Zambia with a weak mining operating environment. Senior secured debt reflected in the recovery waterfall comprises a USD1.5 billion RCF assumed to be fully drawn, a USD700 million term loan and a USD285 million trading facility. FQM Trident Limited's USD425 million term loan is included as senior debt. Fitch removed the USD0.9 billion streaming agreement with Franco-Nevada from the waterfall because its GC EBITDA assumption excludes Cobre Panama. Senior unsecured debt comprises USD3.3 billion existing notes, USD1.5 billion new notes and a copper prepayment facility of USD778 million. The company will use the proceeds of its senior unsecured notes to fully repay its USD1.35 billion second lien secured 2029 notes. After deducting 10% for administrative claims and taking into account Fitch's Country-Specific Treatment of Recovery Ratings Criteria, its analysis resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior secured rating. The Recovery Rating is capped at 'RR4'. Its analysis for FQM's unsecured notes also resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior unsecured rating. RATING SENSITIVITIES Factors that will, Individually or Collectively, Result in Negative Rating Action/Downgrade - EBITDA gross leverage consistently above 5.0x - Material deterioration in liquidity and increasing refinancing risk - Signs of a deteriorating operating environment in Zambia Factors that will, Individually or Collectively, Result in Positive Rating Action/Upgrade - EBITDA gross leverage consistently below 4.0x - EBITDA interest coverage above 4.0x - Positive FCF on a sustained basis - Restart of operations at Cobre Panama Liquidity and Debt Structure FQM's liquidity comprised an unrestricted cash balance of USD716 million and an undrawn committed RCF of USD1.3 billion at end-2025, which was increased in February 2026 to USD1.5 billion. This compares with about USD780 million of short-term debt. The proceeds from the issue of USD1.5 billion notes will be used to repay 2029 notes. Over 2026-2028 maturities will be between USD400 billion and USD650 billion, comprising mainly its term loan and Trident facility. The company remains funded into 2027. Issuer Profile FQM is a medium-sized miner and global copper company. It produces copper in the form of concentrate, cathode and anode, as well as gold, silver, zinc and nickel. Major assets are located in Zambia and Panama with smaller operations in Spain, Mauritania, Australia, Turkiye and Finland. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- First Quantum Minerals Ltd. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B senior unsecured LT B New Rating RR4 Sr Secured 2nd Lien LT B Affirmed RR4 B FRANCESCA'S ACQUISITION: Raises Liquidation Sales Markdown to 60% ----------------------------------------------------------------- Fiona McLoughlin of The US Sun reports that Francesca's, the mall-based women's clothing retailer, has boosted its liquidation sales markdown up to 60% off ahead of the planned closure of all stores. The chain filed for bankruptcy on February 6, 2026 initiating a process to wind down its more than 400 locations. Customers have noted significant discounts at local stores, with some reporting 40% to 60% off merchandise, while the retailer's online sales include items at $15 or less. Many stores are expected to close shortly after the weekend, and managers have been notifying shoppers of upcoming shutdowns, the report relays. The 27-year-old retailer, which debuted in 1999, emphasized that the bankruptcy is intended to provide a structured resolution for employees, vendors, and other stakeholders. Francesca's previously filed for Chapter 11 in December 2020, making this its second bankruptcy in less than three decades, the report states. About Francesca's Acquisition LLC Francesca’s Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca’s brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq. of Mandelbaum Salsburg PC. FUNKO INC: Extends Credit Facility Maturity to December 2027 ------------------------------------------------------------ Funko, Inc. disclosed in a regulatory filing that its subsidiary Funko Acquisition Holdings, L.L.C. (the "Company"), and certain of the Company's material domestic subsidiaries entered into an amendment with the lenders party to the Existing Credit Agreement and JPMorgan Chase Bank, N.A. as administrative agent. The Fifth Amendment amends the Credit Agreement, dated as of September 17, 2021 (as previously amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time including on April 26, 2022, July 29, 2022, February 28, 2023 and July 16, 2025, the "Existing Credit Agreement" and, the Existing Credit Agreement as amended by the Fifth Amendment, the "Amended Credit Agreement"), among the Credit Agreement Parties, certain financial institutions party thereto and JPM. The Fifth Amendment, among other things, amends the Existing Credit Agreement to: (i) extend the maturity date of the loans from September 17, 2026 to December 31, 2027, (ii) amend the financial covenants applicable to the Company and its subsidiaries to, among other things: (a) waive the minimum fixed charge coverage ratio financial covenant for the fiscal quarter ended December 31, 2025 and the fiscal quarters ending March 31, 2026 and June 30, 2026, (b) provide the Company additional cushion with respect to the minimum fixed charge coverage ratio financial covenant for the fiscal quarters ending September 30, 2026, December 31, 2026 and March 31, 2027 relative to the minimum fixed charge coverage ratio covenant set forth in the Existing Credit Agreement, (c) introduce a minimum EBITDA covenant for the six-month period ending June 30, 2026, (d) waive the maximum net leverage ratio covenant for the fiscal quarter ended December 31, 2025 and the fiscal quarters ending March 31, 2026, June 30, 2026 and September 30, 2026 and (e) subject to certain usage restrictions, permit the Company to forego testing of certain financial covenants for any test period (to the extent required to be tested in such test period) if the Company makes a voluntary prepayment of the loans in an amount not less than $10 million prior to the delivery of a compliance certificate for such test period; and (iii) remove the 10 basis points credit spread adjustment applicable to SOFR loans. The Fifth Amendment also includes certain other modifications, including: (i) increasing the applicable margin on all outstanding loans to 450 basis points effective on the closing date of the Fifth Amendment, with subsequent increases to the applicable margin as set forth in the Amended Credit Agreement; (ii) modifying the amortization payment on the term loans and requiring amortization payments on the outstanding revolving loans, with each such amortization payment in respect of the outstanding revolving loans permanently reducing the revolving commitments; (iii) requiring quarterly mandatory prepayment of the revolving loans with cash (subject to certain exceptions) and cash equivalents in excess of $50 million, with each such prepayment permanently reducing the revolving commitments; (iv) modifying certain financial reporting obligations of the Company and adding certain new affirmative covenants applicable to the Company and its subsidiaries; and (v) adding certain additional events of default. A full text copy of the Fifth Amendment is available at https://tinyurl.com/3dbkk5e3 About Funko, Inc. Funko, Inc. is a global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. Learn more at Funko.com, Loungefly.com, MondoShop.com, and follow us on TikTok, X, and Instagram. As of September 30, 2025, the Company had $699.3 million in total assets, $515.7 million in total liabilities, and $183.6 million in total stockholders' equity. In the quarterly report, Management evaluated the Company's future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the Financial Covenants under its Credit Agreement for the 12 months from the date of issuance of the financial statements and determined that, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants as of the end of the fiscal quarter ending December 31, 2025 and future fiscal quarters and potentially will not be in compliance with the covenants with respect to a Refinancing Transaction or a Sale Transaction. In addition, based on the forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next 12 months and, relatedly, it may not be in compliance with its minimum Qualified Cash covenant in future periods. These factors raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. GEN DIGITAL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Gen Digital Inc.'s (GEN; formerly NortonLifeLock Inc) Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed GEN's first lien senior secured term loans and secured revolver at 'BBB-' with a Recovery Rating of 'RR1' and its senior unsecured notes at 'BB+'/'RR4'. The Rating Outlook has been revised to Stable from Negative. The revised Outlook reflects reduced leverage expectations. Fitch expects EBITDA leverage to remain below 3.5x over the rating horizon. The rating reflects GEN's strong operating profile, strong market position and brand recognition, and strong profitability. Fitch expects EBITDA margins to remain in the low-50% range and FCF generation to remain in the low- to mid-20s range. Key Rating Drivers Reduced Leverage Expectations: Fitch expects GEN's EBITDA leverage to decline to 3.3x in fiscal 2026, which is below its prior expectations and within its pre-defined sensitivity threshold of 2.5x to 3.5x. The improvement in leverage is due to voluntary debt payments made during 9M 2026 and EBITDA growth. GEN is also expected to generate strong pre-dividend FCF margins in the mid-20% range, providing additional capacity for deleveraging. Fitch expects GEN to balance excess cash flow among dividends, share repurchases, and debt repayment. High Recurring Revenue: GEN's revenue is predominantly recurring and subscription-based, supported by approximately 78 million paid customers across the Norton, Avast, LifeLock, and MoneyLion brands. Retention is 78%, which is lower than many Fitch-rated software peers due to GEN's consumer-oriented focus, but remains healthy. Fitch views the company's high proportion of recurring revenue, together with solid retention, as a credit positive that supports strong revenue visibility. Increased Product Diversification: The recently completed MoneyLion acquisition expands GEN's product portfolio beyond consumer security solutions to digital banking, consumer lending, and marketplace products. It also brings over 18 million new customers. The combined company will benefit from an installed base of over 500 million users. This may provide cross-sell and upsell opportunities and enhance monetization for enterprise partners. Fitch expects MoneyLion's high double-digit growth rate to continue to contribute incrementally to GEN's overall revenue growth. Competitive End Markets: GEN's end markets are fragmented. While the company's Norton, LifeLock, and Avast consumer security brands are among the top brands in the segment, they face competition from other prominent brands such as McAfee, Bitdefender, and Microsoft Defender. In addition, MoneyLion faces competition from both large banks and financial institutions, as well as fintech companies offering consumer lending solutions, such as PayPal and Block. Credit Cycles and Financing Risk: The MoneyLion acquisition increases GEN's exposure to consumer credit cycles. Interest rate and economic fluctuations could affect loan demand and repayment. This could increase financing risk in a challenging macroeconomic environment. In addition, macro headwinds could affect enterprise advertising budgets, impacting the combined company's marketplace revenue. However, the diversity of GEN's product lines should help mitigate some of these cyclical risks. Peer Analysis GEN's 'BB+' rating reflects its significant size, strong brand recognition, operating profile and EBITDA margins in the low 50% range. With a strong consumer market focus, the company aims to grow, expand internationally, and diversify its product offerings. The Avast and MoneyLion acquisitions support these objectives. GEN's rating is the same as that of Open Text Corporation (Open Text; BB+/Stable). Open Text's rating reflects its announced asset divestiture, which accelerates the company's deleveraging plan. Open Text's leverage at FYE 2026 and 2027 is forecast to be in the 3.0x to 3.5x range. Fitch expects GEN's EBITDA leverage to be 3.3x by FYE 2026. The company has additional cash capacity to deploy FCF for debt prepayments and delever more quickly. Open Text's revenue following the divestiture is expected to be smaller than GEN's. Also, Open Text's EBITDA margins are in the mid-30s compared to GEN's in the low 50s. GEN is rated below other technology peers, including Constellation Software, Inc. (BBB+/Stable) and Uber Technologies (BBB+/Positive). These companies are rated above GEN due to their larger scale and stronger credit profiles. However, GEN's EBITDA and FCF margins have been consistently stronger, benefiting from high recurring revenue and its strong consumer market position. Fitch’s Key Rating-Case Assumptions - Revenue is projected to grow by double digits in fiscal 2026, driven by the MoneyLion acquisition, followed by mid-single-digit growth in subsequent years; - EBITDA margins are expected to be in the low- to mid-50% range, influenced by the inclusion of MoneyLion, which operates with lower EBITDA margins in the low teens; - SOFR base rates assumed at 4% for fiscal 2026 declining to 3.5% over the rating horizon; - Capex intensity expected at less than 1% of revenue; - FCF is directed toward debt repayment, dividend payments and share repurchases. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (aa-, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Cash flow from operations (CFO) minus capital expenditure (capex) to debt ratio sustained below 10%; - Additional near-term acquisitions or buyback transactions that delay GEN's goal of net leverage below 3x or keep Fitch-calculated EBITDA leverage above 3.5x); - Evidence of sustained negative organic revenue growth or erosion of EBITDA and FCF margins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - (CFO-capex)/debt sustained above 17.5%; - EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure As of Jan. 2, 2026, GEN had over $2 billion in liquidity, including $619 million of cash on the balance sheet and a fully undrawn, secured $1.5 billion revolving credit facility due in fiscal 2028. Approximately 71% of GEN's debt is floating rate with the remaining 29% as fixed rate. GEN's term-loan A2 amortizes at 5% per year while the term-loan B amortizes at 1% per year. About $4 billion of debt is due in fiscal 2028. Given the company's strong FCF generation, Fitch expects the company to refinance this debt. Fitch expects liquidity to remain strong. Issuer Profile Gen Digital, Inc. (fka NortonLifeLock, Inc.) is a global provider of consumer cyber safety solutions, with more than 500 million users in over 150 countries. The company offers consumers both premium and "freemium" software. Gen Digital provides solutions for cybersecurity, privacy and identity protection. GEN completed the acquisition of MoneyLion on April 17, 2025. MoneyLion is a consumer finance platform offering banking, personal finance, and marketplace products. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Gen Digital Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Gen Digital Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- GENESIS HEALTHCARE: No Decline in Resident Care, PCO Report Says ---------------------------------------------------------------- Susan Goodman, acting as the patient care ombudsman (PCO), submitted her third report to the U.S. Bankruptcy Court for the Northern District of Texas. The report assessed the quality of resident care at facilities run by Genesis Healthcare, Inc. and its affiliates in New Mexico, West Virginia, California, and Washington State. During this reporting cycle, the PCO conducted site visits to 31 facilities; interacted with administrative and nursing leadership, department heads, clinical care staff, clinicians, patients/residents, visitors, and regional support staff (if present); toured the facilities, observing care interactions and reviewing supplies, equipment, documentation, and care processes. The PCO reported that facility teams generally denied issues with disposable care supplies, pharmaceuticals, food delivery, housekeeping supplies, and laundry chemicals. Most areas were pleasantly scented, with any odor concerns or improvements communicated to site leadership. During site visits, the PCO engaged residents, staff, clinicians, and visitors. Although many clinicians were not met, those encountered confirmed resident/family concerns about strained CNA staffing. When resident issues were raised, clinical leadership was responsive and followed up. During this reporting cycle, the PCO received three calls from concerned family members, explained her role distinct from state ombudsman teams, and, with permission, forwarded their concerns to appropriate parties. Two callers also noted issues surrounding the sufficiency of the number of personal care staff. The PCO noted that post-petition site visits revealed increased maintenance strain, with staff reporting delays in preventative maintenance and equipment repairs, including load bank testing, roofing, HVAC, and kitchen and laundry systems. The PCO also noted that New Mexico therapy staff are employed by the facilities but managed by a third-party vendor, highlighting a need for purchaser operational clarification under the bankruptcy process. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=3RGonl from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Susan N. Goodman Pivot Health Law P.O. Box 69734 Oro Valley, AZ 85737 Phone: 520-744-7061 Email: sgoodman@pivothealthaz.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GENESIS HEALTHCARE: No Resident Care Concern, 3rd PCO Report Says ----------------------------------------------------------------- Melanie Cyganowski, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her third report regarding the quality of resident care provided at the facilities operated by Genesis Healthcare, Inc. and affiliates in Massachusetts, Maine, New Hampshire, New Jersey, Rhode Island, and Vermont. For the reporting period of December 16, 2025, to February 13, 2026, the PCO conducted both in-person and videoconference visits with additional facilities. In-person visits occurred at each of the Debtors' Vermont facilities, while videoconference meetings were held with facility administrators in New Jersey and New Hampshire. The PCO observed that some facility administrators reported staffing fluctuations and recruitment challenges, though these issues were unrelated to the Chapter 11 cases. While leadership turnover occurred at certain facilities, it was also unconnected to the cases, and no material disruptions to resident care were identified. During the third reporting period, administrators at the facilities visited or contacted reported that census was not affected by the pendency of the bankruptcy cases. Fluctuations in census were almost entirely due to non-bankruptcy factors, including regional competition, and administrators described efforts to increase census in response to these challenges. The PCO reported that Genesis provided records of patient complaints over the past two years. Review of these records and discussions with administrators revealed no increase in complaints or change in their nature. Administrators confirmed that procedures for handling complaints have remained consistent and effective since the petition date. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=2VYv5j from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Melanie Cyganowski Otterbourg, PC 230 Park Avenue New York, NY 10169-0075 Tel: 212-661-9100 Email: mcyganowski@otterbourg.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GENESIS HEALTHCARE: Quality of Care Maintained, 3rd PCO Report Says ------------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her third report regarding the quality of resident care provided at facilities operated by Genesis Healthcare, Inc. and affiliates in Alabama, Delaware, Maryland, North Carolina, Tennessee, Virginia, and Pennsylvania. For the reporting period of December 16, 2025, to February 13, 2026, the PCO implemented a standardized methodology to ensure consistent reporting across the facilities she oversees. During each visit, whether conducted in person or virtually, the ombudsman or her representative met with facility leadership, toured the buildings, and interviewed key staff and residents when possible. During the reporting period, the ombudsman identified no material issues posing an immediate threat to resident health or safety requiring court intervention. Although some facilities continued to face challenges related to past survey activity, staffing shortages, and infection control, these matters were being actively addressed through corrective actions, enhanced oversight, and coordination with state agencies. During facility visits, the ombudsman observed no ongoing abuse risks or systemic practices endangering residents. Staff interviews, resident engagement efforts, and care observations indicate that previously cited conditions have been addressed through retraining, strengthened reporting protocols, and enhanced monitoring. During the visits, the ombudsman observed adequate staffing levels on all shifts and identified no conditions indicating widespread neglect or unmet resident needs. Leadership teams were actively engaged in daily operations, conducting rounds, monitoring trends, and responding promptly to emerging clinical and operational concerns. Ms. Koenig reported that supply availability, environmental conditions, and physical plant maintenance were generally adequate. Although some facilities experienced isolated issues with dietary equipment, laundry systems, or environmental controls, none posed immediate risks to residents. Facilities were addressing malfunctioning equipment through repairs or replacement and implementing contingency plans to maintain service continuity. Kitchens were clean, organized, and compliant with food-safety standards, and resident satisfaction with meals was generally positive, with only occasional temperature-control concerns noted in a few communities. Finally, the PCO noted that resident census trends varied. Some communities experienced increases due to strengthened marketing, improved staffing, and quality-improvement efforts, while others saw declines tied to prior survey findings, market conditions, or reputational factors. Despite these fluctuations, residents consistently reported attentive care, supportive staff, and a sense of safety and dignity within the facilities. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=mPOcis from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Suzanne Koenig, CEO SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Email: skoenig@sakhealthcare.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GI RANGER: Blue Owl Marks $272,000 1L Loan at 16% Off ----------------------------------------------------- Blue Owl Capital Corporation has marked its $272,000 loan extended to GI Ranger Intermediate, LLC (dba Rectangle Health) to market at $211,000 or 84% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured revolving loan extended to GI Ranger Intermediate, LLC (dba Rectangle Health). The loan accrues interest at a rate of 6% PIK per annum. The loan matures on October 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About GI Ranger Intermediate, LLC (dba Rectangle Health) GI Ranger Intermediate LLC operates as an investment company. The Company invests in private equity, real estate, and data infrastructure strategies. GI Ranger Intermediate serves clients worldwide. GLENWOOD CAVERNS: Files Chapter 11, to Appeal $116MM Judgment ------------------------------------------------------------- Glenwood Caverns Holdings LLC, owner of the Glenwood Caverns Adventure Park, sought Chapter 11 protection to obtain a breathing room while it appeals a $116 million wrongful death award against it. The Debtor's Glenwood Caverns Adventure Park is one of the most unique amusement parks in the nation. It is located on the top of Iron Mountain above Glenwood Springs, Colorado, situated 7,100 feet above sea level, and accessible only by a gondola. It is the only mountaintop theme park in the United States. Iron Mountain is a peak that is home to an extensive network of natural caves. In 1999, the Park opened and initially operated cave tours. In 2005, the cave tour operation expanded by installing amusement park rides, including the Alpine Coaster, which is in operation today. Since then, the Park has expanded its ride and attraction offerings and currently hosts approximately 200,000 visitors per year. In September 2021, a six-year-old child tragically lost her life in a ride accident at the Park. A Colorado jury recently returned a verdict against the Debtor, awarding non-economic damages in the amount of $40,959,000 and punitive damages in the amount of $123,000,000, which the Colorado state court subsequently reduced to $40,959,000. On Nov. 21, 2025, the Colorado state court issued a judgment against the Debtor and its co-defendants, apportioning more than $116 million of liability to the Debtor in compensatory damages, punitive damages, and prejudgment interest. The judgment far exceeds any amount that the Debtor can pay. The judgment has also triggered a default by the Debtor's senior secured lender, which holds a lien on substantially all of the assets of the Debtor. The Debtor believes the Colorado Court committed reversible error prior to, during, and after the trial. The Debtor intends to appeal the jury's verdict and associated orders. The Debtor's insurance policy covers the cost of trial and appellate counsel; thus, those efforts will not deplete estate resources. Paul Maniscalco, the CRO of the Debtor, explains that his primary focus to date has been to settle with the plaintiffs. The Debtor and the plaintiffs entered into a series of standstill agreements, the most recent of which was slated to expire Feb. 9, 2026. During that time, the Debtor has made available to plaintiffs comprehensive financial and operational information that reflected the reality of its financial condition, including responses to a list of information requested by the plaintiff. These settlement attempts have been unsuccessful. CRO Maniscalco says efforts to execute on the judgment (even though subordinate to the lender's lien) would force the Debtor to cease operations, destroying its going-concern value to the detriment of all creditors, including the plaintiffs themselves, and threatening more than 100 jobs in the Debtor's small community. He also notes that, although Community Banks of Colorado, the lender, has a senior lien on and security interest in substantially all of the Debtor's assets, Plaintiffs' aggressive collection efforts would likely result in the immediate cessation of the Debtor's business operations. For example, if the Plaintiffs were to serve a writ of garnishment on the Lender, with whom the Debtor has all of its bank accounts, the Lender may sweep the accounts, leaving no funds for the Park to operate or to maintain the Debtor's assets. That outcome would work dramatically to the detriment of all stakeholders, including the Plaintiffs As of Feb. 9, 2026, the aggregate balance of the loans from Community Banks was $12,712,184.37. The Loans mature on various dates starting March 1, 2029. The Debtor initiated the Chapter 11 Case to stabilize its business for the benefit of all creditors with the intent of confirming a chapter 11 plan that will maximize a return to creditors above and beyond what they may receive in the event that parties enforced rights and the Park was unable to operate. About Glenwood Caverns Glenwood Caverns Holdings LLC owns and operates the Glenwood Caverns Adventure Park in Glenwood Springs, Colorado, a mountaintop amusement park located on Iron Mountain at 7,100 feet above sea level and accessible by gondola. The company manages a network of natural cave tours and amusement rides, including the Alpine Coaster, and has expanded its attractions since opening in 1999. The Park draws roughly 200,000 visitors annually. Glenwood Caverns Holdings LLC sought Chapter 11 protection (Bankr. D. Del. Case No. 26-10166) on Feb. 9, 2026. The Debtor listed $10 million to $50 million in assets against $100 million to $500 million in liabilities as of the bankruptcy filing. Brownstein Hyatt Farber Schreck, LLP, is the Debtor's general bankruptcy counsel. Sullivan Nimeroff Brown Hill LLC is the local bankruptcy counsel. Paul D. Maniscalco of Macco Restructuring Group, LLC, is the Debtor's chief restructuring officer. Otteson Shapiro, LLP, is special counsel. GLOBAL ACQUISITION: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------- On February 12, 2026, Global Acquisition Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Global Acquisition Group LLC Global Acquisition Group LLC is a New Jersey-based limited liability company engaged in investment and acquisition-related business activities. Global Acquisition Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11590) on February 12, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Keith Anderson, Esq., of Law Offices of Keith Anderson, Esq. GLOBAL LEADERSHIP ACADEMY: S&P Lowers Revenue Bonds Rating to 'B+' ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating to 'B+' from 'BB-' on the Philadelphia Authority for Industrial Development's series 2020A revenue bonds issued for Global Leadership Academy Charter School, Pa (GLA). The outlook is negative. S&P said, "The downgrade and negative outlook reflect our view of GLA's trend of deficit operations, leading to a slim liquidity position and another debt service coverage (DSC) covenant violation for fiscal 2025. Although the school expects improved financial performance in fiscal 2026, we believe there continues to be uncertainty surrounding its ability to maintain structurally balanced operations and potential bondholder action, as they have not yet provided a waiver or remedy option for the fiscal 2025 covenant violation. "We consider GLA's governance risk to be elevated due to the school's lack of risk mitigation planning and financial management oversights that have resulted in long-term budgetary imbalances and a trend of covenant violations. GLA indicates trends were due to the previous financial management organization, leading the school to contract with another provider beginning in fiscal 2024. We are monitoring financial management trends and internal oversight of external practices and we believe there could be an dependence on third parties for financial management and processing. We view GLA's environmental and social factors as neutral in our credit rating analysis." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Risk management, culture, and oversight S&P said, "The negative outlook reflects our view that there is at least a one-in-three chance we could lower the rating in the near term if bondholders do not provide a waiver or remedy option for GLA's fiscal 2025 covenant violation, or if operating pressures persist in fiscal 2026 such that MADS coverage continues to remain weak or below covenanted levels, or reserves decrease from already slim levels. "We could lower the rating if the school fails to improve its financial performance in the near term or does not rebuild reserves as anticipated in fiscal 2026. Although not currently expected, we could also lower the rating if enrollment unexpectedly declines or if the school issues additional debt. Finally, we could lower the rating, possibly by multiple notches, if GLA continues to violate its bond covenants, is unable to make timely debt service payments, or its debt is accelerated. "We could revise the outlook to stable if GLA demonstrates progress toward financial sustainability and remains in compliance with financial covenants by improving MADS coverage, and increasing and stabilizing its liquidity position, while maintaining stable enrollment." GOLD CITY: No Decline in Resident Care, 1st PCO Report Says ----------------------------------------------------------- Melanie McNeil, Esq., the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Georgia her first report regarding the quality of patient care provided by Gold City Health & Rehab, LLC. On February 9, the Ombudsman Representative (OR) from the Office of the State Long-Term Care Ombudsman (OSLTCO) visited the facility, which had a census of 77, and received one complaint. Ongoing concerns included malfunctioning and unanswered call lights, difficulty receiving showers, and cold or poor-quality food. Although the administrator listens to the concerns, corrective actions are not implemented. The Ombudsman Representative noted staffing appears low, the Director of Nursing position is currently vacant, and the Medical Director will change effective March 1. Nursing staff reported delays in receiving medications due to the doctor not signing orders timely. No decline in resident care was observed since the last visit. The PCO reported no significant changes in facility conditions or decline in resident care since her appointment. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=OJnsVQ from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 47 Trinity Avenue, S.W. Room 1136 Atlanta, GA 30334 Melanie.McNeil@osltco.ga.gov About Gold City Health & Rehab LLC Gold City Health & Rehab, LLC operates a skilled nursing facility providing short- term rehabilitation and long-term nursing care services, serving patients requiring post-acute and custodial care. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-52006) on December 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael E. Winget, Sr., manager, signed the petition. Wesley J. Boyer, Esq. at Boyer Terry, LLC represents the Debtor as legal counsel. Melanie S. McNeil, Esq., is the patient care ombudsman appointed in the Debtor's case. GOOD CITIZEN: Seeks to Tap Troutman Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ The Good Citizen, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Troutman Law Firm, PC to handle its Chapter 11 case. The firm will be paid at $520 per hour for attorney and $240 per hour for paralegal. Ted Troutman, Esq., an attorney at Troutman Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ted A. Troutman, Esq. Troutman Law Firm P.C. 5075 SW Griffith Dr., Suite 220 Beaverton, OR 97005 Telephone: (503) 292-6788 Facsimile: (503) 596-2371 About The Good Citizen LLC The Good Citizen, LLC was originally formed in 2022 to purchase and manage the property located at 916-926 SE 34th Ave. Portland, OR 97214 (the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No 26-30418) on February 07, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge David W. Hercher presides over the case. Ted A. Troutman, Esq. at Troutman Law Firm P.C. represents the Debtor as legal counsel. GPS HOSPITALITY: S&P Cuts ICR to 'SD' on Amended Credit Agreement ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. franchise operator GPS Hospitality Holding Co. LLC to 'SD' (selective default) from 'CCC-'. S&P also lowered its issue-level rating on the first-lien term loan to 'D' from 'CCC-'. S&P said, "The downgrade reflects the company's missed interest payment and amendment that we view as tantamount to default because the note holders are not receiving cash payments on the schedule as originally promised, without compensation. The interest on the revolving credit facility has been paid as agreed. Given GPS' very tight liquidity and persistent cash flow deficits, we think it would be subject to a conventional default if the payment terms were not amended. The missed interest payment is part of a broader negotiation with lenders that we expect will result in a balance sheet restructuring. The credit deterioration reflects lower-than-expected operating results due to geographic and brand challenges, along with a high interest burden. "We will reassess our ratings on the company once we have more definitive information on GPS' plans to address the capital structure and its liquidity position." GREEN IMPACT: Files for CCAA Protection in Alberta -------------------------------------------------- Green Impact Partners Inc. announced on February 18, 2026, the Court of King's Bench of Alberta has issued an Initial Order under the Companies' Creditors Arrangement Act (Canada) in respect of the Company and certain of its subsidiaries. The Initial Order provides a stay of proceedings to allow GIP to continue operating its business while it works with its stakeholders to implement a restructuring solution intended to preserve enterprise value and maximize outcomes for stakeholders. Ernst & Young Inc. has been appointed by the Court as monitor to oversee the process. The Court-supervised process permits the Company to: -- remain in possession and control of its assets and operations -- continue paying employees and ordinary course operating expenses -- continue supplying customers and operating projects -- maintain relationships with key suppliers and counterparties -- develop a plan of compromise or arrangement with creditors The Company intends to work cooperatively with the Monitor, its lender and other stakeholders to evaluate alternatives, including a potential recapitalization and/or transaction process, as has been previously announced and is ongoing. All staff and GIP's current directors, Alex, Ahmed and Jesse will remain on, operations will continue in the ordinary course during this period and the Company does not anticipate interruption to ongoing projects or customer service. The initial order includes a stay of proceedings preventing creditors from enforcing remedies during the stay period while the transactions are being finalized. Additional information regarding the CCAA proceedings will be made available on the Monitor's website at: www.ey.com/ca/greenimpact. About Green Impact Partners Inc. Green Impact Partners Inc. is forging a path towards a sustainable future by turning waste into energy. With a focus on renewable natural gas (RNG) and bioenergy projects, our mission is to acquire, develop, construct, and operate facilities that not only produce energy but also play an important role in waste reduction and lowering emissions. Our comprehensive approach spans the entire project life cycle, from idea generation through construction to ongoing operations. In addition to our RNG and bioenergy projects, GIP maintains a current portfolio of water and solids treatment and recycling facilities in Canada, alongside a solids recycling business in the United States. Traded on the TSX Venture Exchange under the symbol 'GIP', the Company invites you to join us in our journey. For more information about the Company, please visit www.greenipi.com. GROUP STONE: Court Extends Cash Collateral Access to April 15 ------------------------------------------------------------- Group Stone Investment, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recently held hearing, the court authorized the Debtor's continued use of cash collateral to fund operations and set a further hearing for April 15. The Debtor was previously allowed to access cash collateral to pay operating expenses from the petition date to February 18 under the court's February 10 interim order. The secured creditor, Thor Capital Group, LLC, was determined to be adequately protected due to an equity cushion in the Debtor's inventory, which serves as collateral pending confirmation of a Chapter 11 reorganization plan. About Group Stone Investment Inc. Group Stone Investment Inc., a company based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. It imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Group Stone Investment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06982) on October 29, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor tapped Jesus Santiago, Esq., at Dasa Law as bankruptcy counsel and The Genesis Firm, LLC as accountant. HAWAIIAN ELECTRIC: Fitch Affirms 'BB-' IDR, Outlook Positive ------------------------------------------------------------ Fitch Ratings has affirmed eight North American integrated utility companies' and their related subsidiaries' ratings: 1. Arizona Public Service Company 2. El Paso Electric Company 3. Hawaiian Electric Company, Inc. 4. Maui Electric Company 5. Hawaii Electric Light Company 6. Oklahoma Gas and Electric Company 7. Southern California Edison Company (related subsidiaries SCE Trust II; SCE Trust IV; SCE Trust V; SCE Trust VI; SCE Trust VII; SCE Trust VIII) 8. Pacific Gas and Electric Company These actions follow the update of Fitch's "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Arizona Public Service Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):    - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+2 approach. El Paso Electric Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB'. Hawaiian Electric Company, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):  - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+2 approach. Maui Electric Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):  - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an equalized approach. Hawaii Electric Light Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):  - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an equalized approach. Oklahoma Gas and Electric Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):  - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bbb+, Higher), Market & Competitive Positioning (a-, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Southern California Edison Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in the parent and subsidiary having the same credit profile. Pacific Gas and Electric Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in the parent and subsidiary having the same credit profile. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Arizona Public Service Company LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT A- Affirmed A- senior unsecured ST F2 Affirmed F2 Southern California Edison Company LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 senior unsecured LT BBB+ Affirmed BBB+ senior secured LT A- Affirmed A- senior unsecured ST F3 Affirmed F3 Hawaiian Electric Company, Inc. LT IDR BB- Affirmed BB- ST IDR B Affirmed B senior unsecured LT BB Affirmed RR3 BB senior unsecured ST B Affirmed B SCE Trust IV preferred LT BBB- Affirmed BBB- Oklahoma Gas and Electric Company LT IDR A- Affirmed A- ST IDR F2 Affirmed F2 senior unsecured LT A Affirmed A senior unsecured ST F2 Affirmed F2 SCE Trust VI preferred LT BBB- Affirmed BBB- SCE Trust V preferred LT BBB- Affirmed BBB- SCE Trust VII preferred LT BBB- Affirmed BBB- Maui Electric Company Limited LT IDR BB- Affirmed BB- senior unsecured LT BB Affirmed RR3 BB SCE Trust VIII preferred LT BBB- Affirmed BBB- SCE Trust II preferred LT BBB- Affirmed BBB- Hawaii Electric Light Company Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB Affirmed RR3 BB El Paso Electric Company LT IDR BBB Affirmed BBB senior unsecured LT BBB+ Affirmed BBB+ Pacific Gas and Electric Company LT IDR BBB- Affirmed BBB- senior secured LT BBB+ Affirmed BBB+ preferred LT BB+ Affirmed BB+ HEAVENLY PET: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, entered an interim order authorizing Heavenly Pet Cremations, Inc. to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its operating budget, subject to a 10% per line item. The Debtor projects 30-Days total operational expenses of 64,980.22. The Debtor intends to use cash on hand and operating revenues to pay employees, purchase supplies, maintain vendor and customer relationships, and continue providing essential services to the community. First United Bank and Trust Co. is the Debtor's only secured lender with a potential interest in cash collateral based on two UCC-1 filings. It claims liens on substantially all of the Debtor's assets, including inventory, equipment, accounts, and deposit accounts. As of the petition date, the lender is owed approximately $50,000. As adequate protection, First United Bank and Trust Co. will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing, maintaining the same validity, priority, and extent as the secured lender's pre-petition liens. These replacement liens are subject to carveout for professional fees and statutory costs. The interim order preserves the rights of all parties to challenge lien validity or seek additional relief. The authorization to use cash collateral expires upon entry of a further interim or final order. A final hearing is scheduled for March 3. About Heavenly Pet Cremations Inc. Heavenly Pet Cremations, Inc. is a Denison, Texas–based pet cremation services company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40446) on February 9, 2026. In the petition signed by Daniel Hale, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael S. Mitchell, Esq., at DeMarco Mitchell, PLLC, represents the Debtor as legal counsel. HERNAN REYES: Gets Extension to Access Cash Collateral ------------------------------------------------------ Hernan Reyes M.D. S.C. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use the cash collateral of Kapitus Servicing, Inc. Subject to available funds, the court authorized the Debtor to up to $8,120.74 in cash collateral (plus applicable employer paid taxes) through February 24, strictly for payroll and other essential operating expenses allowed by Kapitus. The Debtor was previously allowed to use cash collateral from February 10 to 17. Spending must comply with the approved budget and the Debtor is prohibited from using pre-petition collateral outside the terms of the order. As adequate protection, Kapitus will receive a monthly payment of $5,500 to Kapitus beginning this month and continuing until confirmation of a Chapter 11 plan. Kapitus is authorized to debit the Debtor's account according to the agreed schedule. In addition, Kapitus will be granted replacement liens on all post-petition assets with the same priority and validity as its pre-petition liens, along with an administrative expense priority claim to protect against any decline in collateral value resulting from the use of cash collateral. The order further required the Debtor to maintain insurance coverage, preserve collateral, and avoid transferring or disposing of assets outside the ordinary course of business without court approval. The order is available at https://is.gd/EaXfAd from PacerMonitor.com. The next hearing is set for February 24. About Hernan Reyes M.D. S.C. Hernan Reyes M.D. S.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19154) on December 15, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Jacqueline P. Cox presides over the case. Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represents the Debtor as legal counsel. HILLSIDE APARTMENTS: Trustee Taps Felderstein Fitzgerald as Counsel ------------------------------------------------------------------- Scott Sackett, the Chapter 11 trustee for Hillside Apartments, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP as his bankruptcy counsel. The firm's services include: (a) advising and representing the Trustee with respect to bankruptcy matters and proceedings in this Bankruptcy Case; (b) assisting the Trustee in obtaining the use of cash collateral and potentially selling the Debtor's assets or business; (c) assisting the Trustee with the preparation and confirmation of a plan or plans of reorganization or liquidation; and (d) advising and representing the Trustee with respect to possible motions for relief from stay filed by the Debtor's secured creditors. Felderstein will be paid at these rates: Paul J. Pascuzzi, Managing Partner $600 Thomas A. Willoughby, Partner $600 Jason E. Rios, Partner $525 Thomas R. Phinney, Of Counsel $450 Mikayla Kutsuris, Associate $350 Of Counsel/Associates $350 to $425 Legal Assistants $105 to $150 The firm also will bill the estate for work-related expenses incurred. Jason Rios, Esq., a partner at Felderstein, declared that the firm neither holds nor represents any interest materially adverse to the interests of the Debtor's bankruptcy estate, creditors and equity security holders. The firm can be reached through: Jason E. Rios, Esq. Jennifer E. Niemann, Esq. Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP 500 Capitol Mall, Suite 2250 Sacramento, CA 95814 Telephone: (916) 329-7400 Facsimile: (916) 329-7435 Email: jrios@ffwplaw.com jniemann@ffwplaw.com About Hillside Apartments LLC Hillside Apartments, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). Its primary property is a 120-unit apartment building located at 6267 Martin Luther King Jr. Blvd., in Sacramento, California. Hillside Apartments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26602) on November 24, 2025, with between $10 million and $50 million in both assets and liabilities. Asad Khan, manager, signed the petition. Judge Christopher M. Klein oversees the case. Jonathan Madison, Esq., at The Madison Firm, represents the Debtor as legal counsel. IDEAL IMAGE: Blue Owl Marks $2.3MM 1L Loan at 38% Off ----------------------------------------------------- Blue Owl Capital Corporation has marked its $2,382,000 loan extended to Ideal Image Development, LLC to market at $1,398,000 or 62% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured revolving loan extended to Ideal Image Development, LLC. The loan accrues interest at a rate of 6% PIK per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Ideal Image Development, LLC Ideal Image Development, LLC provides personal care services. The Company specializes in treatments like laser hair removal, skin care, and body contouring services. IHN PODIATRY: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a second interim order extending IHN Podiatry Services, PLLC's authority to use cash collateral. Under the order, the Debtor is authorized to use cash collateral for court-approved payments and operating costs in its budget, with discretion to exceed individual line items by up to 10%. This authorization will continue until further order of the court. Secured creditors, including Apex Commercial Capital Corp, Bankers Healthcare Group, LLC, GTE Federal Credit Union, and the U.S. Small Business Administration will receive replacement liens on post-petition cash collateral, maintaining the same validity, extent, and priority as their pre-petition liens. As additional protection, the Debtor is required to grant secured creditors access to business records and premises for inspection and maintain insurance coverage consistent with existing loan and security agreements. The order preserves all parties' rights and does not determine the validity, extent, or amount of any creditor's lien or secured claim. The order is available at https://is.gd/PEgoXN from PacerMonitor.com. A continued hearing is scheduled for March 18. About IHN Podiatry Services PLLC IHN Podiatry Services, PLLC, operating as Bedside Wound Care, provides in-home wound care services to patients in Lakeland, Florida, and surrounding areas, specializing in chronic wounds, post-surgical wounds, and diabetic foot ulcers. It offers wound assessment, debridement, and foot and ankle care, delivering personalized treatment plans tailored to individual patient needs. Its services aim to improve healing outcomes, reduce complications, and enhance patient convenience by bringing professional wound care directly to the home. IHN Podiatry Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00384) on January 21, 2026, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as Subchapter V trustee. Judge Luis Ernesto Rivera II oversees the case. The Debtor is represented by: Erik Johanson, Esq. Erik Johanson PLLC Tel: 813-210-9442 Email: ecf@johanson.law INTL TOWER HILL: Raises CEO's Annual Base Salary to US$342,538 -------------------------------------------------------------- International Tower Hill Mines Ltd. disclosed in a regulatory filing that the Board of Directors, on the recommendation of the Compensation Committee of the Board, approved an increase in the base salary for Karl Hanneman, Chief Executive Officer, to US$342,538 per year. Mr. Hanneman had previously accepted a voluntary reduction in his base salary in 2018 due to a reduction in the amount of time required to perform the duties of CEO. The salary increase was approved in recognition of an increase in time required for Mr. Hanneman to perform his duties as CEO, from 50% to full time. The increase in salary is effective as of December 1, 2025. In connection with the increase in base salary, the Company and Mr. Hanneman entered into an Amended and Restated Employment Agreement to reflect his increased salary and time commitment. The remaining terms and conditions of his employment agreement will continue unchanged. A full text copy of the Amended Employment Agreement is available at https://tinyurl.com/3337p5cj About International Tower Hill Mines International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (an Alaska corporation), Tower Hill Mines (US) LLC (a Colorado limited liability company), and Livengood Placers, Inc. (a Nevada corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. As at September 30, 2025, the Company had working capital of $2,176,414 compared to working capital of $959,703 at December 31, 2024. The Company expects that it will operate at a loss for the foreseeable future but believes the current cash and cash equivalents will be sufficient to cover the anticipated 2025 work plan at the Livengood Gold Project. As of September 30, 2025, the Company had $57,859,441 in total assets, $300,438 in total liabilities, and $57,559,003 in total stockholders' equity. As at November 6, 2025, management believes that the Company will need to secure additional financing in order to have sufficient financial resources to maintain its operations for the next 12 months. As a result, there is substantial doubt about its ability to continue as a going concern. IROBOT CORP: Shareholders Drop Exec Suit After Chapter 11 Exit -------------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that the former stockholders of iRobot have voluntarily nixed a lawsuit accusing the former management of overstating the effectiveness of its turnaround efforts after the abandonment of its planned acquisition by Amazon. The suit was filed in the U.S. District Court for the Southern District of New York and targeted former officers and directors for allegedly misleading shareholders. In a Wednesday, February 18, 2026, filing, the plaintiffs told the court that iRobot's recent exit from Chapter 11 bankruptcy as a private company meant they were no longer stockholders and therefore lacked the standing necessary to pursue derivative claims. The bankruptcy restructuring fundamentally altered the company's ownership base, rendering the plaintiffs' claims non‑justiciable. The original complaint focused on statements made by management following disappointing results in the fourth quarter and full year 2024 and questioned whether the leadership had provided an accurate picture of the company's health. The failed Amazon acquisition had intensified scrutiny of the company's strategic direction and financial reporting, the report relays. Given the changed circumstances after bankruptcy and the plaintiffs' loss of shareholder status, the former investors agreed to dismiss the lawsuit. The action effectively ends that chapter of litigation and allows iRobot to continue its operations unencumbered by the previously pending claims, according to Bloomberg. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. J&B CONSTRUCTION: Hires Jones & Walden LLC as Bankruptcy Counsel ---------------------------------------------------------------- J&B Construction Services USA Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jones & Walden LLC as counsel. The firm will render these services: (a) prepare pleadings and applications; (b) conduct of examination; (c) advise the Debtors of their rights, duties and obligations as debtors-in-possession; (d) consult with the Debtor and represent it with respect to their Chapter 11 plan and disclosure statement; and (e) perform legal services incidental and necessary to the day-to-day operations of the Debtor's business; (f) take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm has stated present fee rates of $225 to $500 per hour for attorneys and $150 to $250 per hour for paralegals and law clerks. Leslie M. Pineyro, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leslie M. Pineyro, Esq. JONES & WALDEN LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: lpineyro@joneswalden.com About J&B Construction Services USA Inc. J&B Construction Services USA, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51575) on February 4, 2026. In the petition signed by Sharna Barnes, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Adam E. Ekbom, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. JRCP RESTAURANTS: Seeks Approval to Hire UniFi as Bookkeeper ------------------------------------------------------------ JRCP Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ UniFi as bookkeeper. The firm will assist the Debtor with: (a) management of its financial records; (b) reconciliation of bank statements and point of sales transactions; and (c) preparation of financial reports, such as balance sheets. UniFi charges $350 per month for its services, and $70 per month for the bookkeeping software it uses. As disclosed in the court filings, UniFi is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. The firm can be reached through: James Srna UniFi 28005 Smyth Dr. #202 Valencia, CA 91355 Tel: (661) 295-4658 Email: billing@unifibooks.com About JRCP Restaurants, LLC JRCP Restaurants, LLC operates a franchise pizza restaurant in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-3693) on November 18, 2025. In the petition signed by Justin R. Bentley, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Lloyd A. Lim, Esq., at Kean Miller LLP, represents the Debtor as legal counsel. KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Kennedy Construction Groups, LLC 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 fourth interim order granting the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. The next hearing is scheduled for March 26. The fourth interim order is available at https://shorturl.at/DJC2a from PacerMonitor.com. Kennedy estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest asserts $1.19 million in secured claim. Midwest is represented by: Zina Gabsi, Esq. McGlinchey Stafford 201 East Kennedy Blvd. Suite 1200 Tampa, FL 33602 Phone: (656) 228-0300 Fax: (656) 206-3002 zgabsi@mcglinchey.com dbeauchamp@mcglinchey.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KEVIN GARCIA: Leon Jones Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Kevin Garcia Originals, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Kevin Garcia Originals LLC Kevin Garcia Originals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51961) on February 13, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jonathan W. Jordan presides over the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. KING'S ACADEMY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered a preliminary order granting The King's Academy of West Orlando, Inc. authority to use cash collateral. Under the preliminary order, the Debtor is authorized to use cash collateral through March 12 to pay court-approved expenses including U.S. Trustee quarterly fees; and operating costs outlined in its budget. The Debtor may exceed individual budget line items by up to 10% and may request additional expenditures with creditor approval. As adequate protection, secured creditors will be granted post-petition replacement liens on cash collateral, with the same validity, extent, and priority as their pre-petition liens, without requiring additional filings. In addition, King's Academy must comply with all debtor-in-possession obligations and maintain required insurance coverage on its property consistent with loan and security agreements. The order preserves the rights of creditors and other parties to seek modified protections or challenge lien claims later in the case, and it does not limit the U.S. Trustee's authority to appoint a creditors' committee. As of the petition date, King's Academy had approximately $4.48 in deposit accounts and its future earnings may be subject to creditors' asserted liens. Multiple UCC financing statements have been filed against the Debtor -- many by unidentified merchant cash advance lenders -- and the Debtor is reviewing them to determine the creditors and assess the validity, scope, and priority of any claimed liens. The Debtor may owe an undetermined amount to C T Corporation System, as representative. The Debtor operates a school offering educational and developmental programs for infants and children. A recent revenue decline impaired its ability to cover operating expenses and maintain cash flow, leading it to obtain a merchant cash advance loan on allegedly usurious and unconscionable terms. The next hearing is scheduled for March 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/veWtt from PacerMonitor.com. About The King's Academy of West Orlando Inc. The King's Academy of West Orlando, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00557) on January 28, 2026, listing assets of up to $50,000 and liabilities of $500,001 to $1 million. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. KURTIS TECHNOLOGIES: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On February 12, 2026, Kurtis Technologies Co, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern 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 Kurtis Technologies Co, LLC Kurtis Technologies Co, LLC is a California-based technology company engaged in the development and delivery of technical products and related services. Kurtis Technologies Co, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30131) on February 12, 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 Hannah L. Blumenstiel handles the case. The Debtor is represented by Chris D. Kuhner, Esq., of Kornfield Nyberg Bendes Kuhner & Little. LAMOUR COMMUNITY: Court Dismisses Chapter 11 Bankruptcy Case ------------------------------------------------------------ Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts dismissed the bankruptcy case of Lamour Community Health Institute, Inc. In its Feb. 10 order to show cause why the case should not be dismissed, the Court noted that the Debtor is not represented by counsel. "Since the Debtor is a corporation, the Debtor cannot proceed pro se, but must be represented by a lawyer," the Court said, citing Rowland v. California Men's Colony, 506 U.S. 194, 201-02 (1993). "A nonlawyer cannot represent a limited liability company or corporation in a bankruptcy proceeding," it added, recalling In re Victor Publishers, Inc., 545 F.2d 285, 286 (1st Cir. 1976) (Per Curiam). “The case may be dismissed without further notice if counsel does not appear on behalf of the debtor at or prior to the hearing," it said. No lawyer appeared on the Debtor's behalf prior to or at the Feb. 18 hearing. Lamour Community Health Institute, Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 26-10273) on February 9, 2026, listing under $1 million in both assets and liabilities. LANCASTER PACKAGING: Stephen Darr Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Lancaster Packaging, Inc. Mr. Darr will be paid an hourly fee of $875 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Lancaster Packaging Inc. Lancaster Packaging, Inc., based in Hudson, Massachusetts, is a woman-minority-owned distributor of packaging and industrial supplies in the United States, offering standard and custom packaging products as well as services including packaging design, procurement, kitting and fulfillment, material audits, warehousing, and supply chain management. The company serves commercial and industrial clients, providing solutions such as corrugated boxes, cushioning materials, and protective packaging. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40138) on February 11, 2026, with $537,142 in assets and $1,038,674 in liabilities. Marianne Lancaster, president, signed the petition. Judge Christopher J. Panos presides over the case. Nina M. Parker, Esq., at Madoff & Khoury, LLP represents the Debtor as legal counsel. LEVEL ONE: Seeks Subchapter V Bankruptcy in California ------------------------------------------------------ On February 11, 2026, Level One Protection, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Level One Protection, Inc. Level One Protection, Inc. is a California-based security services provider offering professional protection, patrol, and related safety solutions to commercial and residential clients. Level One Protection, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10989) on February 11, 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 Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq. LION'S DEN: Linda Leali Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Lion's Den Global Development. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Lion's Den Global Development Lion's Den Global Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11773) on February 13, 2026, with $500,001 to $1 million in assets and liabilities. Judge Corali Lopez-Castro presides over the case. LIONS DEN: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------- On February 11, 2026, Lions Den Gym 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 Lions Den Gym LLC Lions Den Gym LLC is a Georgia-based fitness and wellness company providing gym facilities, training programs, and personal fitness services. Lions Den Gym LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10224) 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 Paul Baisier handles the case. The Debtor is represented by William A. Rountree, Esq., of Rountree Leitman Klein & Geer, LLC. LS INTERIORS: Gets Interim OK to Use Cash Collateral Until March 4 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida entered an interim order authorizing LS Interiors Group, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay operating expenses in accordance with an approved budget through March 4. The Debtor may exceed individual budget line items by up to 10% or by more than 10% so long as total excess spending does not exceed 10% of the overall budget. As adequate protection for the Debtor's use of their cash collateral, secured creditors Samson MCA, LLC and the U.S. Small Business Administration will be granted replacement liens on accounts receivable, with the same priority as their pre-petition liens. The replacement liens do not apply to avoidance actions and assets not previously subject to liens. LS Interiors Group believes both the SBA and Samson MCA have perfected UCC liens on cash collateral and are fully secured based on the value of its assets. As of the petition date, the SBA and Samson MCA were owed approximately $150,000 and $77,000, respectively. The next hearing is scheduled for March 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0yIGv from PacerMonitor.com. About LS Interiors Group Inc. LS Interiors Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11143) on January 29, 2026, listing assets of up to $50,000 and liabilities of $100,001 to $500,000. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee Judge Erik P. Kimball presides over the case. Brian S. Behar, Esq., represents the Debtor as legal counsel. LUMINAR TECHNOLOGIES: Cleared to Seek Chapter 11 Plan Votes ----------------------------------------------------------- Emily Lever of Law360 reports that a Texas bankruptcy judge has approved the disclosure statement submitted by Luminar Technologies, Inc., allowing the LiDAR developer to begin soliciting votes on its Chapter 11 liquidation plan from creditors. The approval is a necessary step before ballots can be sent out and votes tallied. The approved disclosure statement provides creditors and other parties in interest with detailed information on Luminar's proposed liquidation plan, including the structure of asset sales and mechanisms for distributing proceeds to satisfy outstanding claims. The disclosure statement is meant to comply with the Bankruptcy Code's adequate information standard so stakeholders can make informed decisions, the report states. With the disclosure statement sanctioned by the court, the voting process can move forward, culminating in a confirmation hearing where the bankruptcy judge will decide whether to approve the plan based on creditor support and compliance with statutory requirements, according to report. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. M.K. WEEDEN: Court Extends Cash Collateral Access to May 15 ----------------------------------------------------------- M.K. Weeden Construction, Inc. and its affiliates received second interim approval from the U.S. Bankruptcy Court for the District of Montana to use cash collateral. Under the order, the Debtors are authorized to use cash and cash collateral in accordance with the approved budget through May 15. Funds may be used for operational and administrative expenses necessary to maintain business operations, with flexibility allowing spending on individual budget line items to exceed projections by up to 10% during the interim period. This authorization enables the Debtors to continue normal business activities while restructuring efforts proceed. The Debtors project total operational expenses of $309,044. As adequate protection, any secured creditor later determined to hold a pre-bankruptcy lien on the Debtor's cash will be granted a replacement lien on the Debtor's accounts receivable, with the same validity and priority as its pre-bankruptcy lien. MK Equipment Co., LLC, a debtor-affiliate, is authorized under the second interim order to distribute $45,000 in equipment sale proceeds to First Bank of Montana. The order and the Debtor's budget are available at https://is.gd/RxRtf0 and https://shorturl.at/FjlsB from PacerMonitor.com. A final hearing is scheduled for May 15. M.K. Weeden Construction and its affiliates, MK Equipment Co. and WMK Holding LLC, operate as an integrated group, with M.K. Weeden Construction serving as the operating construction and excavation company and the other entities holding equipment leased for use in operations. M.K. Weeden Construction listed First Bank of Montana as the only creditor with a perfected security interest in cash collateral based on broad liens securing operating and term loans totaling approximately $10.97 million as of the petition date. Other creditors hold junior or disputed liens limited to specific equipment and not to cash collateral. First Bank of Montana, as secured creditor, is represented by: Morgan Hoyt, Esq. Moulton Bellingham PC 27 North 27th Street, Suite 1900 P.O. Box 2559 Billings, MT 59103-2559 Telephone: (406) 248-7731 Morgan.Hoyt@moultonbellingham.com About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. MARAGAL MEDICAL: Court OKs Bid to Maintain Existing Bank Account ---------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts granted the emergency motion filed by Maragal Medical, P.C. to maintain an existing bank account. The motion is granted on an interim basis through March 19. The Debtor is ordered to convert the existing bank account to a debtor in possession account as soon as possible. A continued hearing is scheduled for March 19. About Maragal Medical, P.C. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 26-40150) on Feb. 13, 2026. The Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities as of the filing. Andrew G. Lizotte, Esq., at MURPHY & KING, PROFESSIONAL CORPORATION, represents the Debtor as legal counsel. MARAGAL MEDICAL: March 19 Hearing Set for Cash Collateral Motion ---------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts will continue on March 19 the hearing on the emergency motion filed by Maragal Medical, P.C. for authority to use cash collateral. About Maragal Medical, P.C. Maragal Medical, P.C. is a healthcare provider based in Leominster, Massachusetts, operating as a full-service physical medicine and rehabilitation clinic that provides pain management, regenerative medicine injections, rehabilitation therapies, and related clinical services. The practice focuses on non-surgical treatment and functional recovery through medical evaluations, injection therapy, and multidisciplinary rehabilitation services within the outpatient healthcare industry. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass., Case No. 26-40150) on Feb. 13, 2026. The Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities as of the filing. Andrew G. Lizotte, Esq., at MURPHY & KING, PROFESSIONAL CORPORATION, represents the Debtor as legal counsel. MBIA INC: Wolf Hill Capital and Affiliates Hold 5.1% Stake ---------------------------------------------------------- Wolf Hill Capital Management, LP, Wolf Hill General Partner, LLC, and Gary Lehrman, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 2,560,708 shares of MBIA Inc.'s common stock, representing 5.1% of the shares outstanding. Wolf Hill Capital Management, LP may be reached through: Gary Lehrman, Managing Member 35 Mason Street, 2nd Floor Greenwich, CT 06830 Tel: 646-933-5538 A full-text copy of Wolf Hill Capital Management, LP's SEC report is available at: https://tinyurl.com/h6db5njv About MBIA Inc. Headquartered in Purchase, Harrison, New York, MBIA Inc. provides financial guarantee insurance and other forms of credit protection. As of September 30, 2025, the Company had $2.06 billion in total assets, $4.23 billion in total liabilities, and $2.17 billion in total deficit. * * * Egan-Jones Ratings Company on June 4, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. MCGLINCHEY STAFFORD: Seeks Chapter 7 Bankruptcy w/ Over $10B Debt ----------------------------------------------------------------- Lauren Berg of Law360 reports that McGlinchey Stafford PLLC has commenced a Chapter 7 bankruptcy case in the wake of its decision to shut down after more than half a century. The New Orleans-based firm reports liabilities exceeding $10 million, including amounts owed to former staff, attorneys, vendors and lenders. According to the bankruptcy filing, the firm no longer intends to continue operations and is instead pursuing liquidation. The debts span payroll-related obligations, contractual commitments and financial institution claims accumulated prior to the closure announcement. A Chapter 7 trustee will now oversee the administration of the estate and distribution of any available proceeds. The filing effectively transitions the firm from wind-down mode to court-supervised liquidation, the report states. About McGlinchey Stafford PLLC McGlinchey Stafford PLLC is a New Orleans–based full-service law firm that provided legal counsel and representation across a broad range of practice areas. For more than five decades, the firm served corporate and individual clients in litigation, corporate transactions, regulatory matters and commercial disputes throughout the United States. McGlinchey Stafford PLLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10357) on February 19, 2026. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Barbara B. Parsons, Esq. and William E. Steffes, Esq. of The Steffes Firm, LLC. MILLER'S LANDING: Court OKs Deal on Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, approved a stipulation between Miller's Landing at the Lake, Inc. and BayFirst Financial regarding the use of cash collateral. The Debtor requires use of cash collateral, which includes revenue generated from ongoing venue operations to cover essential expenses such as employee payroll, caterers, suppliers, and administrative costs. The stipulation allows continued use of cash collateral from February 10 until the court confirms a plan of reorganization. The Debtor is allowed up to a 15% monthly variance on line-item expenses, and BayFirst receives adequate protection through monthly payments and a replacement lien on post-petition assets with the same priority as pre-petition liens. The stipulation specifies that nothing limits BayFirst from filing claims or taking legal action, and the Debtor may request alternative terms for cash collateral use. Default events include failure to meet obligations, appointment of a trustee under §1104, or conversion to Chapter 7. Upon default, BayFirst may terminate consent if the default is not cured within seven days. The stipulation is subject to Bankruptcy Court approval. The stipulation is available at http://bankrupt.com/misc/MillersLanding_Stip.pdf Miller's Landing at the Lake operates a wedding and event venue in Lake Arrowhead, California, consisting of multiple properties: the bridal suite and ceremony area; the groom suite, barn, and cocktail area; and the parking lot. BayFirst Financial holds a first-position secured claim of approximately $1,818,863 from an SBA loan secured by all of the Debtor's assets. About Miller's Landing at the Lake Inc. Miller's Landing at the Lake, Inc. operates a wedding and event venue in Lake Arrowhead, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-18091-RB) on November 9, 2025. In the petition signed by Terri R. Miller, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. MONDORIVOLI LLC: Seeks to Hire Bonnie Bell Bond as Legal Counsel ---------------------------------------------------------------- Mondorivoli, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire the Law Office of Bonnie Bell Bond, LLC as counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its rights and duties under Chapter 11; b. assisting the Debtor in the development of a plan of reorganization or sale of its property under 11 U.S.C. Sec. 363; c. preparing and filing on behalf of the Debtor-in Possession of all necessary petitions, pleadings, reports and actions which may be become necessary; d. representing the Debtor in any litigation which the Debtor determine is in the best interest of the estate; e. performing all legal services for the Debtor as Debtor in Possession which may become necessary. Legal services performed by Bonnie Bell Bond will be billed at the hourly rate of $375. Paralegal services will be billed at the rate of $195. The firm received a retainer in the amount of $15,000 from the Debtor, plus $1,738 filing fee. Bonnie Bell Bond, Esq., an attorney at the Law Office of Bonnie Bell Bond, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bonnie Bell Bond, Esq. Law Office of Bonnie Bell Bond, LLC 8400 E. Prentice Avenue, Suite 1040 Greenwood Village, CO 80111 Telephone: (303) 770-0926 Facsimile: (303) 770-0965 Email: bonnie@bellbondlaw.com About Mondorivoli LLC Mondorivoli, LLC operates in the real estate sector, managing property holdings and related business activities. The company is based in Durango, Colorado. Mondorivoli filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10649) on February 3, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Joseph G. Rosania, Jr. presides over the case. Bonnie Bell Bond, Esq., represents the Debtor as legal counsel. MORVATT ENTERPRISES: Propane Tank Sale to Reuben Bontrager OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Kentucky at Owensboro has granted Matthew Golden, Chapter 11 appointed Trustee of Morvatt Enterprises LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a commercial poultry farm and agricultural business and several propane tanks were used in the connection with that operation. The Property consists of eight propane gas tanks in the Trustee's possession: two 18,000 gallon tanks; one 30,000 gallon tank; four 1,000 gallon tanks; and one 500 gallon tank. The Court has authorized the Debtor to sell the Property to Reuben Bontrager of Golden Rule Propane, for the sum of $90,000.00. The Trustee is authorized to sell eight propane oil tanks to the Buyer and the said sale is to be as is, where is, and without warranty. The sale is free and clear of any liens and the Court further approves the payment of a seller’s usual and customary closing costs and costs of sale. About Morvatt Enterprises Morvatt Enterprises, LLC, a company in Henderson, Ky., filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 23-40488) on Aug. 22, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Charles H. Morris, Jr., owner and sole member, signed the petition. Judge Charles R. Merrill oversees the case. Sandra D. Freeburger, Esq., at Deitz Shields & Freeburger, LLP is the Debtor's legal counsel. MOUNTAIN VISTA: Trustee Taps Golden Goodrich LLP as Legal Counsel ----------------------------------------------------------------- David P. Stapleton, the Chapter 11 trustee Mountain Vista Holdings, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Golden Goodrich LLP as counsel. The firm will render these services: 1. analyze the Debtor's assets and liabilities, including the Property, liens and encumbrances against the Property, the Litigation, advise the Trustee regarding these matters, and take appropriate action; 2. assist the Trustee in obtaining a financing order and an order approving a sales procedure for the Property; 3. assist the Trustee in selling the Property, including preparing the necessary pleadings for the Court to approve the terms of any such sale, participating in any hearings before this Court regarding the sale, including any auction that may occur, and should the Court approve the sale, taking actions necessary to close the sale; 4. assist the Trustee in employing professionals; 5. analyze any problematic claims and, if warranted, prepare objections; and 6. provide general advice regarding the Bankruptcy Code and local bankruptcy rules. 7. advise the Trustee concerning the rights and remedies of the Estate and of the Trustee in regard to the secured, priority and general unsecured claims of creditors; 8. represent the Trustee in any proceeding or hearing, including, without limitation, objections to claims, in the Bankruptcy Court and in any action where the rights of the Estate or the Trustee may be litigated or affected; 9. assist the Trustee in the settlement of any debts owed to the Debtor; 10. assist the Trustee in the disposition of any other assets of the Estate; and 11. conduct examinations of witnesses, claimants, or adverse parties and prepare and assist in the preparation of reports, accounts, applications and orders. The firm's customary hourly rates currently range from $275 to $850. Jeffrey Golden, Esq., a partner of Golden Goodrich LLP, assured the court that the firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code and modified by section 1107(b). Jeffrey I. Golden, Esq. Golden Goodrich LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Email: jgolden@go2.law About Mountain Vista Holdings LLC Mountain Vista Holdings, LLC is a single-asset real estate company in Los Angeles, Calif. Mountain Vista Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13296) on November 19, 2025, with $8,200,200 in assets and $4,786,000 in liabilities. D. Scott Abernethy, manager, signed the petition. Judge Scott C. Clarkson presides over the case. James Mortensen, Esq., at Socal Law Group, PC represents the Debtor as bankruptcy counsel. MOUNTAIN VISTA: Trustee Taps Stapleton Group as Financial Advisor ----------------------------------------------------------------- David P. Stapleton, the Chapter 11 trustee of Mountain Vista Holdings LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Stapleton Group as financial advisors. Stapleton Group will prepare monthly operating reports, provide general accounting and bookkeeping, oversee the preservation of the entitlement process on the Property, and provide other advisory services as the Trustee may require. Stapleton Group will be compensated at its customary hourly rates which currently range from $175 to $995 per hour. The majority of the work will be performed by Dan Marcoux and David Kieffer at their respective current hourly rates of $495 and $615. Dan Marcoux, managing director of Stapleton, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dan Marcoux Stapleton Group, a part of J.S. Held LLC 515 S. Flower Street, 18th Floor Los Angeles, CA 90071 Phone: (858) 855-2060 About Mountain Vista Holdings LLC Mountain Vista Holdings, LLC is a single-asset real estate company in Los Angeles, Calif. Mountain Vista Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13296) on November 19, 2025, with $8,200,200 in assets and $4,786,000 in liabilities. D. Scott Abernethy, manager, signed the petition. Judge Scott C. Clarkson presides over the case. James Mortensen, Esq., at Socal Law Group, PC represents the Debtor as bankruptcy counsel. MY GEORGIA PLUMBER: Taps Jones Lang LaSalle/Latham as Realtors -------------------------------------------------------------- My Georgia Plumber, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones Lang LaSalle Brokerage, Inc. and Lathem Realty, Inc. as real estate brokers. The brokers will market and sell the Debtors property located at 3050 Marietta Hwy, Canton, GA 30144, Cherokee County Parcel ID 15N13B021. The brokers will share the commission equivalent to 7 percent of the gross sale price. As disclosed in the court filings, neither Jones Lang LaSalle Brokerage, Inc. nor Lathem Realty, Inc. holds or represents an interest adverse to Debtor's estate and are "disinterested persons" within the meaning of 11 U.S.C. 101(14). The brokers can be reached through: Paul Hanna Jones Lang LaSalle Brokerage, Inc. 3344 Peachtree Road, NE, Ste 1100 Atlanta, GA 30326 Tel: (770) 698-9339 Email: paul.hanna@jll.com - and - Susan Lathem Lathem Realty, Inc. 3049 Marietta Hwy # 100 Canton, GA 30114 Phone: (770) 479-1901 About My Georgia Plumber My Georgia Plumber, Inc., a company in Canton, Ga., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64002) on December 1, 2025. In the petition signed by its chief executive officer, Katrina Rief-Derrico, the Debtor reported $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Cameron M. McCor, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. NATIONAL DENTEX: Blue Owl Marks $10.8MM 1L Loan at 59% Off ---------------------------------------------------------- Blue Owl Capital Corporation has marked its $10,817,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $4,207,000 or 41% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured revolving loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 9% per annum. The loan matures on April 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC National Dentex Labs LLC provides dental products and services. The Company offers crowns and bridges, dentures, partials, implants, headache therapy, dental sleep medicine, and other products with advanced technology in digital dentistry and surgical planning through consulting services. National Dentex Labs serves customers in the United States. NATIONAL DENTEX: Blue Owl Marks $145.7MM 1L Loan at 56% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $145,775,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $57,581,000 or 44% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 7.50% per annum. The loan matures on April 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC National Dentex Labs LLC provides dental products and services. The Company offers crowns and bridges, dentures, partials, implants, headache therapy, dental sleep medicine, and other products with advanced technology in digital dentistry and surgical planning through consulting services. National Dentex Labs serves customers in the United States. NATIONAL DENTEX: Blue Owl Marks $22.1MM 1L Loan at 39% Off ---------------------------------------------------------- Blue Owl Capital Corporation has marked its $22,178,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $8,760,000 or 61% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured delayed draw term loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 12% per annum. The loan matures on April 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About National Dentex Labs LLC National Dentex Labs LLC provides dental products and services. The Company offers crowns and bridges, dentures, partials, implants, headache therapy, dental sleep medicine, and other products with advanced technology in digital dentistry and surgical planning through consulting services. National Dentex Labs serves customers in the United States. NESV ICE: March 5 Hearing Set for UST's Motion to Dismiss --------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts will continue on March 5 the hearing on the motion filed by Assistant U.S. Trustee Richard King seeking dismissal of the bankruptcy case of NESV Ice, LLC. * * * The Debtors on Jan. 8, 2026, filed Chapter 11 Post-Confirmation Reports for the Quarters Ending June 30, 2024 until Dec. 31, 2025. About NESV Ice, LLC NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East, LLC, offer fitness and sports training services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 21-11226) on August 26, 2021. The petitions were signed by Stuart Silberberg as manager. Judge Christopher J. Panos oversees the case. William McMahon, at Downes McMahon LLP, is the Debtor's counsel. The Debtors, together with Ashcroft Sullivan Sports Village Lender, LLC and Shubh Patel, jointly filed the Plan. On April 26, 2024, the Court entered an order confirming the Plan. NEXT DAY: Seeks to Hire Offit Kurman as Bankruptcy Counsel ---------------------------------------------------------- Next Day Custom Tees LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Offit Kurman, P.A. as bankruptcy counsel. The firm will render these services: a. serve as counsel of record for the Debtor in all legal aspects of this Bankruptcy Case, including without limitation, the prosecution of actions on behalf of the Debtor; b. prepare pleadings in connection with the Bankruptcy Case; and c. appear before the Court to represent the interests of the Debtor in connection with the Bankruptcy Case. The firm will be paid at these hourly rates: Principals $640 to $695 Associates and Counsel $440 to $525 Paraprofessionals $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $10,000. Frances Smith, a principal at Offit Kurman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Frances A. Smith, Esq. Honest Kapic, Esq. OFFIT KURMAN, P.A. 700 North Pearl Street, Suite 1610 Dallas, TX 75201 Telephone: (214) 377-7879 Facsimile: (214) 377-9409 Email: frances.smith@offitkurman.com Email: honest.kapic@offitkurman.com About Next Day Custom Tees LLC Next Day Custom Tees, LLC is a Texas-based apparel company specializing in custom t-shirt printing and personalized merchandise, serving individual and corporate clients. Next Day Custom Tees sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50161) on January 23, 2026. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Frances A. Smith, Esq., at Offit Kurman. NFN8 GROUP: Hires Epiq Corporate as Claims and Noticing Agent ------------------------------------------------------------- NFN8 Group Inc. and its affiliates, NFN8 Capital, LLC, and NFN8 Holdings, LLC, seek approval from the U.S. Bankruptcy Court for the Western District of Texas Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Before the petition date, the Debtors provided Epiq a retainer in the amount of $25,000. Sophie Frodsham, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sophie Frodsham Epiq Corporate Restructuring, LLC 122 East, 42nd Street, 18th Floor New York, NY 10168 About NFN8 Group NFN8 Group, Inc., through its subsidiaries NFN8 Capital, LLC and NFN8 Holdings, LLC, operates industrial-scale Bitcoin mining operations across multiple facilities in the United States, managing thousands of high-performance mining computers supported by dedicated power, cooling, and network infrastructure. The Company's revenues are primarily derived from Bitcoin block rewards and transaction fees, supplemented by equipment sales, leases, joint ventures, and hosting fees, which are used to fund operations, maintain its mining fleet, and meet financial obligations. Its business is classified under the cryptocurrency and blockchain services sector, focusing on large-scale digital asset mining and infrastructure management. NFN8 Group, Inc., and its two subsidiaries sought Chapter 11 protection (Bankr. W.D. Texas Lead Case No. 26-10193) on Feb. 2, 2026. NFN8 Group listed assets of up to $50,000 and debt of $1 million to $10 million. Subsidiary NFN8 Capital listed assets and debt of $1 million to $10 million. The Hon. Shad M Robinson presides over the case. Kane Russell Coleman Logan PC is serving as the Debtors' bankruptcy counsel. HMP Advisory Holdings, LLC, d/b/a Harney Partners, is the Debtors' financial advisor. Erik White, a managing director of Harney Partners, has been designated as CRO of the Debtors. Winston & Strawn LLP is representing the Debtors in the lawsuit filed by Mobile Med Work Health Solutions, et al. NORVAX LLC: Blue Owl Marks $2.4MM 1L Loan at 40% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its $2,427,000 loan extended to Norvax, LLC (dba GoHealth) to market at $1,389,000 or 60% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Norvax, LLC (dba GoHealth). The loan accrues interest at a rate of 5.50% PIK per annum. The loan matures on November 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Norvax, LLC (dba GoHealth) Norvax LLC, doing business as Go Health, provides software solutions. The Company offers health insurance software solutions for agents. Go Health serves customers in the United States. NYC ALPHA: Hires Seifert Small & Associates as Bankruptcy Counsel ----------------------------------------------------------------- NYC Alpha Champions Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Jude S. Witkowski, Esq. of Seifert, Small & Associates LLC as counsel. The firm will render these services: a. assist and advise Debtor relative to the administration of this proceeding; b. advise Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its business and property; c. represent the Debtor before the Bankruptcy Court and advise the Debtor on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; d. review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third-parties in this proceeding; e. attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent Debtor at all examinations; f. communicate with creditors and other parties in interest; g. assist Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; h. confer with other professionals retained by Debtor and other parties of interest; i. negotiate and prepare Debtor's chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on Debtor's behalf to obtain confirmation of the plan; and j. perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with this chapter 11 case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $175 per hour Jude S. Witkowski, Esq., a partner at Seifert & Associates, assured the court that the firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code and modified by section 1107(b). The firm can be reached through: Jude S. Witkowski, Esq. Seifert, Small & Associates LLC 757 N. Broadway St., Ste. 300 Milwaukee, WI 53202 Phone: (414) 273-9900 ext. 3 Email: Jude@SeifertSmall.com About NYC Alpha Champions Construction NYC Alpha Champions Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25467) on September 28, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Katherine M. Perhach presides over the case. Jude Witkowski, Esq. at Seifert & Associates LLC represents the Debtor as legal counsel. F Street Investments, LLC, as lender, is represented by Beth M. Brockmeyer, Esq. and Daniel J. Habeck, Esq. at Cramer Multhauf, LLP. OAKTREE OCALA: Gets OK to Use Cash Collateral Until March 20 ------------------------------------------------------------ Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court's sixth interim order authorized the Debtors to continue using cash collateral through March 20 in accordance with the revised budget and subject to agreement with CPIF MRA, LLC or further court order. The 13-week budget projects total operational expenses of $429,764. The sixth interim order also extended the deadline for CPIF to file a supplement to its objection to March 7. Both parties reserve their rights regarding how payments under the budget are applied. The final hearing is scheduled for March 11. ASAP originally obtained an $18 million loan from CPIF in 2022 to acquire and improve its Ocala property but alleges that CPIF failed to fund the full amount, disbursing only about $12.3 million. This shortfall, along with CPIF's failure to fund tax escrows and future loan advances, prevented ASAP from completing planned renovations and refinancing the loan before its 2024 maturity. CPIF initiated a foreclosure action in late 2024 and attempted to acquire ASAP through a UCC sale, prompting ASAP to file for Chapter 11 to protect its assets and seek judicial resolution of disputes with CPIF. About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. OLENOX INDUSTRIES: Settles $1.7M Debt With Cedar via Stock Issuance ------------------------------------------------------------------- Olenox Industries Inc. disclosed in a regulatory filing that it executed a mutual Settlement and Release Agreement with Cedar Advance LLC, to resolve the outstanding balance of $1,732,500 owed by the Company pursuant to those certain Standard Merchant Cash Advance Agreements between the Company and Cedar. Per the terms of the Settlement Agreement, the Company will issue Cedar up to 500,000 shares of common stock of the Company, which shall be issued to Cedar as promptly as possible after the full execution of the Settlement Agreement. The Company shall not issue a number of shares of Common Stock to Cedar that would exceed 4.99% of the shares of Common Stock outstanding at any given time. Per the terms of the Settlement Agreement, the parties will perform a sales analysis once the Initial Shares have been sold by Cedar, to determine the gross sales proceeds received by Cedar from the sale of the Initial Shares. In the event the Proceeds are less than the Balance, the Company agrees to promptly issue additional restricted shares of Common Stock to Cedar as a true-up. The number of True-up Shares to be issued to Cedar shall be calculated by subtracting the Proceeds from the Balance, and dividing the True-up Value by the volume weighted average price of the Company's Common Stock (as reported by NASDAQ-CM exchange) for the ten trading days immediately preceding the date the True-up Value is calculated. To the extent the Beneficial Ownership Limitation prevents the issuance of enough True-up Shares, the Company will hold those excess shares of Common Stock and issue them once the Beneficial Ownership Limitation permits such issuance. Under the terms of the Settlement Agreement, Cedar and the Company each agree to waive and release any and all claims against the other, except with respect to each party's performance under the Settlement Agreement. A full text copy of the Settlement Agreement is available at https://tinyurl.com/3mexz64e About Olenox Industries Olenox Industries Inc. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OMNICARE LLC: Taps Quarles & Brady as Special Regulatory Counsel ---------------------------------------------------------------- Omnicare, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Quarles & Brady LLP as special pharmacy and regulatory counsel. The firm's services include: (a) evaluating notice and application requirements for the state and federal licenses, registrations, and enrollments held by Omnicare, LLC and/or its subsidiaries, their pharmacies and repackaging facilities for a change of ownership of the facilities or change of officers or directors for the subsidiaries; (b) supporting preparation and submission of required notices and applications; (c) appearing before and otherwise communicating with regulators of the subsidiaries and facilities; (d) providing advice regarding the regulatory requirements for operational and clinical activities; (e) providing any services ancillary or related to any of the above, as requested by the Debtors, and (f) advising and assisting with other pharmacy law and regulatory matters for the Debtors, as may be requested by the Debtors. Quarles’ current hourly rates are: Partners $770 to $1,705 Associates $470 to $835 Paraprofessionals $375 to $450 The Quarles Firm does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested person," as that term is defined in Bankruptcy Code Sec. 101(14) and modified by Bankruptcy Code Sec. 1107(b). The firm can be reached through: Anne O'Brien, Esq. Quarles & Brady LLP 155 N. Wacker Drive, Suite 3200 Chicago, IL 60606 About Omnicare LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. The U.S. Trustee has appointed an official committee of unsecured creditors. The committee tapped Herbert Smith Freehills Kramer (US) LLP as counsel. OWASSA BROWNVILLE WATER: S&P Affirms 'BB+' Rating on 2013 Rev Debt ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term rating on Owassa Brownville Water Authority (Owassa, or the authority), Ala.'s authority revenue debt outstanding. The outlook is negative. The negative outlook reflects risks regarding the authority's ability to establish necessary measures to produce more stable financial results, even if at weaker levels than recently maintained. S&P views governance, including the authority's risk management, culture, oversight, transparency, and reporting, as a significant risk exposure. Social capital risk factors contribute to the current rating because of pressure on rate affordability, due to the economic service area's weaker incomes and elevated poverty rate. As stated previously, the long-term trend of shrinking population and GCP, as well as suppressed incomes at the city and county level, hamper Owassa's ability to raise rates to consistently produce robust DSC and liquidity, and fund asset maintenance and upgrades. S&P said, "We do not view the authority as having significant environmental risks because of its central location within the state, far away from the coast. Management does not foresee difficulties in water access or water quality concerns from the aquifer. "The negative outlook reflects our view that Owassa's financial performance could further deteriorate given the lack of established governance practices and the authority's small scale of operations. "We could lower the rating if the authority continues to draw on available liquidity and produces coverage at or below 1.1x, possibly because of asset failure due to aging infrastructure or insufficient rate setting. "We could revise the outlook to stable if the authority improves and stabilizes its financial performance and takes steps to adopt policies and practices for long-term budgeting and forecasting, and frequently reviews financial performance and commensurate inter-year rate adjustments." PENNYMAC FINANCIAL: S&P Alters Outlook to Pos., Affirms 'B+' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on PennyMac Financial Services Inc. (PFSI) to positive from stable and affirmed its 'B+' issuer credit rating. S&P also affirmed its 'B+' issue rating (recovery rating: '3'; rounded estimate: 55%) on the company's senior unsecured notes. The positive outlook reflects S&P's expectation that PFSI will maintain its market position and relatively stable financial performance over the next 12 months, with adjusted debt to EBITDA remaining around 4.0x–5.0x and debt to tangible equity near 1.5x on a sustained basis. PFSI's business scale has strengthened in recent years, supported by its balanced business model. Through the past interest rate cycle, PFSI has maintained its leading position in the correspondent channel with growing market share, reaching 19.4% in 2025 from 16.7% in 2021. Additionally, the company has gradually increased its market share in the broker direct market to 5.5% in 2025 from 2.4% in 2021. In 2025, the company's total mortgage origination volume increased to about $145 billion from $116 billion in 2024 and $99 billion in 2023. Additionally, the company's servicing-retained business model has supported the growth of its servicing portfolio, which had about $734 billion of unpaid principal balance (UPB) as of year-end 2025 and provides a relatively stable revenue stream with incremental earnings potential from recapture opportunities. S&P said, "For full-year 2025, the company generated about $3.40 billion revenue and $1.28 billion of adjusted EBITDA, based on our calculation. While PFSI has a relatively concentrated business model that is exposed to the cyclical residential real estate market, the company has established itself as one of the market leaders in the mortgage finance space, in our view. "We expect the planned Cenlar acquisition to enhance PFSI's subservicing business. PFSI intends to fund the $258 million ($173 million upfront payment with $85 million additional contingent consideration over three years) transaction with cash on hand. Cenlar is one of the largest subservicers with a client base in which 70% are banks and credit unions. As of year-end 2025, the company had $740 billion subservicing UPB, although approximately $307 billion relates to transition customers that are unlikely to remain following the acquisition. While Cenlar will not be accretive to PFSI's earnings until 2028, we view the transaction in line with PFSI's strategy to grow its subservicing business, which is a capital-light business with a more recurring fee-based revenue stream. Additionally, there could be cost synergy generated from integrating Celar's portfolio into PFSI's proprietary SSE servicing platform." Despite the increased scale, PFSI is exposed to prepayment risk in its servicing portfolio and intense competition in the origination segment as nonbank peers vie for market share. In the fourth quarter of 2025, the prepayment speed of the company's owned loan servicing portfolio increased meaningfully with the conditional repayment rate (CPR) rising to 13.0% from 8.6% in the prior quarter. While higher MSR cash flow realization is anticipated during an interest rate easing cycle, the lost servicing revenue is generally expected to be somewhat offset by increased origination revenue stemming from higher recapture volume and gain-on-sale (GOS) margins. However, PFSI's recapture volume and GOS margins were lower than expected owing to capacity limits as well as intense competition, which led to subdued earnings and only 10% annualized operating return on equity (ROE) for the quarter. In recent years, the mortgage finance sector has witnessed continued consolidation as the market participants compete for higher scale and market share. Additionally, the aggressive pricing tactics certain players occasionally adopt have exerted downward pressure on the margins of the origination business. S&P said, "Although the recent sell-off of the company's stock indicates heightened concern from equity investors, we believe these risks are adequately reflected in our existing business risk assessment. Over the next 12 months, our rating focus is whether the company could realize the recapture opportunities through increased capacity and improved efficiency. Moreover, we will monitor whether the competitive intensity could moderate, resulting in stabilizing margins in different origination channels. "We expect PFSI's adjusted debt to EBITDA to remain 4.0x-5.0x on a sustained basis. As of Dec. 31, 2025, the company's leverage increased to 5.2x from 4.7x a year prior, primarily due to higher debt balance and weaker earnings in the fourth quarter of 2025. In our base-case scenario, we expect that PFSI's origination will grow sequentially in 2026 with stabilized GOS margins. We also expect the UPB of its servicing portfolio balance to grow by about 7% to 9% in 2026 as the origination volume will more than offset the elevated runoff. Additionally, the company will likely keep the MSR hedge ratio close to 100%, which could partially offset the potential negative mark-to-market valuation adjustments. "As of year-end 2025, the company's balance sheet leverage, measured by debt to tangible equity, was about 1.5x. While we expect the ratio to remain somewhat elevated after the Cenlar acquisition, it still serves as a mitigator to the company's volatile earnings, in our view. "Our ratings continue to reflect the company's reliance on warehouse financing in its origination business. We view PFSI's reliance on warehouse funding for ongoing operations as a negative rating factor because banks could scale back their lending during times of economic duress or because of shifts in their risk appetites. The company's focus on underwriting government-sponsored-entity-conforming loans and its diversified counterparties partly reduce this risk. Additionally, we view positively the company's efforts to be more reliant on unsecured funding over the past several years, which unencumbers its balance sheet and lowers the margin call risk of its capital structure. "The positive outlook reflects our expectation that, despite elevated MSR cash-flow realization and strong competition for origination volume, PFSI will maintain its market position and relatively stable financial performance over the next 12 months, with adjusted debt to EBITDA remaining around 4.0x–5.0x and debt to tangible equity near 1.5x on a sustained basis. "We could revise the outlook to stable in the next 12 months if earnings deteriorate beyond our expectations and we expect the company to operate with adjusted debt to EBITDA above 5x, or if debt to tangible equity approaches 2.0x. We could also lower the ratings if any regulatory finding impedes the firm's operating performance. "We could raise the rating in the next 12 months if the company maintains its existing market position with relatively stable financial performance and effectively executes on the integration of Cenlar. The upgrade is also contingent on the company maintaining adjusted debt to EBITDA comfortably below 5x, debt to tangible equity close to 1.5x, and sufficient liquidity to meet its operational needs." PERASO INC: Awards 60,000 Stock Options to Three Execs ------------------------------------------------------ Peraso Inc. disclosed in a regulatory filing that the Compensation Committee of the Board of Directors awarded 60,000 stock options to each of: 1. Ronald Glibbery, Chief Executive Officer 2. James Sullivan, Chief Financial Officer, and 3. Bradley Lynch, Chief Operating Officer. The stock options have an exercise price of $0.87 per share and vest in equal monthly installments over 36 months beginning on the one month anniversary of the grant date, subject to continued service on each vesting date. The stock options expire on February 9, 2036. The stock options were awarded pursuant to the Company's Amended and Restated 2019 Stock Incentive Plan, as amended. A full text of the form of Notice of Grant of Stock Option Award and Agreement is available at https://tinyurl.com/2fxz3pd6 About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- https://www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $6.2 million in total assets, $2.6 million in total liabilities, and $3.6 million in total stockholders' equity. PERATON CORP: Blue Owl Marks $60MM 2L Loan at 18% Off ----------------------------------------------------- Blue Owl Capital Corporation has marked its $60,393,000 loan extended to Peraton Corp. to market at $47,294,000 or 82% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a Second lien senior secured loan extended to Peraton Corp. The loan accrues interest at a rate of 7.75% PIK per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. PHYSICIAN PARTNERS: Blue Owl Marks $6.5MM 1L Loan at 29% Off ------------------------------------------------------------ Blue Owl Capital Corporation has marked its $6,514,000 loan extended to Physician Partners, LLC to market at $3,070,000 or 71% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Physician Partners, LLC. The loan accrues interest at a rate of 2.5% per annum. The loan matures on December 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Physician Partners, LLC Physician Partners, LLC is a healthcare services company that partners with physicians and medical practices to provide administrative, operational, and support services aimed at improving clinical efficiency and patient outcomes. PINE GATE RENEWABLES: Gets OK to Wind Down Business in Chapter 11 ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Wednesday, February 18, 2026, a Texas federal bankruptcy judge gave the green light to an orderly liquidation plan for solar energy developer Pine Gate Renewables LLC under Chapter 11, following the sale of the majority of the company's assets over the past three months. The plan marks a transition from active operations to winding down the business. Throughout the Chapter 11 case, Pine Gate pursued a strategy of selling off key parts of its solar project portfolio, with courts approving significant sales including credit bid transactions that helped satisfy creditor interests. These efforts reduced the debtor’s asset base and facilitated the final plan, the report states. The court's approval of the wind‑down plan allows Pine Gate to complete its liquidation under supervision and move toward closing its bankruptcy case. The development reflects the effectiveness of the asset sales in enabling an orderly Chapter 11 exit, according to Law360. About Pine Gate Renewables Pine Gate Renewables is a developer and owner-operator of renewable energy projects across the United States. Dedicated to delivering sustainability at scale, Pine Gate has over 30 GW of projects in its development pipeline, has closed approximately $10 billion in project financing and capital investment, and operates a fleet of over 2 GW of solar and storage assets. The Company also provides services to over 7 GW of third party solar and storage assets through wholly owned subsidiary ACT Power Services. Pine Gate is proud to invest in the communities where we live, develop, and operate projects through corporate partnerships and charitable initiatives supported by the Pine Gate Community Impact Fund. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented byT imothy Alvin Davidson, II, Esq. of Andrews Kurth LLP and Philip M. Guffy, Esq. of Hunton Andrews Kurth LLP. PLASMA BUYER: Blue Owl Marks $1.3MM 1L Loan at 19% Off ------------------------------------------------------ Blue Owl Capital Corporation has marked its $1,391,000 loan extended to Plasma Buyer LLC (dba PathGroup) to market at $1,078,000 or 81% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Plasma Buyer LLC (dba PathGroup). The loan accrues interest at a rate of 5.75% PIK per annum. The loan matures on May 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Plasma Buyer LLC (dba PathGroup) Plasma Buyer LLC (dba PathGroup) is a health care provider in the U.S. PLASMA BUYER: Blue Owl Marks $26.6MM 1L Loan at 16% Off ------------------------------------------------------- Blue Owl Capital Corporation has marked its $26,609,000 loan extended to Pluralsight, LLC (dba PathGroup) to market at $21,753,000 or 84% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Pluralsight, LLC. The loan accrues interest at a rate of 7.5% PIK per annum. The loan matures on August 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Pluralsight, LLC Pluralsight, LLC is an American privately held online education company that offers a variety of video training courses for software developers, IT administrators, and creative professionals through its website. PLEASANT GROVE: Hires MYC & Associates as Real Estate Broker ------------------------------------------------------------ Pleasant Grove Tabernacle, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ MYC & Associates as real estate brokers. MYCwill seek compensation in the amount of 5 percent of the amount of the total sale price of the property located at 1927 Fulton Street, Brooklyn, NY, 11233. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marc P. Yaverbaum MYC & Associates, Inc. 1110 South Avenue, Ste. 22 Staten Island, NY 10314 Tel: (347) 273-1258 About Pleasant Grove Tabernacle Pleasant Grove Tabernacle, Inc., doing business as Pleasant Grove Baptist Church, is a Baptist denomination religious organization based in Brooklyn, New York, that provides worship services, spiritual guidance, and community outreach programs. Founded by the late Rev. Jesse A. Bunn, the church held its first services in his home in 1952 and moved through several locations before establishing its current facility at 1927 Fulton Street in 1970. The organization focuses on fostering spiritual growth among its members, developing leadership within the congregation, and serving the local community through various ministries and outreach initiatives. Pleasant Grove Tabernacle sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45931) on December 11, 2025. In the petition signed by Albert Jamison, chief executive officer (CEO), the Debtor disclosed up to $10 million in estimated assets and estimated liabilities. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor tapped Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP as counsel and Vestcorp LLC as accountant. PRAIRIE ACQUIROR: S&P Alters Outlook to Stable, Affirms 'B+' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlooks on Prairie Acquiror L.P.'s (Prairie) and Tallgrass Energy Partners L.P. (TEP or Tallgrass) to stable from negative and affirmed its 'B+' issuer credit ratings on Prairie and TEP, its 'B-' issue-level rating on Prairie's senior secured debt, and its 'B+' issue-level rating on TEP's senior unsecured note. The' 6' recovery rating on the senior secured debt of Prairie and the '4' recovery rating on the senior unsecured note of Tallgrass are unchanged. The stable outlook reflects S&P's expectation that Prairie will maintain its leverage below 7.5x over the forecast period. In December 2025, Prairie group received a cash equity contribution of $1.5 billion and used a portion of the proceeds to repay all borrowings outstanding under the Tallgrass Energy Partners L.P. (TEP or Tallgrass) revolving credit facility (RCF). In addition, the preferred equity at Rockies Express Pipeline LLC (REX) valued at $935 million was exchanged for new common equity at Tallgrass Energy L.P. (TEG) and Prairie Holdco L.P. S&P said, "These actions reduced Prairie's consolidated leverage, as we had treated REX's preferred equity as debt. We now expect Prairie's leverage (S&P Global Ratings-adjusted) will be sustained below 7.5x over the forecast period. "We consider the corporate actions in December 2025 credit positive. The $1.5 billion equity contribution was partially used to repay all borrowings outstanding under TEP's RCF. The remaining proceeds will be used to advance development and construction of the Cheyenne power opportunity, a partnership with Crusoe to develop a 1.8-gigawatt AI data center campus in Wyoming, with any excess proceeds to be used for general partnership purposes. Moreover, affiliates of TEG's equity investors contributed all of their preferred interests in REX, valued at $935 million, to TEG and Prairie Holdco L.P. in exchange for newly issued limited partner interests in TEG and Prairie Holdco L.P. As we had treated this preferred equity as debt, consistent with our criteria, this exchange will improve Prairie's forecast credit metrics. We expect Prairie's adjusted leverage will be 7.1x in 2026 and 6.8x in 2027. "We expect Prairie will deleverage further over the next few years to sustain its leverage below 6.5x. With phase 1 of the Trailblazer CO2 (TPCO2) project executed on time and on budget, we have clear visibility on Prairie's deleveraging path. TEP secured TPCO2 project financing that includes a $866 million construction term loan, $140 million working capital facility, and a $60 million liquidity reserve. As of year-end 2025, $509 million in project financing was drawn. We expect the remaining term loan will be drawn in the first quarter of 2026. The project, once fully completed, will generate annual EBITDA of about $170 million-$180 million. We expect further deleveraging will occur when TPCO2 is completed. "The stable outlook on Prairie reflects our expectation that the company will sustain S&P Global Ratings-adjusted leverage below 7.5x over the forecast period. Overall, we expect future projects will be financed such that the company can maintain credit metrics at levels appropriate for the rating. "We could take a negative rating action on Prairie if we expect S&P Global Ratings-adjusted leverage will be sustained above 7.5x. This could happen if the company adopts a more aggressive financial policy, which could include increased distributions to shareholders in lieu of debt paydown or development funded with a disproportionate amount of debt. "We could take a positive rating action on Prairie if we expect the company will further deleverage so that it sustains S&P Global Ratings-adjusted leverage below 6.0x. This could occur if the company paid down debt outstanding with free cash flow while executing on growth projects, leading to increased EBITDA generation." PRIMROSE CANDY: Final Hearing on DIP Financing Set for Feb. 24 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on February 24 to consider final approval of Primrose Candy Co.'s bid to obtain debtor-in-possession financing and use cash collateral to get through bankruptcy. The Debtor was initially allowed under the court's February 3 interim order to obtain post-petition secured financing from Pathward, National Association, and use cash collateral from February 3 to 27 in accordance with its budget, with total expenses permitted to exceed the budget by up to 10%. The interim order authorized the Debtor to borrow under its existing pre-bankruptcy line of credit and, with Pathward's consent, draw up to $250,000 from pledged marketable securities to meet budgeted expenses. Advances under the line of credit are capped at the lesser of $7.5 million or amounts calculated under a specified borrowing base formula tied to eligible accounts, inventory, and marketable securities. As adequate protection, the interim order granted Pathward replacement liens and a first lien on substantially all personal property of the Debtor, subject to valid prior liens. Prior to its Chapter 11 filing, Primrose entered into a secured loan agreement with Pathward providing a $7.5 million line of credit, which the Debtor utilizes to pay its operating expenses and creditors. Under the line of credit, the Debtor makes draws based upon availability established under borrowing base certificates provided to Pathward. Advances are made at 85% of eligible accounts receivable and 50% of eligible finished goods inventory. The Debtor also has marketable securities with an approximate value of $3.8 million that also serve as collateral to Pathward. The advance rate on these marketable securities is 80%. Pathward asserts first-priority liens on all of the Debtor's assets securing approximately $5.2 million as of the petition date, perfected by a 2021 UCC-1 financing statement filed by its predecessor, Crestmark. Pathward, as DIP lender, is represented by: Kimberly Ross Clayson, Esq. Taft Stettinius & Hollister LLP 27777 Franklin Road, Suite 2500 Southfield, Michigan 48034 Telephone: (248) 351-3000 Facsimile: (248) 351-3082 kclayson@taftlaw.com About Primrose Candy Co. Primrose Candy Co. manufactures confectionery products, including hard and chewy candies, caramel, taffy, and popcorn-based sweets, and provides contract manufacturing, private-label, and packaging services for branded and specialty food products. Founded in 1928, it is a family-owned business operating a large production facility in Chicago, Illinois, serving customers across the United States. Primrose Candy Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01430) on January 27, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Judge Jacqueline P. Cox oversees the case. The Debtor is represented by David K. Welch, Esq., Burke, Warren, MacKay & Serritella, P.C. PS OPERATING: Blue Owl Marks $16.9MM 1L Loan at 69% Off ------------------------------------------------------- Blue Owl Capital Corporation has marked its $16,985,000 loan extended to PS Operating Company LLC (Fka QC Supply, LLC) to market at $4,161,000 or 31% of the outstanding amount, according to Blue Owl's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First Lien Senior Secured Loan extended to PS Operating Company LLC (Fka QC Supply, LLC). The loan accrues interest at a rate of 6.26% per annum. The loan matures on December 2026. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About PS Operating Company LLC (Fka QC Supply LLC) PS Operating Company LLC, doing business as QC Supply, provides online livestock and poultry supplies and equipment. The Company offers horse supplies and riding tack, barn, farm, shed, ventilation, fans, livestock propane heaters, greenhouse grow lights, plant growing nutrients, and other related products. QC Supply serves customers in the United States. R INTERCONNECTIONS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York entered an interim order authorizing R Interconnections, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through March 6 in accordance with an approved budget, subject to a 15% variance per line item and a 10% overall variance. After the initial budget period, the Debtor must provide bi-weekly budgets to the Subchapter V trustee and any requesting pre-petition secured creditor. The Debtor's budget projects total monthly operational expenses of $11,345.33. As adequate protection, pre-petition secured creditors will be granted continuing rollover liens on their pre-petition collateral, maintaining the same validity, priority, and enforceability as existed before the bankruptcy filing. The order preserves creditors' rights to seek additional adequate protection or relief from the automatic stay and does not constitute an admission that their interests are fully protected. Termination events under the interim order include unauthorized payments; actual cash disbursements exceeding the allowed variance; material breach of the order; dismissal or conversion of the Debtor's Chapter 11 case; appointment of a bankruptcy trustee; and any stay, reversal, vacatur or rescission of the terms of the order. The interim order is available at https://is.gd/o622a4 from PacerMonitor.com. A further hearing is scheduled for March 3, with objections due by February 24. R Interconnections lists the U.S. Small Business Administration as the primary secured creditor with an asserted interest in cash collateral, alongside UCC filings by Liquid Capital Exchange and federal tax liens the Debtor claims were fully paid before filing Chapter 11. About R Interconnections Inc. R Interconnections Inc operates a retail storefront selling fishing tackle and gear across upstate New York and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10033-1-pgr) on January 14, 2026. In the petition signed by Thomas Zebrowski, US operations manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. RB MARKETPLACE: Seeks to Hire Jose A. Diaz Crespo as Accountant --------------------------------------------------------------- RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jose A. Diaz Crespo, a certified public accountant at Dage Consulting CPA's, PSC. The accountant will render these services: (a) assist the Debtor and its attorney in documenting the reorganization plan to be filed in its Chapter 11 case; (b) prepare monthly operating reports and all necessary tax returns; (c) assist the Debtor and its attorney in all matters related to court instructions, transactions, and information requests of an accounting or financial nature; and (d) provide consulting services. The hourly rates of the firm's professionals are as follows: Principal consultant, Jose A. Díaz Crespo $175 Manager consultant $160 Senior consultant $125 Staff consultant $100 In addition, the accountant will seek reimbursement for expenses incurred. A retainer fee of $5,500 has been required in this case. Mr. Diaz Crespo disclosed in a court filing that he and his firm are "disinterested persons" as that term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Jose A. Diaz Crespo, CPA Dage Consulting CPA's, PSC 340 Industrial Victor Fernandez Suite 201B San Juan, PR 00926 Telephone: (787) 428-3388 Email: jdiaz@dageconsulting.com About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05025) on October 31, 2025. At the time of the filing, the Debtor disclosed up to $50,000 in both assets and liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. RDL SOLUTIONS: Hires Richard D. Scott PC as Bankruptcy Counsel -------------------------------------------------------------- RDL Solutions, LLC and RDL Modifications, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Law Office of Richard D. Scott, PC as counsel. The firm's services include: a. providing legal advice with respect to the Debtor's powers and duties as debtor in possession in the distribution of property of the Debtor's estate pursuant to the Bankruptcy Code and applicable law; b. preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports, and other legal papers; c. appearing in the Bankruptcy Court on behalf of the Debtor and in order to protect the interests of the Debtor before the Bankruptcy Court; and d. performing all other legal services for the Debtor that may be necessary and proper in these proceedings. Richard D. Scott's hourly rate is $350. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in court filings, Richard D. Scott is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard D. Scott, Esq. Law Office of Richard D. Scott, PC 4519 Brambleton Ave., Suite 210 Roanoke, VA 24018-3408 Tel: (540) 400-7997 Email: richard@rscottlawoffice.com About RDL Solutions LLC RDL Solutions, LLC provides modification, rework, and paint and collision services for medium- and heavy-duty trucks in Dublin, Virginia, while RDL Modifications, LLC is a service-based company focused on modification and customization solutions across its operational footprint. RDL Solutions and RDL Modifications filed Chapter 11 petitions (Bankr. W.D. Va. Lead Case No. 26-70023) on January 8, 2026. At the time of the filing, RDL Solutions listed between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities while RDL Modifications listed between $100,001 and $1 million in both assets and liabilities. Richard D. Scott, Esq., at the Law Office of Richard D. Scott, PC, represents the Debtors as legal counsel. REDSTONE BUYER: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Redstone Buyer LLC, Redstone Holdco 2 LP, Redstone Intermediate (FRI) Holdco LLC, Redstone Intermediate (SecurID) Holdco LLC, and Redstone Parent LP (collectively, RSA Security, LLC) to 'RD' from 'CCC-' following its debt restructuring, which Fitch views as a distressed debt exchange (DDE) under its "Corporate Rating Criteria." Fitch has removed the Rating Watch Negative from all the ratings. Fitch has reassessed and upgraded RSA entities' IDRs to 'B-' and assigned a 'BB-' rating with a Recovery Rating of 'RR1' to the first-out RCF, new-money term loan and first-out term loan, 'B-'/'RR4' to the second-out term loan, and 'CCC'/'RR6' to its third-out and fourth-out term loans. Rating Outlook is Stable. The ratings reflect improved liquidity and financial flexibility following the debt restructuring, as well as Fitch's expectation of positive FCF over the forecast horizon due to lower interest expense. Fitch has withdrawn the existing first lien and second lien instrument ratings post-debt restructuring. Key Rating Drivers DDE Executed: Fitch regards the new capital raise and maturity extension as a DDE given that these were steps the company has taken to address its financial liabilities. The transaction will reduce RSA's near-term liquidity and refinancing risks through $135 million in new-money financing and a revolver extension. In addition, the transaction extends the majority of debt maturities to December 2030, with one tranche of the fourth lien loan maturing in December 2031. Improved Financial Flexibility: After the refinancing transaction, Fitch projects the company to start generating positive FCF in FY27. The new-money financing, coupled with the revolver extension, provides the company with improved runway to execute its business strategy. The restructuring incorporates payment-in-kind (PIK) features on certain tranches, which reduces the immediate cash interest expense burden. Fitch estimates EBITDA leverage to be 8.5x in FY27 and remaining over 8.0x throughout the forecast horizon. EBITDA interest coverage is forecast to be 1.5x in FY27 and remain above that level. (CFO-capex)/debt is projected at 2.4% in FY27 and expected to gradually improve thereafter. Pro forma for the transaction, the company is expected to have $32 million of cash and full availability on its $165 million revolver. Operating Performance Remains Sluggish: RSA revenue growth remains weak, with the remaining business units, SecurID and Outseer. Pro forma the NetWitness divestiture, Fitch estimates overall fiscal 2026 revenue to decline by low single digits, resulting in continuing EBITDA decline. Despite this, Fitch expects EBITDA margins to remain stable in the mid-30s. Secular Growth Markets: Despite pandemic-related demand volatility, increased adoption of identity and access management (IAM) for greater workforce mobility should drive growth in this niche cybersecurity segment. However, the market remains fragmented and increasingly competitive as larger competitors can bundle IAM with other enterprise software, challenging standalone offerings. Significant Competition: Fitch expects RSA to face intensifying competition across its core end markets, including from larger, more financially flexible market leaders. SecurID remains a recognized leader in identity management, while Outseer's improved Net Promotor Scores indicate better market perception. Despite these positions, heightened competition continues to pose challenges for RSA. Peer Analysis The broader enterprise security market has grown, supported by greater awareness of security breaches and increasing complexity of IT networks and applications. Within this market, peers include Gen Digital Inc. (f/k/a NortonLifeLock; BB+/Stable), Imprivata Inc. (Imprivata; B/Positive), and Ivanti Software, Inc. (Ivanti; B-/Stable). RSA has smaller revenue scale and lower EBITDA margins than NortonLifeLock. Imprivata and Ivanti operate in similar identity and access management niche segments as RSA. Imprivata has stronger market positioning given its niche product offerings within the healthcare industry. Ivanti has faced similar challenges as RSA since the peak demand for remote work during the coronavirus pandemic. Fitch’s Key Rating-Case Assumptions - Revenue growth in the low single digits; - EBITDA margins in the mid-30s; - Capital expenditure (capex) intensity stable near 1% of revenue; - Normalized FCF margins in the high single digits; - No acquisitions or dividends through fiscal 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b-'. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that RSA would be reorganized as a going concern (GC) in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. GC Approach In the event of distress, Fitch assumes RSA would suffer from greater customer churn and margin compression on a lower revenue scale. RSA's GC EBITDA is assumed to be $100 million, approximately 20% below fiscal 2026 Fitch-adjusted pro forma EBITDA. The company experienced significant revenue volatility through the pandemic, and Fitch believes revenues have returned to normal levels. The increasing recurring revenue and high customer retention rates provide significant visibility to future profitability. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch based the enterprise valuation. An enterprise value (EV) multiple of 6.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x-10.8x; - Of these companies, only three were in the software sector: Allen Systems Group, Inc., Avaya, Inc., and Aspect Software Parent, Inc. which received recovery multiples of 8.4x, 8.1x and 5.5x, respectively; - The highly recurring nature of RSA's revenue supports EBITDA multiple near the high end of the range; - Fitch arrived at an EV of $650 million. After applying the 10% administrative claim, adjusted EV of $585 million is available for claims by creditors. This results in an 'RR1' Recovery Rating for RSA Security's first-out term loan, 'RR4' for the second-out term loan, and 'RR6' for the third-out and fourth-out term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - (CFO-capex)/debt sustained below 0%; - EBITDA interest coverage sustaining below 1.5x; - Sustained negative revenue growth and profit margin erosion, signaling greater competitive intensity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 7.0x; - (CFO-capex)/debt sustained above 5%; - Sustained revenue growth of mid-single digits, implying stable market position. Liquidity and Debt Structure The company has approximately $32 million of cash on its balance sheet pro forma for the transaction and full availability of its $165 million RCF. Fitch forecast positive FCF starting in fiscal 2027, supporting the company's liquidity position. The maturity of the RCF has been extended to December 2030. Beyond the RCF maturity, RSA's term loans have maturity dates of 2030 for the first-, second- and third-out term loans and 2031 for the fourth-out term loan. Issuer Profile RSA Security, carved out from Dell Technologies, operates four distinct products: SecurID (cybersecurity), Fraud & Risk Intelligence/Outseer (risk management), Archer and NetWitness. Archer was divested in fiscal 2024 and NetWitness in fiscal 2026. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate high risk for RSA. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Redstone Intermediate (SecurID) HoldCo LLC LT IDR RD Downgrade LT IDR B- Upgrade RD Redstone Intermediate (FRI) HoldCo LLC LT IDR B- Upgrade LT IDR RD Downgrade B- Redstone Parent LP LT IDR B- Upgrade CCC- LT IDR RD Downgrade RedStone Buyer, LLC LT IDR B- Upgrade CCC- LT IDR RD Downgrade senior secured LT BB- New Rating RR1 senior secured LT CCC New Rating RR6 Sr Secured 2nd Lien LT B- New Rating RR4 senior secured LT WD Withdrawn CCC Sr Secured 2nd Lien LT WD Withdrawn C Sr Secured 3rd Lien LT CCC New Rating RR6 Redstone Holdco 2 LP LT IDR RD Downgrade LT IDR B- Upgrade RD REUP GALAXY: Hires Tavey Consulting Inc as Financial Consultant --------------------------------------------------------------- ReUp Galaxy Holdings LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Tavey Consulting Inc. as financial consultant. The firm will render these services: a. designate an individual who possesses suitable skill, knowledge, and experience, preferably within senior management, to oversee the services; b. evaluate the adequacy and results of the Services performed; c. make all management decisions and perform all management functions; d. accept responsibility for the results of the Services, including decisions regarding the communication to clients of any advice provided by TC; and e. establish and maintain internal controls as well as monitor ongoing activities. The firm's hourly rates are: Jill Tavey $350/hour Julie Thackeray $150/hour The firm received a retainer in the amount of $10,540. As disclosed in the court filings, Tavey Consulting, LLC is a "disinterested person" within the meaning of $101(14). The firm can be reached through: Jill Tavey, CPA Tavey Consulting, LLC 2677 E. Sunset Dr. Eagle Mountain, UT 84005 Cell: (801) 574-0555 Email: jill@taveyconsulting.com About ReUp Galaxy Holdings LLC ReUp Galaxy Holdings LLC, ReUp Technologies Inc., and ReUp Ops LLC are U.S.-based companies headquartered in Austin, Texas, operating under the ReUp Living brand in the home renovation and property enhancement sector, providing pre-listing residential renovation services designed to increase home sale value. The entities collectively manage, develop, and deliver ReUp Living services, including technology solutions, operational support, and franchise management across the U.S. market. ReUp Galaxy Holdings LLC, ReUp Technologies Inc., and ReUp Ops LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case Nos. 26-10037, 26-10038 and 26-10039, respectively.) At the time of filing, ReUp Galaxy Holdings LLC estimates $6,411,991 in liabilities. The petitions were signed by Ryan Sawchuk as president. David N Stern, Esq. at BARRON & NEWBURGER, P.C. represents the Debtors as counsel. REVLON INC: Claimants Ask 2nd Circ. to Allow Late Claims -------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Wednesday, February 18, 2026, a group of talc liability claimants urged the Second Circuit to find that reorganized Revlon must honor their injury claims even though they were filed after the confirmed bankruptcy claims bar date. In their brief, the appellants argued that the timing of their claims should not bar recovery for injuries linked to pre‑petition exposure. The claimants contend that bankruptcy deadlines should not extinguish valid claims arising from long‑latent health effects allegedly caused by asbestos in Revlon’s talc products. They asked the appellate court to overturn lower court rulings that refused to allow late claims, emphasizing fairness and access to compensation. The appeal puts before the Second Circuit the broader question of how bankruptcy procedures interact with mass tort claims, especially where claimants may not learn of their injuries until after a case has emerged from Chapter 11. A decision in favor of the claimants could reshape how late‑filed claims are treated in future reorganizations, the report states. About Revlon Inc. Revlon Inc. manufactures, markets and sells an extensive array of beauty and personal care products worldwide, including color cosmetics; fragrances; skin care; hair color, hair care and hair treatments; beauty tools; men's grooming products; antiperspirant deodorants; and other beauty care products. Today, Revlon's diversified portfolio of brands is sold in approximately 150 countries around the world in most retail distribution channels, including prestige, salon, mass, and online. Since its breakthrough launch of the first opaque nail enamel in 1932, Revlon has provided consumers with high-quality product innovation, performance and sophisticated glamour. In 2016, Revlon acquired the iconic Elizabeth Arden company and its portfolio of brands, including its leading designer, heritage and celebrity fragrances. Revlon is among the leading global beauty companies, with some of the world's most iconic and desired brands and product offerings in color cosmetics, skin care, hair color, hair care and fragrances under brands such as Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos, Christina Aguilera and AllSaints. Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10760) on June 15, 2022. Fifty affiliates, including Almay, Inc., Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also sought bankruptcy protection on June 15 and June 16, 2022. Revlon disclosed total assets of $2,328,093,000 against total liabilities of $3,689,240,395 as of April 30, 2022. The Hon. David S. Jones is the case judge. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as bankruptcy counsel; Mololamken, LLC as special litigation counsel; PJT Partners, LP as investment banker; KPMG, LLP as tax services provider; and Alvarez & Marsal North America, LLC as restructuring advisor. Robert M. Caruso and Matthew Kvarda of Alvarez & Marsal serve as the Debtors' chief restructuring officer and interim chief financial officer, respectively. Meanwhile, Kroll Restructuring Administration, LLC is the Debtors' claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on June 24, 2022. Brown Rudnick, LLP, Province, LLC and Houlihan Lokey Capital, Inc. serve as the committee's legal counsel, financial advisor and investment banker, respectively. ROCKIES EXPRESS: S&P Alters Outlook to Stable, Affirms 'B+' ICR --------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'B+' ICR on Rockies Express Pipeline LLC (REX) and its 'BB' issue-level rating on REX's senior unsecured notes. The '1' recovery rating on the notes is unchanged. The stable outlook on REX reflects the stable outlook on its ultimate parent, Prairie, because S&P views these entities as being in the same group. S&P said, "On Dec. 31, 2025, REX $935 million preferred equity, which we had treated as debt per our criteria, was exchanged for new common equity at certain of its ultimate parent companies. This action significantly reduces REX's leverage. We expect REX's leverage (S&P Global Ratings-adjusted) will be about 3.6x over the forecast period. "We consider the preferred equity exchange as credit positive. Affiliates of Tallgrass Energy L.P.'s (TGE) equity investors contributed all their preferred interests in REX, valued at $935 million, to TGE and Prairie Holdco LP in exchange for newly issued limited partner interests in TGE and/or Prairie Holdco L.P. Because we had treated the preferred interests as debt per our criteria, this exchange reduced REX's leverage to about 3.6x on a sustained basis. Therefore, we assessed REX's financial risk profile as significant and we revised REX's stand-alone credit profile (SACP) to 'bb+' from 'bb'. We continue to expect REX will generate stable cash flow from its long-term contracts and sustain its leverage at this level. "We cap the ICR on REX at 'B+' because we view it as being a core entity under Prairie's group. We consider REX core to Prairie, given that, among other factors, REX is integrated into Prairie's business; has a strong, long-term commitment of support from the group under stressful conditions; is reasonably successful as a natural gas pipeline company; and accounts for about half of the group's EBITDA. Because we integrate REX into Prairie's group and assign a core group status to REX, we rate the ICR at the same level as the group credit profile, which is our 'B+' ICR on Prairie. "The stable outlook on REX reflects that on Prairie. The stable outlook on Prairie reflects our expectation that the company's S&P Global Ratings-adjusted leverage will be sustained below 7.5x over the forecast period. Overall, we expect that future projects will be financed in a way that will maintain credit metrics at levels appropriate for the rating. "We could lower our rating on REX if we lowered our rating on Prairie. We could take a negative rating action on Prairie if we expect the company's S&P Global Ratings-adjusted leverage will be sustained above 7.5x. This could happen if the company adopts a more aggressive financial policy, which could include increased distributions to shareholders in lieu of debt paydown, or development funded with a disproportionate amount of debt. "We could raise our rating on REX if we raised our rating on Prairie. We could take a positive rating action on Prairie if we expect the company will further deleverage so that the company will sustain S&P Global Ratings-adjusted leverage below 6x. This could occur if the company paid down debt outstanding with free cash flow while executing on growth projects, leading to increased EBITDA generation." ROSE RENTAL: Seeks to Sell Jackson Property for $128K ----------------------------------------------------- Rose Rental Properties, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at located at 105 Northtown Dr, Jackson, MS 39211 . The Property includes the house and land that is mortgaged by Citizens National Bank. The Debtor employs Victoria Prowant as its Realtor. The Debtor wishes to sell the property for $128,000 and that the loan with Creditor should be paid from the proceeds after all closing costs and provisions have been paid. That the Debtor shall pay the following closing costs and provisions: a. Commission to Sellers agent in the amount of 2.5% of Gross Sales Price b. Kitchen refrigerator shall stay with property at no additional cost c. The contract is contingent upon successful inspection d. $3,000 towards closing costs. e. All taxes, rents, utilities, and other assessments and appropriate Property Owners Fees to be prorated as of the date of closing. f. Seller to pay difference in homestead and non-homestead taxes if not in place at time of closing. The expected closing of the sale is on March 13, 2026. The offer is subject to FHA loan approval and if the contract will fail, the $500 earnest money will be forfeited to the creditor. The Debtor will submit the settlement statement, deed, title commitment, and loan payoff statement to Creditor at least 48 hours prior to closing for approval. The Property should be sold free and clear of all liens, claims, interests, and encumbrances. About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. ROSE RENTAL: Seeks to Sell Ridgeland Property for $116K ------------------------------------------------------- Rose Rental Properties, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at located at 632 Ralde Cir, Ridgeland, MS 39157. The Property includes the house and land that is mortgaged by Citizens National Bank. The Debtor employs Victoria Prowant as its Realtor. The Debtor wishes to sell the property for $116,950.00 and that the loan with Creditor should be paid from the proceeds after all closing costs and provisions have been paid. That the Debtor shall pay the following closing costs and provisions: a. Commission to Sellers agent in the amount of 2.5% of Gross Sales Price b. Commission to Buyers agent in the amount of 2.5% of Gross Sales Price c. Kitchen refrigerator will remain with property, at no additional value or cost. d. All taxes, rents, utilities, and other assessments and appropriate Property Owners Fees to be prorated as of the date of closing. e. All rent and security deposits to be prorated at time of closing f. Lease to be assumed by buyer. The expected closing of the sale is on March 16, 2026. The offer is a cash basis and if the contract will fail, the $2,500 earnest money will be forfeited to the creditor. The Debtor will submit the settlement statement, deed, title commitment, and loan payoff statement to Creditor at least 48 hours prior to closing for approval. The Property should be sold free and clear of all liens, claims, interests, and encumbrances. About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. ROYAL HASS: Commences Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On February 10, 2026, Royal Hass, LLC 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 Royal Hass, LLC Royal Hass, LLC is a Georgia-based business engaged in the cultivation, distribution, and sale of agricultural products, including specialty crops. Royal Hass, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-51801) on February 10, 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 Lisa Ritchey Craig handles the case. The Debtor is represented by Mark Gensburg, Esq., of Jones & Walden LLC. RXO INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed RXO, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB' and senior unsecured debt at 'BB' with a Recovery Rating of 'RR4'. Fitch has also assigned a 'BB'/'RR4' rating to RXO's proposed issuance of new senior unsecured notes, and a 'BBB-'/'RR1' to its new secured ABL facility. The Rating Outlook is Stable. RXO's rating reflects its customer service-orientation, cost focus, proprietary technology platform, and growing scale that supports its market position in the highly competitive truck freight brokerage industry. Fitch believes RXO's strategic focus on expanding its less-than-truckload (LTL), last mile and managed transport positions will further operationally align customer relationships and dampen the impact of freight cyclicality on cash flows in the long term. RXO's capital allocation and financial policies are expected to support through-the-cycle financial flexibility and mid-cycle EBITDA leverage in the 2.0x-2.5x range. Key Rating Drivers New Notes Rated 'BB': RXO plans to issue new senior unsecured notes. Fitch does not expect the transaction to materially impact leverage metrics. The issuance proceeds are intended to refinance the existing $355 million notes and pay down outstanding revolving facility borrowings. The ABL facility rating of 'BBB-'/'RR1' reflects the first lien security on the collateral base. Strategy Improving Cash Flow Quality: Over the long term, Fitch believes execution on RXO's strategy of driving increased cyclical stability and customer integration could support a substantial improvement in through-the-cycle cash flow resiliency. Key growth priorities include increasing the LTL, last mile and managed transport revenue mix, which is expected to support steadier earnings and greater customer integration through enabling incremental cross-selling opportunities for complimentary services. Significant progress on improving differentiation and enhancing service line mix should strengthen RXO's business and cash flow profile above it's current 'BB' characteristics. Scale, Relationships, Tech Support Competitiveness: RXO's increased network scale post-Coyote and established reputation for customer service increases its base of shippers and facilitates on-time, cost competitive service. This helps provide incremental differentiation within the fragmented and competitive freight brokerage market. RXO's digital platform and ongoing technology investments maintain an attractive, scalable platform that sustains a large base of carriers. Fitch believes a sustained improvement in mid-cycle gross margins, while continuing above-average platform growth, would be a good indicator of share gains and strengthening competitive advantages. Financial Flexibility Mitigates Cyclicality: RXO's low fixed cost base supports FCF generation through the cycle, while the asset-light nature and significant utilization of its digital brokerage platform creates operating leverage in an improving freight cycle. Fitch forecasts neutral FCF in 2026 and around $50 million in 2027, with CFO-capex/debt reaching the low-double digits. Fitch forecasts steady EBITDA of about $130 million in 2026, before improving to $190 million in 2027. Spot Rates Pressure Profitability: Rising spot trucking rates are expected to temporarily pressure EBITDA margins, particularly as existing contracted customer rates (about 70% of its brokerage volume) lag the market. While a pronounced tightening in buy-sell spread is a risk, Fitch views RXO's market position and track record navigating prior cycles reduces the concern. Contract terms cover six to 12 months, skewing toward the longer end, suggesting margin pressure is likely to persist through 2026. Benefits of cost synergies and operating cost reductions taken in 2025 will also limit the impact in 2026. Policies Support Mid-2x Leverage: Fitch forecasts EBITDA leverage declining to the mid-2.0x range in 2027 from a high of around 3.0x in 2025 and 2026. Fitch does not expect substantial debt repayment as RXO's cash flow improves, but that it will balance growth investment with shareholder returns. RXO's credit conscious financial policies support the credit profile. The company has demonstrated balance sheet discipline, such as fully equity to fund the Coyote acquisition, acknowledging the risks of cyclical pressures. Peer Analysis Fitch compares RXO to other transportation and logistics peers like XPO, Inc (BB+/Stable), The Brink's Company (BB+/Stable) and C.H. Robinson (CHRW; Not Rated). XPO and Brinks operate relatively asset-intensive networks that support higher competitive barriers, while Brink's operating profile also benefits from a more stable demand environment for cash management and logistics services. Fitch expects XPO's leverage to trend toward the low- to mid-2.0x range while Brink's operates in the mid -to high-3.0x range. RXO is also compared to CHRW, the largest freight brokerage platform, which benefits from notably larger scale and diversified business lines. CHRW has historically managed EBITDA leverage around the mid-1.0x range. Fitch’s Key Rating-Case Assumptions - Revenue of $5.7 billion in 2026, followed by low-to-mid single-digit organic growth thereafter, reflecting a slow improvement in freight market conditions. M&A contributions are assumed in the medium term, contributing low-single digit growth; - EBITDA margin deteriorates and remains near 2.5% over 2025-2026, down from 3% in 2024, before progressing to over 4% with contract resets and gradual growth; - One-time transaction, restructuring and capex costs significantly moderate after 2025; - Subsequent to 2025, capital allocation policies prioritize growth and shareholder returns with no meaningful debt repayment. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The business and financial profile factors are assessed (in the format of the 'assessment', followed by relative importance) as follows: Management ('bbb', low), Sector Characteristics ('bb', high), Market and Competitive Positioning ('bb', high), Diversification and Asset Quality ('bb', moderate), Company Operational Characteristics ('bb-', moderate), Profitability ('b', low), Financial Structure ('bb+', moderate), and Financial Flexibility ('bbb-', moderate). - Assessment of the quantitative financial subfactors include bespoke issuer calculations. - The quantitative financial subfactors are assessed based on custom CRT financial period parameters of, 20% for the forecast year 2025, 40% for the forecast year 2026 and 40% for forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A more competitive environment or decrease in RXO's pricing discipline leads to an erosion of gross margins, increasing cash flow risk; - A shift in capital deployment and financial policy leading to mid-cycle EBITDA leverage sustained above 3.0x; - A reduction in financial flexibility, including (CFO-capex)/debt below 7.5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A realization of increased scale and execution of strategic mix shift that improves RXO's through-the-cycle cash flow risk profile; - Above-average volume and market share growth that further strengthen the network's value proposition; - Maintenance of RXO's financial and capital allocation policies that supports mid-cycle EBITDA leverage sustained below 2.0x; - Preservation of through-the-cycle financial flexibility including (CFO-capex)/debt sustained above 10%. Liquidity and Debt Structure As of Dec. 31, 2025, RXO had total liquidity of $432 million, including $17 million of cash and $415 million of availability on its $450 million ABL, pro forma for the revolver replacement in February 2026. RXO plans to issue new bonds to replace its existing $355 million notes that mature in 2027. Its ABL facility matures in 2031. Issuer Profile RXO is an asset-light freight brokerage platform with significant digital capabilities. It primarily operates in truck freight brokerage with added capabilities in managed solutions and final mile deliveries. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- RXO, Inc. LT IDR BB Affirmed BB senior unsecured LT BB New Rating RR4 senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- New Rating RR1 SAKS GLOBAL: Seeks to Hire Haynes and Boone LLP as Co-Counsel ------------------------------------------------------------- Saks Global Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Haynes and Boone, LLP as co-counsel. The firm's services include: a. serving as bankruptcy co-counsel and conflicts counsel for the Global Debtors and working collaboratively with Willkie to advance the Global Debtors' objectives in an efficient manner; b. at the request of the Global Debtors and in coordination with Willkie, preparing, on behalf of the Global Debtors, any necessary motions, applications, answers, orders, reports, and other documents in connection with the administration of these Chapter 11 Cases, reviewing and commenting on drafts of the foregoing, and reviewing all financial and other reports to be filed in these Chapter 11 Cases; c. providing counsel to the Global Debtors, in coordination with Willkie, with regard to the Global Debtors' rights and obligations as debtors in possession in the continued operation of their businesses and the management of their estates; d. at the request of the Global Debtors, appearing in Court and at any meeting with the United States Trustee, and any meeting of creditors at any given time on behalf of the Global Debtors as their local and bankruptcy co-counsel; e. providing legal advice and services regarding local rules, practices, procedures, and Fifth Circuit law, and conforming filings and appearances to Southern District of Texas requirements; f. coordinating with other retained professionals and advisors to avoid duplication of services across teams; and g. performing such additional legal services as the Global Debtors may request, to promote the efficient and effective prosecution of these Chapter 11 Cases. Haynes Boone's current hourly rates are: Partners $1,300 to $2,000 Counsel $1,100 to $1,350 Associates $705 to $1,180 Paraprofessionals $550 to $675 Haynes Boone received a total of $1,000,000 as a retainer. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: a. Question: Did Haynes Boone agree to any variations from, or alternatives to, Haynes Boone's standard billing arrangements for this engagement? Answer: No. Haynes Boone and the Global Debtors have not agreed to any variations from, or alternatives to, Haynes Boone's standard billing arrangements for this engagement. b. Question: Do any of the Haynes Boone professionals in this engagement vary their rate based on the geographic location of these chapter 11 cases? Answer: No. The hourly rates used by Haynes Boone in representing the Global Debtors are consistent with the rates that Haynes Boone charges other comparable Chapter 11 clients, regardless of the location of the Chapter 11 case. c. Question: If Haynes Boone has represented the Global Debtors in the twelve (12) months prepetition, disclose Haynes Boone's billing rates and material financial terms for the pre-petition engagement, including any adjustments during the twelve (12) months prepetition. If Haynes Boone's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: The Firm was retained by the Global Debtors in the weeks prior to the Petition Date, and the Firm's billing rates have not changed post-petition. d. Question: Have the Global Debtors approved Haynes Boone's budget and staffing plan, and, if so, for what budget period? Answer: No prospective budget or staffing plan has been discussed with Haynes Boone as of the filing of the Application. Kelli Norfleet, Esq., a partner of Haynes and Boone, LLP, assured the court that the firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code and modified by section 1107(b). The firm can be reached through: Kelli S. Norfleet, Esq. Haynes and Boone, LLP 1221 McKinney Street, Suite 4000 Houston, TX 77010 Tel: (713) 547-2630 Fax: (713) 236-5621 Email: kelli.norfleet@haynesboone.com About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAKS GLOBAL: Taps Andrew D.J. Hede of Accordion Partners as CRO --------------------------------------------------------------- Saks Global Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Accordion Partners, LLC as its financial advisor and designate Andrew D.J. Hede as chief restructuring officer. The firm will render these services: (a) assist with the implementation of this Court's orders; (b) based on underlying records, as and when produced, assist with the preparation of such financial disclosures as may be required by the Court, the Bankruptcy Code or other applicable rules or guidelines, including any schedules of assets and liabilities, statements of financial affairs and monthly operating reports; (c) participate in meetings and provide support in responding to information requests, and communicating with creditor constituencies, any official or unofficial committees, claimant representatives appointed by the Court, the United States Trustee for the Southern District of Texas (the "U.S. Trustee") and any party in interest, as well as any professionals of the foregoing; (d) identify the Company's executory contracts and unexpired leases, as and when produced, and perform analyses of the financial impact of the assumption or rejection of each, as necessary; (e) participate in the Company's claims analysis and reporting, including plan classification modeling and claim estimation; (f) advise the SO5 Digital Debtors' senior management, as may be appropriate, in connection with the drafting of a chapter 11 plan (the "Plan"); (g) prepare any information and analyses that may be requested or required in connection with confirmation of the Plan; (h) assist in implementing the Plan; (i) provide investigative and litigation support in potential matters involving related parties; (j) provide assistance with testimony before the Court, as requested, on matters that are within Accordion's expertise; and (k) provide such other restructuring or advisory services to the SO5 Digital Debtors as are consistent with the role of Chief Restructuring Officer and/or the above-described services, requested by the SO5 Digital Debtors and its counsel, not duplicative of services provided by other professionals, and agreed to by Accordion. Accordion received a retainer in the amount of $200,000. Accordion's applicable hourly rates are: Senior Managing Directors $1,050 to $1,250 Managing Directors $950 to $1,050 Senior Directors $795 to $895 Directors $675 to $775 Vice Presidents $575 to $650 Associates $450 to $550 Andrew D.J. Hede, president of Accordion Partners, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Andrew D.J. Hede Accordion Partners, LLC One Vanderbilt Ave, 24th floor New York, NY 10017 Phone: (212) 202-1739 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: Taps Mark Weinsten of Berkeley Research Group as CRO ----------------------------------------------------------------- Saks Global Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Berkeley Research Group, LLC and designate Mark Weinsten as chief restructuring officer. The firm will render these services: (a) assist in overseeing the restructuring related activities of the Global Debtors in consultation with other advisors and the Global Debtors' management team to effectuate the selected course of action; (b) assist the Global Debtors' management team with developing and implementing cash flow forecasts, sizing of DIP financing, and managing liquidity in coordination with the CFO, including assessing short-term and long-term liquidity requirements; (c) assist the Global Debtors' management team in evaluating any cost reduction initiatives; (d) support process to secure DIP financing, including transacting with existing or potential capital providers; (e) assist the Global Debtors in preparing for and operating in any restructuring process (whether in a chapter 11 bankruptcy proceeding or otherwise), including negotiations with stakeholders, and the formulation of a reorganization strategy and plan of reorganization directed to preserve and maximize value; (f) assist the Global Debtors' management team in development of the Global Debtors' business plan and such other related forecasts as may be required by creditor constituencies in connection with negotiations; (g) provide information deemed by the CRO to be reasonable and relevant to stakeholders and consult with key constituents as necessary, in each case, in consultation with the Global Debtors' management team and other advisors; (h) To the extent reasonably requested by the Global Debtors, offer testimony before the Bankruptcy Court with respect to the services provided by the CRO and the BRG Personnel, and participate in depositions, including by providing deposition testimony, related thereto; and (i) Such other services as mutually agreed upon by the CRO, BRG, and the Global Debtors. The firm will receive $250,000 per month for Mr. Weinsten's services. BRG's current standard hourly rates are: Managing Directors $1,180 to $1,450 Directors & Associate Directors $950 to $1,150 Professional Staff $475 to $925 Support Staff $195 to $415 Mark Weinsten, a managing director at Berkeley Research Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Weinsten Berkeley Research Group, LLC 225 Franklin Street, Floors 31 and 32 Boston, MA 02110 Tel: (617) 673-2161 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. SARR'S ESSENTIAL: Eric Huebscher Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Eric Huebscher of Huebscher & Co. as Subchapter V trustee for Sarr's Essential Palace and Juice Bar. Mr. Huebscher will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Huebscher declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Huebscher Huebscher & Co. 301 E 87th St. - 20E New York, NY 10128 Phone: 917-763-3891 Email: ehuebscher@huebscherconsulting.com About Sarr's Essential Palace and Juice Bar Sarr's Essential Palace and Juice Bar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10299) on February 13, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Julio E. Portilla, Esq., at the Law Office Julio E. Portilla, P.C. represents the Debtor as legal counsel. SLEEP QUARTERS: Gets Extension to Access Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, entered a second interim order extending Sleep Quarters Plus, Inc.'s authority to use cash collateral to continue operating its retail furniture and mattress business. Under the second interim order, the Debtor is permitted to use cash collateral strictly in accordance with its monthly budget, with a permitted variance of up to 15% per line item and 15% overall. Any expenditures beyond those limits require prior written consent from Citizens National Bank of Texas, the secured lender. The budget projects total monthly operational expenses of $17,768. Citizens National Bank of Texas will be granted post-petition replacement liens and security interests that are co-extensive with its pre-bankruptcy liens, to the extent such liens exist. These liens attach to substantially all post-petition personal property and proceeds (excluding Chapter 5 avoidance actions) and are automatically perfected without further filings. The Debtor does not admit the validity of the lender's pre-bankruptcy liens. As additional protection, the Debtor must keep the collateral insured and stay current on taxes. The authorization to use cash collateral remains in effect through the final hearing, which is scheduled for March 12, at 9:30 a.m., before Judge Scott Everett. Objections to the proposed final order must be filed by March 5. About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reported $1 million to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC as legal counsel and Manning & Associates, PC as accountant. SMART FONE: Hires Timothy Zearfoss as Bankruptcy Counsel -------------------------------------------------------- Smart Fone Doctor Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire the Law Office of Timothy Zearfoss as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Zearfoss will charge $350 per hour for legal services rendered. The firm received an advance retainer in the sum of $10,000 from the Debtor prior to the Petition Date. Timothy Zearfoss, Esq., disclosed in a court filing that he does not represent any interests adverse to the Debtor or its bankruptcy estate. The firm can be reached through: Timothy Zearfoss, Esq. Law Offices of Timothy Zearfoss 143-145 Long Lane Upper Darby, PA 19082 Tel: (610) 734-7001 About Smart Fone Doctor Inc. Smart Fone Doctor Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10427) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Patricia M. Mayer presides over the case. Timothy Zearfoss, Esq., at the Law Office of Timothy Zearfoss represents the Debtor as bankruptcy counsel. SNOW CONTRACTING: Commences Chapter 7 Bankruptcy in Minnesota ------------------------------------------------------------- On February 6, 2026, Snow Contracting LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Minnesota. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 50–99 creditors. About Snow Contracting LLC Snow Contracting LLC is a Minnesota-based contracting company specializing in snow removal and seasonal property maintenance services for commercial and residential clients. Snow Contracting LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30380) on February 6, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mychal A. Bruggeman handles the case. The Debtor is represented by Karl A. Kruger, Esq., of Kruger Law Office, LLC. SOUTH TOWN: Hires Taft Stettinius & Hollister LLP as Counsel ------------------------------------------------------------ South Town By 4M LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Taft Stettinius & Hollister, LLP as counsel. The firm will render these services: (a) review assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) provide the Debtor and its responsible person legal advice with respect to its powers and duties; (c) assist the Debtor in the preparation of schedules, statement of affairs and other required filings and documents; (d) prepare pleadings such as the Debtor's applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, subchapter V status conference report, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (e) negotiate with creditors and other parties in interest, attend court hearings, meetings of creditors and meetings with other parties in interest; (f) review proofs of claim and solicitation of creditors' acceptances of plan; and (g) perform all other legal services for the Debtor, which may be necessary or in furtherance of its reorganizational goals. The firm will be paid at these hourly rates: Kimberly Ross Clayson, Attorney $580 Jay Welford, Attorney $760 Attorneys $385 - $800 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $100,000. Ms. Clayson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kimberly Ross Clayson, Esq. 27777 Franklin Road, Suite 2500 Southfield, MI 48034 Telephone: (248) 351-3000 Email: kclayson@taftlaw.com About South Town By 4M LLC South Town By 4M LLC is a limited liability company. South Town By 4M LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40805) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $50MM to $100MM and estimated liabilities between $10MM and $50MM. Honorable Bankruptcy Judge Lisa S. Gretchko handles the case. The Debtor is represented by Kimberly Ross Clayson, Esq. of Taft Stettinius & Hollister, LLP. SOUTHWEST FIRE: Seeks to Use Cash Collateral -------------------------------------------- Southwest Fire Defense, LLC asks the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral for the period from March 1 through May 31. The Debtor identifies three cash collateral creditors: Kapitus, LLC owed about $122,525 and holding a security interest in substantially all of the Debtor's assets; the U.S. Small Business Administration owed approximately $500,000 under an Economic Injury Disaster Loan with a perfected lien on accounts and deposit accounts; and Cadence Bank, owed about $326,000, with a security interest in all business assets. The Debtor explains that continued access to cash collateral is essential to maintain operations, preserve vendor and customer relationships, pay employees, and avoid an immediate shutdown that would destroy going-concern value and any chance of reorganization or sale. As adequate protection, the Debtor proposes granting replacement liens on all pre-bankruptcy and post-petition collateral and proceeds, effective as of the petition date, to secure any diminution in value of the secured creditors’ interests. The Debtor has also reached an agreement with First Citizens Bank, which is not a cash collateral creditor, to make monthly adequate protection payments on four claims beginning March 1 and to resume payments to Kapitus of $1,624 per month starting March 15. The SBA and Cadence are treated as wholly unsecured under section 506(a). The Debtor forecasts positive cash flow during the period and asserts that the proposed liens and payments provide sufficient protection, justifying authorization to use cash collateral under the budget to fund day-to-day operations, payroll, and working capital needs. A copy of the motion is available at https://urlcurt.com/u?l=lVgeKq from PacerMonitor.com. About Southwest Fire Defense LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by Chris Gatton, Esq., at Gatton & Associates, PC. STOMATCARE DSO: Hires Shraiberg Page PA as Bankruptcy Counsel ------------------------------------------------------------- StomatCare DSO, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Shraiberg Page P.A. as its general bankruptcy counsel. The firm will provide these services: (a) advise the Debtors generally regarding matters of bankruptcy law in connection with this case; (b) advise the Debtors of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the case and U.S. Trustee Guidelines related to the daily operation of its business and administration of the estate; (c) represent the Debtors in all proceedings before this Court; (d) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in this case; (e) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of any plan; and (f) perform all other legal services for the Debtors which may be necessary. The firm's attorneys will charge hourly rates of $425 to $750 for attorneys and $350 for legal assistants. The hourly rate of Bradley S. Shraiberg, Esq. is $750. Prior to the petition date, the firm received a retainer of $121,738. According to the filings, Shraiberg Page P.A. does not hold or represent any interests adverse to the Debtors' estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John E. Page, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: jpage@slp.law About StomatCare DSO, LLC StomatCare DSO, LLC is a Florida-based dental service organization providing administrative, operational, and financial support to dental practices. The company helps streamline practice management, billing, staffing, and other business operations for its network of dental offices. StomatCare DSO, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11476) on February 5, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Corali Lopez-Castro handles the case. The debtor is represented by John E. Page, Esq. of Shraiberg Page, P.A. SUNNYCOVE CAPITAL: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------ On February 12, 2026, Sunnycove Capital, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Sunnycove Capital, Inc. Sunnycove Capital, Inc. is a California-based investment and financial services company engaged in managing capital assets and related investment activities. Sunnycove Capital, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20737) on February 12, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Lars Fuller, Esq., of The Fuller Law Firm PC. THRIVE COMMERCE: Hires Musi Mattson Daubenberger as Counsel ----------------------------------------------------------- Thrive Commerce LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Musi, Mattson, Daubenberger & Clark, LLP as counsel. The firm's services include: (a) giving the Debtor legal advice with respect to its duties and powers in this case; (b) preparation of all papers and legal documents required to be filed in connection with this bankruptcy proceeding; (c) negotiation with all creditors; (d) pursuing existing litigation; (e) assisting the Debtor in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, the operation of the Debtor’s business and the desirability of the continuance of such business, and any other matter relevant to the case or the formation of a plan; (f) participating with the Debtor in the formulation of a plan; and (g) performing such other legal services as may be required and in the interest of creditors. The firm will be paid at these rates: Dimitri L. Karapelou $495 per hour Law Clerks $125 per hour The firm received a retainer in the amount of $1,500 on Dec. 8, 2025, and an additional retainer in the amount of $21,738. Musi, Mattson, Daubenberger & Clark, LLP is a "disinterested person" pursuant to 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Dimitri L. Karapelou, Esq. Musi, Mattson, Daubenberger & Clark, LLP 21 West Third Street Media, PA 19063 Phone: (610) 891-8806 Fax: (610) 891-8807 Email: dlk@mmdlawfirm.com About Thrive Commerce LLC Thrive Commerce, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10482) on February 6, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Ashely M. Chan presides over the case. Dimitri L. Karapelou, Esq., at Musi, Merkins, Daubenberger & Clark, LLP represents the Debtor as legal counsel. TIMBER RIDGE LOGGING: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------------ On February 11, 2026, Timber Ridge Logging LLC 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 $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Timber Ridge Logging LLC Timber Ridge Logging LLC is a Georgia-based company engaged in timber harvesting, logging operations, and related forestry services. Timber Ridge Logging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10227) 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 Paul Baisier handles the case. The Debtor is represented by J. Nevin Smith, Esq., of Smith Conerly LLP. TOP ACES: DBRS Confirms BB(low) Issuer Rating, Trend Stable ----------------------------------------------------------- DBRS Limited confirmed its Issuer Rating on Top Aces Inc. (Top Aces or the Company) at BB (low) and the credit rating on the Company's Senior Unsecured Notes (the Notes) at B (high) with a Recovery Rating of RR5. The trends on both credit ratings are Stable. Concurrently with the confirmations, Morningstar DBRS assigned a provisional credit rating of (P) B (high) with a Recovery Rating of RR5, to the Company's proposed issuance of up to $200 million in additional Senior Unsecured Notes (the Proposed Notes). The trend is Stable. The provisional credit rating assigned to this newly issued debt instrument is based on the credit ratings of an already-outstanding debt series of the above-mentioned debt instrument. A provisional credit rating is not a final credit rating with respect to the above-mentioned security and may change, be different than the final credit rating assigned, or may be discontinued. The provisional credit rating listed above is based on the draft Preliminary Offering Memorandum dated January 21, 2026, and information provided to Morningstar DBRS by Top Aces as of February 2, 2026. The assignment of final credit ratings is subject to receipt by Morningstar DBRS of all information and final documentation that Morningstar DBRS deems necessary to finalize the credit rating. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations reflect Top Aces' operating performance for the last 12 months ended September 2025, which was broadly in line with Morningstar DBRS' expectations. The Stable trend reflects Morningstar DBRS' expectation that the Company will substantially execute on its growth plans and manage leverage levels, which are likely to see a notable near-term increase on the back of debt-funded growth capital expenditures (capex), within the context of the current credit rating category. The credit ratings continue to be supported by Top Aces' solid market position in the specialized niche markets of Adversary Air (ADAIR) and Close Air Support (CAS) combat training services for armed forces mainly in Canada, Europe, and the United States; long-term contracted revenue streams with a history of renewals; strong safety record; technological capabilities; favorable industry trends; and relatively conservative financial management practices. The credit ratings also continue to reflect the considerable spending requirements related to fleet maintenance and contract growth, risks associated with customer concentration, and risks associated with contract renewals in the future, as well as future contract growth. The proceeds of the Proposed Notes will be used to fund growth capital investment over the next 24 months but in the short-term will be used to repay amounts drawn under the Company's revolving credit facility (the Secured Revolver) and general corporate purposes. The Proposed Notes will be guaranteed by all material subsidiaries of the Company. The Proposed Notes will be unsecured obligations ranking equal with all of Top Aces' existing and future unsecured indebtedness, including the Notes, but will effectively be subordinated to any secured indebtedness, including the Company's Secured Revolver. Morningstar DBRS does not expect the credit metrics to materially change immediately after the Proposed Notes issuance. The Recovery Rating of RR5 on the Proposed Notes assumes the Secured Revolver, which was expanded by $50 million in advance of the issuance, is fully drawn and reflects the Secured Revolver's first-lien position. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should Top Aces materially strengthen its business risk profile, primarily through increasing its size and customer diversification, without necessarily requiring an improvement in key credit metrics to do so. Conversely, should key credit metrics deteriorate in aggregate for a sustained period (e.g., the debt-to-EBITDA ratio increases and remains above 4.5 times (x)), because of weaker-than-expected operating performance and/or more aggressive financial management, the credit ratings would likely be pressured. That said, weaker-than-expected operating performance for a sustained period, resulting in a more permanent shift in the Company's business risk profile, could also result in Top Aces having to maintain stronger credit metrics to support the same credit rating. EARNINGS OUTLOOK Morningstar DBRS anticipates Top Aces' earnings profile will strengthen within the current credit rating category over the medium term, benefitting from contract growth, including ADAIR training services in all of its major markets such as Canada, Europe, and the U.S. Revenue growth for full-year 2025, which has not been reported yet, will primarily be driven by expanded ADAIR and CAS services in Europe, as well as contracts related to F-16 maintenance training and support for multiple countries including Ukraine. Morningstar DBRS expects revenues to continue to grow in 2026, driven by expanded ADAIR and CAS services, more than offsetting a potential meaningful decline in Ukraine-related revenues. Looking beyond 2026, Morningstar DBRS expects the Company's revenue growth to be primarily driven by additional ADAIR contracts in Europe and the U.S., benefitting from favorable industry trends for ADAIR services considering their cost-effectiveness and the more widespread adoption of advanced fighter jets like the F-35, evolved training requirements, and pilot shortages of Western militaries. Morningstar DBRS anticipates EBITDA margins to remain relatively steady in in 2026 but further improve thereafter, benefitting from operating leverage gains and relatively stronger margin contributions from new contracts. As such, Morningstar DBRS forecasts EBITDA to continue to see growth for full-year 2025 as well as 2026 and 2027. FINANCIAL OUTLOOK Despite the anticipated growth in earnings, Morningstar DBRS expects Top Aces' financial profile to experience some pressures in the near term, considering the Company's considerable debt-funded growth capex requirements, which are necessary to compete for future contracts. Over the more medium term, Morningstar DBRS believes Top Aces' financial profile should improve and stabilize as the growth in earnings should allow the Company to increasingly self-fund capex requirements for contract growth. Morningstar DBRS forecasts cash flow from operations (before changes in working capital and principal lease payments) will continue to grow in line with earnings. Considering significant growth and maintenance capex outlays for full-year 2025 as well as 2026 and 2027, Morningstar DBRS forecasts the Company to remain in a free cash flow deficit position after changes in working capital and principal lease payments but be in a positive position not accounting for growth capex after 2025. Morningstar DBRS anticipates that the Company will fund this free cash flow deficit with incremental debt. As such, Morningstar DBRS expects leverage to increase, but peak in 2026, and decline thereafter to levels more supportive of the current credit rating. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): Top Aces' CBRA of b (high) reflects the Company's solid market position in its specialized niche markets, contracted revenues streams, strong safety record, technological capabilities, and favorable industry trends. The CBRA also reflects the considerable spending requirements related to fleet maintenance and contract growth, risks associated with customer concentration, as well as uncertainties around existing contract renewals and future contract growth. Comprehensive Financial Risk Assessment (CFRA): Top Aces' CFRA of bb, reflects a temporary weakening because of incremental debt to fund growth capex requirements, as well as the Company's overall relatively conservative financial management practices. Intrinsic Assessment (IA): The IA of bb (low) is within the IA range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments resulting from additional considerations. Recovery Rating: The Recovery Rating of RR5 on the Notes and Proposed Notes assumes a fully drawn Secured Revolver and reflects the Secured Revolver's first-lien position. Notes: All figures are in Canadian dollars unless otherwise noted. TOP ACES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings assigned Top Aces Inc.'s proposed senior unsecured notes a 'B' rating with a Recovery Rating of 'RR4'. Fitch also affirmed the Long-Term Issuer Default Ratings (IDRs) of Top Aces Inc. and Top Aces Corp. at 'B', upsized senior secured RCF at 'BB'/'RR1' and 9.0% senior unsecured notes due 2030 at 'B'/'RR4'. Proceeds from the proposed notes will be used to fund growth capital expenditures, repay outstanding revolver borrowings, and for general corporate purposes. The Rating Outlook is Stable. Top Aces' 'B' IDR reflects its leading market position and competitive advantages. It benefits from barriers to entry, increased defense spending and demand for advanced adversary air (ADAIR) training. This is partly offset by its small scale, limited diversification and sizable capital investment, which could weaken financial flexibility. The ratings are also constrained by obsolescence, substitution, and competitive risks, including the potential for governments to bring ADAIR training services in-house. Key Rating Drivers Notes Issuance: Proceeds from Top Aces' proposed notes issuance, coupled with revolver draws, will fund strategic fleet investments over the next few years. Proceeds will support fleet expansion across the company's A-4, Alpha Jet, and F-16 platforms, along with related engine, spare parts, and technology investments to meet growing demand. These investments directly support secured long-term government contracts and position the company to win future opportunities. Fitch projects EBITDA leverage to increase but expects it to remain comfortably within thresholds for the 'B' IDR. Fitch projects Top Aces' EBITDA leverage to improve modestly in 2026 and 2027 and remain strong relative to 'B' rated peers. However, the agency expects (CFO-capex)/debt to remain negative over the same period due to significant growth investments, weighing on the credit profile in the near term. EBITDA growth exceeding Fitch's expectations would alleviate this cash flow risk. Advanced Training Capabilities Provide Competitive Advantage: Top Aces benefits from competitive advantages relative to peers, including the company's Transport Canada Civil Airworthiness Certification, allowing Top Aces to enter new international markets with fewer barriers than U.S. competitors. This globally recognized certification enables operations in various international jurisdictions. Top Aces' market-leading technology, such as advanced sensors, mission systems, and AI-driven systems, enhances the effectiveness and realism of its training missions. The company's position is also underscored by owning the largest fleet of commercially operated fighter aircraft, including F-16s, crucial for sophisticated ADAIR training. It is the only private commercial operator of this aircraft type. Revenue Visibility and Risks: Top Aces faces obsolescence risks as medium-term demand for ADAIR services could diminish in a reduced threat environment. However, global investments in aeronautics and record military spending spurred by the Russia-Ukraine conflict, as well as increased NATO commitments offer training opportunities and revenue stability. There is risk, albeit limited, of possible government insourcing of ADAIR training. However, Top Aces benefits from cost advantages and limited qualified competitors. Demand for ADAIR training has grown due to fifth-generation aircraft like the F-35, creating a supply-demand imbalance. High EBITDA Margins, Negative Cash Flow: Fitch projects Top Aces to generate mid- to high-30% EBITDA margins, demonstrating robust profitability. However, free cash flow (FCF) is expected to remain negative through 2026 due to growth capital investments. Excluding growth capex, Top Aces generates positive cash flow. Fitch expects the company to pull back on growth expenditures should it fail to secure additional contracts in the future, which should result in positive FCF generation. Growth Strategy Heightens Execution Risk: Top Aces' growth strategy increases execution risk and will reduce its financial flexibility over the next few years. These investments should support the company's competitive position and drive revenue growth beyond 2027, contingent on a favorable demand environment and customer interactions. Fitch's rating case assumes cash flow from operations (CFO), proceeds from the proposed notes issuance, and capacity under the proposed RCF will provide sufficient liquidity to support the company's growth expenditures. However, weaker end-market demand or lower margins than projected could further limit financial flexibility. Small Scale and Limited Track Record: Top Aces' small scale and limited history at its current size and profitability levels introduce cash flow risks consistent with 'B' rating tolerances. While the company's contracts can be multi-year in duration, Top Aces' revenue base is more concentrated than that of larger, more diversified A&D manufacturers. As a result, each contract represents a more meaningful share of sales and EBITDA, increasing sensitivity to renewal/recompete outcomes. Strong customer relationships and high switching costs mitigate this risk, emphasizing the importance of continuously securing renewals and new awards. North American, European Footprint: Top Aces benefits from a geographically diverse footprint in Canada, the U.S., and Europe. Its sizable fleet, consisting of over 140 aircraft, including F-16s, Alpha Jets, and A-4s, supports a broad range of missions and enhances the company's capability to secure contracts. Established relationships with the U.S., Canadian, and German militaries further bolster the company's credit profile. Peer Analysis Top Aces position as a provider of adversary air services is unique relative to Fitch-rated aerospace and defense companies in the 'B' rating category. Ovation Parent, Inc. (d/b/a Kaman; B+/Stable) and Signia Aerospace, LLC (Signia; B+/Stable) are manufacturers of parts, systems, and sub-systems of aerospace-related components. The proprietary, low cost, mission-critical and, particularly, the spec'd in nature of their products beget stability and visibility of their revenues compared with Top Aces. Signia and Top Aces have similar EBITDA margins, while Kaman's are slightly lower (mid-to-high-20%). Kaman and Signia are projected to generate consistently positive FCF and maintain superior (CFO-capex)/debt ratios over the medium term given significantly lower capital intensity. Kaman and Signia are larger than Top Aces, but are expected to operate with higher EBITDA leverage. Fitch’s Key Rating-Case Assumptions - Revenue is projected to increase by around 10% in 2025, mid-single digits in 2026 and around 20% in 2027, driven by increasing contributions from recent wins as well as future contract wins; - EBITDA margins gradually improve from the mid-30% to the high-30%; - Significant growth capex resulting in consistently negative FCF through 2028; - Growth investments are funded with CFO, proceeds from the notes issuance, and revolver borrowings; - No material dividends to the sponsor over the next few years. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (b, Moderate), Profitability (b, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that Top Aces Inc. would be considered a going concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. A 10% administrative claim is assumed in the recovery analysis. Fitch assumes a going-concern EBITDA of CAD75 million for Top Aces in the analysis, up from CAD50 million, reflecting Top Aces' expanding fleet, growing asset base, and multiple secured long-term government contracts. This estimate reflects Fitch's view of a sustainable post-reorganization EBITDA level, considering potential losses of contracts or fixed contracts becoming unprofitable. In Fitch's recovery analysis, the agency assumes that restructuring would likely result from the loss of key contracts due to poor execution or significant shifts in industry dynamics or competition. These hypothetical scenarios would lead to a sizable revenue loss and rapidly deteriorating liquidity, inferring the materialization of significantly higher substitution and obsolescence risk. An enterprise value (EV) multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The multiple reflects Top Aces' competitive advantages, such as its Transport Canada Civil Airworthiness Certification, market-leading technology, and exclusive operation of F-16s for ADAIR training. The multiple also captures the above-average, medium-term revenue risks associated with demand for ADAIR training services. Fitch assumed the first-lien revolver is fully drawn, as cash flow-based credit revolvers are typically tapped when companies are under distress. The recovery analysis resulted in a 'BB'/'RR1' rating for the CAD225 million first lien revolving credit facility, implying outstanding recovery (in a range of 91%-100%), and 'B'/'RR4' ratings for the CAD200 million senior unsecured notes and proposed CAD150 million notes offering, implying good (31%-50%) recovery. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to secure new contracts or renew/extend existing contracts, resulting in heightened cash flow risk and a constrained liquidity position; - Constrained financial flexibility, including revolver utilization exceeding 50% and (CFO-capex)/debt sustained below 2.5%; - EBITDA interest coverage sustained below 2.5x; - EBITDA leverage sustained above 6.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not expect an upgrade over the medium term given Top Aces' operational profile. A longer track record of contract wins, extensions and renewals, bolstering growth and diversification, would alleviate substitution, obsolescence, and competitive risks. Successful execution while maintaining a credit-conscious financial and capital allocation policy could support future positive rating momentum; - Improved liquidity position, evidenced by sustained positive FCF; - Consistently strong credit metrics, including (CFO-capex)/debt sustained above 5.0% and EBITDA leverage sustained below 5.0x. Liquidity and Debt Structure Fitch's rating case assumes CFO, proceeds from the proposed notes issuance, and capacity under the proposed RCF will provide sufficient liquidity to support the company's growth expenditures. However, weaker end-market demand or lower margins than projected could constrain financial flexibility. Pro forma for the refinancing transaction, Fitch expects Top Aces to have around CAD103 million of availability under its CAD225 million revolver and about CAD25 million of cash on hand. Top Aces has no near-term debt maturities. Issuer Profile Top Aces is a provider of adversary air services to the armed forces of the U.S., Canada, Germany, and other Western allies. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2024 revenue-weighted Climate.VS for Top Aces Inc. for 2035 is 23 out of 100, suggesting limited exposure to climate-related risks in that year. For further information on how Fitch perceives climate-related risks in the aerospace and defense sector, see Automotive, Trucks and Aerospace & Defense - Long-Term Climate Vulnerability Scores. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Top Aces Inc. LT IDR B Affirmed B senior unsecured LT B New Rating RR4 senior unsecured LT B Affirmed RR4 B senior secured LT BB Affirmed RR1 BB Top Aces Corp. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B senior secured LT BB Affirmed RR1 BB TOTAL AIR: To Sell Non-Operational Vehicles to Rafa Burciaga ------------------------------------------------------------ Total Air Services, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Total Air serves as a fully licensed and insured HVAC contractor for both Texas and New Mexico. It specializes in HVAC installation, system replacement, repairs, and preventive maintenance for residential and commercial clients. Total Air’s Personal Property includes the following Non-Operational vehicles: 2002 Ford E350 VIN 1FTSS34LX2HB43969 (144,308 miles) 2011 Ford Econoline E-250 VIN 1FTNE2EW3BDA64707 (265,229 miles) 2005 Ford E350 VIN 1FTNE24L35HA16659 (261,661 miles) 2006 Ford E250 VIN 1FTNE24L76DA70149 (196,169 miles Total Air is not in the business of selling vehicles. The sale of the Non-Operational Vehicles would be out of the ordinary course of its business requiring Court authorization. The Non-Operational Vehicles are causing a financial burden on Total Air and need to be removed from its current leased premises. Total Air is prepared to sell the Non-Operational Vehicles to the Scrap Yard belonging to Rafa Burciaga located at 3440 Lyman Ln., El Paso, Texas 79938 for at least $650. The sales proceeds would be deposited into its operating account and used for operating and administrative expenses. The Non-Operational Vehicles are certificated vehicles. No secured creditors claim an interest in the sales proceeds. If the sale is approved, Total Air, through its managing member Brandon Brooks, will transfer title to Rafa Burciaga or any other ultimate purchaser under the terms of the Motion. No broker was retained to conduct the sale. There will be no costs of sale incurred. Since Total Air has no use for it in the operation of its business, it is unnecessarily spending for monthly insurance. Total Air believes it is a beneficial time to sell the Non-Operational Vehicles as the used car market is volatile - it is hard to predict whether the Non-Operational Vehicles would sell for greater or less than $650 thirty to ninety days from the date of the filing of the Motion. If a higher offer materializes after the filing of the Motion for the Non-Operational Vehicles, Total Air will supplement it. Moreover, if Rafa Burciaga chooses not to consummate the sale, Total Air seeks authorization to sell the Non-Operational Vehicles to any other purchaser for no less than $650. Total Air intends to pay post-petition operating and administrative expenses with the sales proceeds. About Total Air Services, L.L.C. Total Air provides residential and commercial HVAC services, including installation, repair, preventive maintenance, and indoor air quality solutions for major brands such as Carrier, Trane, York, Rheem, Daikin, Fujitsu, American Standard, and Amana. Total Air Services, L.L.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex., El Paso Div. Case No. 25-31485-CGB) on November 11, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million, and liabilities of between $1,000,001 and $10 million. Miranda & Maldonado, P.C. is Debtor's legal counsel. TRANS-LUX CORP: Marcum LLP Raises Going Concern Doubt ----------------------------------------------------- Trans-Lux Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The audited report contains a warning that there is substantial doubt about the Company's ability to continue as a going concern. OPERATING LOSSES AND WORKING CAPITAL DEFICIENCY The Company has incurred recurring operating losses and continues to have a working capital deficiency. The Company recorded a loss of $3.5 million in the year ended December 31, 2024, and had a working capital deficiency of $17.4 million as of December 31, 2024. The Company recorded a loss of $4.1 million in the year ended December 31, 2023, and had a working capital deficiency of $13.9 million as of December 31, 2023. DEPENDENCE ON FUTURE OPERATING PERFORMANCE The Company is dependent on future operating performance in order to generate sufficient cash flows in order to continue to run its businesses. Future operating performance is dependent on general economic conditions, as well as financial, competitive and other factors beyond the Company's control, including the impact of the current economic environment, the spread of major epidemics and other related uncertainties such as government-imposed tariffs, travel restrictions, interruptions to supply chains and extended shut down of businesses. In order to more effectively manage its cash resources, the Company had, from time to time, delayed the timetable of the payments of some of its payables, which delayed certain product deliveries from our vendors, which in turn delayed certain deliveries to the customers. Trans-Lux said, "Our continuing operating losses and uncertainty regarding our ability to make the required minimum funding contributions to the defined benefit pension plan and the past due principal and payments on our outstanding 8 1/4% Limited convertible senior subordinated notes due 2012 and 9 1/2% Subordinated debentures due 2012 raise substantial doubt about our ability to continue as a going concern for a period of 12 months from the date of issuance of this Form 10-K." "If we are unable to: (i) obtain additional liquidity for working capital, (ii) make the required minimum funding contributions to the defined benefit pension plan, (iii) make the required principal and interest payments on the Notes and the Debentures and/or (iv) repay our obligations under our Credit Agreement (hereinafter defined) with Unilumin, there would be a significant adverse impact on our financial position and operating results." The Company continually evaluates the need and availability of long-term capital in order to meet its cash requirements and fund potential new opportunities. Additionally, Management believes there is substantial doubt as to whether the Company will have adequate liquidity, including access to the debt and equity capital markets, to operate its business over the next 12 months from February 13, 2026, the date of issuance of the Form 10-K. The Company continually evaluates the need and availability of long-term capital to meet its cash requirements and fund potential new opportunities. The Company's auditor, New Haven, CT-based Marcum LLP, which has served since 2015, issued a "going concern" qualification in its report dated February 13, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, 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. A full text copy of the Company's Annual Report is available at https://tinyurl.com/hwh3vfje About Trans-Lux Trans-Lux is a supplier of LED technology for display applications. The essential elements of these systems are the real-time, programmable digital products that we design, manufacture, distribute and service. Designed to meet the digital signage solutions for any size venue's indoor and outdoor needs, these displays are used primarily in applications for the financial, banking, gaming, corporate, advertising, transportation, entertainment and sports markets. The Company operates in two reportable segments: Digital product sales and Digital product lease and maintenance. As of December 31, 2024, the Company had 7.8 million in total assets, $25.1 million in total liabilities, and $17.3 million in total stockholders' deficit. UNDER ARMOUR: S&P Affirms 'BB-' ICR, Outlook Negative ----------------------------------------------------- S&P Global Ratings affirmed the 'BB-' issuer credit rating on U.S.-based athletic performance apparel and footwear company Under Armour Inc. and removed all ratings from CreditWatch, where it placed them with negative implications on Nov. 25, 2025. S&P said, "We also affirmed our 'BB-' issue-level rating on Under Armour's senior notes. The recovery rating remains '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery to creditors in the event of a payment default." The negative outlook reflects the risk of a lower rating over the next 12 months if operating performance and credit metrics do not improve as expected. Under Armour's business is taking longer to stabilize as sales continue to decline and profit remains pressured. S&P said, "We forecast S&P Global Ratings' lease-adjusted leverage will approach the 4x area by the end of fiscal 2026 (ending March 2026), compared with our previous forecast of remaining below 4x, given higher restructuring expenses and weakness in its North America segment. "We expect Under Armor's S&P Global Ratings' lease-adjusted leverage will improve to below 3x in fiscal 2027 after peaking at 4x in fiscal 2026. At the end of the third quarter, Under Armour's adjusted leverage was 3.7x, higher than the 2.3x in the prior 12-month period. This was due to significant declines in sales and profitability. Adjusted gross margins declined about 330 basis points (bps) in the quarter due to unfavorable tariff-related impacts, a more promotional environment in North America, and channel and regional mix. This was partially offset with favorable impacts from changes in foreign currency and product mix. S&P Global Ratings-adjusted EBITDA margins declined by 530 bps mainly as the company incurred significantly higher restructuring costs of $75 million in the quarter compared with $14 million in the prior year. We note debt balances declined modestly from the previous quarter, as it repaid a seasonal $200 million of outstanding revolver borrowings with cash flows. "The company recently approved an additional $95 million for total estimated restructuring and related charges of $255 million through fiscal 2026, including costs associated with the separation from its Curry brand, out of which $107 million are expected to be cash charges impacting our EBITDA calculations. Due to these additional charges, which the company started incurring in the third quarter and is expected to be fully incurred by the end of fiscal 2026, we now forecast S&P Global Ratings' lease-adjusted leverage to increase to about 3.9x at the end of fiscal 2026, compared to our prior forecast of 3x earlier in 2025. "Our base case for fiscal 2027 now forecasts modest overall topline growth (after a 4% decline in fiscal 2026) and a rebound in profitability as restructuring costs roll off and savings are realized. However, we anticipate EBITDA margins will remain below 10% over the next two years. We believe the company's ongoing strategies will stabilize the business and drive growth. This includes eliminating redundant SKUs, tightening assortments, and introducing elevated products with cohesive language design and modern colorways. It also includes addressing structural issues in the footwear business by exiting low-productivity styles, concentrating investments behind higher-impact franchises, and tightening price tier architecture. "We do not expect significant effects on consolidated financial results or profitability from the Curry brand split, as basketball generates only 2% of sales globally for the company. As restructuring costs roll off in 2026, we forecast Under Armour's S&P Global Ratings' lease-adjusted leverage will improve to 2.5x in fiscal 2027. We remain cautious on the current macroeconomic environment, as softer-than-expected consumer demand and U.S. trade policies remain key risks to our forecast given the discretionary nature of performance sports apparel. "We believe Under Armour will have enough liquidity to absorb any cash flow deficits, given its low debt balances. As of Dec. 31, 2025, the company had full availability under its $1.1 billion revolving credit facility and $465 million cash on hand, resulting in total liquidity of $1.5 billion. Free cash flow will improve in fiscal 2026 due to nonrecurring litigation settlements and lower capital spending, but we forecast it will remain in a $15 million deficit in fiscal 2026, before increasing to positive $80 million in fiscal 2027 on better profits. Under Armour does not have any near-term debt maturities and its liquidity position should provide a buffer to absorb potential operational challenges in an uncertain macroeconomic environment. "The negative outlook reflects Under Armour's recent execution challenges and resulting elevated leverage metrics as well as the potential for additional restructuring should a turnaround in operating performance not materialize as planned over the next 12 months." S&P could lower its rating on Under Armour if leverage increases above 4x on a sustained basis. This could occur if: -- The company is unable to execute its business priorities, including its brand reset, restructuring initiatives, and pricing strategies; or -- Demand for its products and operating performance weaken beyond S&P's expectations. S&P could revise the outlook to stable if it believes Under Armour will sustain leverage under 3x. This could occur if: -- The company's sales and profitability improve from strengthening consumer confidence and successful brand rebuilding as its North American segment improves; or -- Cost savings continue to help stabilize margins ahead of our expectations. US MAGNESIUM: SSG Served as Ivnvestment Banker in Utah Asset Sale ----------------------------------------------------------------- SSG Capital Advisors, LLC served as the investment banker to US Magnesium LLC in the sale of select unencumbered assets to the Utah Division of Forestry, Fire, and State Lands. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in February 2026. US Magnesium was the largest producer of primary magnesium in North America for over two decades. The Company also produced battery-grade lithium carbonate, sodium chloride, and other chemical byproducts for customers in various industries.The Company operated a wholly owned facility in Rowley, Utah, where magnesium had been produced using water from the Great Salt Lake since 1972. US Magnesium's operations spanned 80,000 acres and contained 100 square miles of solar evaporation ponds. The Company faced unique and market-wide challenges with respect to the production of both magnesium and lithium that impacted liquidity. These challenges included the shutdown of a large customer, catastrophic and unforeseen equipment failures, financial obligations under a consent decree entered into with the U.S. Environmental Protection Agency, and a judgment against the Company related to damages incurred by a former customer. As a result of these challenges and others, US Magnesium filed for relief under Chapter 11 of the United States Bankruptcy Code in September 2025. SSG was retained in August 2025 to conduct a comprehensive global marketing process and negotiate a Stalking Horse Credit Bid from an insider affiliate/DIP lender. SSG's marketing process to solicit competing bids produced an additional qualified bid prior to the bid deadline, and an auction was held in January 2026. Leveraging its deep expertise in virtual auction execution, SSG created a dynamic and competitive auction environment that led to multiple rounds of bidding over several days. The final bid of $30 million cash submitted by FFSL was determined to be the highest and best offer for the select unencumbered assets and represented a substantial increase over FFSL's opening bid. SSG's extensive Chapter 11 transaction experience and ability to create a competitive auction environment allowed the Company to maximize the value of its assets for the benefit of stakeholders. Other professionals who worked on the transaction include: * Shaun Martin, independent manager of US Magnesium LLC; * Michael Busenkell, Michael Van Gorder, and Margaret M. Manning of Gellert, Seitz, Busenkell & Brown LLC, counsel to US Magnesium LLC; * Ron Mayo, Chief Restructuring Officer of US Magnesium LLC, Marc Pfefferle, Carl J. Landeck, and Noah Barr of Carl Marks Advisory Group LLC, financial advisor to US Magnesium LLC; * Mark E. Freedlander, Frank J. Guadagnino, and Dion W. Hayes of McGuireWoods LLP, counsel to the Stalking Horse Bidder/DIP Lender; * Mark Minuti and Paige N. Topper of Saul Ewing LLP, counsel to the Stalking Horse Bidder/DIP Lender; * Jonathan N. Helfat and Adam C. Silverstein of Otterbourg P.C., counsel to Wells Fargo Bank; * J. Cory Falgowski and Shannon D. Humiston of Burr & Forman LLP, counsel to Wells Fargo Bank; * George B. Hofmann and Grant Coffey of Cohne Kinghorn, P.C., counsel to the Utah Division of Forestry, Fire, and State Lands; * Daniel K. Hogan, and Garvan F. McDaniel of Hogan McDaniel, counsel to the Utah Division of Forestry, Fire, and State Lands; * Todd C. Meyers, Danielle Barav-Johnson, and John J. Ramirez of Eversheds Sutherland LLP, counsel to the Official Committee of Unsecured Creditors; * Justin R. Alberto, Stacy L. Newman, and Michael E. Fitzpatrick of Cole Schotz P.C., counsel to the Official Committee of Unsecured Creditors; and * Adam Rosen, Garo Khachikian, Anthony Rossello, and Nick Twyman of Province, LLC, financial advisor to the Official Committee of Unsecured Creditors. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on Sept. 10, 2025. In its petition, the Debtor estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, at Gellert Seitz Busenkell & Brown, LLC, as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC, as investment banker. Stretto, Inc., is the Debtor's claims and noticing agent. VALARIS LIMITED: Fitch Puts 'B+' LongTerm IDR on Watch Negative --------------------------------------------------------------- Fitch Ratings has placed Valaris Limited's 'B+' Long-Term Issuer Default Rating (IDR) and 'B+' second lien secured notes rating with an 'RR4' Recovery Rating, co-issued by Valaris Finance Company LLC, on Rating Watch Negative (RWN). This follows the announcement that Valaris will be acquired by Transocean Ltd. (NR) in an all-stock deal valued at around $5.8 billion. The RWN reflects Fitch's expectation that the combined entity may have a weaker credit profile than standalone Valaris. The combined company will have higher leverage metrics and lower coverage metrics compared with Valaris, although it will benefit from enhanced scale, improved FCF generation and synergy opportunities. Fitch plans to resolve the RWN at the close of the transaction, anticipated in 2H26. The closing of the transaction and resolution of the RWN could take longer than six months. Key Rating Drivers Acquisition by Weaker Parent: Fitch views the announced acquisition negatively for Valaris as the agency believes the combined entity may have a weaker profile than Valaris. Transocean has much higher leverage metrics and lower coverage metrics compared with Valaris, and it has significant near-term maturity risk. Under the contemplated deal terms, the resolution of the RWN at close will likely result in a negative rating action for Valaris. Transaction Creates Global Industry Leader: The announced transaction brings together highly complementary, premium offshore assets, which should enhance future FCF and the overall global reach for Transocean. The combined company will own 33 drillships, 31 jackups and nine semi-submersible rigs which will result in an industry-leading backlog of approximately $10 billion. The Transocean management team has identified around $200 million in cost synergies which will further strengthen the company's financial flexibility and could bolster deleveraging capacity. Improving Standalone FCF: Fitch projects Valaris' standalone FCF at around $200 million for full-year 2025. Fitch expects EBITDA will moderate in 1H26, driven by lower fleet utilization and higher costs associated with preparing rigs for recently awarded contracts. Fitch expects cash generation to improve thereafter as these contracts commence through 2026 and enhance FCF in 2027. Adequate Standalone Leverage; Strong Liquidity: Fitch forecasts EBITDA leverage at around 1.9x in 2025 and 2026 and 2.5x at the mid-cycle as its commodity price assumptions decline toward $60 per barrel (bbl) Brent in 2028 and beyond. Valaris also maintains strong liquidity with over $600 million cash on hand and full availability under the $375 million revolver at 3Q25. The company also maintains a clear maturity schedule until its notes are due in 2030. Joint Venture with Saudi Aramco: Valaris has a 50% stake in Saudi Aramco Rowan Offshore Drilling Company (ARO), an equity method-accounted joint venture (JV) with Saudi Aramco. ARO is an offshore drilling company with contracts with Saudi Aramco. Fitch does not forecast any dividends from the JV. Fitch expects the company to fund capital expenditure (capex) through FCF generation and standalone debt without any cash calls from the partners. Peer Analysis Valaris' peers include Noble Corporation plc (Noble; BB-/Stable) and Seadrill Limited (Seadrill; B+/Stable). The combined company's scale will be significantly larger than both Noble and Seadrill with similar EBITDA margins. The combined company will have higher leverage than both Noble and Seadrill along with elevated refinance risks due to Transocean's significant near-term maturities and complicated capital structure. Fitch’s Key Rating-Case Assumptions - Brent oil price averages $63/bbl in 2026, $63/bbl in 2027 and $60/bbl thereafter; - Standalone EBITDA margin increases to the mid-to-high 20s in 2025, remains relatively flat in 2026, and decreases modestly thereafter in line with price assumptions; - Standalone Capex of around $350 million in 2025, with growth-linked spending thereafter; - No dividends paid; - Standalone FCF primarily funds share buybacks. - Announced Transocean acquisition closes in 2H26 as contemplated. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b, Higher), Profitability (bb, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2024, 5% for the forecast year 2025, 15% for the forecast year 2026, 25% for the forecast year 2027 and 50% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fitch expects to resolve the RWN upon completion of the announced transaction under proposed terms. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Independent of the Transaction: - Deteriorating market fundamentals, such as decreasing day rates and offshore rig utilization; - A significant increase in gross debt; - Weakening liquidity; - Midcycle EBITDA leverage above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Sustainably stronger offshore drilling market fundamentals, including high day rates, longer contracts, and growing backlog and rig utilization; - A track record of conservative financial policy that keeps gross debt in check; - Midcycle EBITDA leverage below 2.0x. Liquidity and Debt Structure At 3Q25, Valaris had $663 million of unrestricted cash and full availability under the $375 million long-term committed revolving credit facility (RCF) which expires in 2028. The company also has a clear maturity window with no maturities until 2030, which Fitch views favorably. Issuer Profile Valaris provides offshore drilling services to oil and gas companies across the globe. It owns the world's largest fleet of offshore rigs, including jackups and floaters. Valaris is incorporated in Bermuda and headquartered in the U.S. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Valaris' 2025 Climate.VS of 60 out of 100 by 2035 is consistent with the oilfield services industry. Offshore drilling operations, like their onshore counterparts, are subject to regulatory scrutiny and environmental regulations. Additionally, oilfield services face risks related to emissions, personnel safety, environmental disasters and other catastrophic events. Valaris' diverse operational basins provide geographical diversification, which may help minimize the impact of localized regulations. Valaris has taken various steps to mitigate risks, including investing in real-time emission-monitoring systems, implementing process safety frameworks and conducting offshore emergency event drills. The company reports Scope 1, 2 and 3 emissions and has set a target to reduce Scope 1 emissions intensity by 10% to 20% by 2030 compared to 2019. Key energy transition risks arise from potential declines in oil demand driven by policies aimed at reducing the use of oil in the global economy. These risks do not significantly influence the rating, given the extended timeframe of the energy transition and uncertainty regarding the future changes, policies, and corporate responses to the changes. For further information on how Fitch perceives climate-related risks in the oil and gas sector, see Oil & Gas and Chemicals - Climate Vulnerability Signals Update. ESG Considerations Valaris Limited has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the risk that a possible offshore oil spill may affect the company, which has a negative impact on the credit profile, and is relevant to the rating 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 Recovery Prior ----------- ------ -------- ----- Valaris Limited LT IDR B+ Rating Watch On B+ Senior Secured 2nd Lien LT B+ Rating Watch On RR4 B+ Valaris Finance Company LLC Senior Secured 2nd Lien LT B+ Rating Watch On RR4 B+ VETERANS EMPOWERING: Seeks to Sell Fayetteville Property at Auction ------------------------------------------------------------------- Veterans Empowering Veterans, Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor has real property in the Cumberland County area. This property includes real property and improvements located at 2787 E Cramer Dr, Fayetteville, NC and 1.3 acres located in Wade, NC. The Debtor has determined that it has no use of these assets post-petition and it will be necessary to liquidate these assets to support feasibility of its plan. The Debtor has determined that the best method to liquidate the Sale Assets and to expedite the process would be through a public auction. The Debtor has engaged Johnson Properties Realtors & Auctioneers, Inc. to conduct a public auction of the Sale Assets. Mr. Johnson and his staff are inspecting the Sale Assets now and intend to conduct an live and simulcast online auction of the property on 9 April 2026. The Debtor asks that the sale of the assets be made free and clear of any and all liens, encumbrances, claims, rights and other interests. After the payment of the costs of sale and compensation as set forth in the Debtor's Application to Employ Auctioneer and administrative costs, the liens of the lienholders shall attach to the proceeds of sale until distribution. About Veterans Empowering Veterans Veterans Empowering Veterans, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00445) on February 6, 2025, with $100,001 to $500,000 in assets and liabilities. J.M. Cook, Esq. at J.M. Cook, P.A. represents the Debtor as legal counsel. VILLAGE HOMES: To Sell Village Walk Place Property to Mitchells --------------------------------------------------------------- Village Homes, L.P. seeks permission 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, the acquisition and disposition of lots and options to acquire lots, and in the marketing and sale of 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 including Huntington Bank, f/k/a Veritex Community Bank. In October 2024, the Debtor entered into a Real Estate Sales Contract with VilHom FW Holdings LLC, f/k/a/ Olerio Development, LLC in which the Buyer has agreed to purchase approximately 100 vacant Lots, the Debtor's name, and related intellectual property from the Debtor. VilHom was required to close by the end of February 2025, but VilHom failed to close. The Debtor entered into a Village Homes Purchase Agreement with buyer Reid M. and Samantha L. Mitchell for the sale of a completed townhome with an address of 2152 Village Walk Place, Fort Worth, Texas 76008 (VWP Agreement). The purchase price is $450,000. The VWP Agreement was negotiated between the Debtor and the Buyers at arms-length and the Buyers are providing value to the estate by paying the purchase price as set forth in the VWP Agreement. Therefore, the Buyers are entitled to the protections provided by section 363(m) of the Bankruptcy Code. The VWP Property is not subject to the Lis Pendens and is not one of the Contract Lots. The Debtor proposes to sell the VWP Property free and clear of the lien asserted by Huntington Bank. The Debtor also seeks leave for the closing agent to pay, from the sale proceeds, the ordinary and necessary cost of sale, including commissions, tax prorations, make-ready costs, and homeowners' warranty premium costs. 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. VIRGINIA PARK: Affiliate to Lease Detroit Property to EIP Holdings ------------------------------------------------------------------ Virginia Park 1, LLC (VP1) and its affiliates, Virginia Park 2, LLC (VP2), and Herman Kiefer Development, LLC (HKD), seek permission from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division-Detroit, to grant easements and assignment of lease agreements. HKD seeks to grant easements over portions of the rooftop of a building owned by HKD located at 1151 Taylor Street, Detroit, Michigan 48202 and to assign certain wireless telecommunications lease agreements to EIP Holdings II, LLC, a Delaware limited liability company. The Debtors seek approval to grant rooftop easements on the Taylor Property and to assign beneficial interests in two wireless telecommunications lease agreements, along with a related management agreement, to the Grantee in exchange for an aggregate purchase price of $2,660,000. The Debtors are entities within a real estate development group and were organized for the purpose of acquiring, holding, and developing real property in the City of Detroit, Michigan, including the historic 38-acre Herman Kiefer Hospital complex and surrounding properties located in Detroit's Virginia Park neighborhood. The Debtors initiated these Chapter 11 Cases to preserve value, protect their rights, and maintain their ongoing redevelopment efforts to the extent feasible. The Debtors remain committed to maximizing the value of the Property and their assets for the benefit of their estates and creditors. The Debtors' properties are currently vacant, and the Debtors' income derives primarily from various cell tower leases, a parking lease, a billboard lease, and self-funding from non-Debtor affiliates and investors. The Taylor Property is in the City of Detroit's Virginia Park neighborhood and continues to be owned by Debtor HKD. Located on the Taylor Property is a rooftop-mounted cell tower installation that is classified as an "unmanned telecommunications facility." The site hosts multiple wireless telecommunications carriers under separate lease agreements. The Debtors entered into an easement agreement, a form of which was attached to the Letter Agreement. https://urlcurt.com/u?l=z1N4JV The purpose of the Easement Agreement is to grant EIP exclusive rights to use portions of the rooftop on the Taylor Property for wireless communications purposes, including the operation, construction, maintenance, and management of wireless communication facilities such as towers, antennas, cabinets, and related equipment. The total consideration contemplated under the Letter Agreement to consummate the foregoing transactions was as follows: (i) an upfront aggregate purchase price of $2,660,000; and (ii) an ongoing revenue sharing arrangement of 50% of Net Rental Revenues from any additional tenants beyond the existing anchor tenants. The Agreement provides the following bifurcated transaction structure: The initial closing will include: (i) the grant of an easement over all portions of the rooftop of the Taylor Property, except that portion designated in the TMO Lease as T-Mobile's leased premises; and (ii) assignment of all of HKD's beneficial rights in the AT&T Lease and assignment of the Management Agreement. The second closing will include HKD retaining all right, title, interest, and obligations in and to the TMO Lease and the Excluded Premises unless and until HKD and T-Mobile have executed an amendment to the TMO Lease incorporating T-Mobile's proposed equipment modifications and upgrades, any applicable rent increase, and any other necessary amendments in a form approved by the Grantee. Once the TMO Lease Amendment is fully executed and the Modifications are commenced, the Grantee will conduct any outstanding due diligence and may proceed to closing on the easement over the Excluded Premises and assignment of HKD's beneficial rights in the TMO Lease, as amended. The proposed transactions are not expected to impose any material limitations on the Debtors’ ongoing operations. The Debtors submit that the Grant Agreement and the contemplated transactions thereunder have a sound business purpose and represent a prudent exercise of the Debtors’ business judgment. The proposed transactions will generate substantial liquidity for the Debtors' estates at a critical time. About Virginia Park 1 LLC Virginia Park 1 LLC provides real estate-related services, including property management and support activities, in connection with properties in Michigan. Virginia Park 1 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11308) on June 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtors tapped Glenn Agre Bergman & Fuentes LLP as bankruptcy counsel and Stevenson & Bullock, PLC as local counsel. VITAL PHARMACEUTICALS: Founder's Bid to Stay Adversary Suit Denied ------------------------------------------------------------------ David Minsky of Law360 Bankruptcy Authority reports that on Wednesday, February 18, 2026, a Florida bankruptcy judge declined to stay an adversary lawsuit alleging that misconduct by the founder of Bang Energy (Vital Pharmaceuticals) contributed to the insolvency of the energy drink maker. The motion seeking the pause was filed in an effort to delay the litigation. The court reasoned that the party seeking the stay had not shown it would suffer irreparable harm if the case continued. The judge also described the breadth of the proposed stay as excessive, finding it went beyond what would be reasonable or necessary, the report states. As a result, the adversary proceeding will move forward without interruption. The decision means that core claims challenging the founder's conduct will be litigated in the bankruptcy context rather than put on hold, according to report. About Vital Pharmaceuticals Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing business as Bang Energy and as VPX Sports, has developed performance beverages, supplements, and workout products to fuel high-energy lifestyles. VPX Sports is the maker of Bang energy drinks, among other consumer products. Vital Pharmaceuticals, Inc., along with certain of its domestic subsidiaries and affiliates, filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-17842) on Oct. 10, 2022. VPX estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Hon. Scott M. Grossman is the case judge. WALKER EDISON: Blue Owl Virtually Writes Off $51.3MM 1L Loan ------------------------------------------------------------ Blue Owl Capital Corporation has marked its $51,391,000 loan extended to Walker Edison Furniture Company LLC to market at $483,000 or 2% of the outstanding amount, according to Blue Owl's Form 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl Capital Corporation is a participant in a First lien senior secured loan extended to Walker Edison Furniture Company LLC. The loan accrues interest at a rate of 6.75% per annum. The loan matures on March 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company is led by Craig W. Packer as Chief Executive Officer and Director and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reached at: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Walker Edison Furniture Company LLC Walker Edison Furniture Company LLC is a furniture company that designs, sources, and distributes home furnishings, with a focus on e-commerce and direct-to-consumer channels. ZUUM TRANSPORTATION: Cash Collateral Access Extended to March 1 --------------------------------------------------------------- Zuum Transportation, Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The court on February 19 approved the Debtor's stipulation with Trinity Capital Inc. and Wex Bank, allowing it to use cash collateral through March 1 in accordance with a three-week budget. All terms of the court's previous cash collateral orders remain in effect except as modified by the stipulation. The stipulation is available at: http://bankrupt.com/misc/ZuumTransportation_CashCollStip.pdf The court previously entered an order authorizing the Debtor to use cash collateral on a final basis on the terms and conditions set forth in a January 26 stipulation. The stipulation allowed the Debtor access cash collateral through February 8. The court previously entered a final order authorizing the Debtor's use of cash collateral on the terms and conditions set forth in a January 26 stipulation, which permitted access through February 8. The final order granted Trinity Capital protection through replacement liens and an administrative expense claim to compensate for any decline in the value of its collateral. About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. It provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. Zuum Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor listed between $10 million and $50 million in both assets and liabilities. Judge Mark D. Houle oversees the case. Eve H. Karasik, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. ZYNEX INC: Committee Taps Dundon Advisers LLC as Financial Adviser ------------------------------------------------------------------ The official committee of unsecured creditors of Zynex, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Dundon Advisers LLC as its financial adviser. The firm's services include: a) assist in the review of financial-related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs, and Monthly Operating Reports; b) assist in the review of other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, and monitoring of the Debtors' cash management systems; c) assist in the review and monitoring of the Debtors' insurance programs; d) assist with review of any tax issues; e) assist in the claims solicitation, Bar Date order, reconciliation and estimation process; f) attend meetings and assist in discussions with the Debtors, post-petition lenders, potential purchasers, and any other official committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties-in-interest and professionals hired by the same, as requested; g) assist in the review of compensation and employee retention and incentive payments, related party transactions, and other management conduct from which causes of action may arise; h) assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers and any required solvency analysis related thereto; i) assist in the evaluation of any proposed asset sales; j) assist in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; k) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these chapter 11 proceedings l) render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial adviser; m) provide reports and testimony regarding the foregoing to the extent necessary; and n) provide other tasks as requested by the Committee or the Committee's counsel in relation to these Chapter 11 Cases. The firm's customary hourly rates are: Principals 1,090 Managing Directors 960 Senior Advisers* 960 Senior Directors 850 Directors 755 Associate Directors 650 Senior Associates 495 Associates 350 In addition, the firm will seek reimbursement for expenses incurred. Heather Barlow, a managing director at Dundon Advisers, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Heather Barlow Dundon Advisers, LLC 10 Bank Street, Suite 1100 White Plains, NY 10606 About Zynex, Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. ZYNEX INC: Committee Taps Vartabedian Hester & Haynes as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Zynex, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Vartabedian Hester & Haynes LLP as its counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; b. assist and advise the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and Debtors' capital structure and in negotiating with holders of claims; d. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors, and its insiders and affiliates, and of the operation of the Debtors' business; e. assist the Committee in its analysis of, and negotiations with, the Debtors or any third-party concerning matters related to, among other things, the assumption and rejection of leases of nonresidential real property and executory contracts, asset dispositions, financing or other transactions, and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; f. assist and advise the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; g. represent the Committee at hearings and other proceedings; h. review and analyze applications, orders, statements of operations, and schedules filed with the Court, and advise the Committee as to their propriety; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; j. prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any of the foregoing; and k. perform such other legal services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Jeff P. Prostok $1,050 Martin Sosla $1,150 Lynda L. Lankford $775 Candice M. Carson $875 Mary Taylor Stanberry $515 Other Firm Attorneys $515 to $1,150 Paralegal/Legal Assistant $250 to $395 The following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: VHH did not represent the Committee before being selected as its counsel on January 8, 2026. VHH’s billing rates have not changed since January 8, 2026. Mr. Prostok disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Martin A. Sosland, Esq. Jeff P. Prostok, Esq. Candice Carson, Esq. Vartabedian Hester & Haynes LLP 2200 Ross Avenue, Suite 4600E Dallas, TX 75201 Telephone: (469) 654-1340 Email: martin.sosland@vhh.law jeff.prostok@vhh.law candice.carson@vhh.law About Zynex, Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. [] Fitch Affirms Ratings on 10 North American Retail Companies -------------------------------------------------------------- Fitch Ratings has affirmed the ratings for 10 North American Retail companies and their subsidiaries: 1. Amazon.com, Inc. 2. Beach Acquisition Co Parent, LLC and subsidiaries 3. Capri Holdings Limited and subsidiaries 4. Dillard's, Inc. and subsidiaries 5. Gildan Activewear, Inc. 6. QVC Group, Inc. and subsidiaries 7. Samsonite Group S.A. and subsidiaries 8. Signet Jewelers Ltd. and subsidiaries 9. Somnigroup International Inc. and subsidiaries 10. Wayfair, Inc. and subsidiaries These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Amazon.com, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (aa-, Moderate), Market and Competitive Positioning (aa, Higher), Diversification and Asset Quality (a+, Moderate), Company Operational Characteristics (aa, Moderate), Profitability (bbb+, Lower), Financial Structure (aa-, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'aa-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'AA-' Beach Acquisition Co Parent, LLC and subsidiaries Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'B+'. Capri Holdings Limited and subsidiaries Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (bbb, Lower), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the forecast year 2025 (ending March 2026), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB'. Dillard's, Inc. and subsidiaries Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (aa+, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB-'. Gildan Activewear, Inc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (a, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB'. QVC Group, Inc. and subsidiaries Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (b, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (b-, Higher), Profitability (b-, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'ccc+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Criteria results in a consolidated approach. Samsonite Group S.A. and subsidiaries Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+' To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB+'. Signet Jewelers Ltd. and subsidiaries Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (aa+, Lower), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB-'. Somnigroup International Inc. and subsidiaries Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB+'. Wayfair, Inc. and subsidiaries Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (b+, Higher), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notches. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'B'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Tempur-Pedic Management, LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- QVC, Inc. LT IDR CCC+ Affirmed CCC+ senior secured LT B Affirmed RR2 B Samsonite Finco S.ar.l. Senior Secured 2nd Lien LT BB+ Affirmed BB+ Beach Acquisition Bidco, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- senior unsecured LT B- Affirmed RR6 B- Liberty Interactive LLC LT IDR CCC+ Affirmed CCC+ senior unsecured LT CCC- Affirmed RR6 CCC- Amazon.com, Inc. LT IDR AA- Affirmed AA- ST IDR F1+ Affirmed F1+ senior unsecured LT AA- Affirmed AA- senior unsecured ST F1+ Affirmed F1+ Samsonite Group S.A. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Samsonite IP Holdings S.a r.l. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Michael Kors (Switzerland)GmbH LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Gildan Activewear Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Capri Holdings Limited LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Dillard's, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB Signet Group Limited LT IDR BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB Michael Kors (USA), Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Signet Jewelers Inc. LT IDR BBB- Affirmed BBB- Wayfair LLC LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Somnigroup International Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Beach Acquisition Co Parent, LLC LT IDR B+ Affirmed B+ QVC Group, Inc. LT IDR CCC+ Affirmed CCC+ preferred LT CCC- Affirmed RR6 CCC- Dillard's Capital Trust I subordinated LT BB Affirmed BB Wayfair Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ [] Fitch Affirms Ratings on 7 NA Insurance Brokers Companies ------------------------------------------------------------ Fitch Ratings has affirmed seven North American insurance brokers companies' and their related subsidiaries' and affiliates' ratings and outlooks: 1. Aon Public Limited Company 2. Arthur J. Gallagher & Co. 3. Brown & Brown, Inc. 4. Marsh & McLennan Companies, Inc. 5. Navacord Intermediate Holdings Inc. 6. Ryan Specialty Holdings, Inc. 7. Willis Towers Watson PLC These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Aon Public Limited Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Moderate), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (a+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 15% weight for the historical year 2024, 15% for the year 2025, 35% for the forecast year 2026 and 35% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. Arthur J. Gallagher & Co. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (a-, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. Brown & Brown, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. Marsh & McLennan Companies, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (a-, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (a-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. Navacord Intermediate Holdings Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Ryan Specialty Holdings, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (a-, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. Willis Towers Watson PLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Higher), Financial Structure (a, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+' RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Trinity Acquisition plc LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Aon Public Limited Company LT IDR BBB+ Affirmed BBB+ Arthur J. Gallagher & Co. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Jones DesLauriers Insurance Management Inc. LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT B+ Affirmed RR3 B+ Brown & Brown Inc LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Marsh & McLennan Companies, Inc. LT IDR A- Affirmed A- ST IDR F2 Affirmed F2 senior unsecured LT A- Affirmed A- senior unsecured ST F2 Affirmed F2 Ryan Specialty, LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Aon Corporation LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ junior subordinated LT BBB- Affirmed BBB- senior unsecured ST F2 Affirmed F2 Aon Global Limited LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Aon Global Holdings plc LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Willis North America Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Navacord Intermediate Holdings Inc. LT IDR B Affirmed B Willis Towers Watson PLC LT IDR BBB+ Affirmed BBB+ Aon North America, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Ryan Specialty Holdings, Inc. LT IDR BB+ Affirmed BB+ [] Fitch Affirms Ratings on 9 Specialized NA Midstream Companies ---------------------------------------------------------------- Fitch Ratings has affirmed the ratings of nine specialized North American midstream companies and their subsidiaries: 1. Archrock, Inc., Inc., Archrock Services, L.P., Archrock Partners, L.P. and Archrock Partners Finance Corp.'s ratings 2. Deep Blue Operating I LLC 3. Energos Infrastructure Holdings Finance LLC 4. Excelerate Energy Limited Partnership 5. Kodiak Gas Services LLC 6. NGL Energy Partners, NGL Energy Operation LLC, and NGL Energy Finance Corp. (collectively, NGL) 7. USA Compression Partners LP 8. Venture Global LNG, Inc. (VGLNG) 9. WBI Operating LLC These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Archrock, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026, 10% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Deep Blue Operating I LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (b+, Higher), Financial Structure (bbb, Higher), and Financial Flexibility (bb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB-'. Energos Infrastructure Holdings Finance LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (b, Higher), Profitability (bb-, Higher), Financial Structure (bb+, Moderate), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) consolidated approach. Excelerate Energy Limited Partnership Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (bb+, Higher), Profitability (bb-, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB' Kodiak Gas Services LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB' NGL Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Higher), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (b+, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'B'. USA Compression Partners LP Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb-, Higher), Profitability (bb+, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB'. Venture Global LNG, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (b, Higher), Financial Structure (b, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2025 and 50% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'B+'. WBI Operating LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (b+, Higher), Financial Structure (bbb, Higher), and Financial Flexibility (bb+, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. - No adjustments made to SCP, resulting in an IDR of 'BB-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NGL Energy Partners LP LT IDR B Affirmed B Archrock Partners Finance Corp. senior unsecured LT BB Affirmed RR4 BB USA Compression Partners, LP LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Archrock Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Archrock Services, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Energos Infrastructure Holdings Finance LLC LT IDR B+ Affirmed B+ Excelerate Energy Limited Partnership LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB NGL Energy Finance Corp. senior secured LT BB- Affirmed RR2 BB- NGL Energy Operating LLC LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB senior secured LT BB- Affirmed RR2 BB- USA Compression Finance Corp. senior unsecured LT BB Affirmed RR4 BB Archrock, Inc. LT IDR BB Affirmed BB WBI Operating LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Deep Blue Operating I LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Kodiak Gas Services, LLC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Venture Global LNG, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB preferred LT B- Affirmed RR6 B- [] Fitch Affirms Ratings on Six NA Pharmaceutical Companies ----------------------------------------------------------- Fitch Ratings has affirmed six North American pharmaceutical companies' ratings and those of their subsidiaries: 1. Amgen Inc. 2. Harrow, Inc. 3. Jazz Pharmaceuticals Public Limited Company 4. Keenova Therapeutics plc 5. Teva Pharmaceutical Industries Limited 6. Viatris, Inc. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Amgen Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (a+, Moderate), Market & Competitive Positioning (a, Moderate), Diversification and Asset Quality (aa-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (aa, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BBB+'. Harrow, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b-, Higher), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (ccc+, Moderate), Diversification and Asset Quality (b, Lower), Company Operational Characteristics (bbb-, Lower), Profitability (b+, Higher), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'B-'. Jazz Pharmaceuticals Public Limited Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (aa, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (aa-, Lower), Financial Structure (a-, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB'. Keenova Therapeutics plc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (a-, Lower), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (a+, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - Weakest link considerations adjustment is applied based on Company Operational Characteristics factor and results in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'B+'. Teva Pharmaceutical Industries Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Higher), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (a, Lower), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB+'. Viatris, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (aa-, Lower), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BBB'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Teva Pharmaceutical Finance Netherlands IV B.V. senior unsecured LT BB+ Affirmed BB+ Teva Pharmaceutical Finance Co, LLC senior unsecured LT BB+ Affirmed BB+ Jazz Investments I Ltd. senior unsecured LT BB Affirmed RR4 BB Upjohn Finance B.V. senior unsecured LT BBB Affirmed BBB Utah Acquisition Sub Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Mylan Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Endo Finance Holdings LP LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- super senior LT BB+ Affirmed RR1 BB+ Teva Pharmaceutical Finance Netherlands II B.V. senior unsecured LT BB+ Affirmed BB+ Teva Pharmaceutical Finance Netherlands III B.V. senior unsecured LT BB+ Affirmed BB+ Amgen Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Harrow, Inc. LT IDR B- Affirmed B- senior unsecured LT B Affirmed RR3 B Jazz Financing Lux S.a r.l. senior secured LT BBB- Affirmed RR1 BBB- Jazz Pharmaceuticals Public Limited Company LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Jazz Pharmaceuticals, Inc. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Jazz Pharmaceuticals UK Holdings Limited LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Jazz Securities Designated Activity Company senior secured LT BBB- Affirmed RR1 BBB- Keenova Therapeutics plc LT IDR B+ Affirmed B+ Teva Pharmaceutical Industries Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Jazz Financing Holdings Limited LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Jazz Pharmaceuticals Ireland Limited LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- Viatris Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Teva Pharmaceuticals USA, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Jazz Financing I Designated Activity Company LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- [] Hilco Global Expands Receivership Practice with Lauren Leach --------------------------------------------------------------- Hilco Global announced on Feb. 18, 2026, that Lauren Leach has joined the firm as Senior Director, Receivership Advisory, specializing in fiduciary services. Ms. Leach will support the continued growth and expansion of the Hilco Global Receivership practice. Ms. Leach joins Hilco Global to work alongside Matt Mason, who leads the firm's Receivership practice following its launch in 2023. Under Mr. Mason's leadership, the practice has experienced significant growth and is positioned for continued expansion as demand for sophisticated fiduciary and court-appointed solutions accelerates. In her role, Ms. Leach will help oversee and operate the Receivership platform while also supporting new business development initiatives. Her appointment reflects Hilco Global's continued investment in senior leadership to scale high-performing practices, enhance operational execution, and expand service offerings, including equity receiverships. "Lauren is a highly accomplished operator with deep fiduciary and real estate experience," said Matt Mason, Executive Director - Head of Real Estate Fiduciary Services at Hilco Global. "Her leadership allows us to further strengthen the platform, increase productivity across the team, and continue building a best-in-class receivership practice while maintaining the level of execution our clients expect." Ms. Leach brings extensive experience advising institutional stakeholders across complex and distressed real estate matters. Prior to joining Hilco Global, she served as a Managing Director at KPMG within its Real Estate Advisory practice. She is widely recognized for her fiduciary expertise and has executed turnaround strategies in hundreds of receivership and distressed matters across multiple asset classes nationwide. "Hilco Global has built a truly differentiated fiduciary services platform," said Ms. Leach. "I am excited to join a firm with such strong momentum and to work alongside a team that combines deep operational expertise with the ability to deliver creative, results-driven solutions for clients." Ms. Leach is based in Michigan and will support Hilco Global's fiduciary services clients nationally. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com [] LegalShield Index Up 10% as Bankruptcy Inquiries Rise 15.6% YoY ------------------------------------------------------------------ -- LegalShield Index rises 10% in 2025, reaching highest sustained level in years as Americans rely on credit to maintain spending -- Consumer Finance Subindex surges 6.7% in Q4 as households increasingly struggle with $17.5 trillion in total debt -- Bankruptcy inquiries rise 15.6% year-over-year, serving as a leading indicator for federal court filings Financial strain has settled into a new normal for American households, with the LegalShield Consumer Stress Legal Index (CSLI) rising 4.4% in the fourth quarter of 2025--the third consecutive quarterly increase that pushed the index 10.4% above 2024 levels to its highest sustained point since the early pandemic. LegalShield Consumer Stress Legal Index (CSLI) rose 4.4% in the fourth quarter of 2025--the third consecutive quarterly increase that pushed the index 10.4% above 2024 levels to its highest sustained point since the early pandemic. "Rising consumer stress seems to be a new normal," said Matt Layton, LegalShield senior vice president of consumer analytics. "Increased consumer debt is fueling consistent spending and driving up the CSLI quarter over quarter over quarter." The CSLI is built from LegalShield's position as one of North America's largest legal services platforms, tracking actual legal activity through more than 150,000 monthly consultations with its nationwide network of provider law firms. The index measures three core areas -- Consumer Finance, Foreclosure, and Bankruptcy -- compiled from a database of more than 36 million records dating to 2002. Unlike traditional sentiment surveys that track how consumers feel about the economy, the CSLI captures the concrete steps Americans take to seek legal help to relieve the financial pressure. Consumer Finance: Spending Resilience Masks Record Debt The Consumer Finance subindex grew 16.3% since January 2025, reflecting a sharp rise in legal inquiries tied to billing disputes, collections, and creditor negotiations. While consumer spending continues to rise (2.8% YoY in September 2025, 2.7% in October and 2.8% in November according to the Bureau of Economic Analysis), this resilience is increasingly funded by debt rather than disposable income. According to the latest report from the Federal Reserve at the end of Q3 2025, total U.S. household debt climbed above $18.59 trillion, up more than $650 billion year-over-year, with delinquency rates on the rise. -- Credit Reliance: Households are increasingly using credit and Buy Now, Pay Later (BNPL) services for essentials like groceries and utilities, as shown in a LegalShield study in 2025. -- Rising Delinquencies: Serious delinquencies in credit cards and auto loans are rising as average credit card interest rates remain near 21--22%, prompting the White House to propose a 10% interest rate cap. Outstanding debt in some stage of delinquency reached 4.5% in the latest report from the Federal Reserve Bank, up from 3.5% a year prior. Bankruptcy: A Leading Indicator for U.S. Courts The LegalShield Bankruptcy subindex is up 19.9% in the second half of 2025 and rose 15.6% year over year. LegalShield's bankruptcy data has historically served as a leading indicator, preceding actual non-business bankruptcy filings in the U.S. Courts by two quarters with a .95 correlation since 2006. The Administrative Office of the U.S. Courts reported 13% year-over-year increases in filings in Q4 2025, validating the upward trend first captured by the CSLI. This sustained pressure suggests that the current wave of bankruptcy stress is driven by rising debt, even in a stable job market. Foreclosure: Pressure Managed, Not Resolved The Foreclosure subindex was up 15.0% year-over-year. The high volume of legal inquiries suggests that homeowners are seeking help to manage rising housing costs. -- Escalating Costs: Inquiries to LegalShield provider lawyers indicate homeowners face structural pressure from elevated insurance, tax, and escrow costs, even on fixed-rate mortgages. -- Delayed Impact: LegalShield providers share that foreclosure stress is being managed through modifications and forbearance, buying time rather than solving the underlying affordability crisis. "Helping families secure immediate relief through modifications is essential for keeping people in their homes," said Christopher Peoples, a LegalShield provider attorney in Kansas with Riling, Burkhead, & Nitcher. "But that temporary relief comes with a long-term reality, and we counsel clients that today's breathing room likely leads to even higher, unmanageable debt down the road." About LegalShield For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield and its privacy management product IDShield equip individuals, families, businesses, and employers with the tools they need to affordably live a just and secure life. Through technology and innovation, LegalShield is transforming how people access legal guidance, with hundreds of qualified attorneys and law firms across the country. To learn more, visit LegalShield.com and IDShield.com. [] Nemecek Joins Simpson Thacher's Capital Structure Practice ------------------------------------------------------------- Simpson Thacher & Bartlett LLP announced that David Nemecek, a prominent adviser to distressed companies, private equity funds and opportunistic credit investors, has joined the Firm as Partner and Head of the newly created Capital Structure Solutions Practice. The Capital Structure Solutions Practice integrates Simpson Thacher's Liability Management and Special Situations and Restructuring capabilities into a single global team of multidisciplinary practitioners. The Practice is designed to provide companies, sponsors and lenders with unconflicted, client-aligned advice across the full spectrum of modern capital structure challenges -- from financing strategy and liability management exercises to distressed M&A and chapter 11 restructurings. The creation of the Capital Structure Solutions Practice, and the hiring of Mr. Nemecek to lead it, reflects the Firm's continued investment in expanding and enhancing its capabilities to provide clients with cutting-edge solutions to address their most critical and complex capital needs. As part of this expansion, the Firm also plans to open a Dallas office, aligned with the region's growing client, capital and talent base. "Dave is widely regarded as the preeminent architect of modern liability management and is one of the most influential advisers to distressed companies of his generation," said Alden Millard, Chair of Simpson Thacher's Executive Committee. "Over the past decade, companies, sponsors, lenders and creditors have all turned to Dave for his expertise in solving their most difficult capital structure challenges. We are thrilled to welcome him to the Firm and are excited about what lies ahead." Alexandra Kaplan and Brian Steinhardt, Co-Heads of the Firm's Banking and Credit Practice, said, "Clients are facing an increasingly dynamic capital environment. They need counsel from multidisciplinary practitioners that combines technical excellence with strategic judgment, proven expertise and innovation. We are making a long-term investment to build a destination Capital Structure Solutions Practice under Dave's leadership, enhancing our capabilities to deliver the most sophisticated, innovative and solutions-oriented advice in the market." The launch of this new practice comes amid a rapidly evolving and increasingly diversified capital markets landscape, where sponsors, companies, lenders and investment funds face complex and often unprecedented structural challenges. Simpson Thacher's Capital Structure Solutions Practice brings together nimble, commercial and versatile practitioners across the globe, with deep expertise across the full range of capital issues facing clients. With long-standing relationships across private equity and investment management firms, lenders and investment funds, the team is uniquely positioned to represent companies, sponsors, lenders and creditors in liability management exercises, special situations, opportunistic credit investments and chapter 11 cases. "Simpson Thacher has one of the world's premier global legal advisory platforms grounded in excellence, unparalleled client service and deep, long-term relationships," said Mr. Nemecek. "Helping launch its Capital Structure Solutions Practice, alongside partners who are both exceptional lawyers and true collaborators, is a rare opportunity, and I am honored to join the team as we focus on providing the best advice to our clients." The Capital Structure Solutions Practice will work closely with Simpson Thacher's best-in-class Banking and Credit and Capital Markets teams to create a comprehensive finance offering that supports clients through every stage of an investment. [] Zombie Foreclosures Hold at 3.27% in Q1 2026 ----------------------------------------------- ATTOM, the leading provider of property data, AI-powered analytics, and real estate intelligence solutions, released on Feb. 19, 2026, its first-quarter 2026 Vacant Property and Zombie Foreclosure Report showing that 1.33 percent of the residential properties in the United States, or nearly 1.4 million homes, were vacant at the beginning of the year. That was essentially the same rate as the 1.32 percent rate posted in the previous quarter and in the first quarter of 2025. The report analyzes publicly recorded real estate data collected by ATTOM -- including foreclosure status, equity and owner-occupancy status -- matched against monthly updated vacancy data... Out of the nation's nearly 104.8 million residential properties, 230,401 were in the process of foreclosure at the time of the report. Of those, 7,540 properties, or 3.27 percent, were "zombies," meaning their owners had abandoned them before the end of the foreclosure proceedings. That zombie rate was essentially the same as the prior quarter but down slightly from 3.34 percent at the same time last year. "It will come as no surprise to anyone shopping for a home that vacancy rates remain low. That is one reason home prices have continued to rise despite ongoing affordability challenges," said Rob Barber, CEO of ATTOM. "It is also encouraging for both neighborhoods and the broader market that even among properties in foreclosure, vacancy rates remain relatively low." Most states have fewer zombie homes In 28 states and the District of Columbia, the number of zombie properties fell quarter-over-quarter. Among states with at least 50 zombie properties, the largest quarter-over-quarter increases were in: * Maryland (up 45.6 percent to 115 zombies), * South Carolina (up 34 percent to 130 zombies), * Oklahoma (up 26.3 percent to 72 zombies), * California (up 15.1 percent to 313 zombies), and * Nevada (up 11.9 percent to 66 zombies). The largest quarter-over-quarter drops were in: * Georgia (down 31.1 percent to 51 zombies). * North Carolina (down 25.6 percent to 61 zombies), * Kansas (down 23.5 percent to 62 zombies), * Texas (down 13.7 percent to 177 zombies), and * Iowa (down 13.1 percent to 93 zombies). Northeast retains lowest vacancy rates The states with the highest overall home vacancy rates were: * Oklahoma (2.4 percent), * Kansas (2.4 percent), * Alabama (2.2 percent), * Missouri (2.1 percent), and * West Virginia (2.1 percent). The lowest vacancy rates were in: * New Hampshire (0.3 percent), * Vermont (0.4 percent), * New Jersey (0.5 percent), * Connecticut (0.5 percent), and * Idaho (0.6 percent). Metros in the Midwest have highest incidence of zombies Of the 27 metropolitan statistical areas with sufficient data to analyze, meaning they had at least 100,000 total residential properties and 50 or more properties in the foreclosure process that are vacant, the highest zombie rates were in: * Cleveland, OH (9.9 percent); * Baltimore, MD (9.3 percent); * St. Louis, MO (8.6 percent); * Akron, OH (7.4 percent); and * Indianapolis, IN (6.5 percent). Those metro areas that had the lowest zombie foreclosure rate were: * New York, NY (1.6 percent); * Philadelphia, PA (1.7 percent); * Los Angeles, CA (2.2 percent); * Orlando, FL (2.2 percent); and * Lakeland, FL (2.4 percent). Big investors have more empty homes Properties held by institutional investors, rather than individual owners, were more likely to be vacant. Of the roughly 25.2 million institutional investor-owned homes, about 3.5 percent were vacant. The states with the highest vacancy rates for investor-owned properties were: * Indiana (7.2 percent), * Illinois (6.2 percent), * Alabama (6 percent), * Kansas (6 percent), and * Oklahoma (5.9 percent). The lowest vacancy rates for investor-owned properties were in: * New Hampshire (0.8 percent), * Vermont (1 percent), * Idaho (1.3 percent), * North Dakota (1.5 percent), and * Maine (1.5 percent). Zombie rates top 40 percent of pre-foreclosure homes in some zip codes Out of 2,237 zip codes with at least 1,000 properties and 25 in pre-foreclosure, the highest zombie rates were in: * 21217 in Baltimore, MD (44 percent); * 44108 in Cleveland, OH (41.1 percent); * 33708 in Saint Petersburg, FL (39.3 percent); * 34652 in New Port Richey, FL (35.5 percent); and * 92262 in Palm Springs, CA (32.5 percent). Conclusion ATTOM's first quarter analysis found that 1.33 percent of U.S. residential properties were vacant, essentially the same rate as the previous quarter. The rate of zombie homes held steady nationwide, although 28 states saw fewer zombie homes quarter-over-quarter. Properties owned by institutional investors continued to have higher vacancy rates than residential properties in general. Report Methodology ATTOM analyzed county tax assessor data for nearly 104.8 million residential properties for vacancy, broken down by foreclosure status and owner-occupancy status in the first quarter of 2026. Only metropolitan statistical areas with at least 100,000 residential properties, counties with at least 50,000 residential properties and zip codes with at least 1,000 residential properties were included in the analysis. Report Definitions Vacant Rate The percentage of all residential properties that are unoccupied at the time of analysis, regardless of foreclosure status or ownership type. "Zombie" Foreclosure Rate (Pct Pre-Foreclosures Vacant) The percentage of properties in the foreclosure process that are vacant because the owner has abandoned the property prior to the foreclosure being completed. Vacant Investment Rate The percentage of investor-owned residential properties that are unoccupied, measured against the total number of investor-owned homes. Vacant Bank-Owned (REO) Rate The percentage of bank-owned (REO) residential properties that are vacant after foreclosure has been completed and ownership has transferred to the lender. About ATTOM ATTOM delivers AI-driven property intelligence built on one of the nation's most trusted property data assets, covering 158 million U.S. properties--99% of the population. Our engineered, multi-sourced real estate data spans property tax, deeds, mortgages, foreclosure, environmental risk, property conditions, natural hazards, neighborhood insights, and geospatial boundaries, rigorously validated for advanced analytics. ATTOM supports analytics and AI-driven applications through flexible delivery options including APIs, bulk licensing, cloud delivery, market trend products, and the MCP Server for AI-powered, agentic access to engineered property data--enabling organizations to automate analysis and scale property intelligence across industries. ********* 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. 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